Easterly Government Properties, Inc. (DEA) has reported a 3,152.38 percent jump in profit for the year ended Dec. 31, 2016. The company has earned $3.42 million, or $0.10 a share in the year, compared with $0.10 million, or $0.08 a share for the last year.
Revenue during the year surged 371.80 percent to $104.62 million from $22.17 million in the previous year.
Cost of revenue surged 376.30 percent or $24.47 million during the year to $30.97 million. Gross margin for the year contracted 203 basis points over the previous year to 68.64 percent.
Total expenses were $91.70 million for the year, up 349.73 percent or $71.31 million from year-ago. Operating margin for the year expanded 473 basis points over the previous year to 12.78 percent.
Operating income for the year was $12.91 million, compared with $1.78 million in the previous year.
Revenue from real estate activities during the year surged 371.80 percent or $82.44 million to $104.62 million.
Income from operating leases during the year surged 369.50 percent or $73.48 million to $93.36 million. Revenue from tenant reimbursements was $10.65 million for the year, up 384.84 percent or $8.45 million from year-ago period.
Revenue from other real estate activities during the year was $0.61 million, up 559.78 percent or $0.52 million from year-ago.
“Easterly Government Properties is pleased to have completed another successful year as a public company, marked by very strong fourth quarter and full year 2016 results,” said William C. Trimble III, president and chief executive officer of Easterly Government Properties, Inc. “We continue to season as a public REIT and have provided our shareholders with solid growth since our IPO through the expansion of our focused, mission-critical portfolio: In 2015 and 2016 we gave guidance that Easterly would complete $75 - $125 million in acquisitions annually and we exceeded that with $171 million in 2015 and $157 million in 2016. Our acquisitions to date have met our target acquisition metrics and have been accretive. As we conclude our second successful year as a public company, we have stated $150 - $200 million as an acquisition goal for 2017 and fully expect Easterly to continue to deliver.”
Receivables increase substantially
Net receivables were at $14.37 million as on Dec. 31, 2016, up 55.03 percent or $5.10 million from year-ago.
Total assets grew 14.63 percent or $133.42 million to $1,045.46 million on Dec. 31, 2016. On the other hand, total liabilities were at $348.60 million as on Dec. 31, 2016, up 19.32 percent or $56.44 million from year-ago.
Return on assets moved up 43 basis points to 0.45 percent in the year. At the same time, return on equity moved up 47 basis points to 0.49 percent in the year.
Debt moves up
Total debt was at $292.97 million as on Dec. 31, 2016, up 22.99 percent or $54.77 million from year-ago. Shareholders equity stood at $696.87 million as on Dec. 31, 2016, up 12.42 percent or $76.97 million from year-ago. As a result, debt to equity ratio went up 4 basis points to 0.42 percent in the year.
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