PREIT Schedules Fourth Quarter 2020 Earnings Release and Conference Call

Rhea-AI Summary

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 Due to COVID-19, the company has withdrawn its full-year 2020 guidance previously issued in February 2020.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.

Positive

• None.

Negative

• Withdrawal of full-year 2020 guidance due to COVID-19 impacts.
• Uncertainty regarding revenue forecast and future plans because of the pandemic.
• Risks associated with tenant solvency and ability to collect rent.

PHILADELPHIA, Feb. 25, 2021 /PRNewswire/ -- PREIT (NYSE: PEI) intends to release its financial results for the quarter ending December 31, 2020 after market trading closes on Thursday, March 11, 2021.  As previously announced, and due to COVID-19, the Company has withdrawn its full-year 2020 guidance issued on February 25, 2020.

Management has scheduled a conference call for 11:00 a.m. Eastern Time on Friday March 12, 2021, 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 4671799, at least fifteen minutes before the scheduled start time as callers could experience delays.  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 interested individuals unable to join the conference call, the online archive of the webcast will also be available for one year following the call.

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust (REIT) that owns and manages distinctive real estate in high barrier-to-entry markets at  the forefront of enabling communities through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at preit.com or on Twitter or LinkedIn.

Forward Looking Statements

This press release contains certain forward-looking statements that can be identified by the use of words such as "anticipate," "believe," "estimate," "expect," "project," "intend," "may" or similar expressions. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current expectations and assumptions regarding our business, the economy and other future events and conditions and are based on currently available financial, economic and competitive data and our current business plans. Actual results could vary materially depending on risks, uncertainties and changes in circumstances that may affect our operations, markets, services, prices and other factors as discussed in the Risk Factors section of our other filings with the Securities and Exchange Commission. While we believe our assumptions are reasonable, we caution you against relying on any forward-looking statements as it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, our ability to achieve our forecasted revenue and pro forma leverage ratio and generate free cash flow to further reduce our indebtedness; our ability to manage our business through the impacts of the COVID-19 pandemic, a weakening of global economic and financial conditions, changes in governmental regulations and related compliance and litigation costs and the other factors listed in our SEC filings. Additionally, our business might be materially and adversely affected by changes in the retail and real estate industries, including consolidation and store closings, particularly among anchor tenants; current economic conditions, including the impact of the COVID-19 pandemic and the steps taken by governmental authorities and other third parties to reduce its spread, and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions; our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increases in operating costs that cannot be passed on to tenants; the effects of online shopping and other uses of technology on our retail tenants; risks related to our development and redevelopment activities, including delays, cost overruns and our inability to reach projected occupancy or rental rates; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; our ability to sell properties that we seek to dispose of or our ability to obtain prices we seek; our substantial debt and the liquidation preference of our preferred shares and our high leverage ratio and our ability to remain in compliance with our financial covenants under our debt facilities; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through sales of properties or interests in properties and through the issuance of equity or equity-related securities if market conditions are favorable; and potential dilution from any capital raising transactions or other equity issuances.

Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed herein, and in the sections entitled "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020. We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

PREIT Contact:

Heather Crowell

EVP, Strategy and Communications

(215) 316-6271

heather.crowell@preit.com

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SOURCE PREIT

FAQ

When will PREIT release its financial results for Q4 2020?

PREIT will release its financial results for the fourth quarter of 2020 after market close on March 11, 2021.

What is the schedule for PREIT's conference call regarding Q4 2020 results?

The conference call to discuss PREIT's Q4 2020 results is scheduled for March 12, 2021, at 11:00 a.m. ET.

What guidance has PREIT withdrawn due to COVID-19?

PREIT has withdrawn its full-year 2020 guidance that was initially issued on February 25, 2020, due to the impacts of COVID-19.

What are the main risks mentioned by PREIT in their press release?

The main risks include tenant insolvency, inability to collect rent, and significant uncertainties related to COVID-19 and its economic impact.