PREIT (PEI) Post Loss of $0.05/Share, FFO of $0.51 (Earlier)

Earlier, PREIT (NYSE: PEI) reported Q4 EPS of ($0.05), $0.09 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $99.77 million which may not compare to the consensus estimate of $60.35 million.

• Net loss attributable to PREIT common shareholders was $3.4 million, or $0.05 per basic and diluted share, compared to net loss attributable to PREIT common shareholders of $27.8 million, or $0.40 per basic and diluted share for the quarter ended December 31, 2016.
• Same Store NOI excluding lease termination income increased by 3.0%, or $2.1 million, to $70.1 million for the quarter ended December 31, 2017 compared to $68.0 million for the quarter ended December 31, 2016.
• Lease termination income at same store properties was $0.5 million in the quarter ended December 31, 2017 compared to $2.0 million in the quarter ended December 31, 2016.
• Non Same Store NOI decreased $5.8 million primarily due to properties sold in 2017 as compared to the quarter ended December 31, 2016.
• FFO, as adjusted, for the quarter was $0.51 per diluted share and OP Unit, compared to $0.57 per diluted share and OP Unit in the prior year. Net dilution from assets sold in 2017 and 2016 impacted quarterly results by approximately $0.07 per diluted share.
• Interest expense decreased by $2.8 million primarily due to a decrease in our average debt balance and lower average interest rates.
• Dividends payable to preferred shareholders increased by $3.1 million as a result of our 2017 Series C and Series D Preferred Share Issuances.
• Loss on redemption of preferred shares of $4.1 million was recorded in connection with the retirement of our 8.25% Series A Preferred Shares.
• Impairment of assets of $38.0 million recognized on Beaver Valley Mall, Crossroads Mall and White Clay Point land in the quarter ended December 31, 2016.

For earnings history and earnings-related data on PREIT (PEI) click here.

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