Washington Real Estate Investment Trust (WRE) has reported an 178.27 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $6.63 million, or $0.09 a share in the quarter, compared with $2.38 million, or $0.03 a share for the same period last year. Revenue during the quarter went up marginally by 0.47 percent to $77.50 million from $77.14 million in the previous year period.
Cost of revenue dropped 3.03 percent or $0.87 million during the quarter to $27.86 million. Gross margin for the quarter expanded 130 basis points over the previous year period to 64.05 percent.
Total expenses were $59.56 million for the quarter, down 1.45 percent or $0.88 million from year-ago period. Operating margin for the quarter expanded 150 basis points over the previous year period to 23.15 percent.
Operating income for the quarter was $17.94 million, compared with $16.70 million in the previous year period.
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $0.35 to $0.43.
Revenue from real estate activities during the quarter was almost stable at $77.50 million, when compared with the previous year period.
"Washington REIT has delivered a strong start to 2017. We grew first quarter same-store NOI at the highest year-over-year rate in over 15 years, acquired an iconic DC office asset with strong NAV growth potential and recently raised our full-year Core FFO guidance range," said Paul T. McDermott, president and chief executive officer. "We are capturing our region's robust job growth as demonstrated by our year-over-year occupancy gains, and are equipped with a solid balance sheet, strong 2017 same-store NOI growth projections, and a multi-year value-creation pipeline to deliver additional opportunities for growth in the Washington metro region."
Receivables move up
Net receivables were at $69.04 million as on Mar. 31, 2017, up 8.10 percent or $5.17 million from year-ago. Total assets grew 3.15 percent or $68.81 million to $2,254.11 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,185.87 million as on Mar. 31, 2017, down 13.43 percent or $184 million from year-ago.
Return on assets moved up 3 basis points to 0.80 percent in the quarter. At the same time, return on equity moved up 33 basis points to 0.62 percent in the quarter.
Debt comes down
Total debt was at $1,114.24 million as on Mar. 31, 2017, down 13.78 percent or $178.09 million from year-ago. Shareholders equity stood at $1,068.24 million as on Mar. 31, 2017, up 31 percent or $252.80 million from year-ago. As a result, debt to equity ratio went down 54 basis points to 1.04 percent in the quarter.
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