Equity One, Inc. (EQY) has reported a 25.94 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $12.56 million, or $0.09 a share in the quarter, compared with $16.96 million, or $0.13 a share for the same period last year.
Revenue from real estate activities during the quarter increased 3.67 percent or $3.32 million to $93.76 million.
Cost of revenue dropped 3.60 percent or $0.48 million during the quarter to $12.83 million. Gross margin for the quarter expanded 103 basis points over the previous year period to 86.31 percent.
Total expenses were $57.58 million for the quarter, down 2.42 percent or $1.43 million from year-ago period. Operating margin for the quarter expanded 383 basis points over the previous year period to 38.59 percent.
Operating income for the quarter was $36.18 million, compared with $31.44 million in the previous year period.
For financial year 2016, the company forecasts diluted earnings per share to be in the range of $0.52 to $0.54.
Income from operating leases during the quarter rose 3.85 percent or $2.70 million to $72.68 million. Revenue from tenant reimbursements was $20.73 million for the quarter, up 2.61 percent or $0.53 million from year-ago period.
Income from management fees during the quarter jumped 37.40 percent or $0.09 million to $0.34 million.
"Strong operations continue to drive Equity One’s compelling results. Robust leasing and revenue from redevelopment deliveries helped offset vacancy from previous tenant bankruptcies, generating same store NOI growth that exceeded our expectations," said David Lukes, chief executive officer. "We continued to advance our projects in our current and shadow redevelopment pipeline and expect to have 20% of our Serramonte Mall expansion open and paying rent by year end."
Net receivables were at $12.34 million as on Sep. 30, 2016, down 2.32 percent or $0.29 million from year-ago.
Total assets went up marginally by 2.60 percent or $86.18 million to $3,394.91 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,545.54 million as on Sep. 30, 2016, up 1.14 percent or $17.45 million from year-ago.
Return on assets moved down 29 basis points to 0.71 percent in the quarter. At the same time, return on equity moved down 27 basis points to 0.68 percent in the quarter.
Debt remains almost stable
Total debt was at $1,289.29 million as on Sep. 30, 2016, up 0.93 percent or $11.90 million from year-ago. Shareholders equity stood at $1,849.37 million as on Sep. 30, 2016, up 3.86 percent or $68.73 million from year-ago. As a result, debt to equity ratio went down 2 basis points to 0.70 percent in the quarter.
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