PREIT (NYSEEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pennsylvania, the company owns and operates over 22 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures Founded in 1960, by Sylvan M. Cohen, PREIT became known as one of the first companies to reach REIT status. The company has grown substantially since its establishment, driven initially by the vision and leadership of Mr. Cohen and then by his successor, Ronald Rubin. In 2012, PREIT welcomed Joseph F. Coradino as its new CEO, only the third in the company’s history. Today, the company is poised for continued growth and success. PREIT has established a stable platform with a flexible balance sheet, a realizable redevelopment pipeline and organic NOI growth opportunities. PREIT has created a portfolio comprised largely of major-market assets with superior demographics. With a stronger portfolio, PREIT continues to improve the communities in which its properties are located and create value for shareholders, employees and customers.
This 14.6%-Yield REIT Stock Has Tons of Upside https://uk.finance.yahoo.com/news/14-6-yield-reit-stock-122600127.html
PREIT's Redevelopment Efforts at Woodland Mall Get a Boost https://uk.finance.yahoo.com/news/preits-redevelopment-efforts-woodland-mall-213809959.html
Pennsylvania Real Estate Investment Trust PEI — better known as PREIT — is leaving no stone unturned to drive tenants and traffic at its malls. Recently, the company announced the addition of Yard House at Willow Grove Park, located in Willow Grove, PA. Yard House, which will occupy 8,500 square feet of space, is slated to open this winter. Yard House features the world’s largest selection of draft beer, and a wide-ranging menu of American favorites and globally-inspired flavors. Its addition boosts experiential tenant lineup at Willow Grove Park, which already has Bloomingdales, Apple AAPL, Michael Kors, Sephora, Vans, The Cheesecake Factory and Primark, among others as tenants. It has emerged as the company’s most productive property on a sale per square foot basis, exceeding $700. https://uk.finance.yahoo.com/news/preit-adds-yard-house-willow-133101634.html
Fashion District Delivers 'Uniquely Philly' Concept with Four Local Tenants 04/16/2019 PHILADELPHIA , April 16, 2019 /PRNewswire/ -- Fashion District Philadelphia , a joint venture partnership between PREIT and Macerich, today announced four inaugural tenants for Uniquely Philly – a curated collection of local small businesses with authentic Philadelphia offerings. The local businesses will have an opportunity to establish and grow their brands in a highly trafficked shopping destination in the heart of Philadelphia . Fashion District collaborated with The Enterprise Center , a local organization founded by the Wharton Small Business Development Center , that seeks to better position high-potential, minority and female entrepreneurs in the economy. The Enterprise Center recruited and evaluated prospective tenants and presented recommendations to Fashion District for final selection. To foster a collaborative environment, Fashion District and The Enterprise Center will offer a range of mentoring services including the development of business plans, design assistance and marketing support to drive business growth. "With Uniquely Philly, Fashion District is working side by side with local entrepreneurs as they grow their company and make a meaningful impact in the community – further solidifying this project as a unique Philadelphia destination," said Joseph Coradino , CEO of PREIT. "This program is designed to foster opportunities for local retailers to raise their profile and connect with our city's shoppers. As their businesses grow, we hope to help expand their brick-and-mortar presence and welcome the next set of local entrepreneurs to Fashion District , to thrive alongside major, top-drawing national brands." Occupying approximately 4,647 square feet of the concourse level, Uniquely Philly will feature American Hats LLC , Dolly's Boutique, Duafe x the Sable Collective and South Fellini . https://investors.preit.com/investo...-Concept-with-Four-Local-Tenants/default.aspx
This REIT Yields 15.3% -- and Its Turnaround Is Working Pennsylvania Real Estate Investment Trust (NYSE: PEI) shares appeared to be dramatically undervalued. As I noted at the time, investors' skepticism about PREIT's prospects -- as reflected in its ultrahigh dividend yield of nearly 15% -- was not consistent with the facts. REIT[/a] were trading at their lowest level in nearly a decade and yielded a whopping 15.3%. Yet investors recently got more confirmation that PREIT's strategy is working, which bodes well for a return to growth in its key earnings metrics starting next year. https://uk.finance.yahoo.com/news/reit-yields-15-3-turnaround-130221668.html
