PENNSYLVANIA REAL ESTATE INVESTMENT TRUST PEI Income Statement

Pennsylvania real estate investment trust (PEI)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
-	-	-	-	-	-	-	-	-	-	0	0	109	-	361	-	298	-	352	425	432	-	1,136	249	403	-	825	727	-	-	-	-	-	-	-	-	-	-	-
REVENUE:
Real estate revenue:
Lease revenue
67,721	78,642	73,310	73,744	76,615	85,159	78,219	83,453	77,998	-	56,874	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Expense reimbursements
4,305	4,637	5,364	4,916	5,062	5,016	5,677	5,395	5,234	-	26,900	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Expense reimbursements
-	-	-	-	-	-	-	-	-	-	-	26,984	28,097	-	29,059	28,870	31,134	31,664	31,790	30,541	31,510	30,638	31,057	30,879	34,351	31,842	33,275	30,931	30,861	28,640	30,959	29,691	30,703	25,389	33,597	31,355	33,762	33,571	32,175
Percentage rent
-	-	-	-	-	-	-	-	-	-	593	326	304	3,584	825	385	451	4,012	866	322	524	3,668	542	324	590	3,573	593	584	982	3,614	694	509	896	3,861	805	715	982	767	641
Lease termination revenue
-	-	-	-	-	-	-	-	-	-	7	1,791	481	1,197	3,012	16	235	117	1,431	25	441	1,352	644	154	100	998	336	91	140	54	279	769	651	230	143	693	25	370	373
Other real estate revenue
1,924	5,048	2,202	2,417	3,001	5,150	2,493	2,274	2,161	-	2,345	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total real estate revenue
73,950	88,327	80,876	81,077	84,678	95,325	86,389	91,122	85,393	160,601	86,719	56,769	57,435	63,691	60,188	61,243	66,993	71,889	68,378	67,417	64,273	69,000	66,908	71,646	71,342	75,514	69,851	69,207	68,502	70,193	67,951	67,141	66,751	52,390	71,797	70,934	71,759	71,842	71,013
Other real estate revenue
-	-	-	-	-	-	-	-	-	-	-	2,540	2,107	-	3,176	2,225	2,643	8,030	2,355	2,577	2,035	5,395	2,638	3,142	2,226	6,009	3,011	2,735	2,693	5,211	2,965	3,088	3,054	3,841	3,420	3,694	3,034	3,301	3,498
Total real estate revenue
-	-	-	-	-	-	-	-	-	-	-	88,410	88,424	-	96,260	92,739	101,456	115,712	104,820	100,882	98,783	110,053	101,789	106,145	108,609	117,936	107,066	103,548	103,178	107,712	102,848	101,198	102,055	85,711	109,762	107,391	109,562	109,851	107,700
Other income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,280	2,608	884	762	1,004	3,981	809	918	2,804	598
Other income
293	394	498	315	627	717	1,714	851	889	1,794	2,492	840	840	-	2,600	1,514	516	-	2,216	811	1,274	-	3,348	680	779	-	3,208	1,395	888	-	-	-	-	-	-	-	-	-	-
Total revenue
74,243	88,721	81,374	81,392	85,305	96,042	88,103	91,973	86,282	99,765	89,211	89,250	89,264	104,861	98,860	94,253	101,972	116,625	107,036	101,693	100,057	111,353	105,137	106,825	109,388	119,395	110,274	104,943	104,066	108,992	105,456	102,082	102,817	86,715	113,743	108,200	110,480	112,655	108,298
EXPENSES:
Property operating expenses:
CAM and real estate taxes
27,517	27,369	28,320	28,168	29,403	28,666	27,826	27,347	29,396	27,290	25,772	28,261	29,952	30,632	29,373	30,496	34,189	33,838	33,004	33,263	33,807	32,939	33,092	35,228	39,403	36,727	36,416	34,642	34,899	32,238	33,755	33,332	33,576	94,624	-35,448	35,260	37,304	35,683	34,932
Utilities
2,922	3,383	4,009	3,681	3,660	3,847	4,430	3,804	3,909	3,744	4,444	4,140	3,823	3,837	4,753	4,137	4,326	4,255	5,311	4,959	5,149	4,422	5,520	5,841	8,210	5,043	6,859	5,068	5,058	4,313	6,637	5,651	5,237	18,896	-6,987	6,078	5,831	7,587	6,165
Other property operating expenses
2,098	-	1,836	-	2,065	-	2,444	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total property operating expenses
32,537	-	34,165	-	35,128	-	34,700	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other property operating expenses
