Physicians Realty Trust (DOC) has reported a 49.01 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $8.26 million, or $0.06 a share in the quarter, compared with $5.54 million, or $0.06 a share for the same period last year.
Revenue during the quarter surged 82.34 percent to $73.67 million from $40.40 million in the previous year period.
Cost of revenue surged 119.02 percent or $11.96 million during the quarter to $22 million. Gross margin for the quarter contracted 500 basis points over the previous year period to 70.13 percent.
Total expenses were $65.08 million for the quarter, up 88.53 percent or $30.56 million from year-ago period. Operating margin for the quarter contracted 290 basis points over the previous year period to 11.66 percent.
Operating income for the quarter was $8.59 million, compared with $5.88 million in the previous year period.
Revenue from real estate activities during the quarter surged 82.34 percent or $33.27 million to $73.67 million.
Income from operating leases during the quarter surged 75.51 percent or $24.06 million to $55.92 million. Revenue from tenant reimbursements was $14.06 million for the quarter, up 92.01 percent or $6.74 million from year-ago period.
Revenue from other real estate activities during the quarter was $3.69 million, up 202.87 percent or $2.47 million from year-ago period.
John T. Thomas, President and Chief Executive Officer of the Trust, commented, “2016 was a remarkable and transformative year for Physicians Realty Trust. We continued our strong investment and asset management performance in the fourth quarter, and entered 2017 with an outstanding pipeline.
Receivables increase substantially
Net receivables were at $9.79 million as on Dec. 31, 2016, up 228.85 percent or $6.81 million from year-ago. Accounts payable surged 586.80 percent or $3.78 million to $4.42 million on Dec. 31, 2016.
Investments were almost stable over the past one year at $39.15 million on Dec. 31, 2016.
Total assets jumped 75.22 percent or $1,249.21 million to $2,888.09 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,079.30 million as on Dec. 31, 2016, up 101.56 percent or $543.83 million from year-ago.
Return on assets moved down 71 basis points to 0.30 percent in the quarter. At the same time, return on equity moved down 4 basis points to 0.44 percent in the quarter.
Debt increases substantially
Total debt was at $991.16 million as on Dec. 31, 2016, up 104.95 percent or $507.54 million from year-ago. Shareholders equity stood at $1,782.32 million as on Dec. 31, 2016, up 65.57 percent or $705.86 million from year-ago. As a result, debt to equity ratio went up 11 basis points to 0.56 percent in the quarter.
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