Seritage Growth Properties (SRG) saw its loss widen to $19.84 million, or $0.59 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $8.34 million, or $0.27 a share.
Revenue during the quarter grew 3.80 percent to $65.40 million from $63 million in the previous year period.
Cost of revenue dropped 7.66 percent or $1.42 million during the quarter to $17.16 million. Gross margin for the quarter expanded 326 basis points over the previous year period to 73.75 percent.
Total expenses were $82.14 million for the quarter, up 31.20 percent or $19.53 million from year-ago period. Operating margin for the quarter stood at negative 25.60 percent as compared to a positive 0.63 percent for the previous year period.
Operating loss for the quarter was $16.74 million, compared with an operating income of $0.40 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $42.35 million compared with $47.25 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1024 basis points in the quarter to 64.76 percent from 75 percent in the last year period.
Revenue from real estate activities during the quarter increased 3.80 percent or $2.39 million to $65.40 million.
Income from operating leases during the quarter rose 8.73 percent or $3.95 million to $49.17 million. Revenue from tenant reimbursements was $16.22 million for the quarter, down 8.74 percent or $1.55 million from year-ago period.
"We continue to attract a diverse group of growing retailers to our redeveloped shopping centers, and have now leased almost three million square feet of space since our inception at average releasing spreads of 4.3 times", said Benjamin Schall, president and chief executive officer. "During the first quarter, we surpassed the $500 million mark for development activity, with 53 projects completed or commenced and a total projected spend of over $520 million."
Real estate investments stood at $428.34 million as on Mar. 31, 2017.
Total assets stood at $2,681.04million as on Mar. 31, 2017. On the other hand, total liabilities were at $1,303.16 million as on Mar. 31, 2017.
Return on assets was at 0.61 percent in the quarter. Return on equity was negative at 1.44 percent in the quarter.
Total debt was at $1,174.02 million as on Mar. 31, 2017. Shareholders equity was at $1,377.89 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 0.85 percent in the quarter.
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