PREIT Schedules Second Quarter 2020 Earnings Release and Conference Call
Pennsylvania Real Estate Investment Trust (PEI) plans to release its financial results for Q2 2020 after market close on August 10, 2020. Due to the COVID-19 pandemic, the company has withdrawn its full-year 2020 guidance initially provided in February. There will be no updated guidance accompanying the earnings results. A conference call is scheduled for August 11, 2020, at 9:00 a.m. Eastern Time to discuss the results and future outlook.
- Scheduled conference call for Q2 results on August 11, 2020.
- Withdrawal of full-year 2020 guidance due to COVID-19.
PHILADELPHIA, Aug. 3, 2020 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) intends to release its financial results for the quarter ending June 30, 2020 after market trading closes on Monday, August 10, 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 As previously announced, and due to COVID-19, the Company has withdrawn its full-year 2020 guidance issued on February 25, 2020.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 second quarter 2020 earnings results.
Management has scheduled a conference call for 9:00 a.m. Eastern Time on Tuesday August 11, 2020, 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 4292929, 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 that owns and manages innovative properties at the forefront of shaping consumer experiences 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 www.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 views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. In particular, 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, in our Annual Report on Form 10-K for the year ended December 31, 2019 in the section entitled "Item 1A. Risk Factors" and in our Current Report on Form 8-K filed on May 11, 2020. We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
CONTACT: AT THE COMPANY
Heather Crowell
EVP – Strategy and Communications
215.454.1241
Heather.crowell@preit.com
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SOURCE PREIT
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