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Last $21.91 USD
Change Today +0.16 / 0.74%
Volume 393.3K
PEI On Other Exchanges
Symbol
Exchange
Frankfurt
As of 8:04 PM 07/2/15 All times are local (Market data is delayed by at least 15 minutes).

penn real estate invest tst (PEI) Snapshot

Open
$21.97
Previous Close
$21.75
Day High
$22.30
Day Low
$21.72
52 Week High
01/28/15 - $25.34
52 Week Low
08/6/14 - $18.77
Market Cap
1.5B
Average Volume 10 Days
464.8K
EPS TTM
$-0.09
Shares Outstanding
69.1M
EX-Date
05/28/15
P/E TM
--
Dividend
$0.84
Dividend Yield
3.74%
Current Stock Chart for PENN REAL ESTATE INVEST TST (PEI)

penn real estate invest tst (PEI) Related Businessweek News

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penn real estate invest tst (PEI) Details

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.

429 Employees
Last Reported Date: 02/23/15
Founded in 1960

penn real estate invest tst (PEI) Top Compensated Officers

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

penn real estate invest tst (PEI) Key Developments

Pennsylvania Real Estate Investment Trust, PREIT Associates, L.P. and PREIT-Rubin, Inc. Enter into an Amendment to the 2013 Revolving Facility

On June 26, 2015, Pennsylvania Real Estate Investment Trust, PREIT Associates, L.P. and PREIT-RUBIN Inc. entered into an Amendment to the 2013 Revolving Facility with Wells Fargo Bank, National Association, and the other financial institutions signatory thereto, a $400.0 million senior unsecured revolving credit facility. Among other things, the Amendment lowered the interest rates in the applicable pricing grid and extended the Termination Date to June 26, 2018. All capitalized terms used in this Current Report on Form 8-K and not otherwise defined herein have the meanings ascribed to such terms in the 2013 Revolving Facility, as amended by the Amendment. Pursuant to the Amendment, amounts borrowed under the 2013 Revolving Facility bear interest at a rate between 1.20% and 1.55% per annum, depending on PREIT's leverage, in excess of LIBOR. The rate in effect at the closing of the Amendment was 1.25% per annum in excess of LIBOR. As of June 26, 2015, there was $120.0 million outstanding under the 2013 Revolving Facility. The 2013 Revolving Facility contains affirmative and negative covenants customarily found in facilities of this type. Under the Amendment, the only modification to an existing covenant was a change to the requirement that PREIT maintain, on a consolidated basis, minimum Unencumbered Debt Yield of 11.0%, versus 12.0% previously.

Pennsylvania Real Estate Investment Trust Declares Quarterly Cash Dividend, Payable on June 15, 2015; Declares Quarterly Cash Dividend on its 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares and 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares, Payable on June 15, 2015

Pennsylvania Real Estate Investment Trust announced that its Board of Trustees has declared a quarterly cash dividend of $0.21 per common share. The dividend is payable on June 15, 2015 to common shareholders of record on June 1, 2015. The June 15 dividend payment will be the company's 153rd consecutive distribution since its initial dividend paid in August of 1962. The Company also announced that its Board of Trustees has declared quarterly cash dividends of $0.515625 per share on its 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares and $0.460938 per share on its 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares. These dividends are payable on June 15, 2015 to holders of record on June 1, 2015.

Pennsylvania Real Estate Investment Trust Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Announces Impairment of Assets for the First Quarter Ended March 31, 2015; Revised Earnings Guidance for the Year Ending Dec. 31, 2015

Pennsylvania Real Estate Investment Trust announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue of $100,057,000 against $109,388,000 a year ago. Loss before equity in income of partnerships and gain on sale of non-operating real estate was $16,063,000 against $10,757,000 a year ago. Net loss attributable to PREIT common shareholders was $17,470,000 or $0.26 basic and diluted per share against $12,065,000 or $0.18 basic and diluted per share a year ago. Net operating income was $63,593,000 against $63,866,000 a year ago. Funds from operations were $24,364,000 or $0.34 per diluted share and op unit against $26,615,000 or $0.38 per diluted share and op unit a year ago. Funds from operations as adjusted were $28,206,000 or $0.40 per diluted share and op unit against $28,002,000 or $0.40 per diluted share and op unit a year ago. Real estate revenue on same stores was $106,874,000 against $105,794,000 a year ago. The company announced impairment of assets for the first quarter ended March 31, 2015. For the quarter, the company reported impairment of assets of $6,240,000 against $1,300,000 a year ago. The company is maintaining its previous estimates of FFO and FFO as adjusted for the year ending December 31, 2015. Based on previously-announced assumptions, the company estimates FFO for the year ending December 31, 2015 will be between $1.82 and $1.87 per diluted share and FFO as adjusted per share will be between $1.87 and $1.92. The company is revising its estimate of net loss attributable to PREIT common shareholders to account for the impairment charge recorded in the first quarter of 2015 and other factors. The company is estimating net loss attributable to PREIT common shareholders will be between $0.27 and $0.32. Depreciation and amortization (includes the company's proportionate share of unconsolidated properties), net of other adjustments is expected at $2.11.

 

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