Retail Properties of America, Inc (RPAI) has reported 508.41 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $18.30 million, or $0.07 a share in the quarter, compared with $3.01 million, or $0.49 a share for the same period last year. Revenue during the quarter dropped 4.14 percent to $142.75 million from $148.92 million in the previous year period.
Total expenses were $124.65 million for the quarter, down 1.02 percent or $1.28 million from year-ago period. Operating margin for the quarter contracted 276 basis points over the previous year period to 12.68 percent.
Operating income for the quarter was $18.10 million, compared with $22.98 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $87.87 million compared with $91.66 million in the prior year period. At the same time, adjusted EBITDA margin was almost stable in the quarter to 61.55 percent when compared with the last year period.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $1.15 to $1.20.
Revenue from real estate activities during the quarter went down marginally by 1.64 percent or $0.49 million to $29.43 million.
Revenue from tenant reimbursements was $29.43 million for the quarter, down 1.64 percent or $0.49 million from year-ago period.
Other income during the quarter was $1.75 million, down 19.98 percent or $0.44 million from year-ago period.
“Our tremendous team here at RPAI delivered strong results in 2016,” stated Steve Grimes, president and chief executive officer. “With same store NOI growth of 3.5%, nearly $1.0 billion in portfolio transaction volume, a compelling Investor Day, and recently the defeasance of the IW JV portfolio of mortgages payable, 2016 by all measures was an outperformance year and our foundation is healthier than ever going into 2017.”
Net receivables were at $78.94 million as on Dec. 31, 2016, down 4.67 percent or $3.86 million from year-ago.
Total assets declined 3.64 percent or $168.28 million to $4,452.97 million on Dec. 31, 2016. On the other hand, total liabilities were at $2,300.89 million as on Dec. 31, 2016, down 6.69 percent or $165.03 million from year-ago.
Return on assets moved up 43 basis points to 1.12 percent in the quarter. At the same time, return on equity moved up 71 basis points to 0.74 percent in the quarter.
Debt comes down
Total debt was at $1,997.92 million as on Dec. 31, 2016, down 7.77 percent or $168.31 million from year-ago. Shareholders equity was almost stable over the past one year at $2,152.09 million on Dec. 31, 2016. As a result, debt to equity ratio went down 8 basis points to 0.93 percent in the quarter.
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