Federal Realty Investment Trust (FRT) has reported a 12.45 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $58.98 million, or $0.82 a share in the quarter, compared with $52.45 million, or $0.75 a share for the same period last year.
Revenue during the quarter grew 8.59 percent to $201.16 million from $185.25 million in the previous year period.
Total expenses were $120.70 million for the quarter, up 10.39 percent or $11.36 million from year-ago period. Operating margin for the quarter contracted 98 basis points over the previous year period to 40 percent.
Operating income for the quarter was $80.46 million, compared with $75.92 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $129.36 million compared with $120 million in the prior year period. At the same time, adjusted EBITDA margin contracted 46 basis points in the quarter to 64.31 percent from 64.77 percent in the last year period.
Federal Realty provided 2017 earnings per diluted share guidance of $3.13 to $3.23.
For financial year 2016, Federal Realty Investment Trust projects diluted earnings per share to be in the range of $3.47 to $3.51 on adjusted basis.
"We continue to execute on our long term goal of positioning our portfolio for the changing consumer", said Donald C. Wood, president and chief executive officer of Federal Realty. "The right balance of aggressive shopping center re-leasing and re-development, along with the development of new mixed use communities with a balance sheet constructed for the long term is at the heart of our decision making. Third quarter results reflect that balance."
Total assets grew 12.83 percent or $613.53 million to $5,397.34 million on Sep. 30, 2016. On the other hand, total liabilities were at $3,200.26 million as on Sep. 30, 2016, up 10.93 percent or $315.20 million from year-ago.
Return on assets moved down 10 basis points to 1.49 percent in the quarter. At the same time, return on equity moved down 10 basis points to 2.84 percent in the quarter.
Debt moves up
Total debt was at $2,809.56 million as on Sep. 30, 2016, up 10.93 percent or $276.74 million from year-ago. Shareholders equity stood at $2,071.22 million as on Sep. 30, 2016, up 16.52 percent or $293.64 million from year-ago. As a result, debt to equity ratio went down 7 basis points to 1.36 percent in the quarter.
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