Real estate brokerage and franchise giant Realogy Corp. reported a $237 million first-quarter loss today, as interest expenses on the company’s debt outweighed improvements in operating income.
Realogy reported that excluding the costs of recent debt restructuring, its operating income — earnings before interest, taxes, depreciation and amortization, or EBITDA — rose 14 percent from a year ago, to $25 million.
The biggest components of Realogy’s loss were interest expenses on its $7.3 billion debt (which totaled $179 million), followed by depreciation and amortization expenses of $46 million. Realogy reported that it took a $36 million loss on the early extinguishment of debt in its restructuring.
Revenue for the quarter was up 1 percent from a year ago, to $831 million.
Most of that revenue came from 740 company-owned real estate brokerage offices, whose 43,000 sales agents generated $587 million in revenue, down 2 percent from a year ago.