Piedmont Office Realty Trust (PDM) has reported 45.62 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $15.10 million, or $0.10 a share in the quarter, compared with $10.37 million, or $0.07 a share for the same period last year. Revenue during the quarter grew 7.57 percent to $148.46 million from $138.01 million in the previous year period.
Cost of revenue went up marginally by 2.04 percent or $1.10 million during the quarter to $55.38 million. Gross margin for the quarter expanded 202 basis points over the previous year period to 62.70 percent.
Total expenses were $115.16 million for the quarter, up 3.16 percent or $3.52 million from year-ago period. Operating margin for the quarter expanded 332 basis points over the previous year period to 22.43 percent.
Operating income for the quarter was $33.30 million, compared with $26.37 million in the previous year period.
For fiscal year 2017, Piedmont Office Realty Trust expects net income to be in the range of $105 million to $213 million.
Revenue from real estate activities during the quarter increased 7.57 percent or $10.45 million to $148.46 million.
Income from operating leases during the quarter rose 7.59 percent or $8.71 million to $123.45 million. Revenue from tenant reimbursements was $24.50 million for the quarter, up 7.69 percent or $1.75 million from year-ago period.
Income from management fees during the quarter went down marginally by 1.91 percent or $0.01 million to $0.51 million.
Donald A. Miller, CFA, president and chief executive officer, commented, "We are pleased with our quarterly financial results, as almost all of our metrics reflected meaningful growth. Leasing activity for the first quarter was also encouraging with activity across all of our key markets. The results for the quarter include the contribution of a large asset which is expected to be sold during the second quarter."
Receivables move upNet receivables were at $25.19 million as on Mar. 31, 2017, up 14.31 percent or $3.15 million from year-ago. Real estate investments stood at $7.65 million as on Mar. 31, 2017.
Total assets were almost stable over the past one year at $4,350.74 million on Mar. 31, 2017. On the other hand, total liabilities were at $2,263.64 million as on Mar. 31, 2017, up 3.11 percent or $68.29 million from year-ago.
Return on assets moved up 15 basis points to 0.76 percent in the quarter. At the same time, return on equity moved up 24 basis points to 0.72 percent in the quarter.
Debt moves up marginallyTotal debt was at $2,065.81 million as on Mar. 31, 2017, up 3.14 percent or $62.90 million from year-ago. Shareholders equity stood at $2,087.10 million as on Mar. 31, 2017, down 3.36 percent or $72.57 million from year-ago. As a result, debt to equity ratio went up 6 basis points to 0.99 percent in the quarter.
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