Government Properties Income Trust (GOV) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $12.06 million, or $ 0.17 a share in the quarter, against a net loss of $2.34 million, or $0.03 a share in the last year period.
Revenue during the quarter grew 7.04 percent to $66.03 million from $61.68 million in the previous year period.
Total expenses were $48.91 million for the quarter, up 6.90 percent or $3.16 million from year-ago period. Operating margin for the quarter expanded 10 basis points over the previous year period to 25.93 percent.
Operating income for the quarter was $17.12 million, compared with $15.94 million in the previous year period.
David Blackman, president and chief operating officer of GOV, made the following statement: "During the fourth quarter, Government Properties Income Trust continued to focus on leasing activity, which resulted in an increase in same property NOI. We completed leases for 386,972 square feet at rents that were 4.3% higher than previous rents for the same space, and we increased consolidated occupancy by 60 basis points year over year to 95.1% at year end. We also acquired three properties totaling approximately 562,000 square feet for $131.3 million since the end of the previous quarter."
Receivables move up
Net receivables were at $48.46 million as on Dec. 31, 2016, up 7.04 percent or $3.19 million from year-ago.
Total assets grew 9.99 percent or $216.56 million to $2,385.07 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,450.06 million as on Dec. 31, 2016, up 19.66 percent or $238.20 million from year-ago.
Return on assets moved up 73 basis points to 1.05 percent in the quarter. Return on equity was at 1.29 percent in the quarter against a negative 0.24 percent in the last year period.
Debt moves up
Total debt was at $1,381.85 million as on Dec. 31, 2016, up 20.62 percent or $236.25 million from year-ago. Shareholders equity stood at $935 million as on Dec. 31, 2016, down 2.26 percent or $21.65 million from year-ago. As a result, debt to equity ratio went up 28 basis points to 1.48 percent in the quarter.
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