Pennsylvania Real Estate Investment Trust : Quarterly Supplemental Disclosure (December 31, 2021) (opens in new window)
Exhibit 99.1
Supplemental Financial and Operating Information
December 31, 2021
www.preit.com
NYSE:PEI
NYSE: PEIPRB, PEIPRC, PEIPRD
Pennsylvania Real Estate Investment Trust
Supplemental Financial and Operating Information
December 31, 2021
Table of Contents
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Introduction |
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Company information |
4 |
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Earnings Release |
5 |
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Changes in Funds from Operations for the Three Months and Year Ended December 31, 2021 |
9 |
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Market Capitalization and Capital Resources |
10 |
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Operating Results |
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Statements of Operations – Three Months and Year Ended December 31, 2021 and 2020 |
11 |
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Computation of Earnings Per Share |
12 |
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Reconciliation of Net Operating Income and EBITDAre (Non-GAAP Measures) – Three Months and Year Ended |
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December 31, 2021 and 2020 |
13 |
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Reconciliation of Net Loss (GAAP Measure) to Net Operating Income from Consolidated Properties (Non-GAAP |
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Measure) – Three Months Ended December 31, 2021 and 2020 |
14 |
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Reconciliation of Equity in Loss of Partnerships (GAAP Measure) to Net Operating Income from Equity Method |
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Investments, at Ownership Share (Non-GAAP Measure) – Three Months Ended December 31, 2021 and 2020 |
15 |
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Reconciliation of Net Loss (GAAP Measure) to Net Operating Income from Consolidated Properties (Non-GAAP |
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Measure) – Year Ended December 31, 2021 and 2020 |
16 |
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Reconciliation of Equity in Loss of Partnerships (GAAP Measure) to Net Operating Income from Equity Method |
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Investments, at Ownership Share (Non-GAAP Measure) – Year Ended December 31, 2021 and 2020 |
17 |
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Reconciliation of Net Loss (GAAP Measure) to Funds From Operations and Funds Available for Distribution (Non-GAAP |
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Measures) – Three Months and Year Ended December 31, 2021 and 2020 |
18 |
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Condensed Consolidated Balance Sheets |
19 |
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Assets and Liabilities – Equity Method Investments, at Ownership Share (Non-GAAP Measure) |
20 |
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Operating Statistics |
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Leasing Activity Summary – Three Months and Year Ended December 31, 2021 |
21 |
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Summarized Sales and Rent Per Square Foot and Occupancy Percentages |
23 |
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Mall Occupancy Percentage and Sales Per Square Foot |
24 |
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Top Twenty Tenants |
25 |
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lease expirations |
26 |
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Property Information |
27 |
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Balance sheet |
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Investment in Real Estate – Consolidated Properties |
29 |
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Investment in Real Estate – Equity Method Investments at Ownership Share |
30 |
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Capital Expenditure – Three Months and Year Ended December 31, 2021 |
31 |
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Debt Analysis |
32 |
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Debt schedule |
34 |
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Selected debt ratios |
35 |
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Forward Looking Statements |
36 |
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definitions |
37 |
Pennsylvania Real Estate Investment Trust
Company information
Background
PREIT (NYSE:PEI) is a publicly traded real estate investment trust (REIT) that owns and manages distinctive real estate in high barrier-to-entry markets at the forefront of enabling communities through the built environment. PREIT’s robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. PREIT is 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. The portfolio consists of 25 retail properties, 24 of which are operating properties and one is a development property. The 24 operating retail properties have a total of 19.6 million square feet and include 20 shopping malls and four other retail properties.
If you would like to learn more about PREIT or participate in our quarterly earnings conference call, please visit preit.com or contact:
Heather Crowell
EVP, Strategy and Communications
One Commerce Square
2005 Market Street, Suite 1000
Philly, PA 19103
Telephone: (215) 875-0735
Fax: (215) 546-2504
Email: [email protected]
Press release announcements are available on the Company’s website at www.preit.com.
CONTACT: AT THE COMPANY
Mario Ventresca
EVP & CFO (215) 875-0703
Heather Crowell
EVP, Strategy and Communications
- 454-1241[email protected]
PREIT Reports Fourth Quarter and Full Year 2021 Results
Core Mall Sales Per Square Foot Reach $614 in January, up from $603 at Year End
Cherry Hill Mall Sales Near $1,000 per square foot
Strong Total Core Mall Leased Space at 94.3%
Philly, March 14, 2022 – PREIT (NYSE: PEI) today reported results for the three months and year ended December 31, 2021. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is provided in the tables accompanying this release.
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(per share amount) |
Three Months Ended December 31, |
Year Ended December 31, |
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2021 |
2020 |
2021 |
2020 |
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Net loss – basic and diluted |
$ |
(0.43) |
$ |
(2.62) |
$ |
(2.04) |
$ |
(3.72) |
|||||
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FFO |
0.17 |
(0.22) |
0.05 |
(0.02) |
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FFO, as adjusted |
0.17 |
(0.13) |
(0.04) |
(0.01) |
“Strong demand continued to drive record operating results for the quarter and year in sales, leasing activity, traffic and net operating income,” said Joseph F. Coradino, Chairman and CEO of PREIT. “We are focused on unlocking value for our stakeholders, we will continue to drive portfolio improvement, operating performance and execution on our plan to improve our capital position through asset sales and incremental revenue generation. Our progress on capital-raising initiatives is palpable with new contracts executed and closing dates set for the first half of the year.”
- Same Store NOI, excluding lease termination revenue, increased 52.5% for the three months ended December 31, 2021 compared to the three months ended December 31, 2020.
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Disclaimer
PREIT – Pennsylvania Real Estate Investment Trust published this content on 15 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2022 06:19:07 UTC.
Public now 2022
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Technical analysis trends PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
| short term | Mid Term | long term | |
| trends | Neutral | Bearish | Bearish |
Income statement evolution
|
Sell
Buy |
|
| Mean consensus | HOLD |
| Number of Analysts | 1 |
| Last close price |
0.85 |
| Average target price | |
| Spread / Average Target |
– |
