PREIT (PEI) Reports Q1 Loss of $0.26

PREIT (NYSE: PEI) reported Q1 EPS of ($0.26), versus ($0.30) reported last year.

"As we slowly emerge from an unprecedented environment, we are focused on ensuring the safety and well-being of our associates and communities while enhancing near-term liquidity with a laser-focus on improving our balance sheet to position PREIT for long-term success," said Joseph F. Coradino, Chairman and CEO of PREIT. "The PREIT team has been resilient and courageous as we navigate this challenging environment. We have pivoted quickly, making difficult decisions and focusing our efforts on supporting our communities of tenants, shoppers, retail employees and our staff."

Coradino added, "PREIT was among the first companies in our sector to embark on a proactive effort to improve our portfolio through asset sales and anchor repositioning and redevelopment, completing the program ahead of industry peers and in advance of the COVID-19 pandemic. We believe our properties are well-positioned with mass-market offerings appealing to a value-focused shopper. These properties, with prime locations in their respective markets, are dominant retail hubs and we believe they will ultimately gain market share as they re-open."

2020 Outlook

On March 31, 2020, the Company withdrew its financial outlook for 2020 provided in its February 25, 2020 earnings press release.

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

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