SL Green Realty Corp. (SLG) has reported 53.01 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $50.61 million, or $0.44 a share in the quarter, compared with $107.69 million, or $1.01 a share for the same period last year.
Revenue during the quarter dropped 12.02 percent to $374.24 million from $425.39 million in the previous year period.
Cost of revenue went up marginally by 1.14 percent or $0.77 million during the quarter to $68.76 million. Gross margin for the quarter contracted 239 basis points over the previous year period to 81.63 percent.
Total expenses were almost stable at $283.09 million, when compared with the previous year period. Operating margin for the quarter contracted 921 basis points over the previous year period to 24.36 percent.
Revenue from real estate activities during the quarter declined 10.46 percent or $38.47 million to $329.37 million.
Income from operating leases during the quarter dropped 12.53 percent or $40.09 million to $279.87 million. Revenue from tenant reimbursements was $49.50 million for the quarter, up 3.38 percent or $1.62 million from year-ago period.
Other income during the quarter was $44.87 million, down 22.03 percent or $12.67 million from year-ago period.
Net receivables were at $69.63 million as on Dec. 31, 2016, down 6.09 percent or $4.51 million from year-ago.
Investments stood at $1,725.52 million as on Dec. 31, 2016, up 0.60 percent or $10.36 million from year-ago.
Total assets declined 20.14 percent or $4,000.15 million to $15,857.79 million on Dec. 31, 2016. On the other hand, total liabilities were at $7,330.98 million as on Dec. 31, 2016, down 35.87 percent or $4,100.92 million from year-ago.
Return on assets moved down 26 basis points to 0.75 percent in the quarter. At the same time, return on equity moved down 74 basis points to 0.57 percent in the quarter.
