PHILADELPHIA, Nov. 4, 2021 /PRNewswire/ -- PREIT (NYSE:
PEI) today reported results for the three and nine months ended
September 30, 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.
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
(per share
amounts)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
|
|
2020
|
|
Net loss - basic and
diluted
|
|
$
|
(0.56)
|
|
|
$
|
(0.46)
|
|
|
$
|
(1.60)
|
|
|
|
|
$
|
(1.10)
|
|
FFO
|
|
$
|
(0.07)
|
|
|
$
|
0.12
|
|
|
$
|
(0.12)
|
|
|
|
|
$
|
0.20
|
|
FFO, as
adjusted
|
|
$
|
(0.08)
|
|
|
$
|
0.03
|
|
|
$
|
(0.21)
|
|
|
|
|
$
|
0.12
|
|
"As we head into what is forecast to be a record-setting holiday
season, our portfolio is generating tremendous momentum with
impressive same store NOI growth, robust tenant sales and a strong
leasing pipeline as a result of our unrelenting focus to create
ever-evolving properties that generate success for our tenants,"
said Joseph F. Coradino, Chairman
and CEO of PREIT. "As our industry continues along a steep
recovery slope, we expect to continue to deliver solid results and
create value for our stakeholders."
- Same Store NOI, excluding lease termination revenue, increased
36.0% for the three months ended September
30, 2021 compared to the three months ended September 30, 2020.
-
- For the quarter, results were driven by an increase in real
estate revenue of $7.8 million
primarily due to favorable percentage rent and a decrease in
recognized credit losses for challenged tenants as compared to the
three months ended September 30,
2020, partially offset by reduced rents from
bankruptcies.
- Collections continued to be strong with cash collections of
119% of billings for the third quarter of 2021. We collected
92% of billed third quarter 2021 rents and momentum continued in
October with 93% of billed rents collected.
- Our accounts receivable balance is down to $36.1 million as of September 30, 2021 compared to $54.5 million as of December 31, 2020.
- As a result of improved collections, net cash generated from
operating activities totaled $38.2
million for the nine months ended September 30, 2021 compared to cash used in
operating activities of $8.8
million in the nine months ended September 30, 2020.
- Robust leasing activity is driving increased occupancy with
Mall Total Occupancy increasing by 100 basis points, sequentially,
to 88.8%. Mall Non-anchor Occupancy increased 230 basis points,
sequentially, to 86.6%.
- Total Core Mall leased space, at 91.7%, exceeds occupied space
by 210 basis points, and total non-anchor leased space, at 90.2%,
exceeds occupied space by 190 basis points when including executed
new leases slated for future occupancy, demonstrating the rapid
pace of leasing activity.
- For the rolling 12 month period ended September 30, 2021, core mall sales for
comparable tenants grew by 6.1% on average compared to the rolling
12 month period ended September 30,
2019. Sales grew at over 80% of properties, with comparable
tenants, meaning tenants that reported sales in both periods,
reporting sales growth of 17% in September
2021 when compared to September of 2019.
- Average renewal spreads for the nine months ended September 30, 2021 declined by 1.1%.
Sequentially, average renewal spreads for tenants less than 10,000
square feet improved from -13.5% for the quarter ended June 30, 2021 to -2.3% for the quarter ended
September 30, 2021.
Leasing and Redevelopment
- 637,000 square feet of leases are signed for future openings,
which is expected to contribute annual gross rent of $10.0 million.
- Leasing momentum continues to build with transactions executed
for 1.2 million square feet of occupancy thus far in 2021.
- Tilt Studios replaced JC Penney in 104,000 square feet at
Magnolia Mall in Florence, SC. The
family-focused destination opened in October
2021.
- Aldi opened its first store in the portfolio in 21,000 square
feet at Dartmouth Mall in Dartmouth,
MA in September 2021.
- A lease has been executed with Turn 7 to occupy the former Lord
& Taylor space at Moorestown Mall. Turn 7 will open this Fall
selling ever-changing overstocked merchandise from online channels
at a discount, in a fast-paced, fun atmosphere. The store is
expected to open in November.
- A transaction has been executed with Cooper University Health
Care for an outpatient location in the former Sears space at
Moorestown Mall in Moorestown, NJ.
The Company also executed a rezoning agreement to allow for the
addition of up to 1,065 multifamily units and a hotel at Moorestown
Mall.
- Construction is underway on a new self-storage facility in
previously unused below grade space at Mall at Prince George's in Hyattsville, MD with an anticipated opening in
Q1 2022.
- A lease has been executed with Tilted 10 and Tilt Studio, an
action-packed bi-level 104,000 square foot indoor family
entertainment center to replace the former JC Penney at Willow
Grove Park, adding family entertainment to this locally-loved
destination shopping experience.
