Pennsylvania Real Estate: 4Q Earnings Snapshot
PHILADELPHIA (AP) _ Pennsylvania Real Estate Investment Trust (PEI) on Wednesday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Philadelphia, said it had funds from operations of $40.6 million, or 52 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 54 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 $85.6 million, or $1.23 per share.
The shopping mall real estate investment trust posted revenue of $96 million in the period. Its adjusted revenue was $95.3 million, also missing Street forecasts. Four analysts surveyed by Zacks expected $96.9 million.
For the year, the company reported funds from operations of $120.4 million, or $1.54 per share. Revenue was reported as $358.2 million.
Pennsylvania Real Estate expects full-year funds from operations in the range of $1.20 to $1.34 per share.
The company’s shares have climbed 21 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $7.20, a decline of 28 percent in the last 12 months.