Essex Property Trust Inc (ESS) has reported an 118.69 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $178.96 million, or $2.72 a share in the quarter, compared with $81.84 million, or $1.19 a share for the same period last year. Revenue during the quarter grew 6.75 percent to $335.40 million from $314.20 million in the previous year period.
Cost of revenue rose 5.32 percent or $5.02 million during the quarter to $99.51 million. Gross margin for the quarter expanded 40 basis points over the previous year period to 70.33 percent.
Total expenses were $226.17 million for the quarter, up 5.59 percent or $11.97 million from year-ago period. Operating margin for the quarter expanded 74 basis points over the previous year period to 32.57 percent.
Operating income for the quarter was $109.23 million, compared with $100 million in the previous year period.
The company expects diluted earnings per share to be in the range of $0.90 to $1 for the second-quarter. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $5.60 to $6.
Revenue from real estate activities during the quarter increased 6.75 percent or $21.20 million to $335.40 million.
Income from operating leases during the quarter rose 6.72 percent or $20.99 million to $333.17 million.
Income from management fees during the quarter increased 10.47 percent or $0.21 million to $2.24 million.
Receivables increase substantially
Net receivables were at $50.86 million as on Mar. 31, 2017, up 179.45 percent or $32.66 million from year-ago. Investments were almost stable over the past one year at $138.98 million on Mar. 31, 2017.
Total assets grew 3.15 percent or $379.94 million to $12,447.43 million on Mar. 31, 2017. On the other hand, total liabilities were at $6,013.01 million as on Mar. 31, 2017, up 4.03 percent or $232.97 million from year-ago.
Return on assets moved up 80 basis points to 1.92 percent in the quarter. At the same time, return on equity moved up 155 basis points to 2.80 percent in the quarter.
Debt moves up marginally
Total debt was at $5,602.51 million as on Mar. 31, 2017, up 4.66 percent or $249.70 million from year-ago. Shareholders equity stood at $6,389 million as on Mar. 31, 2017, up 2.37 percent or $147.76 million from year-ago. As a result, debt to equity ratio went up 2 basis points to 0.88 percent in the quarter.
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