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Essex Property Trust, Inc (ESS) has reported 141.63 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $195.57 million, or $2.98 a share in the quarter, compared with $80.94 million, or $1.22 a share for the same period last year. Revenue during the quarter grew 5.89 percent to $329.04 million from $310.75 million in the previous year period.
Cost of revenue rose 7.44 percent or $6.86 million during the quarter to $99 million. Gross margin for the quarter contracted 44 basis points over the previous year period to 69.91 percent.
Total expenses were $223.52 million for the quarter, up 2.28 percent or $4.98 million from year-ago period. Operating margin for the quarter expanded 240 basis points over the previous year period to 32.07 percent.
Operating income for the quarter was $105.52 million, compared with $92.20 million in the previous year period.
Essex Property Trust projects revenue to grow in the range of 2.75 percent to 3.75 percent for the financial year 2017. For fiscal year 2017, the company projects operating income to be in the range of $925.10 million to $942.20 million. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $3.98 to $4.38.
Revenue from real estate activities during the quarter increased 5.89 percent or $18.29 million to $329.04 million.
Income from operating leases during the quarter rose 5.92 percent or $18.26 million to $326.90 million.
Income from management fees during the quarter went up marginally by 1.57 percent or $0.03 million to $2.13 million.
Receivables increase substantially
Net receivables were at $40.97 million as on Dec. 31, 2016, up 112.44 percent or $21.68 million from year-ago. Investments stood at $139.19 million as on Dec. 31, 2016, up 1.24 percent or $1.70 million from year-ago.
Total assets went up marginally by 1.77 percent or $212.32 million to $12,217.41 million on Dec. 31, 2016. On the other hand, total liabilities were at $5,880.49 million as on Dec. 31, 2016, up 4.59 percent or $257.87 million from year-ago.
Return on assets moved up 96 basis points to 2.10 percent in the quarter. At the same time, return on equity moved up 185 basis points to 3.11 percent in the quarter.
Debt moves up marginally
Total debt was at $5,563.26 million as on Dec. 31, 2016, up 4.60 percent or $244.50 million from year-ago. Shareholders equity stood at $6,292.24 million as on Dec. 31, 2016, down 0.71 percent or $44.79 million from year-ago. As a result, debt to equity ratio went up 4 basis points to 0.88 percent in the quarter.
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