Brixmor Property Group Inc. (BRX) has reported a 68.20 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $93.20 million, or $0.31 a share in the quarter, compared with $55.41 million, or $0.18 a share for the same period last year.
Revenue during the quarter went down marginally by 0.47 percent to $324.03 million from $325.55 million in the previous year period.
Cost of revenue dropped 7.77 percent or $3.68 million during the quarter to $43.60 million. Gross margin for the quarter expanded 107 basis points over the previous year period to 86.54 percent.
Operating income for the quarter was $123.52 million, compared with $111.88 million in the previous year period.
Revenue from real estate activities during the quarter was almost stable at $324.03 million, when compared with the previous year period.
Income from operating leases during the quarter went up marginally by 0.96 percent or $2.42 million to $253.54 million. Revenue from tenant reimbursements was $69.60 million for the quarter, down 7.76 percent or $5.86 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.89 million, up 186.60 percent or $1.92 million from year-ago period.
"2016 results demonstrate the strength of our core fundamentals and enhanced operating capabilities. With 7.9 million square feet of new and renewal leases executed during the year at blended rent spreads of 16.5%, we continue to see strong demand from dynamic and expanding retailers," commented James Taylor, chief executive officer and president. "Importantly, we set new records in average base rent per square foot achieved, small shop occupancy and overall leasing volume, while also successfully ramping-up our value accretive redevelopment and capital recycling activity. We also refinanced over $900 million of debt and amended our $2.75 billion credit facility, extending our weighted average maturity and increasing our unencumbered asset base to 73% of the portfolio. I couldn’t be more pleased with how this team has performed."
Net receivables were at $178.22 million as on Dec. 31, 2016, down 1.26 percent or $2.27 million from year-ago.
Investments stood at $25.57 million as on Dec. 31, 2016, up 11.18 percent or $2.57 million from year-ago.
Total assets went down marginally by 1.88 percent or $178.32 million to $9,319.68 million on Dec. 31, 2016. On the other hand, total liabilities were at $6,392.52 million as on Dec. 31, 2016, down 2.82 percent or $185.18 million from year-ago.
Return on assets moved up 38 basis points to 1.59 percent in the quarter. At the same time, return on equity moved up 129 basis points to 3.18 percent in the quarter.
Debt comes down marginally
Total debt was at $5,838.89 million as on Dec. 31, 2016, down 2.27 percent or $135.38 million from year-ago. Shareholders equity was almost stable over the past one year at $2,927.16 million on Dec. 31, 2016. As a result, debt to equity ratio went down 5 basis points to 1.99 percent in the quarter.
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