PHILADELPHIA (AP) _ Pennsylvania Real Estate Investment Trust (PEI) on Tuesday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The Philadelphia-based real estate investment trust said it had funds from operations of $17.8 million, or 23 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 29 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 net income of $17.4 million, or 22 cents per share.
The shopping mall real estate investment trust posted revenue of $81.4 million in the period. Its adjusted revenue was $80.9 million.
Pennsylvania Real Estate expects full-year funds from operations in the range of $1.08 to $1.14 per share.
The company's shares have climbed roughly 8% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $6.40, a decline of 32% in the last 12 months.