Armada Hoffler Properties, Inc. (AHH) has reported an 83.21 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $7.95 million, or $0.15 a share in the quarter, compared with $4.34 million, or $0.10 a share for the same period last year.
Revenue during the quarter dropped 15 percent to $63.86 million from $75.12 million in the previous year period.
Cost of revenue dropped 26.30 percent or $14.14 million during the quarter to $39.63 million. Gross margin for the quarter expanded 952 basis points over the previous year period to 37.94 percent.
Total expenses were $57 million for the quarter, down 15.07 percent or $10.12 million from year-ago period. Operating margin for the quarter expanded 8 basis points over the previous year period to 10.74 percent.
Operating income for the quarter was $6.86 million, compared with $8.01 million in the previous year period.
Revenue from real estate activities during the quarter declined 28.37 percent or $15.27 million to $38.55 million.
Income from operating leases during the quarter rose 18.79 percent or $4 million to $25.30 million.
Commenting on the Company's results, Louis Haddad, president and chief executive officer, said, "Once again we reported quarterly results at the higher end of our expected range and once again, we've raised our Normalized FFO guidance range for the year. Whether it's through selective development or strategic acquisitions and dispositions, the management team at Armada Hoffler remains committed to making the right real estate decisions in order to grow our portfolio and create value for our shareholders over the long-term."
Total assets jumped 34.25 percent or $237.75 million to $931.84 million on Sep. 30, 2016. On the other hand, total liabilities were at $621.88 million as on Sep. 30, 2016, up 22.31 percent or $113.43 million from year-ago.
Return on assets moved up 16 basis points to 1.30 percent in the quarter. At the same time, return on equity moved up 23 basis points to 2.56 percent in the quarter.
Debt moves up
Total debt was at $513.99 million as on Sep. 30, 2016, up 22.34 percent or $93.85 million from year-ago. Shareholders equity stood at $309.97 million as on Sep. 30, 2016, up 66.96 percent or $124.32 million from year-ago. As a result, debt to equity ratio went down 60 basis points to 1.66 percent in the quarter.
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