PREIT (PEI) Misses Q2 EPS by 7c, Revenues Miss

PREIT (NYSE: PEI) reported Q2 EPS of ($0.38), $0.07 worse than the analyst estimate of ($0.31). Revenue for the quarter came in at $56.77 million versus the consensus estimate of $75.45 million.

"We continue to be appreciative of our PREIT associates for executing on all aspects of our plan to get through this challenging period. Our resolve in creating the best overall consumer experience remains," said Joseph F. Coradino, Chairman and CEO of PREIT. "Long before this pandemic hit, we were responding to changes in consumer behavior. Our properties have superior market positioning as dominant retail hubs and we believe they will continue to gain market share as we strengthen them into commerce districts that include apartments, hotels, storage and last-mile fulfillment, medical and other uses. Our go-forward capital allocation priorities are to ensure that only the best opportunities to bolster our underlying earnings stream are pursued."

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

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