Pennsylvania Real Estate Investment Trust (PEI) saw its loss narrow to $23.86 million, or $0.40 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $39.91 million, or $0.64 a share. Revenue during the quarter dropped 10.09 percent to $104.86 million from $116.62 million in the previous year period.
Cost of revenue dropped 9.48 percent or $3.21 million during the quarter to $30.63 million. Gross margin for the quarter contracted 20 basis points over the previous year period to 70.79 percent.
Total expenses were $82.66 million for the quarter, down 8.59 percent or $7.76 million from year-ago period. Operating margin for the quarter contracted 129 basis points over the previous year period to 21.17 percent.
Operating income for the quarter was $22.20 million, compared with $26.20 million in the previous year period.
Revenue from real estate activities during the quarter declined 10 percent or $11.57 million to $104.14 million.
Income from operating leases during the quarter dropped 10.64 percent or $0.43 million to $3.58 million. Revenue from tenant reimbursements was $93.51 million for the quarter, down 9.70 percent or $10.05 million from year-ago period.
Revenue from other real estate activities during the quarter was $7.05 million, down 13.45 percent or $1.10 million from year-ago period.
Other income during the quarter was $0.72 million, down 21.25 percent or $0.19 million from year-ago period.
"Our 2016 results demonstrate that we have turned the corner on portfolio quality as evidenced by our robust leasing accomplishments," said Joseph F. Coradino, chief executive officer. "Our multi-year plan validates how our forward thinking focus on quality and the bold actions we have taken lay the foundation for continued shareholder value creation, driven by our redevelopments and proactive approach to replacing and strengthening our anchor mix."
Net receivables were at $39.03 million as on Dec. 31, 2016, down 3.22 percent or $1.30 million from year-ago.
Total assets declined 6.76 percent or $189.68 million to $2,616.83 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,914.43 million as on Dec. 31, 2016, down 5.31 percent or $107.46 million from year-ago.
Return on assets for the quarter stood at negative 0.38 percent as compared to a negative 0.88 percent for the previous year period. Return on equity for the quarter stood at negative 3.96 percent as compared to a negative 5.59 percent for the previous year period.
Debt remains almost stableTotal debt was at $1,766.90 million as on Dec. 31, 2016, down 0.98 percent or $17.47 million from year-ago. Shareholders equity stood at $702.41 million as on Dec. 31, 2016, down 10.48 percent or $82.22 million from year-ago. As a result, debt to equity ratio went up 24 basis points to 2.52 percent in the quarter.
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