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PREIT gains after Q1 results

  • Q1 adjusted FFO of $28.2M or $0.40 per share vs. $28M and $0.40 one year ago.
  • Same-store NOI excluding lease termination revenue of $61.3M up 5.6% from a year ago.
  • Same-store portfolio sales per square foot of $414 up 9.8%.
  • Same-store malls occupancy of 94.5% including anchors down from 94.9%, excluding anchors of 90.5% down from 91.2%.
  • 2015 outlook is maintained: Adjusted FFO per share of $1.87-$1.92.
  • CEO Joseph Coradino: "Today we see demonstrable evidence of PREIT's dramatic transformation. Portfolio sales were $414 per square foot, we've sold or are in the process of selling lower quality malls."
  • Conference call is underway
  • Previously: Pennsylvania REIT beats by $0.01, misses on revenue (April 28)
  • PEI +1.6%

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