Equity Commonwealth (EQC) has reported a 48.68 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $23.81 million, or $0.17 a share in the quarter, compared with $46.40 million, or $0.31 a share for the same period last year.
Revenue during the quarter dropped 27.41 percent to $99.55 million from $137.14 million in the previous year period.
Total expenses were $81.37 million for the quarter, down 23.83 percent or $25.46 million from year-ago period. Operating margin for the quarter contracted 384 basis points over the previous year period to 18.27 percent.
Operating income for the quarter was $18.18 million, compared with $30.31 million in the previous year period.
Revenue from real estate activities during the quarter declined 27.41 percent or $37.58 million to $99.55 million.
Income from operating leases during the quarter dropped 27.01 percent or $29.68 million to $80.20 million. Revenue from tenant reimbursements was $19.35 million for the quarter, down 29 percent or $7.90 million from year-ago period.
Net receivables were at $152.08 million as on Mar. 31, 2017, down 13.95 percent or $24.66 million from year-ago.
Investments stood at $275.60 million as on Mar. 31, 2017.
Total assets declined 11.45 percent or $584.39 million to $4,518.76 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,232.23 million as on Mar. 31, 2017, down 28.18 percent or $483.55 million from year-ago.
Return on assets moved down 48 basis points to 0.87 percent in the quarter. At the same time, return on equity moved down 50 basis points to 0.66 percent in the quarter.
Debt comes down significantly
Total debt was at $1,141.63 million as on Mar. 31, 2017, down 26.72 percent or $416.21 million from year-ago. Shareholders equity stood at $3,286.52 million as on Mar. 31, 2017, down 2.98 percent or $100.85 million from year-ago. As a result, debt to equity ratio went down 11 basis points to 0.35 percent in the quarter.
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