PREIT Declares Quarterly Dividend for Common and Preferred Shares PHILADELPHIA, April 29, 2019 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced that its Board of Trustees has declared a quarterly cash dividend of $0.21 per common share. The dividend is payable on June 17, 2019 to common shareholders of record on June 3, 2019. The June 17th dividend payment will be the Company's 169th consecutive distribution since its initial dividend paid in August of 1962. The Company also announced today that its Board of Trustees has declared quarterly cash dividends of $0.4609375 per share on its 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares, $0.450000 per share to holders of its 7.20% Series C Preferred Shares, and $0.4296875 per share to holders of its 6.875% Series D Preferred Shares. These dividends are payable on June 17, 2019 to holders of record on June 3, 2019. https://investors.preit.com/investo...on-and-Preferred-Shares-june2019/default.aspx
Pennsylvania Real Estate (PEI) came out with quarterly funds from operations (FFO) of $0.26 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to FFO of $0.29 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 4%. A quarter ago, it was expected that this shopping mall real estate investment trust would post FFO of $0.54 per share when it actually produced FFO of $0.52, delivering a surprise of -3.70%. Over the last four quarters, the company has surpassed consensus FFO estimates two times. Pennsylvania Real Estate, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $84.68 million for the quarter ended March 2019, missing the Zacks Consensus Estimate by 2.50%. This compares to year-ago revenues of $85.39 million. The company has not been able to beat consensus revenue estimates over the last four quarters. https://uk.finance.yahoo.com/news/pennsylvania-real-estate-pei-q1-000512012.html
Shares of Pennsylvania Real Estate Investment Trust(NYSE: PEI) popped 16.3% higher on Friday, following the release of the company's first-quarter results. https://uk.finance.yahoo.com/news/why-pennsylvania-r-e-t-000300137.html
Philadelphia, PA, June 3, 2019 – PREIT (NYSE: PEI) reports that the remerchandising of its portfolio continues to yield results and mitigates the impact of store closings. April comparable store sales were up to $525 per square foot in PREIT’s core mall portfolio with three properties now topping $600 per square foot and Willow Grove Park exceeding $750 per square foot. In the face of announced store closings, the Company reports that the recently announced liquidation of the dressbarn chain does not impact the Company’s core mall portfolio. Highlighting the appeal of its portfolio, at the recent industry deal-making convention- ICSC RECon – PREIT hosted over 100 meetings with potential new-to-portfolio brands, a key measure of success for the Company. The strength of the portfolio is indicated by new-to-portfolio tenants, further establishing its properties as top-tier retail, dining and entertainment destinations. PREIT continues to curate a dynamic mix of retail and experiential offerings by introducing new concepts to its portfolio a core element of its strategy. As dining remains a key component of a transformative mall experience, PREIT is adding three new restaurants to its portfolio: Black Rock Bar and Grill is expected to open this August at Valley Mall (also opening this Fall at Woodland Mall); Fatburger at Cherry Hill Mall will open this summer; and Miller’s Ale House is set to open in September at Plymouth Meeting Mall (and will follow that with a new location at Mall at Prince George’s). Since 2012, PREIT has increased the space leased to dining and entertainment tenants by 42%. In addition, PREIT recently celebrated the opening of its first REI at Woodland Mall and will soon add the portfolio’s first A’Beautiful Soul here. A’Beautiful Soul is a sister concept to Altar’d State which recently opened its first location in PREIT’s portfolio at Woodland Mall as well. Sales at Woodland Mall now exceed $600 per square foot, before the full benefits of the redevelopment take effect. Creating a diverse tenant mix is a key ingredient in today’s rapidly-evolving retail climate,” said Joseph F. Coradino, CEO of PREIT. “We are well positioned with a high-quality portfolio in desirable markets to capture tenants that create a compelling consumer experience. Our newest tenant additions complement our existing portfolio and further drive traffic to our properties. - Joseph F. Coradino, PREIT CEO Earlier this year, PREIT continued its trend of adding unique, high-impact tenants across its portfolio, recently opening new dining experiences such a first-to-market Cheesecake Factory at Woodland Mall and Hash House A Go-Go’s first New Jersey location at Moorestown Mall; as well as a first-of-its kind co-working space/collaborative hub, 1776, at the Cherry Hill Mall. https://www.preit.com/news/new-to-portfolio-tenants-highlight-quality-of-preit-portfolio/
