Columbia Property Trust, Inc (CXP) has reported an 169.45 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $27.40 million, or $0.22 a share in the quarter, compared with $10.17 million, or $0.08 a share for the same period last year.
Revenue during the quarter dropped 20.28 percent to $105.77 million from $132.68 million in the previous year period.
Cost of revenue dropped 19.87 percent or $9.68 million during the quarter to $39.02 million. Gross margin for the quarter contracted 19 basis points over the previous year period to 63.11 percent.
Total expenses were $85.07 million for the quarter, down 20.92 percent or $22.51 million from year-ago period. Operating margin for the quarter expanded 65 basis points over the previous year period to 19.57 percent.
Operating income for the quarter was $20.69 million, compared with $25.10 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $60.69 million compared with $78.16 million in the prior year period. At the same time, adjusted EBITDA margin contracted 153 basis points in the quarter to 57.38 percent from 58.91 percent in the last year period.
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $0.18 to $0.25.
Revenue from real estate activities during the quarter declined 20.96 percent or $26.68 million to $100.59 million.
Income from operating leases during the quarter dropped 17.27 percent or $17.84 million to $85.47 million. Revenue from tenant reimbursements was $14.22 million for the quarter, down 36.12 percent or $8.04 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.90 million, down 46.93 percent or $0.80 million from year-ago period.
"With $1.2 billion of dispositions completed over the last 12 months, we have successfully concluded our ambitious program of planned dispositions, which was necessary to achieve our desired transformation. Our portfolio is now concentrated in our desired high-barrier markets," noted Nelson Mills, president and chief executive officer of Columbia Property Trust.
Net receivables were at $7.16 million as on Dec. 31, 2016, down 38.62 percent or $4.51 million from year-ago.
Real estate investments stood at $127.35 million as on Dec. 31, 2016, up 7.29 percent or $8.65 million from year-ago.
Total assets declined 8.09 percent or $378.33 million to $4,299.79 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,797.02 million as on Dec. 31, 2016, down 12.93 percent or $266.90 million from year-ago.
Return on assets moved down 5 basis points to 0.52 percent in the quarter. At the same time, return on equity moved up 71 basis points to 1.09 percent in the quarter.
Debt comes down
Total debt was at $1,414.44 million as on Dec. 31, 2016, down 18.04 percent or $311.39 million from year-ago. Shareholders equity stood at $2,502.77 million as on Dec. 31, 2016, down 4.26 percent or $111.43 million from year-ago. As a result, debt to equity ratio went down 10 basis points to 0.57 percent in the quarter.
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