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Pennsylvania Real Estate Investment Trust (PEI) CEO Joseph Coradino on Q1 2021 Results - Earnings Call Transcript

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Pennsylvania Real Estate Investment Trust (PEI) Q1 2021 Earnings Conference Call May 6, 2021 11:00 AM ET

Company Participants

Heather Crowell - EVP, Strategy & Communications

Joseph Coradino - Chairman & CEO

Mario Ventresca - EVP & CFO

Conference Call Participants


Good day, and thank you for standing by. Welcome to the PREIT Q1 2021 Earnings Call. [Operator Instructions]. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Heather Crowell, EVP of Strategy and Communications. Thank you. Please go ahead.

Heather Crowell

Thank you. Good morning, and thank you all for joining us for PREIT's First Quarter 2021 Earnings Call. During this call, we will make certain forward-looking statements within the meaning of federal securities laws. These statements relate to expectations, beliefs, projections, trends and other matters that are not historical facts and are subject to risks and uncertainties that might affect future events or results. Descriptions of these risks are set forth in the company's SEC filings. Statements that PREIT makes today might be accurate only as of today, May 6, 2021. And PREIT makes no undertaking to update any such statements.

Also, certain non-GAAP measures will be discussed. PREIT has included reconciliations of such measures to the comparable GAAP measures in its earnings release and other documents filed with the SEC. During this call, management will answer questions from analysts. We also invite individual investors to submit questions via e-mail to investorinfo@preit.com.

Members of management on the call today are Joe Coradino, PREIT's Chairman and CEO; and Mario Ventresca, CFO. Joe?

Joseph Coradino

Thank you, Heather, and good morning, everyone. We're pleased that all indicators point to this quarter, marking the end of the COVID impact on our results. In fact, the year is kicking off better than our most optimistic

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Comments (7)

More exciting signs that PREIT malls are back to life and the most darkest moments are behind. Just take a minute thinking of the cutback on the mall space supply due to COVID-19 pandemic causing weaker malls shutters forever, PREIT malls are indeed coming out on the bright side of the crisis. With its improving liquidity and successful renewals of mortgages, I cannot see any reasons stopping a successful turnaround case in PREIT, a case at least I took when I placed my bets.
No questions? I guess no analysts bothering with this anymore and the company won’t open the floor to shareholders. Nice pep talk but the results are pretty discouraging so far.
Citing leases with a hospital, self-storage, Windsor and Rue 21 is not exactly comforting. Not bad. But far from lighting the world on fire.
@Ryan WW Come on get with the program, Rue 21 has the best plus size clothing. And after the pandemic everyone's going to need extra large clothes ...
"Thank you, everyone. As we noted, this year is kicking off better than our most optimistic expectations. Economic and portfolio indicators are decidedly positive, and we are proactively taking advantage of these factors to improve our results. Just to recap, leasing activity is astonishing."

Okay, everything's going to be fine ...
costreduction profile picture
@GuyRien1 ... When I was a kid, creative word salad & embellishment got my mouth washed with soap. As a adult, it's easy to spot.

Stuck with the .Ps. Perhaps in 18 months, I can cut them loose and move on.
@costreduction Gave up earlier in the week. Moved what's left into DOGE coin. Will make up all my loss in a month! Ha, lol.
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