|Bid||1.1400 x 2900|
|Ask||1.1800 x 4000|
|Day's Range||1.1100 - 1.2300|
|52 Week Range||0.8000 - 7.0700|
|Beta (5Y Monthly)||2.05|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul 28, 2020 - Aug 03, 2020|
|Forward Dividend & Yield||0.65 (54.62%)|
|Ex-Dividend Date||May 29, 2020|
|1y Target Est||2.80|
Ladies and gentlemen, and thank you for standing by and welcome to the PREIT Q1 2020 Earnings Call. Good afternoon, and thank you all for joining us for PREIT's first quarter 2020 earnings call. Statements that PREIT makes today might be accurate only as of today, May 21, 2020 and PREIT makes no undertaking to update any such statements.
NEW YORK, NY / ACCESSWIRE / May 21, 2020 / Pennsylvania Real Estate Investment Trust (NYSE:PEI) will be discussing their earnings results in their 2020 First Quarter Earnings call to be held on May 21, ...
Pennsylvania Real Estate (PEI) delivered FFO and revenue surprises of -39.13% and -10.38%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
PREIT (NYSE: PEI) today reported results for the three months ended March 31, 2020. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located in the tables accompanying this release.
Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced that its Board of Trustees has declared a quarterly cash dividend of $0.02 per common share. The dividend is payable on June 15, 2020 to common shareholders of record on June 1, 2020. The June 15th dividend payment will be the Company's 173rd consecutive distribution since its initial dividend paid in August of 1962.
Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) intends to release its financial results for the quarter ending March 31, 2020 before market trading commences on Thursday, May 21, 2020.
Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) intends to release its financial results for the quarter ending March 31, 2020 before market trading commences on Thursday, May 21, 2020. As previously announced, and due to COVID-19, the Company has withdrawn its full-year 2020 guidance issued on February 25, 2020. The Company is not providing updated guidance in conjunction with its first quarter 2020 earnings results.
The pain started with Tanger, but quickly spread to the entire mall REIT sector. Investors are still absorbing earnings.
Investors clearly think the future looks brighter for mall owners than it did just a short while ago. But does it really?
PREIT (NYSE: PEI) today launched Shop Local pages on all of its mall websites, an innovative effort designed to support the ecommerce platforms of the small businesses in its portfolio. Not only are the offerings highlighted to the local audience but to the entire PREIT portfolio of consumers. 28% of PREITs portfolio is comprised of tenants that are local or regional and, in many cases, these tenants offer unique and limited-availability products that make shopping our malls a special experience. According to the Harvard Business Review, "businesses with fewer than 500 employees account for 48% of American jobs and 43.5% of GDP".
The company has been finding ways to cut costs as its malls remain closed because of the coronavirus.
PREIT (NYSE: PEI) today provided an update on its efforts to stabilize cash flow while operations are temporarily suspended, concurrently positioning itself for a rapid re-boot of mall operations. The Company has significantly reduced its expense burden while balancing the ability to quickly re-engage. In the event the operations halt continues longer than anticipated, the Company has additional levers to pull to further reduce expenses.
The Philadelphia-based owner of malls is making the series of moves to give it a total of $300 million extra in cash to help it ride out the coronavirus. PREIT has reduced the company’s 21-cent quarterly dividend to 2-cents a share. This is expected to give PREIT an additional $15 million a quarter and will take affect in the second quarter.
PREIT (NYSE: PEI) today announced a series of actions to strengthen its balance sheet and liquidity position during this unique operating environment, creating nearly $300 million in incremental liquidity.
PREIT (NYSE: PEI) has seen its stock price steadily slide during the last four years, and that has accelerated during the last month. The Philadelphia company said at the time it was negotiating with its lenders on new loan arrangements but hasn’t reported an update on those talks. PREIT owns regional malls such as Plymouth Meeting Mall, Cherry Hill Mall and Fashion District Philadelphia.
The King of Prussia Mall, the largest mall in the country by square feet of retail space, was desolate on Sunday on what would otherwise be a busy day of shopping and dining at the retail center.
Pennsylvania Real Estate Investment Trust is closing the Plymouth Meeting Mall and Willow Grove Park Mall in response to the ongoing spread of the coronavirus. Both malls are located in Montgomery County, which has been so far the hardest hit from the spread of the coronavirus in Southeastern Pennsylvania. The move comes as Gov. Tom Wolf encouraged a temporary stop to gathering in gyms, movie theaters, shopping malls and other recreational activities and halting the congregation of no more than 250 people to stop the spread of COVID-19 throughout the state.
Pennsylvania Real Estate Investment Trust owns several malls across the region including Fashion District and Plymouth Meeting Mall.
Monday's massive swoon quickly sent that record into the ash heap of history, as the Dow fell by 2,013 points, or 7.8%, to 23,851, as the continued spread of coronavirus and a potential crude oil price war triggered a required 15-minute halt to trading just four minutes after the market opened. Plymouth Meeting-based Inovio Pharmaceuticals (NASDAQ: INO) had been virtually the region’s sole winner over the past week, as its stock was on a steady ascent since announcing it was accelerating the development of its experimental coronavirus vaccine INO-4800. Wilmington-based chemical manufacturer Chemours Co. (NYSE: CC) fell by 22.8% to $10.40.
Local companies have shed millions in market value as investors remain spooked over fears of the coronavirus and the broad impact it could have on corporate profits.
Pennsylvania Real Estate Investment Trust (NYSE: PEI) today announced that Joseph Coradino, Chief Executive Officer, and Mario Ventresca, Executive Vice President and Chief Financial Officer, will lead a presentation at the Citi 2020 Global Property CEO Conference in Hollywood, Florida.
One of the biggest stories of last week was how Pennsylvania Real Estate Investment Trust (NYSE:PEI) shares plunged...