Rexford Industrial Realty, Inc (REXR) has reported 719.78 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $8.33 million, or $0.10 a share in the quarter, compared with $1.02 million, or $0.02 a share for the same period last year. Revenue during the quarter surged 32.92 percent to $34.78 million from $26.16 million in the previous year period.
Cost of revenue rose 28.39 percent or $2.02 million during the quarter to $9.14 million. Gross margin for the quarter expanded 93 basis points over the previous year period to 73.72 percent.
Total expenses were $27.61 million for the quarter, up 26.11 percent or $5.72 million from year-ago period. Operating margin for the quarter expanded 429 basis points over the previous year period to 20.62 percent.
Operating income for the quarter was $7.17 million, compared with $4.27 million in the previous year period.
Revenue from real estate activities during the quarter surged 32.20 percent or $8.39 million to $34.45 million.
Income from operating leases during the quarter surged 31 percent or $7.03 million to $29.69 million. Revenue from tenant reimbursements was $4.58 million for the quarter, up 48.96 percent or $1.50 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.18 million, down 44.06 percent or $0.14 million from year-ago period.
Other income during the quarter was $0.33 million, up 212.38 percent or $0.22 million from year-ago period.
“We are pleased with our strong fourth quarter and full year 2016 results, which included a 360 basis point year-over-year increase in Stabilized Same Property Portfolio occupancy to 96.9% and a 9.1% increase in Same Property NOI over the prior year period,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “We continued to execute on our growth initiatives during 2016, acquiring nearly $372 million of high-quality and accretive investments, adding another 3.4 million square feet to our best-in-class industrial portfolio. We believe our Company is exceptionally well-positioned to capitalize upon the strong organic growth embedded within our portfolio as we complete and lease-up our value-add repositioning spaces and continue to drive strong re-leasing spreads, supported by historically high market occupancy and a scarcity of available product for lease. We see a substantial runway ahead to deploy our value-driven internal and external growth strategies to generate favorable FFO per share growth and shareholder value.”
Receivables increase substantially
Net receivables were at $8.68 million as on Dec. 31, 2016, up 185.62 percent or $5.64 million from year-ago. Total assets jumped 31.37 percent or $361.76 million to $1,515.01 million on Dec. 31, 2016. On the other hand, total liabilities were at $552.87 million as on Dec. 31, 2016, up 20.32 percent or $93.36 million from year-ago.
Return on assets moved up 51 basis points to 0.83 percent in the quarter. At the same time, return on equity moved up 58 basis points to 0.72 percent in the quarter.
Debt moves up
Total debt was at $500.18 million as on Dec. 31, 2016, up 19.62 percent or $82.03 million from year-ago. Shareholders equity stood at $962.14 million as on Dec. 31, 2016, up 38.69 percent or $268.40 million from year-ago. As a result, debt to equity ratio went down 8 basis points to 0.52 percent in the quarter.
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