PEI - PEI STOCK NEWS

PREIT (NYSE: PEI) has finalized a transaction to bring Cooper University Health Care to Moorestown Mall, enhancing its high barrier-to-entry market properties. This facility will occupy over 165,000 square feet and contribute to a mixed-use environment that includes retail, dining, and entertainment. The addition signifies PREIT's commitment to evolving its tenant mix and improving community services. CEO Joseph F. Coradino emphasized the importance of innovative tenants for a successful business model while expanding healthcare accessibility in the Moorestown area.

PREIT (NYSE: PEI) announced the signing of a lease for an 80,000 square foot fulfillment center at Cumberland Mall in Vineland, NJ. This facility, replacing the former Burlington space, aims to generate non-retail revenue and is strategically located along a key route between Philadelphia and the Jersey shore. PREIT continues to diversify its portfolio with various uses alongside high-quality tenants, including DICK's Sporting Goods and Home Depot, enhancing its business model and market presence.

PREIT (NYSE: PEI) reported its Q1 2021 results with a net loss of $49.6 million, or $0.64 per share, compared to a loss of $19.9 million or $0.26 per share in Q1 2020. Funds from Operations (FFO) were $(0.14) per diluted share, down from $0.14 in the previous year. Same Store NOI dropped by 21.2%, attributed to bankruptcies and reduced revenues. However, cash collections improved, reaching 119% of billings, with a notable increase in tenant demand. The company is optimistic about recovery, having signed leases contributing $8.3 million in future gross rents.

PREIT (NYSE: PEI) will release its financial results for Q1 2021 on May 5, 2021, post-market. A conference call is set for May 6 at 11:00 a.m. ET for discussing the results and future outlook. Investors can dial in or access the call online. PREIT focuses on owning and managing retail shopping malls in high barrier-to-entry markets, primarily in the eastern U.S. The company aims to enhance community experiences through curated retail and lifestyle offerings.

PREIT (NYSE: PEI) reported significant leasing growth in Q1 2021, securing nearly 600,000 square feet of new tenant space, a substantial increase compared to over 100,000 square feet in all of 2020, reflecting a 35% rise from 2019. Notable lease signings include Rose & Remington, Windsor Fashions, and Rue 21. CEO Joseph F. Coradino emphasized enhanced tenant attraction and improved in-person retail experiences, signifying strong brick-and-mortar performance in high barrier-to-entry markets.

PREIT (NYSE: PEI) reported significant improvements in collections and liquidity as of April 19, 2021. The company achieved 119% of billed rents in Q1 2021, up from 112% and 99% in the previous two quarters. A new $130 million revolving credit facility, with $75 million remaining after a $55 million drawdown, enhances their liquidity. The company now holds over $30 million in cash and maintains a total liquidity position exceeding $100 million. CEO Joseph F. Coradino noted increased consumer demand and anticipated continued balance sheet improvement.

PREIT (NYSE: PEI) reported significant financial losses for the quarter and year ending December 31, 2020. The net loss for Q4 was $202.1 million, or $2.62 per share, compared to a loss of $21.7 million, or $0.29 per share, in 2019. Funds From Operations (FFO) also decreased to $(0.22) per diluted share from $0.28 in the prior year. Same Store Net Operating Income (NOI) dropped 33.3% for the quarter and 28.2% for the year, primarily due to bankruptcies and the impacts of COVID-19. Despite these challenges, PREIT is restructuring its debt and signed 358,000 square feet of leases, predicting an annual gross rent increase of $8.4 million.

PREIT (NYSE: PEI) plans to announce its financial results for the quarter ending December 31, 2020, after the market closes on March 11, 2021. Due to COVID-19, the company has withdrawn its full-year 2020 guidance previously issued in February 2020. A conference call is scheduled for March 12, 2021, at 11:00 a.m. ET, to discuss results and future outlook. Investors can access the call via phone or online. PREIT focuses on managing distinctive retail real estate in high barrier-to-entry markets, primarily in the Mid-Atlantic and Greater Philadelphia region.

PREIT (NYSE: PEI) has launched "Support Black-Owned Business and Brands 365" to promote Black entrepreneurs across its properties. This initiative allows each location to showcase Black-owned retailers and hosts events like community showcases and art exhibits throughout the year. CEO Joseph F. Coradino emphasized the importance of supporting these businesses, especially as they have been disproportionately affected by the pandemic. The plan includes custom pages on property websites highlighting various Black-owned businesses and aims to enhance consumer awareness and support.