-	-	-	1,913	-	-	-	2,908	3,400	-	3,087	2,825	3,205	3,857	3,123	2,899	4,596	4,045	4,428	3,792	4,196	4,058	4,315	3,295	4,104	5,312	4,609	3,909	3,737	4,188	5,228	4,616	4,359	13,557	-5,363	6,129	5,958	6,926	6,349
Total property operating expenses
-	-	-	33,762	-	-	-	34,059	36,705	-	33,303	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost of Real Estate Revenue
-	-	-	-	-	-	-	-	-	-	-	35,226	36,980	-	37,249	37,532	43,111	42,138	42,743	42,014	43,152	41,419	42,927	44,364	51,717	47,082	47,884	43,619	43,694	40,739	45,620	43,599	43,172	127,077	-47,798	47,467	49,093	50,196	47,446
Depreciation and amortization
30,269	39,698	31,236	31,946	34,904	32,611	33,119	33,356	34,030	34,170	29,966	32,928	31,758	34,452	26,820	31,662	33,735	36,709	36,108	36,641	33,189	36,694	34,240	37,135	36,235	36,405	35,770	35,088	33,617	32,383	31,918	31,573	31,971	91,585	-34,681	36,614	34,510	41,673	40,274
General and administrative expenses
10,695	12,591	10,605	11,609	11,205	10,373	8,441	9,396	10,132	10,175	8,288	9,232	9,041	9,556	8,244	8,883	8,586	9,213	7,554	9,126	8,943	9,294	8,373	8,774	9,077	10,397	8,116	9,606	8,856	8,719	8,694	10,240	9,885	27,381	-8,495	10,433	9,582	8,958	9,617
Provision for employee separation expenses
73	2,611	218	141	719	183	561	395	0	-	0	1,053	-	0	162	658	535	1,951	136	0	0	-	85	4,877	-	0	0	1,035	1,279	-	4,958	796	-	-	-	-	-	-	-
Insurance recoveries, net
0	-	-	-	236	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Insurance recoveries, net
-	-	2,878	1,852	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Project costs and other expenses
95	16	80	130	58	228	214	139	112	221	150	85	312	326	1,080	243	51	413	427	817	4,451	1,608	723	960	1,646	560	462	198	202	1,159	380	39	358	628	-161	353	144	558	161
Total operating expenses
73,669	-	73,426	-	82,250	-	77,035	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total operating expenses
-	-	-	75,736	-	-	-	77,345	80,979	-	71,707	78,524	78,091	82,660	73,555	78,978	86,018	90,424	86,968	88,598	89,735	89,014	86,348	96,110	98,675	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total other expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14,882	10,839	10,337	-	14,032	11,075	10,243	104,478	-60,766	10,786	9,726	9,516	9,778
Interest expense, net
16,900	17,000	15,500	15,600	15,900	15,299	15,200	16,000	14,901	14,302	14,342	14,418	15,338	17,113	17,198	17,067	19,346	20,157	19,668	21,126	20,145	20,374	20,071	21,550	20,170	20,227	23,477	27,689	27,338	30,588	29,996	30,815	30,719	90,440	-31,846	34,941	33,613	36,384	37,998
Loss on debt extinguishment, net
0	27	29,600	0	-4,768	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of development land parcel
0	-9	0	0	1,464	103,201	0	34,286	0	-	1,825	53,917	-	38,014	9,865	14,118	606	53,999	51,412	28,667	6,240	0	2,297	16,098	1,300	0	6,304	0	0	-	0	-	-	-	-52,110	-	-	-	-
Total expenses
90,527	109,078	59,360	91,290	104,380	196,966	92,216	127,613	95,880	93,991	87,874	146,859	93,429	137,787	100,618	110,163	105,970	164,580	158,048	138,391	116,120	109,388	108,716	133,758	120,145	114,671	122,013	117,235	114,986	117,271	121,566	117,062	116,105	413,580	-175,091	129,808	126,942	137,769	135,496
Loss before equity in income of partnerships, gain on sales of real estate by equity method investee, gain on sales of real estate, net, and adjustment to loss on sales of interests in non operating real estate
