Pennsylvania Real Estate Investment Trust (PEI) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $0.43 million, or $ 0.10 a share in the quarter, against a net profit of $1.72 million, or $0.03 a share in the last year period. Revenue during the quarter dropped 12.46 percent to $89.26 million from $101.97 million in the previous year period.
Cost of revenue dropped 12.39 percent or $4.24 million during the quarter to $29.95 million.
Total expenses were $78.09 million for the quarter, up 9.22 percent or $7.93 million from year-ago period. Operating margin for the quarter expanded 313 basis points over the previous year period to 187.48 percent.
Revenue from real estate activities during the quarter declined 12.84 percent or $13.03 million to $88.42 million.
Income from operating leases during the quarter plunged 32.59 percent or $0.15 million to $0.30 million. Revenue from tenant reimbursements was $85.53 million for the quarter, down 12.84 percent or $12.59 million from year-ago period.
Revenue from other real estate activities during the quarter was $2.59 million, down 10.08 percent or $0.29 million from year-ago period.
Other income during the quarter was $0.84 million, up 62.79 percent or $0.32 million from year-ago period.
Net receivables were at $31.05 million as on Mar. 31, 2017, down 4.65 percent or $1.51 million from year-ago.
Total assets declined 3.61 percent or $96.89 million to $2,590.50 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,741.85 million as on Mar. 31, 2017, down 9.59 percent or $184.86 million from year-ago.
Return on assets for the quarter stood at negative 0.61 percent as compared to a negative 0.72 percent for the previous year period. Return on equity for the quarter stood at negative 0.78 percent as compared to a negative 0.29 percent for the previous year period.
Debt comes downTotal debt was at $1,601.77 million as on Mar. 31, 2017, down 9.01 percent or $158.56 million from year-ago. Shareholders equity stood at $848.64 million as on Mar. 31, 2017, up 11.56 percent or $87.97 million from year-ago. As a result, debt to equity ratio went down 43 basis points to 1.89 percent in the quarter.
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