Camden Property Trust (CPT) has reported a 16.46 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $34.86 million, or $0.39 a share in the quarter, compared with $41.73 million, or $0.46 a share for the same period last year. Revenue during the quarter went up marginally by 0.89 percent to $219.52 million from $217.60 million in the previous year period.
Cost of revenue went up marginally by 2.51 percent or $2.14 million during the quarter to $87.38 million. Gross margin for the quarter contracted 63 basis points over the previous year period to 60.20 percent.
Total expenses were $166.85 million for the quarter, up 6 percent or $9.44 million from year-ago period. Operating margin for the quarter contracted 367 basis points over the previous year period to 23.99 percent.
Operating income for the quarter was $52.67 million, compared with $60.18 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $121.66 million compared with $131.52 million in the prior year period. At the same time, adjusted EBITDA margin contracted 503 basis points in the quarter to 55.42 percent from 60.44 percent in the last year period.
Camden Property Trust expects revenue to grow in the range of 2.30 percent to 3.30 percent for the financial year 2017. The company projects diluted earnings per share to be in the range of $0.41 to $0.45 for the second-quarter. For financial year 2017, the company projects diluted earnings per share to be in the range of $1.62 to $1.78.
Revenue from real estate activities during the quarter went up marginally by 0.89 percent or $1.93 million to $219.52 million.
Income from operating leases during the quarter went up marginally by 0.53 percent or $0.98 million to $188.10 million.
Revenue from other real estate activities during the quarter was $31.42 million, up 3.09 percent or $0.94 million from year-ago period.
Net receivables were at $23.63 million as on Mar. 31, 2017, down 1.57 percent or $0.38 million from year-ago.
Total assets went down marginally by 1.74 percent or $105.11 million to $5,935.35 million on Mar. 31, 2017. On the other hand, total liabilities were at $2,788.04 million as on Mar. 31, 2017, down 9.71 percent or $299.71 million from year-ago.
Return on assets moved down 3 basis points to 0.99 percent in the quarter. At the same time, return on equity moved down 32 basis points to 1.13 percent in the quarter.
Debt comes down
Total debt was at $2,450.30 million as on Mar. 31, 2017, down 11.41 percent or $315.52 million from year-ago. Shareholders equity stood at $3,071.60 million as on Mar. 31, 2017, up 7.24 percent or $207.44 million from year-ago. As a result, debt to equity ratio went down 17 basis points to 0.80 percent in the quarter.
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