Philadelphia, PA, June 20, 2019 – PREIT (NYSE: PEI) today announced Burlington as the lead replacement for Sears at Dartmouth Mall in North Dartmouth, MA following the Company’s proactive recapture of the store. PREIT is in discussions with other large format retailers to complement Burlington. This strategic remerchandising is another key milestone in PREIT’s anchor repositioning efforts to elevate its portfolio with differentiated and high-quality concepts that will increase traffic and sales. With no unleased department stores in its core mall portfolio, PREIT has replaced 13 department stores in 3 years in an active core portfolio of 18 properties, defining the Company as the most successful landlord in navigating recent retail disruption. In these 13 stores, PREIT welcomes over 30 new tenants spanning a variety of consumer categories: off-price, sports & leisure, fitness, arts & crafts, dining & entertainment, home décor as well as traditional department stores. https://www.preit.com/news/preit-ex...lead-replacement-for-sears-at-dartmouth-mall/
During 2019, shares of Pennsylvania Real Estate Investment Trust (NYSE: PEI) have fallen to levels not seen in nearly a decade, as investors have grown increasingly pessimistic about the future of malls in the United States. Yet PREIT has done a great job of adapting its malls to the times and upgrading its tenant mix to boost customer traffic. It is slated to complete a slew of redevelopment projects over the next 12 months, which should drive a return to growth in key earnings metrics. Yet investors haven't given the REIT any credit for its progress. With the shares continuing to trade for around $6, I loaded up on more PREIT stock last week. https://uk.finance.yahoo.com/news/why-just-doubled-down-reit-112600472.html
Philadelphia, PA, July 22, 2019 – PREIT (NYSE: PEI) today reiterated its successful track record of replacing department stores amid tumult in the sector: “PREIT has been steadfast and deliberate in delivering results through its anchor replacement initiatives and is proud of its track record, having no unleased department stores in its core portfolio,” said Joseph F. Coradino, CEO of PREIT. “With no ancticipated JC Penney closings on the horizon and among the lowest exposure to Sears in the sector, we are uniquely positioned to execute on our strategy and capitalize on the opportunity to strengthen our earnings growth as material projects come on line this Fall.” Moorestown Mall – reinvented Macy’s box As further validation of our strategy, traffic at our recently remerchandised properties continues to be strong. Year to date through June 30, 2019, the following recently remerchandised properties saw the following increases in foot traffic compared to the six months ended June 30, 2018: o Capital City Mall: +9.4% o Moorestown Mall: +5.7% o Mall at Prince George’s: +2.3% o Valley Mall: +2.1% Comparable Sales in the Company’s core portfolio were up 5.3% to $530 per square foot for the rolling 12 month period ended May 31, 2019. With no unleased department stores in its core mall portfolio, PREIT is leading the way in reshaping the national shopping experience having replaced 13 department stores in 3 years in an active core portfolio of 18 properties, defining the Company as the most successful landlord in navigating recent retail disruption. In these 13 stores, PREIT welcomes over 30 new tenants spanning a variety of consumer categories: off-price, sports & leisure, fitness, arts & crafts, dining & entertainment, home décor as well as traditional department stores. https://www.preit.com/news/feature/preit-highlights-department-store-replacement-success/
Philadelphia, PA, July 25, 2019 – Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced that its Board of Trustees has declared a quarterly cash dividend of $0.21 per common share. The dividend is payable on September 17, 2019 to common shareholders of record on September 3, 2019. The September 17th dividend payment will be the Company’s 170th consecutive distribution since its initial dividend paid in August of 1962. The Company also announced today that its Board of Trustees has declared quarterly cash dividends of $0.4609375 per share on its 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares, $0.450000 per share to holders of its 7.20% Series C Preferred Shares, and $0.4296875 per share to holders of its 6.875% Series D Preferred Shares. These dividends are payable on September 17, 2019 to holders of record on September 3, 2019. https://www.preit.com/news/preit-declares-quarterly-dividend-for-common-and-preferred-shares/