-16,284	-20,357	22,014	-9,898	-19,075	-100,924	-4,113	-35,640	-9,598	5,774	1,337	-57,609	-4,165	-32,926	-1,758	-15,910	-3,998	-47,955	-51,012	-36,698	-16,063	1,965	-3,579	-26,933	-10,757	4,724	-11,739	-12,292	-10,920	-8,279	-16,110	-14,980	-13,288	23,317	-61,348	-21,608	-16,462	-25,114	-27,198
Equity in income of partnerships
819	2,153	1,531	2,316	2,289	3,189	2,477	2,571	3,138	2,223	4,254	4,154	3,736	5,759	4,643	4,192	3,883	3,040	2,385	2,032	2,083	2,177	3,206	2,784	2,402	2,698	2,345	2,283	2,452	2,229	2,164	1,952	1,993	2,021	1,924	1,147	1,543	1,855	2,948
Gain on sales of real estate by equity method investee
0	1	0	-11	563	-1	0	0	2,773	-151	6,718	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain (Loss) on Disposition of Business
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of non operating real estate
-	-	-	-	-	-	-	-	-	-	0	486	-	-	0	0	9	-	0	0	43	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sales of real estate, net
1,962	60	1,171	1,513	0	-	0	748	-	347	-9	-308	-57	69	31	20,887	2,035	-24	12,386	0	0	-	-513	99	-	-	0	0	-	-	-	-	-	-	-	1,450	-	-	-
Loss on sales of interests in non operating real estate
-46	2,718	0	0	0	8,151	0	0	-25	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net loss
-13,549	-15,413	24,716	-6,080	-16,223	-88,834	-1,636	-32,321	-3,712	8,615	12,300	-53,277	-486	-	2,916	9,169	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-59,424	-19,011	-14,919	-3,672	-23,650
Operating results from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	248	543	1,000	1,021	2,036	1,085	627	879	-	-	-	-	436	-
Disposal Group Including Discontinued Operation, Impairment of Assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	23,662	-	-	-	-	-	-	-	-	-	-	-	-
Gains on sales of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	161	45,097	0	33,254	-	0	0	-	-	-	-	-	19,151	-
Income from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	879	-	-	-	-	19,587	600
Net (loss) income
-13,549	-15,413	24,716	-6,080	-16,223	-88,834	-1,636	-32,321	-3,712	8,615	12,300	-53,277	-486	-	2,916	9,169	1,929	-	-36,241	-34,666	-13,937	-	-886	-24,050	-8,355	7,831	12,584	-9,009	25,807	-6,872	-12,861	-12,401	-10,416	-581	-59,424	-19,011	-14,919	-3,672	-23,650
Less: net loss attributable to noncontrolling interest
-516	-565	454	-329	-1,688	-10,053	-891	-4,119	-1,111	-1,681	507	-5,669	-52	-4,552	312	982	208	-4,812	-3,901	-3,742	-429	572	-27	-725	-252	281	382	-314	1,005	-273	-508	-513	-419	-24	-2,386	-763	-601	-87	-964
Net loss attributable to PREIT
-13,033	-14,848	24,262	-5,751	-14,535	-78,781	-745	-28,202	-2,601	10,296	11,793	-47,608	-434	-22,175	2,604	8,187	1,721	-39,911	-32,340	-30,924	-13,508	18,457	-859	-23,325	-8,103	7,550	12,202	-8,695	24,802	-6,599	-12,353	-11,888	-9,997	-557	-57,038	-18,248	-14,318	-3,585	-22,686
Less: preferred share dividends
6,844	6,844	6,843	6,844	6,844	6,844	6,843	6,844	6,844	7,048	7,525	7,067	6,205	3,962	3,962	3,962	3,962	3,962	3,962	3,962	3,962	3,962	3,962	3,962	3,962	3,962	3,962	3,962	3,962	-	2,372	1,845	-	-	-	-	-	-	-
Net loss attributable to PREIT common shareholders
-19,877	-21,692	17,419	-12,595	-21,379	-85,625	-7,588	-35,046	-9,445	-855	4,268	-54,675	-6,639	-26,137	-1,358	4,225	-2,241	-43,873	-36,302	-34,886	-17,470	14,495	-4,821	-27,287	-12,065	3,588	8,240	-12,657	20,840	-10,366	-14,725	-13,733	-9,997	-	-57,038	-18,248	-	-	-
Net loss
-13,549	-15,413	24,716	-6,080	-16,223	-88,834	-1,636	-32,321	-3,712	8,615	12,300	-53,277	-486	-	2,916	9,169	-	-	-	-	-	-	-	-	-	-	-9,393	-10,009	-8,468	-	-13,946	-13,028	-11,295	-	-	-	-	-23,259	-24,250
Net loss
