Pennsylvania Real Estate Investment TrustNYSE
Wed, Nov. 2, 4:59 PM
Tue, Nov. 1, 5:35 PM
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Fri, Oct. 28, 4:32 PM
Thu, Aug. 11, 9:45 AM
- Macy's is higher by 16% after reporting its Q2 and announcing the closing of 100 full-line stores (out of 675 total).
- The news is sending a shudder through the owners of malls: Simon Property (SPG -1.6%), General Growth (GGP -2.1%), Brixmor (BRX -2.1%), Weingarten Realty (WRI -0.8%), Macerich (MAC -0.7%), Taubman Centers (TCO -0.8%), PREIT (PEI -1.3%).
Tue, Jul. 26, 5:38 PM
Tue, Jul. 26, 4:43 PM
- Q2 adjusted FFO of $33M or $0.43 per share vs. $30.5M and $0.39 one year ago.
- Same store NOI excluding lease terminations up 4% for the quarter. Average gross rent per square foot up 3.9%.
- Non-anchor leased space for malls excluding those held for sale of 94.3% is a 300 basis point improvement. Comparable store sales of $458 per square foot, up from $418.
- Renewal spreads for non-anchor tenants up 8.6%.
- Full-year adjusted FFO per share is now seen at $1.84-$1.87.
- CC tomorrow at 11 ET
- PEI flat after hours
Mon, Jul. 25, 5:35 PM
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Thu, Jul. 21, 4:41 PM
Mon, Jul. 18, 8:16 AM
- The company has agreement of sales in hand for Washington Crown Center in Washington, PA, along with an office building at Voorhees Town Center in South Jersey.
- Washington Crown Center - anchored by Bon-Ton, Macy's, Gander Mountain, and Sears - generated sales per square foot of $318 and non-anchor occupancy of 87.9%.
- PREIT (NYSE:PEI) has also decided to put Beaver Valley Mall on the block after Shell's decision to move forward with development of a multi-billion dollar petrochemcial complex right down the road. This move will bring thousands of jobs to the region, making it an ideal time to unload the property, according to PREIT management.
Wed, Jul. 13, 7:29 AM
- The modification of PEI's seven-year term loan increased potential borrowing to $250M from $100M, and expanded the accordion feature to up to $400M.
- Interest rates were lowered at all leverage levels in the pricing grid, with the current rate at closing Libor plus 160 basis points - down 55 bps from the previous deal.
Fri, Jun. 17, 12:16 AM
- PREIT PEI launches PREIT Perks, a shopper digital rewards program enabling shoppers to earn credit on purchases and provide retailers enhanced visibility into shopper behavior at PREIT malls.
- This program is debuting at the Cherry Hill Mall in Cherry Hill, NJ, and will be rolled out across PREIT's portfolio over the next several months.
Tue, Jun. 7, 7:39 AM
- Sold were 1501-05 Walnut Street and 1520-22 Chestnut Street for a blended cap rate of 3.9%. PREIT (NYSE:PEI) will recognize a gain on sale of about $20M. The company acquired the properties in 2014, with the intent of quickly adding some value.
Wed, May 18, 10:42 AM
- Target is the latest major retailer to report a disappointing Q1 and issue weak forward guidance. It's lower by 9% today.
- Those REITs which may rent to the likes of Target or Wal-Mart or Macy's or Nordstrom ... may be starting to sense a trend.
- Simon Property (SPG -1.1%), General Growth (GGP -1.5%), Kimco (KIM -1.6%), PREIT (PEI -1.8%), DDR (DDR -1.7%), CBL (CBL -3.1%), Federal Realty (FRT -1.2%).
- IYR -0.95%
Tue, May 17, 11:02 AM
- Following up on yesterday's story about the divergence between the stock prices of major retailers (down) and those of their landlords (up), Bloomberg's Rani Molla and Shelly Banjo break down the numbers further.
- They find those REITs with a large portion of portfolios concentrated in malls are down 10% Y/Y vs. all REITs, which are higher by 6%. Going further, they find those REITs with exposure to higher-end malls and outlet centers - Simon Property Group (NYSE:SPG) and Tanger Factory (NYSEMKT:SKY) come to mind – have been spared, while those owning older malls have taken the hit. CBL & Associates (NYSE:CBL) and WP Glimcher (NYSE:WPG) are down 40% and 30% this year, respectively.
- It's easy to pick on mall owners, but a broad slowdown at brick-and-mortar stores is ultimately a threat to all retail landlords, as traffic across all types of retail real estate in the U.S. and Canada has fallen as much as 18% Y/Y.
- On the good side is low supply as developers have stopped building, but even that's begun to run its course, they write.
- REITs of interest: O, NNN, GGP, KIM, WRI, MAC, TCO, PEI, SKT, TCO, ROIC, RPAI, IRC, FRT, DDR, WHLR, EQY, KRG, REG
Mon, May 16, 9:39 AM
- The retail sector has made a lot of headlines of late with a series of poor earnings and forward guidance reports ... and the stock prices of retailers have subsequently been marked down.
- It's created a sizable divergence with the stock prices of the landlords who depend on a steady stream of rising rents from those retailers, notes Marketfield Asset Management's Michael Shaoul.
- via Bloomberg
- REITs of interest: O, NNN, SPG, GGP, KIM, WRI, MAC, TCO, PEI, SKT, TCO
Mon, May 9, 4:47 PM
- Pennsylvania REIT (NYSE:PEI) declares $0.21/share quarterly dividend, in line with previous.
- Forward yield 3.53%
- Payable June 15; for shareholders of record June 1; ex-div May 27.