Fashion District Philadelphia , ("The District") a joint venture partnership between PREIT and Macerich , announces that Wonderspaces , a unique and new-to-region immersive art experience, along with two dozen new tenants will join the dynamic tenant roster as the project launches in September. Wonderspaces reinforces the property's diverse blend of entertainment and art, and will complement the project's dynamic tenant mix and community programming across style, dining, entertainment, and arts & culture uses. https://investors.preit.com/investo...rspaces-to-Join-Fashion-District/default.aspx
Primary Factors Affecting Financial Results for the Three Months Ended June 30, 2019 and June 30, 2018: Net loss attributable to PREIT common shareholders was $12.6 million, or $0.17 per basic and diluted share for the three months ended June 30, 2019, compared to net loss attributable to PREIT common shareholders of $35.0 million, or $0.50 per basic and diluted share for the three months ended June 30, 2018. Lease Termination revenue at our same store malls declined by $6.4 million. Same Store NOI decreased by $7.9 million, or 13.4%. Revenue from new store openings, including contributions from replacement anchors, mitigated the impact of revenue lost to bankruptcies and associated store closings. Non Same Store NOI decreased by $2.0 million primarily due to lower rents and associated co-tenancy revenue adjustments from multiple anchor closings at Wyoming Valley and Valley View malls and the sale of an office property at Fashion District Philadelphia in the first quarter of 2018. FFO for the three months ended June 30, 2019 was $0.24 per share and OP Unit compared to $0.38 per share and OP Unit in the prior year. Adjustments to FFO in the 2019 quarter included $0.02 per share of net insurance proceeds related to claims for hurricane damage. Adjustments to FFO in the 2018 quarter included loss on debt extinguishment and provision for employee separation expenses that totaled $0.01 per share. General and administrative expenses were impacted by the new lease accounting standard that now limits the capitalization of certain leasing costs. We expensed $1.6 million ($0.02 per share) of costs in the three months ended June 30, 2019 that would have been capitalized under the prior standard. https://investors.preit.com/investo...d-Updates-Full-Year-Expectations/default.aspx
PREIT (NYSE: PEI), a real estate investment trust, or REIT, that operates shopping malls primarily located in the mid-Atlantic region, is under pressure on Wednesday. As of 2:30 p.m. EDT, the company's stock price had fallen by more than 10% for the day. So what Family shopping at a mall. Image source: Getty Images. In addition, same-store net operating income declined by 3% year over year, and the company's results were significantly impacted by the wave of retail bankruptcies and store closures. The company says that it lost $1.6 million of rent due to these events in the second quarter alone, and non-anchor occupancy declined by 180 basis points compared with a year ago. What's more, the company reduced its full-year adjusted FFO guidance range to $1.20-$1.30 from a previous range of $1.20 to $1.34, a two-cent reduction at the midpoint. As most stock market followers can tell you, there's no more reliable way to cause a stock's price to drop than to lower your future expectations. Now what To be sure, the quarter wasn't all bad. At PREIT's top properties, comparable sales increased more than 5%. However, there was clearly more bad news than good, and until the retail closures and bankruptcies subside, it's tough to envision a major turnaround in the company's performance anytime soon. https://uk.finance.yahoo.com/news/apos-why-preit-dropping-wednesday-200000063.html
Pennsylvania Real Estate Investment Trust(NYSE: PEI) or PREIT, has been hit particularly hard by the wave of retail bankruptcies commonly referred to as the retail apocalypse. It's a shopping mall operator with ownership interests in properties across the United States, and significant exposure to chains including SearsHoldings, Macy's, and J.C. Penney. As such, it's had to use creative means to adjust for the current retail reality. Selling lower-quality real estate Shareholders may have caught a lucky break. Back in 2012, a new management team took control and had the foresight to divest its lower-value mall assets. The idea was to focus on properties with higher sales per square foot, which are more attractive to retailers and can garner better rental rates. When this divestment process started in 2013, PREIT managed 38 malls with average sales per square foot of $379. After years of selling properties, the company now manages 21 properties with average sales per square foot of $525. It still lists three malls as "noncore" and could also sell these assets in part or whole. It owns the Valley View Mall and the Wyoming Valley Mall in Wilkes-Barre, Pennsylvania, which both have significant vacancies that it has been unable to fill, and the Exton Square