DCT Industrial Operating Partnership LP (DCT) has reported a 48.92 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $19.69 million, or $0.21 a share in the quarter, compared with $38.55 million, or $0.43 a share for the same period last year.
Revenue during the quarter grew 14.49 percent to $102.23 million from $89.29 million in the previous year period.
Cost of revenue rose 8.16 percent or $1.15 million during the quarter to $15.29 million. Gross margin for the quarter expanded 87 basis points over the previous year period to 85.04 percent.
Total expenses were almost stable at $73.16 million, when compared with the previous year period. Operating margin for the quarter expanded 1016 basis points over the previous year period to 28.43 percent.
Operating income for the quarter was $29.07 million, compared with $16.32 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $74.32 million compared with $64.76 million in the prior year period. At the same time, adjusted EBITDA margin improved 18 basis points in the quarter to 72.70 percent from 72.52 percent in the last year period.
Revenue from real estate activities during the quarter increased 14.49 percent or $12.94 million to $102.23 million.
Income from operating leases during the quarter rose 14.67 percent or $13.03 million to $101.85 million.
Income from management fees during the quarter dropped 20.13 percent or $0.09 million to $0.38 million.
"2016 was another outstanding year for DCT with strong operating results and value creation for our shareholders," said Phil Hawkins, president and chief executive officer for DCT Industrial. "Operationally, we saw excellent rent, occupancy and same-store NOI growth, and our development program continues to significantly exceed expectations. We stabilized 5.8 million square feet of development and redevelopment in 2016 with an investment of approximately $437 million and commenced construction on 3.5 million square feet with a projected investment of $240 million."
Net receivables were at $79.89 million as on Dec. 31, 2016, up 32.36 percent or $19.53 million from year-ago. Accounts payable stood at $93.10 million as on Dec. 31, 2016.
Total assets stood at $3,808.14million as on Dec. 31, 2016. On the other hand, total liabilities were at $1,843.36 million as on Dec. 31, 2016.
Return on assets was at 0.97 percent in the quarter. At the same time, return on equity was at 0.99 percent in the quarter.
Debt moves up marginally
Total debt was at $1,628.93 million as on Dec. 31, 2016, up 4.66 percent or $72.46 million from year-ago. Shareholders equity was at $1,964.79 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 0.83 percent in the quarter.
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