Pennsylvania Real Estate: 2Q Earnings Snapshot
PHILADELPHIA (AP) _ Pennsylvania Real Estate Investment Trust (PEI) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Philadelphia-based real estate investment trust said it had funds from operations of $30.3 million, or 39 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 34 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $35.8 million, or 51 cents per share.
The shopping mall real estate investment trust posted revenue of $92 million in the period. Its adjusted revenue was $81.8 million.
Pennsylvania Real Estate expects full-year funds from operations in the range of $1.50 to $1.60 per share.
The company’s shares have fallen 11 percent since the beginning of the year. The stock has fallen 6 percent in the last 12 months.