UPDATE: PREIT (PEI) Misses Q1 EPS by 12c, Revenues Beat; Offers FY19 EPS Mid-Point Guidance Above Consensus

PREIT (NYSE: PEI) reported Q1 EPS of ($0.30), $0.12 worse than the analyst estimate of ($0.18). Revenue for the quarter came in at $85.31 million versus the consensus estimate of $55.86 million.

"As catalyst projects are set to come online this Fall and we progress on our densification initiatives, PREIT continues to lead the way in redefining the mall experience with results that validate our strategy," said Joseph F. Coradino, Chairman and Chief Executive Officer of PREIT. "With sales per square foot approaching the next milestone of $550, no unleased anchor space in our core mall portfolio and progress on delivering over 5,000 apartment units, our portfolio is attractive to tenants and reflective of the future of our industry. We continue to place a strong emphasis on delivering new and differentiated customer experiences to our malls and have a strategy to generate proceeds to recapitalize the Company for sustainable growth in the future."

GUIDANCE:

PREIT sees FY2019 EPS of ($0.63)-($0.46), versus the consensus of ($0.46).

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

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