|Bid||0.00 x 2200|
|Ask||6.50 x 3200|
|Day's Range||5.22 - 5.45|
|52 Week Range||4.34 - 9.88|
|Beta (3Y Monthly)||1.15|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 28, 2019 - Nov 1, 2019|
|Forward Dividend & Yield||0.84 (14.09%)|
|1y Target Est||5.50|
Pennsylvania Real Estate Investment Trust’s chief financial officer’s employment has been terminated without cause effective Dec. 31, according to a Securities and Exchange Commission filing made by the Philadelphia company.
PHILADELPHIA, Sept. 16, 2019 /PRNewswire/ -- PREIT (PEI) ("Company") today announced its intention to promote Mario C. Ventresca, Jr., Executive Vice President – Operations, to Executive Vice President and Chief Financial Officer. He will replace current Executive Vice President and Chief Financial Officer Bob McCadden who will leave the Company effective December 31, 2019. Mr. McCadden will transition his current responsibilities to Mr. Ventresca over the balance of the year.
The recent renovation and re-tenanting of the Mall at Prince George’s has paid off for mall owner Pennsylvania Real Estate Investment Trust, with sales increasing 23% to $557 per square foot in the past year, PREIT said in early September. That brings the Mall at Prince George’s sales total above that of PREIT’s other local mall, Springfield Town Center, for the first time. Springfield’s third quarter sales per square foot averaged $555.) The company has seen other encouraging signs of life at the mall: traffic is up 20% for the 12 months ending July 31, compared with the previous 12 months. Occupancy has also held steady at or above 98% and is currently at 98.7%, according to PREIT (NYSE: PREIT) spokeswoman Heather Crowell. The uptick in sales and traffic came after PREIT spent approximately $30 million to renovate the mall in 2018.
PHILADELPHIA, Sept. 4, 2019 /PRNewswire/ -- PREIT (PEI) Following a multi-year remerchandising effort, PREIT's Mall at Prince George's ("MPG") emerges as a marker of success in the Company's redevelopment efforts. With strong demographics and high demand for retail, the renovations will ultimately further differentiate MPG in the market and solidify its position as a vibrant retail and dining destination in the region. Over a dozen new tenants joined the roster including H&M, Ulta, DSW, Express Factory Outlet, Five Below, Flight 23, Grand Jewelers featuring Alex and Ani and Pandora, White Barn Candle and Pink by Victoria's Secret along with several new dining options: Chipotle, Five Guys, Mezeh Mediterranean Grill and &Pizza.
Next month, the Gallery will be reborn as Fashion District Philadelphia. Pennsylvania Real Estate Investment Trust believes it will be transformative for the company and Philadelphia.
PHILADELPHIA, Aug. 21, 2019 /PRNewswire/ -- As PREIT (PEI) furthers its strategic approach in bolstering health and wellness segments at its properties, the company today announced the addition of Planet Fitness at the Moorestown Mall. Slated to open in Spring 2020, Planet Fitness, occupying more than 23,000 square feet, will represent another key addition to the PREIT roster – which now has increased the square footage dedicated to health and wellness tenancy by five times since 2012. Planet Fitness is a full-service, high-quality fitness experience for all gym-goers.
Noteworthy tenants joining the roster include H&M, Nike, Forever 21, AMC Theaters, Round One, City Winery, Ulta, Columbia Sportswear, Wonderspaces, American Eagle, Express Factory, Journeys, Skechers and Guess Factory along with local incubator spaces – REC Philly and Uniquely Philly, which features four distinct local, small businesses.
Funds from operations plunged again at Washington Prime and PREIT last quarter, but one of the two REITs has a much better chance of bouncing back next year.
Pennsylvania Real Estate (PEI) delivered FFO and revenue surprises of -18.52% and -5.76%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
Fashion District Philadelphia Set to Open in 51 Days Comparable Store Sales per Square Foot Grew 5.7% to $531 Core Mall Total Occupancy Stable at 93.7% Average Renewal Spreads registered 6.1% for the Quarter ...
PHILADELPHIA, July 30, 2019 /PRNewswire/ -- Fashion District Philadelphia, ("The District") a joint venture partnership between PREIT and Macerich, announces that Wonderspaces, a unique and new-to-region immersive art experience, along with two dozen new tenants will join the dynamic tenant roster as the project launches in September. Wonderspaces reinforces the property's diverse blend of entertainment and art, and will complement the project's dynamic tenant mix and community programming across style, dining, entertainment, and arts & culture uses. Wonderspaces partners with artists from around the world to present art shows that everyone can enjoy as a place to connect with friends and family. After receiving over two hundred fifty thousand visitors in its previous shows in San Diego and Scottsdale, Wonderspaces will open its first Philadelphia show, Point of View, in December 2019.
Despite Macerich's (MAC) efforts to enhance its asset quality for attention from new and productive tenants, its Q2 results will likely be affected by store closures and retailer bankruptcies.
Despite Tanger Factory Outlet's (SKT) focus on improving portfolio and tenant mix, its Q2 results will likely be affected by the turbulent retail real estate environment, including store closures.
PHILADELPHIA, July 25, 2019 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PEI) announced that its Board of Trustees has declared a quarterly cash dividend of $0.21 per common share. The dividend is payable on September 17, 2019 to common shareholders of record on September 3, 2019. The Company also announced today that its Board of Trustees has declared quarterly cash dividends of $0.4609375 per share on its 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares, $0.450000 per share to holders of its 7.20% Series C Preferred Shares, and $0.4296875 per share to holders of its 6.875% Series D Preferred Shares. PREIT (PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets.
While Kimco Realty (KIM) will gain from portfolio-revamp moves amid strength in job market and still resilient consumer sentiment in Q2, store closures and dispositions' dilutive impact are concerns.
PREIT touts no unleased department stores in its core portfolio PHILADELPHIA , July 22, 2019 /PRNewswire/ -- PREIT (NYSE: PEI) today reiterated its successful track record of replacing department stores ...
The Miller’s Ale House chain of restaurants will join the growing list of new tenants at the Mall at Prince Georges in Hyattsville. The Prince George’s Planning Board will consider a detailed site plan for a proposed 8,285-square-foot, single-story building to be constructed on a pad site within the Pennsylvania Real Estate Investment Trust-owned mall’s 51-acre campus. Miller’s Ale House operates 88 restaurants/sports bars across 13 states, including locations in Sterling and Rockville.
July 31, 2019, to review the Company's results and future outlook. To listen to the call, please dial 1-844-885-9139 (domestic toll free), or 1-647-689-4441 (international), and request to join the PREIT call, Conference ID 8567807, at least five minutes before the scheduled start time. Investors can also access the call in a "listen only" mode via the internet at the Company's website, preit.com. Please allow extra time prior to the call to visit the site and download the necessary software to listen to the Internet broadcast. Financial and statistical information expected to be discussed on the call will also be available on the Company's website. For best results when listening to the webcast, the Company recommends using Flash Player.