November 21, 2017 2:23 PM ET

Equity Real Estate Investment Trusts (REITs)

Company Overview of Pennsylvania Real Estate Investment Trust

Company Overview

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's 23 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.

200 South Broad Street

Third Floor

Philadelphia, PA 19102

United States

Founded in 1960

347 Employees

Phone:

(215) 875-0700

Fax:

(215) 875-7311

Key Executives for Pennsylvania Real Estate Investment Trust

Chairman of the Board & Chief Executive Officer
Age: 65
Total Annual Compensation: $913.9K
Chief Financial Officer and Executive Vice President
Age: 59
Total Annual Compensation: $536.6K
Executive VP, General Counsel & Secretary
Age: 58
Total Annual Compensation: $427.7K
Executive Vice President of Finance and Acquisitions
Age: 42
Total Annual Compensation: $362.5K
Executive Vice President of Operations - PREIT Services LLC
Age: 50
Total Annual Compensation: $490.0K
Compensation as of Fiscal Year 2016.

Pennsylvania Real Estate Investment Trust Key Developments

Pennsylvania Real Estate Investment Trust Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Revises Earnings Guidance for the Year 2017; Reports Impairment of Assets for the Third Quarter of 2017

Pennsylvania Real Estate Investment Trust reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported total real estate revenue of $86,719,000 compared to $96,260,000 a year ago. Total revenue was $89,211,000 compared to $98,860,000 a year ago. Income (loss) before equity in income of partnerships, gain on sale of real estate by equity method investee, gains on sales of interests in non operating real estate and gains on sales of real estate was $1,337,000 compared to loss of $1,758,000 a year ago. Net income attributable to the company was $3,470,000 or $0.05 per basic and diluted share compared to net loss of $1,358,000 or $0.02 per basic and diluted share a year ago. Funds from operations attributable to common shareholders and OP Unit holders were $32,382,000 or $0.42 per diluted share compared to $37,807,000 or $0.49 per diluted share a year ago. Funds from operations, as adjusted, attributable to common shareholders and OP Unit holders were $32,382,000 compared to $37,969,000 a year ago. NOI from consolidated properties were $53,416,000 compared to $59,011,000 a year ago. For the nine months, the company reported total real estate revenue of $263,553,000 compared to $290,455,000 a year ago. Total revenue was $267,725,000 compared to $295,085,000 a year ago. Loss before equity in income of partnerships, gain on sale of real estate by equity method investee, gains on sales of interests in non operating real estate and losses on sales of real estate was $60,437,000 compared to $21,666,000 a year ago. Net loss attributable to the company was $57,844,000 or $0.84 per basic and diluted share compared to net income of $626,000 or $0.01 per basic and diluted share a year ago. Funds from operations attributable to common shareholders and OP Unit holders were $89,160,000 or $1.15 per diluted share compared to $102,464,000 or $1.32 per diluted share a year ago. Funds from operations, as adjusted, attributable to common shareholders and OP Unit holders were $90,213,000 compared to $103,962,000 a year ago. NOI from consolidated properties were $158,044,000 compared to $172,563,000 a year ago. The company revised earnings guidance for the year 2017. For the year ending December 31, 2017 FFO as adjusted is expected to be between $1.62 and $1.67, FFO is expected to be between $1.53 and $1.58 per diluted share, while net loss is expected to be between $0.90 and $0.85. For the third quarter of 2017, the company reported impairment of assets of $1,825,000 compared to $9,865,000 a year ago.

Pennsylvania Real Estate Investment Trust(NYSE:PEI.PRD) added to S&P U.S. Fixed Rate Preferred Stock Index

Pennsylvania Real Estate Investment Trust(NYSE:PEI.PRD) added to S&P U.S. Fixed Rate Preferred Stock Index

Pennsylvania Real Estate Investment Trust(NYSE:PEI.PRD) added to S&P U.S. Preferred Stock Index

Pennsylvania Real Estate Investment Trust(NYSE:PEI.PRD) added to S&P U.S. Preferred Stock Index

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 8, 2017
Logan Valley Mall, Space in 801 Market Office Condominium and Land Parcel at Exton Square
Merger/Acquisition
June 8, 2017
63 acres behind Beaver Valley Mall
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