Bluerock Residential Growth REIT, Inc. (BRG) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $1.66 million in the quarter, against a net loss of $0.57 million in the last year period.
Revenue during the quarter surged 69.76 percent to $19.62 million from $11.56 million in the previous year period.
Cost of revenue surged 68.11 percent or $3.81 million during the quarter to $9.40 million. Gross margin for the quarter expanded 47 basis points over the previous year period to 52.08 percent.
Total expenses were $18.44 million for the quarter, up 59.32 percent or $6.86 million from year-ago period. Operating margin for the quarter period stood at positive 6.05 percent as compared to a negative 0.10 percent for the previous year period.
Operating income for the quarter was $1.19 million, compared with an operating loss of $0.01 million in the previous year period.
Revenue from real estate activities during the quarter surged 69.76 percent or $8.06 million to $19.62 million.
Income from operating leases during the quarter surged 68.09 percent or $7.52 million to $18.57 million.
Revenue from other real estate activities during the quarter was $1.05 million, up 105.87 percent or $0.54 million from year-ago period.
"We are pleased to report our portfolio continued to perform well during the third quarter with same store NOI growth of 8.1% and AFFO per share above the high end of our guidance," said Ramin Kamfar, the Company's chairman and chief executive officer. "We remain focused on reducing our cost of capital, and building a high quality portfolio in our current footprint of growth markets in the Sunbelt, from the Carolinas to Florida and Texas."
Net receivables were at $11.27 million as on Sep. 30, 2016, up 128.73 percent or $6.34 million from year-ago. Accounts payable declined 22 percent or $0.15 million to $0.51 million on Sep. 30, 2016.
Total assets jumped 68.53 percent or $391.55 million to $962.91 million on Sep. 30, 2016. On the other hand, total liabilities were at $548.02 million as on Sep. 30, 2016, up 68.59 percent or $222.96 million from year-ago.
Return on assets moved up 20 basis points to 1.03 percent in the quarter. Return on equity for the quarter stood at negative 1.20 percent as compared to a negative 0.23 percent for the previous year period.
Shareholders equity stood at $212.98 million as on Sep. 30, 2016, down 13.52 percent or $33.31 million from year-ago. As a result, debt to equity ratio went up 120 basis points to 2.47 percent in the quarter.
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