Urban Edge Properties (UE) has reported an 171.41 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $50.59 million, or $0.50 a share in the quarter, compared with $18.64 million, or $0.19 a share for the same period last year.     

Revenue during the quarter surged 51.76 percent to $126.06 million from $83.07 million in the previous year period.

Cost of revenue went up marginally by 2.50 percent or $0.65 million during the quarter to $26.76 million. Gross margin for the quarter expanded 1020 basis points over the previous year period to 78.77 percent.

Total expenses were $56.75 million for the quarter, up 14.22 percent or $7.07 million from year-ago period. Operating margin for the quarter expanded 1479 basis points over the previous year period to 54.99 percent.

Operating income for the quarter was $69.32 million, compared with $33.39 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $49.24 million compared with $46.37 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1676 basis points in the quarter to 39.06 percent from 55.82 percent in the last year period.

Revenue from real estate activities during the quarter increased 5.93 percent or $4.86 million to $86.75 million.

Income from operating leases during the quarter rose 6.06 percent or $3.57 million to $62.50 million. Revenue from tenant reimbursements was $23.77 million for the quarter, up 5.62 percent or $1.26 million from year-ago period.

Income from management fees during the quarter increased 5.27 percent or $0.02 million to $0.48 million.

Total assets grew 7.46 percent or $142.36 million to $2,050.35 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,473.14 million as on Mar. 31, 2017, up 2.55 percent or $36.63 million from year-ago.

Return on assets moved up 163 basis points to 2.67 percent in the quarter. At the same time, return on equity moved up 366 basis points to 7.61 percent in the quarter.