EPR Properties (EPR) has reported a 10.22 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $58.14 million, or $0.82 a share in the quarter, compared with $52.75 million, or $0.78 a share for the same period last year.
Revenue during the quarter grew 16.83 percent to $130.83 million from $111.99 million in the previous year period.
Cost of revenue went up marginally by 1.81 percent or $0.11 million during the quarter to $5.92 million. Gross margin for the quarter expanded 67 basis points over the previous year period to 95.48 percent.
Total expenses were $47.49 million for the quarter, up 19.80 percent or $7.85 million from year-ago period. Operating margin for the quarter contracted 90 basis points over the previous year period to 63.70 percent.
Operating income for the quarter was $83.34 million, compared with $72.35 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $113.84 million compared with $97.96 million in the prior year period. At the same time, adjusted EBITDA margin contracted 47 basis points in the quarter to 87.01 percent from 87.48 percent in the last year period.
Revenue from real estate activities during the quarter increased 15.19 percent or $16.83 million to $127.60 million.
Income from operating leases during the quarter rose 18.65 percent or $16.89 million to $107.47 million. Revenue from tenant reimbursements was $4.02 million for the quarter, down 7.29 percent or $0.32 million from year-ago period.
Revenue from other real estate activities during the quarter was $16.11 million, up 1.58 percent or $0.25 million from year-ago period.
Other income during the quarter was $3.23 million, up 166.03 percent or $2.01 million from year-ago period.
"Our fourth quarter results reflect the culmination of an exceptional year for EPR. It was the strongest year in the Company’s history in terms of revenue, earnings and investment spending," commented company President and CEO Greg Silvers. "The U.S. consumer continues to place a value on experiences, and we are ideally positioned to continue to benefit from this movement. We are very encouraged going into 2017 as we anticipate yet another year of solid growth. Our tenant industries remain fundamentally strong, and our pipeline is robust as we expect to close the CNL transaction along with additional investment opportunities."
Net receivables were at $712.92 million as on Dec. 31, 2016, up 47.64 percent or $230.04 million from year-ago.
Investments stood at $102.70 million as on Dec. 31, 2016, down 46.20 percent or $88.18 million from year-ago.
Total assets stood at $4,865.02million as on Dec. 31, 2016. On the other hand, total liabilities were at $2,679.12 million as on Dec. 31, 2016.
Return on assets was at 1.75 percent in the quarter. At the same time, return on equity was at 2.39 percent in the quarter.
Debt increases substantially
Total debt was at $2,485.62 million as on Dec. 31, 2016, up 25.42 percent or $503.70 million from year-ago. Shareholders equity was at $2,185.90 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 1.14 percent in the quarter.
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