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%
Wed, Apr. 20, 9:38 AM
- Leading the mall REITs to the upside today is PREIT (PEI +1.5%) after Stifel upgrades to Buy from Hold. The $27 price target represents 19% upside from yesterday's close.
- The company yesterday announced the refinancing of the mortgage on its Viewmont Mall, thus satisfying all debt maturities until June 2017.
- Now read: A Few Thoughts Inspired By Saturday Shopping (April 4)
Nov. 13, 2015, 3:24 PM
- Tumbling alongside retail names after this morning's soft retail sales report, and disappointing results at J.C. Penney and Nordstrom, are the companies which rent space the sector.
- General Growth Properties (GGP -4%), Simon Property (SPG -2.5%), Kimco (KIM -1.5%), Weingarten (WRI -1.5%), Macerich (MAC -2.8%), Taubman (TCO -1.2%), Pennsylvania REIT (PEI -4.4%), Rouse (RSE -5.7%).
Apr. 29, 2015, 10:17 AM
- 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%
Oct. 20, 2014, 10:36 AM
- The net asset value of Pennsylvania REIT's (PEI +2.5%) mall portfolio is about $30 per share, or 55% above Friday's close, says Land & Buildings CIO Jonathan Litt, in a public letter to management.
- Presentation here
- He notes Glimcher Realty Trust's agreement to sell its mall portfolio to Washington Prime represented a sub-6% cap rate for a portfolio generating $473 per square foot in sales (less than PREIT's), and PREIT's current stock price implies just a 9% cap rate for its malls. Despite management's improvement to its portfolio quality through new investments and the sales of lower-quality assets, says Litt, PREIT remains incorrectly viewed by the Street as a low-quality mall company.
- Land Buildings' plan is for PREIT to quickly sell its lowest productivity assets, leaving no doubt as to the quality of what remains. Further, management needs to communicate its intention to go as far as selling the company if the valuation gap is not closed within a certain timeframe.
- "We believe [the plan is] flawed, and we have provided this initial feedback to Land & Buildings," says PREIT in response.
Sep. 16, 2014, 9:47 AM
- Amid Washington Prime's $4.3B purchase of Glimcher Realty Trust, Pennsylvania REIT (PEI +5.9%) and CBL & Associates (CBL +5.2%) both open sharply higher. Whether the two are buyout targets or not remains to be seen, but the only other news available at the moment has Wells Fargo pulling its Underperform rating on CBL.
Mar. 6, 2014, 7:39 AM
- The FDA has approved Pluristem Therapeutics' (PSTI +5.9%) request to produce PLacental eXpanded (PLX) cell products at a new manufacturing facility.
- The FDA's authorization adds to that of the Paul-Ehrlich-Institute (PEI) in Germany.
- The plant can produce approximately 150,000 doses of PLX cells a year. (PR)
Jun. 26, 2013, 5:30 PM
Pennsylvania Real Estate Investment Trust is an equity real estate investment trust. The company engages in the ownership, management, leasing, acquisition, redevelopment and development of enclosed malls. Its properties and malls include national or regional department stores, large format... More
Industry: REIT - Retail
Country: United States
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