Occupancy and other operating expenses
T. Rowe Price Group’s (TROW) facility and occupancy costs stood at $83.1 million in 2Q17, which includes depreciation costs of $36.3 million. In 2Q16, the company’s facility and occupancy costs amounted to $74.6 million including depreciation costs of $33.8 million. This rise of 11.4% on a YoY basis was due to expenses incurred in order to enhance and update technology capabilities and higher facilities cost.
The company’s other operating expenses stood at $122.1 million in 2Q17 as compared to $98.9 million in 2Q16, which reflects a rise of 23.5%. This YoY rise was due to the professional fees that the company has incurred in relation to operating capabilities. The rise in operating costs in order to fulfill business demands has also contributed to this increase.