News Real Estate

Pennsylvania Real Estate Investment Trust : Q3 22 Investor Update



Company Background

Pennsylvania Real Estate Investment Trust (“PREIT” or the “Company”) is a publicly traded (NYSE:PEI) real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs.

Robust portfolio of carefully-curated retail and lifestyle offerings mixed

with destination dining and entertainment experiences with

Key Facts & Figures

18 Malls

$597 Sales/SF

Totaling +16mm square

Core Portfolio, excluding

feet

Cumberland Mall

tremendous opportunity to create vibrant multi-use destinations

Presence in carefully-selected geographies to ensure market

dominance, particularly in the Philadelphia and Washington, D.C.

metro areas

Focused on enhancing the quality of its portfolio through

redevelopment, anchor repositioning, diversifying its tenant mix and

densifying properties by adding a mix of uses

Over the past decade, PREIT has executed on a mandate to increase

the quality of its portfolio

Replaced 19 anchor boxes with over 40 new tenants

Disposed of 19 lower-quality assets or 40% of the asset base

resulting in nearly $900 million raised from dispositions, a

significant portion of which was invested via redevelopment in the

remaining assets

95.6%

Core Portfolio Total

Leased Space(1)

885k

Average Population

$426mm

Invested into the portfolio

since 2016

8.7%

Quarterly Average

Renewal Spreads

$85k

Median Household Income

23 years

Average Management

tenure with the Company

Source: Company management, company filings.

2

(1) As of September 30, 2022.

Quarterly and Year-to-date same store NOI, excluding lease termination revenues were up 3.3% and 3.5%, respectively, driven by increased revenue resulting from occupancy gains

The Company has applied asset sale proceeds and excess cash from operations to pay down debt by $148 million during the ten months ended October 31, 2022.

The Company sent notice electing the extension of its credit facility and satisfied the re-margin requirement on Fashion District Philadelphia.

Closed on asset sales, generating over $110 million in gross proceeds with an additional $130 million in capital- raising transactions underway.

YTD FFO improved by $2.08/share to $0.38/share for nine months ended September 30, 2022 compared to the comparable 2021 period

3

Total Core Mall leased

space at 95.6%, driven by record new leasing activity in 2021

300,000 sq ft of leases

signed for future openings,

expected to contribute

annual gross rent of $7.0

million

Total Core Mall Occupancy

increased by 480 basis

points to 94.4%

Quarterly renewal spreads were 8.7%; highest in over four years

4

Construction has started on a new self-storage facility in previously unused below grade space at Mall at Prince George’s in Hyattsville, MD.

At Moorestown Mall, Cooper University Healthcare has started construction on its facility that is expected to open in the second half of 2023. Construction is underway for the 375-unit apartment building with initial occupancy anticipated in fall 2024.

Tenant work is underway for a new prototype, 32,000 square foot, LEGO® Discovery Center at Springfield Town Center with expected opening in third quarter 2023. In addition, the proposed apartment and hotel developments

will strengthen the property’s appeal to customers and prospective tenants.

Cherry Hill Mall continues to attract new-to-portfolio tenants: earlier new store openings from Warby Parker and Marc Cain will be supplemented with our first Levi’s, Psycho, Bunny and Eddie V’s.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

PREIT – Pennsylvania Real Estate Investment Trust published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2022 20:21:03 UTC.

Publicnow 2022

All news about PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

Sales 2021 293 M

Net income 2021 -133 M

Net Debt 2021 1 864 M

P/E ratio 2021 -0,50x
Yield 2021
Capitalization 15,2 M
15,2 M
EV / Sales 2020 7,57x
EV / Sales 2021 6,64x
Nbr of Employees 158
Free-Float 33,4%

Chart PENNSYLVANIA REAL ESTATE INVESTMENT TRUST



Duration :


Period :




Pennsylvania Real Estate Investment Trust Technical Analysis Chart | MarketScreener

Technical analysis trends PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

Short Term Mid-Term Long Term
Trends Neutral Bearish Bearish




Income Statement Evolution




Source link