Pennsylvania Real Estate Investment Trust Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Year Ending December 31, 2014; Records Impairment of Assets for the Second Quarter Ended June 30, 2014
Jul 30 14
Pennsylvania Real Estate Investment Trust reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenue of $106,825,000 against $104,943,000 a year ago. Loss from continuing operations was $24,050,000 against $10,009,000 a year ago. Net loss attributable to common shareholders was $27,287,000 or $0.40 basic and diluted per share against $12,657,000 or $0.20 basic and diluted per share a year ago. Net operating income was $61,781,000 against $59,929,000 a year ago. Net operating income decreased $2.0 million as a result of properties that were sold in 2013. Total real estate revenue was $106,145,000 against $103,548,000 a year ago. Net loss attributable to PREIT was $23,325,000 against $8,695,000 a year ago. Funds from operations were $21,969,000 against $18,511,000 a year ago. Total funds from operations were $26,477,000 against $23,967,000 a year ago. Adjusted funds from operations were $33,146,000 against $28,260,000 a year ago. Funds from operations per diluted share and op unit were $0.37 against $0.36 a year ago. Adjusted funds from operations per diluted share and op unit were $0.47 against $0.42 a year ago.
For six months, the company reported total revenue of $216,212,000 against $209,009,000 a year ago. Loss from continuing operations was $32,406,000 against $18,477,000 a year ago. Net loss attributable to common shareholders was $39,353,000 or $0.58 basic and diluted per share against net income attributable to common shareholders of $8,183,000 or $0.13 basic and diluted per share a year ago. FFO was $53.1 million or $0.75 per share against $48.1 million or $0.77 per share a year ago. FFO, as adjusted was $61.1 million or $0.87 per share against $54.2 million or $0.86 per share a year ago. Net operating income was $132.9 million against $137.3 million a year ago. Total real estate revenue was $214,754,000 against $206,726,000 a year ago. Net loss attributable to PREIT was $31,429,000 against income of $16,107,000 a year ago. Net operating income was $118,673,000 against $119,412,000 a year ago. Funds from operations were $44,340,000 against $37,020,000 a year ago.
The company recorded impairment of assets of $16,098,000 for the second quarter ended June 30, 2014.
The company has revised its estimates of FFO per share for the year ending December 31, 2014 to between $1.86 and $1.89, and its estimates of FFO as adjusted per share to between $1.98 and $2.01. The company expects net loss attributable to PREIT common shareholders was $0.50 per share against $0.43 per share a year ago. The company expects same store net operating income growth in the range of 2.0% to 2.4%, excluding lease termination revenue. Depreciation and amortization (includes the company’s proportionate share of unconsolidated properties), net of other adjustments to between $2.23 against $2.19.
Pennsylvania Real Estate Investment Trust and Macerich Company Form Joint Venture to Redevelop The Gallery in Philadelphia
Jul 29 14
Pennsylvania Real Estate Investment Trust and Macerich Company announced a joint venture partnership to redevelop The Gallery in downtown Philadelphia. Through this partnership, PREIT will capitalize on Macerich's extensive expertise in developing and leasing vertical, multi-use projects in dense, urban environments and Macerich will benefit from PREIT's Philadelphia-area relationships and retail dominance. Under the terms of the agreement, Macerich will acquire a 50% common ownership interest in The Gallery for $106.8 million. Macerich and PREIT will jointly handle the development, leasing and management of The Gallery. Costs related to the future development will be split 50/50 between the companies. The Gallery, approximately 1,400,000 square feet is located in the heart of Philadelphia, strategically positioned where mass transit, tourism, the residential population and employment base converge. The joint venture redevelopment is expected to build upon the offerings of the previously announced Century 21 anchor transaction and realize PREIT's vision to create Philadelphia's only transit-oriented, retail anchored multi-use property offering accessible luxury retailing and artisan food experiences.
Pennsylvania Real Estate Investment Trust Declares Quarterly Cash Dividends on Common Shares and Preferred Shares, Payable on September 16, 2014
Jul 18 14
Pennsylvania Real Estate Investment Trust announced that its Board of Trustees has declared a quarterly cash dividend of $0.20 per common share. The dividend is payable on September 16, 2014 to common shareholders of record on September 2, 2014.
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 September 16, 2014 to holders of record on September 2, 2014.