American Assets Trust (AAT) has reported a 7.95 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $8.92 million, or $0.19 a share in the quarter, compared with $8.26 million, or $0.18 a share for the same period last year.
Revenue during the quarter grew 7.03 percent to $76.56 million from $71.53 million in the previous year period.
Cost of revenue rose 8.93 percent or $2.36 million during the quarter to $28.85 million. Gross margin for the quarter contracted 66 basis points over the previous year period to 62.32 percent.
Total expenses were $51.45 million for the quarter, up 8.01 percent or $3.81 million from year-ago period. Operating margin for the quarter contracted 61 basis points over the previous year period to 32.80 percent.
Operating income for the quarter was $25.11 million, compared with $23.89 million in the previous year period.
Revenue from real estate activities during the quarter increased 7.03 percent or $5.03 million to $76.56 million.
Income from operating leases during the quarter rose 5.97 percent or $4.07 million to $72.18 million.
Revenue from other real estate activities during the quarter was $4.38 million, up 28.17 percent or $0.96 million from year-ago period.
Receivables move up
Net receivables were at $9.33 million as on Dec. 31, 2016, up 24.10 percent or $1.81 million from year-ago.
Total assets were almost stable over the past one year at $1,986.93 million on Dec. 31, 2016. On the other hand, total liabilities were almost stable over the past one year at $1,148.38 million on Dec. 31, 2016.
Return on assets moved up 4 basis points to 1.27 percent in the quarter. At the same time, return on equity moved up 7 basis points to 1.06 percent in the quarter.
Debt remains almost stable
Total debt was at $1,061.53 million as on Dec. 31, 2016, up 0.56 percent or $5.92 million from year-ago. Shareholders equity stood at $838.55 million as on Dec. 31, 2016, up 1.16 percent or $9.62 million from year-ago. As a result, debt to equity ratio went down 1 basis points to 1.27 percent in the quarter.
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