Pennsylvania Real Estate Investment Trust (PEI) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $2.60 million, or $ 0.02 a share in the quarter, against a net loss of $32.34 million, or $0.53 a share in the last year period.
Revenue during the quarter dropped 7.64 percent to $98.86 million from $107.04 million in the previous year period.
Cost of revenue dropped 11 percent or $3.63 million during the quarter to $29.37 million. Gross margin for the quarter expanded 112 basis points over the previous year period to 70.29 percent.
Total expenses were $73.56 million for the quarter, down 15.42 percent or $13.41 million from year-ago period. Operating margin for the quarter expanded 685 basis points over the previous year period to 25.60 percent.
Operating income for the quarter was $25.30 million, compared with $20.07 million in the previous year period.
Revenue from real estate activities during the quarter declined 8.17 percent or $8.56 million to $96.26 million.
Income from operating leases during the quarter dropped 4.73 percent or $0.04 million to $0.82 million. Revenue from tenant reimbursements was $29.06 million for the quarter, down 8.59 percent or $2.73 million from year-ago period.
Revenue from other real estate activities during the quarter was $66.38 million, down 8.02 percent or $5.79 million from year-ago period.
Other income during the quarter was $2.60 million, up 17.33 percent or $0.38 million from year-ago period.
"Our results reflect the high quality, improving shopper demographics and well-located portfolio of assets we have created through dispositions, redevelopment and repositioning," said Joseph F. Coradino, chief executive officer. "We are consistently delivering strong operating results and have, in full swing, a pipeline of value creating projects that will further strengthen the portfolio and continue the cycle of portfolio improvement and growth through increased traffic, sales and NOI."
Net receivables were at $31.72 million as on Sep. 30, 2016, down 13.68 percent or $5.03 million from year-ago.
Total assets declined 8.65 percent or $248.49 million to $2,624.73 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,888.16 million as on Sep. 30, 2016, down 6.98 percent or $141.74 million from year-ago.
Return on assets was at 0.77 percent in the quarter against a negative 1.01 percent in the last year period. Return on equity for the quarter stood at negative 0.18 percent as compared to a negative 4.30 percent for the previous year period.
Debt comes down
Total debt was at $1,739.55 million as on Sep. 30, 2016, down 6.08 percent or $112.72 million from year-ago. Shareholders equity stood at $736.57 million as on Sep. 30, 2016, down 12.66 percent or $106.75 million from year-ago. As a result, debt to equity ratio went up 16 basis points to 2.36 percent in the quarter.
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