Pennsylvania Real Estate Investment Trus (PEI, Financial) filed Quarterly Report for the period ended 2010-09-30.
Pennsylvania Real Estate Investment Trus has a market cap of $867.39 million; its shares were traded at around $15.68 with a P/E ratio of 7.29 and P/S ratio of 1.87. The dividend yield of Pennsylvania Real Estate Investment Trus stocks is 3.83%. Pennsylvania Real Estate Investment Trus had an annual average earning growth of 2.9% over the past 10 years.PEI is in the portfolios of Bruce Kovner of Caxton Associates, First Pacific Advisors of First Pacific Advisors, LLC, Steven Cohen of SAC Capital Advisors.
$134.7 million. We retained an aggregate of eight out parcels at Monroe Marketplace, Pitney Road Plaza and Sunrise Plaza, which were subdivided from the properties in connection with the sale. We used the cash proceeds from the sale to repay mortgage loans secured by three of these properties totaling $39.7 million, and for the payment of the release prices of the other two properties that secured a portion of our secured credit facility (the 2010 Credit Facility), which totaled $57.4 million. We also used $10.0 million to repay borrowings under the Revolving Facility (as defined below) and $8.9 million to repay borrowings under the 2010 Term Loan (as defined below), both in accordance with the terms of the 2010 Credit Facility. We intend to use the remaining $18.7 million of the proceeds for general corporate purposes. Following these repayments of borrowings under the 2010 Credit Facility, as of September 30, 2010, the 2010 Term Loan had a remaining balance of $347.2 million, and the $150.0 million Revolving Facility (as defined below) had no outstanding balance. We recognized a gain on sale of these properties of $19.2 million in September 2010.
Our net loss for the three months ended September 30, 2010 decreased to $3.7 million, a $6.4 million decrease from the $10.1 million net loss for the three months ended September 30, 2009. The net loss decreased primarily due to the $19.2 million gain on the sale of five power centers in September 2010, and a $3.1 million increase in revenue, partially offset by increased operating expenses, interest expense and depreciation and amortization expense, as well as a $4.2 million gain on the extinguishment of debt that occurred during the three months ended September 30, 2009 that did not recur in the comparable period in 2010.
Real estate revenue from properties that were owned for the entire period from January 1, 2009 to September 30, 2010 (Nine Month Same Store Properties) increased by $3.6 million, primarily due to increases of $3.2 million in base rent and $0.9 million in lease terminations. This increase was partially offset by decreases of $0.2 million in expense reimbursements, $0.2 million in other real estate revenue and $0.1 million in percentage rent.
Real estate tax expense increased by $0.9 million in the three months ended September 30, 2010 compared to the three months ended September 30, 2009, primarily due to higher tax rates and increased property assessments at some of our properties. Non common area utility expense increased by $0.8 million, including a $0.5 million increase at four of our Pennsylvania properties, where electricity rate caps expired on January 1, 2010. Common area maintenance expenses increased by $0.5 million, primarily due to increases of $0.2 million in common area utility expense, $0.1 million in housekeeping expense and $0.1 million in loss prevention expense. The increase in common area utilities included a $0.2 million increase arising from the Commonwealth of Pennsylvania lease of newly commissioned space at the 801 Market Street office building, which is adjacent to The Gallery at Market East that commenced in August 2009. The increases in housekeeping expense and loss prevention expense were due primarily to stipulated annual contractual increases. Other operating expenses increased by $0.2 million, including a $0.2 million increase in legal fee expense related to tenant collections.
