Empire State Realty Trust, Inc. (ESRT) has reported a 41.50 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $16.21 million, or $0.12 a share in the quarter, compared with $11.45 million, or $0.10 a share for the same period last year.
Revenue during the quarter went up marginally by 0.04 percent to $175.85 million from $175.78 million in the previous year period.
Cost of revenue rose 4.57 percent or $1.08 million during the quarter to $24.69 million. Gross margin for the quarter contracted 61 basis points over the previous year period to 85.96 percent.
Total expenses were $122.26 million for the quarter, down 6.27 percent or $8.17 million from year-ago period. Operating margin for the quarter expanded 468 basis points over the previous year period to 30.47 percent.
Operating income for the quarter was $53.59 million, compared with $45.34 million in the previous year period.
Revenue from real estate activities during the quarter went up marginally by 1.75 percent or $2.99 million to $173.31 million.
Income from operating leases during the quarter rose 4.27 percent or $4.73 million to $115.63 million. Revenue from tenant reimbursements was $19.18 million for the quarter, down 16.97 percent or $3.92 million from year-ago period.
Income from management fees during the quarter plunged 34.63 percent or $0.21 million to $0.40 million. Revenue from other real estate activities during the quarter was $38.09 million, up 6.70 percent or $2.39 million from year-ago period.
Other income during the quarter was $2.54 million, down 53.46 percent or $2.92 million from year-ago period.
Net receivables were at $19.57 million as on Sep. 30, 2016, down 39.61 percent or $12.84 million from year-ago.
Total assets grew 17.34 percent or $573.80 million to $3,882.57 million on Sep. 30, 2016. On the other hand, total liabilities were almost stable over the past one year at $1,929.73 million on Sep. 30, 2016.
Return on assets moved up 2 basis points to 1.31 percent in the quarter. Return on equity was negative and almost stable at 0.82 percent in the quarter, when compared with the last year period.
Debt remains almost stable
Total debt was at $1,615.83 million as on Sep. 30, 2016, down 0.83 percent or $13.57 million from year-ago. Shareholders equity stood at $1,952.84 million as on Sep. 30, 2016, up 42.27 percent or $580.23 million from year-ago. As a result, debt to equity ratio went down 36 basis points to 0.83 percent in the quarter.
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