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
PEI vs. ETF Alternatives
Pennsylvania Real Estate Investment Trust is a fully integrated, self-managed and self-administered REIT in the United States. It is engaged in the ownership, management, leasing, acquisition, redevelopment, development and disposition of enclosed malls.
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