March 27, 2017 4:55 AM ET

Equity 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

Third Floor

200 South Broad Street

Philadelphia, PA 19102

United States

Founded in 1960

347 Employees

Phone:

215-875-0700

Key Executives for Pennsylvania Real Estate Investment Trust

Chief Executive Officer, Chairman of the Board, and Trustee
Age: 64
Total Annual Compensation: $725.0K
Chief Financial Officer and Executive Vice President
Age: 58
Total Annual Compensation: $484.7K
Executive Vice President of Operations
Age: 49
Total Annual Compensation: $472.0K
Executive Vice President, General Counsel and Secretary
Age: 57
Total Annual Compensation: $379.4K
Compensation as of Fiscal Year 2015.

Pennsylvania Real Estate Investment Trust Key Developments

Pennsylvania Real Estate Investment Trust Presents at Citi Global Property CEO Conference 2017, Mar-07-2017 02:55 PM

Pennsylvania Real Estate Investment Trust Presents at Citi Global Property CEO Conference 2017, Mar-07-2017 02:55 PM. Venue: Diplomat Resort & Spa - Hollywood, Hollywood, Florida, United States. Speakers: Christy McElroy, Joseph F. Coradino, Chief Executive Officer, Chairman of the Board, and Trustee, Robert F. McCadden, Chief Financial Officer and Executive Vice President.

Pennsylvania Real Estate Investment Trust Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Impairment of Assets for the Fourth Quarter of 2016; Provides Earnings Guidance for the Year Ending December 31, 2017

Pennsylvania Real Estate Investment Trust reported consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenue of $104,861,000 against $116,624,000 a year ago. Net loss attributable to the company was $23,860,000 against $39,910,000 a year ago. Net loss attributable to the company’s common shareholders was $27,822,000 against $43,872,000 a year ago. Net loss per basic and diluted share was $0.40 against $0.64 a year ago. Net operating income was $76,775,000 against $82,401,000 a year ago. Funds from operations attributable to common shareholders and OP Unit holders were $43,963,000 against $44,879,000 a year ago. Funds from operations as adjusted attributable to common shareholders and OP Unit holders were $43,963,000 against $46,830,000 a year ago. Funds from operations per diluted share and op unit were $0.58 against $0.57 a year ago. Funds from operations per diluted share and op unit as adjusted were $0.57 against $0.60 a year ago. For the year, the company reported total revenue of $399,946,000 against $425,411,000 a year ago. Net loss attributable to the company was $11,348,000 against $116,683,000 a year ago. Net loss attributable to the company’s common shareholders was $27,196,000 against $132,531,000 a year ago. Net loss per basic and diluted share was $0.40 against $1.93 a year ago. Net operating income was $277,376,000 against $282,668,000 a year ago. Funds from operations attributable to common shareholders and OP Unit holders were $146,426,000 against $136,246,000 a year ago. Funds from operations as adjusted attributable to common shareholders and OP Unit holders were $147,924,000 against $143,386,000 a year ago. Funds from operations per diluted share and op unit were $1.89 against $1.79 a year ago. Funds from operations per diluted share and op unit as adjusted were $1.91 against $1.89 a year ago. For the quarter, the company reported impairment of assets of $38,014,000. For the year ending December 31, 2017, the company is introducing its earnings guidance of net loss between $0.10 and $0.00 per diluted share and estimates FFO to be between $1.64 and $1.74 per diluted share. 2017 Same Store NOI growth, excluding lease terminations is expected in the range of 1.0% to 2.0%, comprised of a growth rate of 1.5% to 2.5% at wholly-owned mall properties and (2.5%) to (1.0%) at unconsolidated retail properties. Capital expenditures are expected in the range of $225 to $250 million, including redevelopment expenditures, recurring capital expenditures and tenant allowances. Total NOI is expected to be in the range of $258 million to $262 million. FFO and FFO adjusted is expected to be in the range of $129 million to $134 million. Depreciation and amortization is expected to be in the range of $133 million to $131 million. Net loss allocable to common shareholders is expected to be in the range of $7 million to $0 million.

PREIT Announces Management Changes

PREIT announced that Ron Rubin resigned as the company's Chairman, effective February 16, 2017. Mr. Rubin will remain on the Board until the company's Annual Meeting of Shareholders to be held on June 1, 2017 and the Board will also nominate him for continued service as a member of the Board of Trustees. Joseph Coradino, PREIT's CEO, has been appointed to serve as Chairman of the Board. Ronald Rubin is a highly accomplished and well-known leader in the real estate industry. He served as CEO of PREIT since 1997, when The Rubin Organization merged with PREIT. He became Chairman of PREIT's Board of Trustees in 2001. He currently serves as co-Chairman of the National Museum of American Jewish History and a Director of PECO Energy Company.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
November 3, 2016
Beaver Valley Mall Inc.
Merger/Acquisition
November 2, 2016
Crossroads WV and Beaver Valley in Pennsylvania
Merger/Acquisition
July 18, 2016
Washington Crown Center and The Office Building at Voorhees Town Center
 

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