Federal Realty Investment Trust (FRT) has reported a 26.98 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $56.19 million, or $0.78 a share in the quarter, compared with $76.96 million, or $1.10 a share for the same period last year.
Revenue during the quarter grew 4.56 percent to $207.39 million from $198.34 million in the previous year period.
Cost of revenue went up marginally by 0.89 percent or $0.59 million during the quarter to $66.20 million. Gross margin for the quarter expanded 116 basis points over the previous year period to 68.08 percent.
Total expenses were $125.85 million for the quarter, up 3.64 percent or $4.42 million from year-ago period. Operating margin for the quarter expanded 54 basis points over the previous year period to 39.32 percent.
Operating income for the quarter was $81.54 million, compared with $76.92 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $132.92 million compared with $124.76 million in the prior year period. At the same time, adjusted EBITDA margin improved 119 basis points in the quarter to 64.09 percent from 62.90 percent in the last year period.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $3.35 to $3.43. Tthe company forecasts diluted earnings per share to be in the range of $5.85 to $5.93 on adjusted basis.
Revenue from real estate activities during the quarter increased 4.56 percent or $9.02 million to $206.64 million.
Income from operating leases during the quarter rose 4.68 percent or $9.14 million to $204.45 million.
Revenue from other real estate activities during the quarter was $2.19 million, down 5.28 percent or $0.12 million from year-ago period.
Other income during the quarter was $0.75 million, up 3.87 percent or $0.03 million from year-ago period.
"We're very pleased to deliver another quarter of record bottom line results to our shareholders," said Donald C. Wood, president and chief executive office of Federal Realty. "Our team remains focused on uncovering value creative opportunities throughout our existing portfolio - whether it be through redevelopment or remerchandising - in order to keep our centers relevant for years to come. We also continue to identify potential infill acquisitions in order to re-stock our redevelopment pipeline and drive future growth opportunities. Our record results reflect the broad base of our balanced business plan as we continue to position our portfolio to meet the needs of the changing retail environment."
Net receivables were at $145.68 million as on Mar. 31, 2017, up 28.07 percent or $31.93 million from year-ago.
Investments stood at $14.54 million as on Mar. 31, 2017, down 65.06 percent or $27.08 million from year-ago.
Total assets grew 10.36 percent or $530.74 million to $5,656.20 million on Mar. 31, 2017. On the other hand, total liabilities were at $3,438.40 million as on Mar. 31, 2017, up 13.47 percent or $408.11 million from year-ago.
Return on assets moved down 6 basis points to 1.44 percent in the quarter. At the same time, return on equity moved down 120 basis points to 2.70 percent in the quarter.
Debt moves up
Total debt was at $3,013.37 million as on Mar. 31, 2017, up 13.31 percent or $354.05 million from year-ago. Shareholders equity stood at $2,076.80 million as on Mar. 31, 2017, up 5.48 percent or $107.86 million from year-ago. As a result, debt to equity ratio went up 10 basis points to 1.45 percent in the quarter.
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