-13,549	-15,413	24,716	-6,080	-16,223	-88,834	-1,636	-32,321	-3,712	8,615	12,300	-53,277	-486	-26,727	2,916	9,169	1,929	-44,723	-36,241	-34,666	-13,937	19,029	-886	-24,050	-8,355	7,422	-9,394	-10,009	-8,468	-6,050	-13,946	-13,028	-11,295	-	-	-	-	-23,259	-24,250
Noncontrolling interest
-516	-565	454	-329	-1,688	-10,053	-891	-4,119	-1,111	-1,681	507	-5,669	-52	-4,552	312	982	208	-4,812	-3,901	-3,742	-429	572	-27	-725	-252	225	-277	-348	-329	-236	-551	-537	-454	1,023	-2,386	-763	-601	-878	-988
Preferred share dividends
6,844	6,844	6,843	6,844	6,844	6,844	6,843	6,844	6,844	7,048	7,525	7,067	6,205	-	3,962	3,962	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends on unvested restricted shares
350	219	222	224	218	130	136	138	138	100	87	88	97	81	81	76	84	74	76	79	86	88	87	92	113	120	108	103	108	121	132	128	61	143	143	144	117	174	168
Net loss used to calculate loss per share—basic and diluted
-20,227	-21,911	17,197	-12,819	-21,597	-85,755	-7,724	-35,184	-9,583	-955	4,181	-54,763	-6,736	-26,218	-1,439	4,149	-2,325	-43,947	-36,378	-34,965	-17,556	14,407	-4,908	-27,379	-12,178	3,115	-13,187	-13,726	-12,209	-9,702	-15,899	-14,464	-10,902	24,312	-57,181	-18,392	-14,435	-22,555	-23,430
Income from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	409	21,978	1,000	34,275	-822	1,085	627	879	-	-	-	-	19,587	600
Noncontrolling interest in discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	56	659	34	1,334	-37	43	24	35	-	-	-	-	791	24
Income from discontinued operations used to calculate earnings per share basic and diluted
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	353	21,319	966	32,941	-785	1,042	603	844	-	-	-	-	18,796	576
Basic and diluted income (loss) per share (in dollars per share)
-0.26	-	-	-	-0.30	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic and diluted income (loss) per share (in dollars per share)
-	-	0.22	-0.17	-	-	-0.11	-0.50	-0.14	-	0.06	-0.79	-0.10	-	-0.02	0.06	-0.03	-	-0.53	-0.51	-0.26	-	-0.07	-0.40	-0.18	-	-0.20	-0.22	-0.22	-	-0.29	-0.26	-0.20	-	-	-	-	-0.42	-0.46
Income from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.32	0.02	0.59	-	0.02	0.01	0.02	-	-	-	-	0.35	0.01
Loss from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.42	-0.46
Income (loss) from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.35	0.01
Basic loss per share
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1.05	-0.34	-0.27	-0.07	-0.45
Total (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.12	-0.20	0.37	-	-0.27	-0.25	-0.18	-	-1.05	-0.34	-0.27	-0.07	-0.45
Weighted average shares outstanding – basic (in shares)
76,774	76,629	76,492	76,405	71,358	69,845	69,803	69,747	69,601	69,507	69,424	69,307	69,218	69,151	69,129	69,091	68,973	68,834	68,807	68,753	68,566	68,357	68,331	68,236	67,944	67,791	67,579	63,540	55,738	55,247	55,190	55,143	54,908	54,709	54,701	54,680	54,466	54,200	50,317
Effect of common share equivalents (in shares)
0	-332	332	0	0	0	0	0	0	0	0	0	0	-	0	68	0	-	0	-	-	-	-	-	-	-	0	0	0	-	0	0	0	0	0	0	0	0	0
Weighted average shares outstanding – diluted (in shares)
76,774	76,297	76,824	76,405	71,358	69,845	69,803	69,747	69,601	69,507	69,424	69,307	69,218	69,083	69,129	69,159	68,973	68,834	68,807	68,753	68,566	68,357	68,331	68,236	67,944	67,791	67,579	63,540	55,738	55,247	55,190	55,143	54,908	54,709	54,701	54,680	54,466	54,200	50,317
Gain Loss On Sale Of Real Estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Development Land Parcel
Impairment of assets
-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-