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PREIT misses on Q1, reaffirms full-year outlook

Published 05/02/2018, 07:58 AM
Updated 05/02/2018, 07:58 AM
© Reuters.  PREIT misses on Q1, reaffirms full-year outlook

© Reuters. PREIT misses on Q1, reaffirms full-year outlook

  • Q1 FFO per share of $0.29 fell from $0.35 a year ago. Adjusting for sold assets, Q1 FFO of $0.28 fell from $032. Estimates were for $0.33.
  • Same-store NOI was flat Y/Y, but including uncontrollable snow removal, utilities, and bankruptcy-related bad debts, SSNOI fell 1.6%.
  • GLA-weighted sales per square foot up 4.3% Y/Y to $485. Leased space up 160 bps during quarter to 94.9%. Same-store occupancy up 50 bps Y/Y to 93.3%.
  • Average renewal spreads up 7.1%; up 4.4% for tenants under 10K square feet and 23.6% for those over 10K (excl. anchors).
  • Full-year FFO per share guidance is reaffirmed at $1.50-$1.60.
  • Conference call at 11 ET
  • Previously: Pennsylvania REIT misses by $0.04, misses on revenue (May 1)
  • PEI flat premarket, but fell more than 3% last night in thin action.
  • Now read: 8% Yields Worth A Buy From These 3 Preferred Shares


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