Mall in Exton, Pennsylvania, where it was able to sell a land parcel to be developed into an apartment complex. Given the poor state of these three malls, it is also possible that they will just be written off or abandoned entirely. Pennsylvania REIT has actively managed its portfolio to adjust to where it sees the most value accruing. Shareholders should continue to expect the company to monetize its assets through a sale where it can. Redeveloping retail stores Chico's have also pulled back by closing stores." Industrywide disruption at retailers has led to a number of bankruptcies from department stores and niche chains. Other retailers such as Macy's and Chico's have also pulled back by closing stores. To replace its lost tenants, PREIT has redeveloped much of what formerly was occupied by department stores into gyms, movie theaters, grocery stores, and smaller retail spaces. Over the past few years, the company has successfully repositioned 13 former department stores with over 25 new occupants. Examples of redeveloped stores include turning a former JCPenny into a movie theater complex at the Willow Grove Park complex in Willow Grove, Pennsylvania, and turning a former Sears into three new stores at the Moorestown Mall in Moorestown, N.J. But such redevelopment requires capital investment; the JC Penny project at Willow Grove Park cost the company approximately $28 million, while redeveloping the Sears at Moorestown Mall cost $29 million. Cash isn't plentiful for PREIT. The company has had to borrow aggressively to fund its redevelopment activity in addition to selling its noncore malls, and it is betting that it will be able to generate an attractive rate of return on these new developments. Many projects are still underway, so it is too early to judge if the strategy will bear fruit. Densification Densification is yet another tool for shopping mall operators to maximize the value of their assets. It refers to a shopping mall redeveloping some of its real estate into other types of property, including residential apartments, hotels, or offices. Simon Property Group have made into densification. These projects generally involve partnering with a specialized developer or just selling the land to another real estate company in order to get a project done and monetize some real estate value. In the case of PREIT, the company has used joint ventures or sold land to redevelop for nonretail purposes. Macerich to redevelop a mall in downtown Philadelphia formerly known as The Gallery into the Fashion District Philadephia. It is adjacent to a convention center and popular tourist attractions and will contain various entertainment facilities in addition to a shopping mall. PREIT has also sold land at its Exton Square Mall to a developer to build apartments." style="margin-bottom: 1em;">PREIT has a 50/50 joint venture with fellow shopping center REIT Macerich to redevelop a mall in downtown Philadelphia formerly known as The Gallery into the Fashion District Philadephia. It is adjacent to a convention center and popular tourist attractions and will contain various entertainment facilities in addition to a shopping mall. PREIT has also sold land at its Exton Square Mall to a developer to build apartments. The company has more densification plans and expects to yield as much as $300 million in potential asset sales as part of these projects. Will PREIT's efforts pay off? It is not in an enviable position. The company has seen its occupancy rate decline and has had to pony up to invest in redeveloping several former anchor spaces. This has put pressure on cash flows, which have also declined, and on its balance sheet, which has seen leverage increase. Although the company has attracted new tenants with its redevelopment efforts, the driving factor of success will be shoppers coming back to once-vacant malls. Densification efforts are also interesting but still too early to judge. Executing a turnaround won't be easy given the broader industry trends that the company is fighting. But PREIT has laid out a cogent plan to reposition itself for the future of retail, and it has a good shot at coming out the other end as a stronger company. https://uk.finance.yahoo.com/news/mall-operator-pennsylvania-reit-weathered-133200985.html
$ 5.61 PHILADELPHIA, Sept. 17, 2019 /PRNewswire/ -- The joint venture partnership between PREIT (PEI) and Macerich today announces the official launch of Fashion District Philadelphia (The District), a well-curated one-of-a-kind destination that blends shopping, dining, entertainment and culture to create a unique downtown destination that is inclusive, accessible and convenient for everyone. The opening of The District is one of many milestones for PREIT in 2019, a pivotal year for the company. https://finance.yahoo.com/news/fashion-district-philadelphia-set-open-203000662.html
