Cedar Realty Trust, Inc (CDR) has reported 608.12 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $11.78 million, or $0.10 a share in the quarter, compared with $1.66 million, or $0.03 a share for the same period last year. Revenue during the quarter dropped 3.86 percent to $36.77 million from $38.25 million in the previous year period.
Cost of revenue went down marginally by 2.77 percent or $0.13 million during the quarter to $4.74 million. Gross margin for the quarter contracted 15 basis points over the previous year period to 87.10 percent.
Total expenses were $19.40 million for the quarter, down 34.42 percent or $10.18 million from year-ago period. Operating margin for the quarter expanded 2458 basis points over the previous year period to 47.25 percent.
Operating income for the quarter was $17.37 million, compared with $8.67 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $20.85 million compared with $22.36 million in the prior year period. At the same time, adjusted EBITDA margin contracted 177 basis points in the quarter to 56.69 percent from 58.47 percent in the last year period.
Revenue from real estate activities during the quarter declined 3.86 percent or $1.48 million to $36.77 million.
Income from operating leases during the quarter dropped 3.11 percent or $0.91 million to $28.22 million. Revenue from tenant reimbursements was $8.35 million for the quarter, down 6.81 percent or $0.61 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.20 million, up 24.54 percent or $0.04 million from year-ago period.
“Cedar continues its steady performance in the context of the evolving retail market. We have resolved four of our five vacant anchor situations at substantial increases to base rent with the fifth vacant anchor in active LOI negotiations. We are encouraged by our defensive grocery-anchored portfolio and our benign debt maturity schedule. Please access the presentation “Cedar in Context” on our investors page at ir.cedarrealtytrust.com/ to view additional materials on this topic that we will discuss on our earnings call later today.” commented Bruce Schanzer, Chief executive officer.
Receivables remain almost stableNet receivables stood at $17.60 million as on Mar. 31, 2017. Total assets stood at $1,257.94million as on Mar. 31, 2017. On the other hand, total liabilities were at $669.84 million as on Mar. 31, 2017.
Return on assets was at 1.38 percent in the quarter. At the same time, return on equity was at 1.39 percent in the quarter.
Total debt was at $625.10 million as on Mar. 31, 2017. Shareholders equity was at $588.11 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 1.06 percent in the quarter.
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