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September 02, 2015 9:07 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of Pennsylvania Real Estate Investment Trust

Company Overview

Pennsylvania Real Estate Investment Trust (PREIT) is a publicly owned equity real estate investment trust. The firm manages owns, manages, develops, acquires, and leases mall and power and strip centers primarily in the Eastern United States. It also provides management, leasing, and development services to affiliate and third party property owners. Pennsylvania Real Estate Investment Trust was founded in 1960 and is based in Philadelphia, Pennsylvania.

The Bellevue

200 South Broad Street

Philadelphia, PA 19102

United States

Founded in 1960

429 Employees

Phone:

215-875-0700

Fax:

215-546-7311

Key Executives for Pennsylvania Real Estate Investment Trust

Chief Executive Officer and Trustee
Age: 63
Total Annual Compensation: $812.0K
Executive Chairman
Age: 83
Total Annual Compensation: $600.0K
Chief Financial Officer and Executive Vice President
Age: 57
Total Annual Compensation: $528.8K
Executive Vice President, General Counsel and Secretary
Age: 56
Total Annual Compensation: $413.9K
Compensation as of Fiscal Year 2014.

Pennsylvania Real Estate Investment Trust Key Developments

Pennsylvania Real Estate Investment Trust Plans to Demolish the Site's Kmart Building and Replace with Organic Grocery Store

Pennsylvania Real Estate Investment Trust plans to demolish the site's Kmart building and replace it with a large-format organic grocery store. The company also has identified a dine-in movie theater and a bowling-and-entertainment center as prospective tenants for the former site of a 118,000-square-foot J.C. Penney Co. store at Exton Square. The moves come as PREIT - owner of the Gallery at Market East in Center City, the Cherry Hill Mall and Willow Grove Park, among other shopping sites in the region and nationally - pursues a strategy of upgrading its top-performing properties in high-density areas while shedding farther-flung assets.

PEI Mulls In Talks For Malls Sale

Pennsylvania Real Estate Investment Trust (NYSE:PEI) is holding talks to sell malls. PEI said, it is negotiating agreements of sale on two "non-core" malls, which it hopes to execute within the next several weeks.

Pennsylvania Real Estate Investment Trust Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter of 2015; Revises Earnings Guidance for the Year 2015

Pennsylvania Real Estate Investment Trust reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenue of $101,693,000 against $106,825,000 a year ago. Net loss was $34,666,000 against $24,050,000 a year ago. Net loss attributable to company was $30,924,000 against $23,325,000 a year ago. Net loss attributable to company common shareholders was $34,886,000 against $27,287,000 a year ago. Basic and diluted net loss per share was $0.51 against $0.40 per share a year ago. Net operating income was $58,868,000 against $61,781,000 a year ago. Funds from operations were $24,268,000 against $21,969,000 a year ago. Funds from operations as adjusted were $30,479,000 against $33,146,000 a year ago. Funds from operations per diluted share were $0.38 against $0.37 per share a year ago. For the six months, the company reported total revenue of $201,750,000 against $216,212,000 a year ago. Net loss was $48,605,000 against $32,406,000 a year ago. Net loss attributable to company was $44,433,000 against $31,429,000 a year ago. Net loss attributable to company common shareholders was $52,357,000 against $39,353,000 a year ago. Basic and diluted net loss per share was $0.76 against $0.58 per share a year ago. Net operating income was $114,501,000 against $118,673,000 a year ago. Funds from operations were $43,336,000 against $44,340,000 a year ago. Funds from operations as adjusted were $58,683,000 against $61,148,000 a year ago. Funds from operations per diluted share were $0.79 against $0.87 per share a year ago. For the third quarter, the company FFO of $1.77 to $1.82 per share. FFO as adjusted of $1.84 to $1.89 per share. Net loss attributable to company common shareholders of $0.54 to $0.49 per share. For the year, the company expects dilution of $0.03 per share resulting from the sale of Uniontown Mall and entire 50% interest in Springfield Park.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
July 28, 2015
Gadsden Mall, Wiregrass Commons Mall and New River Valley Mall
Merger/Acquisition
April 29, 2015
Palmer Park Mall and Uniontown Mall
Merger/Acquisition
December 1, 2014
Whitehall Mall in Allentown
 

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