Pennsylvania Real Estate: 1Q Earnings Snapshot
PHILADELPHIA (AP) _ Pennsylvania Real Estate Investment Trust (PEI) on Thursday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Philadelphia, said it had funds from operations of $11.3 million, or 14 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 23 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $19.9 million, or 26 cents per share.
The shopping mall real estate investment trust posted revenue of $74.2 million in the period.
The company’s shares closed at $1.28. A year ago, they were trading at $6.69.