Liberty Property Trust (LPT) has reported an 139.18 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $195.38 million, or $1.33 a share in the quarter, compared with $81.69 million, or $0.55 a share for the same period last year.
Revenue during the quarter dropped 10.19 percent to $179.06 million from $199.38 million in the previous year period.
Cost of revenue dropped 23.98 percent or $14.52 million during the quarter to $46.03 million. Gross margin for the quarter expanded 466 basis points over the previous year period to 74.29 percent.
Total expenses were $128.05 million for the quarter, down 4.58 percent or $6.14 million from year-ago period. Operating margin for the quarter contracted 421 basis points over the previous year period to 28.48 percent.
Operating income for the quarter was $51 million, compared with $65.19 million in the previous year period.
Revenue from real estate activities during the quarter declined 10.19 percent or $20.33 million to $179.06 million.
Income from operating leases during the quarter dropped 13.05 percent or $18.69 million to $124.52 million. Revenue from tenant reimbursements was $41.60 million for the quarter, down 25.95 percent or $14.58 million from year-ago period.
Revenue from other real estate activities during the quarter was at $12.94 million.
"We could not be more pleased with what we achieved in 2016, both in terms of our strategic execution, and the performance of our real estate," said Bill Hankowsky, chairman, president, and chief executive officer. "As we enter 2017 we are encouraged by the continued strength in the industrial markets, with the resultant rising market rents and outstanding development opportunities, supported by the stability of a well-leased portfolio and a strong balance sheet."
Receivables move up marginally
Net receivables were at $14.43 million as on Dec. 31, 2016, up 0.63 percent or $0.09 million from year-ago. Accounts payable increased 28.28 percent or $14.53 million to $65.92 million on Dec. 31, 2016. Total assets declined 8.65 percent or $567.24 million to $5,990.39 million on Dec. 31, 2016. On the other hand, total liabilities were at $2,919.93 million as on Dec. 31, 2016, down 17.04 percent or $599.91 million from year-ago.
Return on assets moved up 197 basis points to 3.74 percent in the quarter. At the same time, return on equity moved up 361 basis points to 6.38 percent in the quarter.
Debt comes down
Total debt was at $2,556.94 million as on Dec. 31, 2016, down 18.75 percent or $590.08 million from year-ago. Shareholders equity stood at $3,062.92 million as on Dec. 31, 2016, up 1.08 percent or $ 326.69 million from year-ago.
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