Regency Centers Corporation (REG) has reported an 82.08 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $10.57 million, or $0.05 a share in the quarter, compared with $59 million, or $0.57 a share for the same period last year.
Revenue from real estate activities during the quarter increased 7.53 percent or $10.70 million to $152.77 million.
Cost of revenue rose 10.06 percent or $3.79 million during the quarter to $41.48 million. Gross margin for the quarter contracted 62 basis points over the previous year period to 72.85 percent.
Total expenses were $98.23 million for the quarter, up 9.79 percent or $8.76 million from year-ago period. Operating margin for the quarter contracted 132 basis points over the previous year period to 35.70 percent.
Operating income for the quarter was $54.54 million, compared with $52.60 million in the previous year period.
Income from operating leases during the quarter rose 6.46 percent or $6.82 million to $112.38 million. Revenue from tenant reimbursements was $34.53 million for the quarter, up 12.39 percent or $3.81 million from year-ago period.
Income from management fees during the quarter went up marginally by 1.19 percent or $0.07 million to $5.86 million.
Net receivables were at $103.23 million as on Sep. 30, 2016, up 187.09 percent or $67.27 million from year-ago.
Total assets grew 6.89 percent or $287.40 million to $4,458.29 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,858 million as on Sep. 30, 2016, down 17.89 percent or $404.84 million from year-ago.
Return on assets moved down 84 basis points to 0.53 percent in the quarter. At the same time, return on equity moved down 261 basis points to 0.20 percent in the quarter.
Debt comes down
Total debt was at $1,627.62 million as on Sep. 30, 2016, down 19.57 percent or $396.03 million from year-ago. Shareholders equity stood at $2,600.28 million as on Sep. 30, 2016, up 36.28 percent or $692.24 million from year-ago. As a result, debt to equity ratio went down 43 basis points to 0.63 percent in the quarter.
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