Common area maintenance expenses increased by $3.7 million in the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009 primarily due to increases of $1.2 million in snow removal expense, $0.9 million in common area utility expense, $0.8 million in common area administrative expense, $0.5 million in housekeeping expense and $0.5 million in loss prevention expense. Snow removal expenses at our properties located in Pennsylvania and New Jersey increased as a result of two significant snowstorms that affected the Mid-Atlantic states in February 2010. The increase in common area utilities included a $0.5 million increase arising from the Commonwealth of Pennsylvania lease of newly commissioned space at the 801 Market Street office building, which is adjacent to The Gallery at Market East that commenced in August 2009. The increases in housekeeping expense and
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Pennsylvania Real Estate Investment Trus has a market cap of $867.39 million; its shares were traded at around $15.68 with a P/E ratio of 7.29 and P/S ratio of 1.87. The dividend yield of Pennsylvania Real Estate Investment Trus stocks is 3.83%. Pennsylvania Real Estate Investment Trus had an annual average earning growth of 2.9% over the past 10 years.PEI is in the portfolios of Bruce Kovner of Caxton Associates, First Pacific Advisors of First Pacific Advisors, LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Our net loss for the three months ended September 30, 2010 decreased to $3.7 million, a $6.4 million decrease from the $10.1 million net loss for the three months ended September 30, 2009. The net loss decreased primarily due to the $19.2 million gain on the sale of five power centers in September 2010, and a $3.1 million increase in revenue, partially offset by increased operating expenses, interest expense and depreciation and amortization expense, as well as a $4.2 million gain on the extinguishment of debt that occurred during the three months ended September 30, 2009 that did not recur in the comparable period in 2010.$134.7 million. We retained an aggregate of eight out parcels at Monroe Marketplace, Pitney Road Plaza and Sunrise Plaza, which were subdivided from the properties in connection with the sale. We used the cash proceeds from the sale to repay mortgage loans secured by three of these properties totaling $39.7 million, and for the payment of the release prices of the other two properties that secured a portion of our secured credit facility (the 2010 Credit Facility), which totaled $57.4 million. We also used $10.0 million to repay borrowings under the Revolving Facility (as defined below) and $8.9 million to repay borrowings under the 2010 Term Loan (as defined below), both in accordance with the terms of the 2010 Credit Facility. We intend to use the remaining $18.7 million of the proceeds for general corporate purposes. Following these repayments of borrowings under the 2010 Credit Facility, as of September 30, 2010, the 2010 Term Loan had a remaining balance of $347.2 million, and the $150.0 million Revolving Facility (as defined below) had no outstanding balance. We recognized a gain on sale of these properties of $19.2 million in September 2010.
Our net loss for the three months ended September 30, 2010 decreased to $3.7 million, a $6.4 million decrease from the $10.1 million net loss for the three months ended September 30, 2009. The net loss decreased primarily due to the $19.2 million gain on the sale of five power centers in September 2010, and a $3.1 million increase in revenue, partially offset by increased operating expenses, interest expense and depreciation and amortization expense, as well as a $4.2 million gain on the extinguishment of debt that occurred during the three months ended September 30, 2009 that did not recur in the comparable period in 2010.
Real estate revenue from properties that were owned for the entire period from January 1, 2009 to September 30, 2010 (Nine Month Same Store Properties) increased by $3.6 million, primarily due to increases of $3.2 million in base rent and $0.9 million in lease terminations. This increase was partially offset by decreases of $0.2 million in expense reimbursements, $0.2 million in other real estate revenue and $0.1 million in percentage rent.
Real estate tax expense increased by $0.9 million in the three months ended September 30, 2010 compared to the three months ended September 30, 2009, primarily due to higher tax rates and increased property assessments at some of our properties. Non common area utility expense increased by $0.8 million, including a $0.5 million increase at four of our Pennsylvania properties, where electricity rate caps expired on January 1, 2010. Common area maintenance expenses increased by $0.5 million, primarily due to increases of $0.2 million in common area utility expense, $0.1 million in housekeeping expense and $0.1 million in loss prevention expense. The increase in common area utilities included a $0.2 million increase arising from the Commonwealth of Pennsylvania lease of newly commissioned space at the 801 Market Street office building, which is adjacent to The Gallery at Market East that commenced in August 2009. The increases in housekeeping expense and loss prevention expense were due primarily to stipulated annual contractual increases. Other operating expenses increased by $0.2 million, including a $0.2 million increase in legal fee expense related to tenant collections.
Common area maintenance expenses increased by $3.7 million in the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009 primarily due to increases of $1.2 million in snow removal expense, $0.9 million in common area utility expense, $0.8 million in common area administrative expense, $0.5 million in housekeeping expense and $0.5 million in loss prevention expense. Snow removal expenses at our properties located in Pennsylvania and New Jersey increased as a result of two significant snowstorms that affected the Mid-Atlantic states in February 2010. The increase in common area utilities included a $0.5 million increase arising from the Commonwealth of Pennsylvania lease of newly commissioned space at the 801 Market Street office building, which is adjacent to The Gallery at Market East that commenced in August 2009. The increases in housekeeping expense and
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