- Phoenix Theatres is under construction to bring a first-class
movie experience to Woodland Mall in 47,000 square feet in Q1
2022.
Primary Factors Affecting Financial Results for the Three
Months Ended September 30, 2021 and
2020
- Net loss attributable to PREIT common shareholders was
$44.6 million (which takes into
consideration the accrual of preferred dividends that accumulated
during the quarter but have not been paid), or $0.56 per basic and diluted share for the three
months ended September 30, 2021,
compared to net loss attributable to PREIT common shareholders of
$35.7 million, or $0.46 per basic and diluted share for the three
months ended September 30, 2020.
- Same Store NOI, including lease terminations, increased by
$10.8 million, or 30.4%. The increase
is primarily due to tenant store closings and rent abatements and
increased credit losses that occurred in the prior year, partially
offset by a reduction in expense recoveries resulting from tenant
restructuring transactions.
- Non-Same Store NOI increased by $0.4
million, primarily due to higher credit losses in the prior
year.
- FFO for the three months ended September
30, 2021 was $(0.07) per
diluted share and OP Unit compared to $0.12 per diluted share and OP Unit for the three
months ended September 30, 2020.
Adjustments to FFO in the third quarter of 2021 was primarily
related to $(0.01) per share from
gain on hedge ineffectiveness.
All NOI and FFO amounts referenced as primary factors affecting
financial results above include our share of unconsolidated
properties' revenues and expenses. Additional information regarding
changes in operating results for the three and nine months ended
September 30, 2021 and 2020 is
included on page 15.
Liquidity and Financing Activities
As of
September 30, 2021, the Company had
$75.2 million available under its
First Lien Revolving Credit Facility. The Company's corporate cash
balances, when combined with available credit, provides total
liquidity of $96.3 million.
Asset Dispositions
Multifamily Land
Parcels: The Company has executed agreements of sale for
land parcels for anticipated multi-family development in the amount
of $99.1 million. The agreements are
with multiple buyers across six properties for over 2,500 units as
part of the Company's previously announced multi-family land sale
plan. Closing on the transactions is subject to customary due
diligence provisions and securing entitlements.
Hotel Parcels: The Company has an executed agreement
of sale to convey a land parcel for anticipated hotel development
in the amount of $2.5 million for
approximately 125 rooms. Closing on the transaction is subject to
customary due diligence provisions and securing entitlements.
Other Parcels: In August
2021, the Company closed on the sale of the strip center
adjacent to Valley View Mall for $3.5
million. The Company expects to close on the
sale of a remaining parcel at the previously disposed Monroe Power
Center for $1.0 million in November
and an anchor box at Valley View Mall in early 2022 for
$2.8 million.
2021 Outlook
The Company is not issuing
detailed guidance at this time.
Conference Call Information
Management
has scheduled a conference call for 11:00 a.m. Eastern Time on Thursday
November 4, 2021, to review the Company's results and future
outlook. To listen to the call, please dial 1-844-885-9139
(domestic toll free), or 1-647-689-4441 (international), and
request to join the PREIT call, Conference ID 3651629, at least
fifteen minutes before the scheduled start time as callers could
experience delays. Investors can also access the call in a
"listen only" mode via the internet at the Company's website,
preit.com. Please allow extra time prior to the call to visit
the site and download the necessary software to listen to the
Internet broadcast. Financial and statistical information
expected to be discussed on the call will also be available on the
Company's website.
For interested individuals unable to join the conference call,
the online archive of the webcast will also be available for one
year following the call.
About PREIT
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. Additional
information is available at preit.com or on Twitter or
LinkedIn.
Rounding
Certain summarized information in the
tables included may not total due to rounding.
Definitions
Funds From Operations ("FFO")
The National Association of Real Estate Investment Trusts
("NAREIT") defines Funds From Operations ("FFO"), which is a
non-GAAP measure commonly used by REITs, as net income (computed in
accordance with GAAP) excluding (i) depreciation and amortization
of real estate, (ii) gains and losses on sales of certain real
estate assets, (iii) gains and losses from change in control and
(iv) impairment write-downs of certain real estate assets and
investments in entities when the impairment is directly
attributable to decreases in the value of depreciable real estate
held by the entity. We compute FFO in accordance with standards
established by NAREIT, which may not be comparable to FFO reported
by other REITs that do not define the term in accordance with the
current NAREIT definition, or that interpret the current NAREIT
definition differently than we do. NAREIT's established guidance
provides that excluding impairment write downs of depreciable real
estate is consistent with the NAREIT definition.
FFO is a commonly used measure of operating performance and
profitability among REITs. We use FFO and FFO per diluted share and
unit of limited partnership interest in our operating partnership
("OP Unit") in measuring our performance against our peers and as
one of the performance measures for determining incentive
compensation amounts earned under certain of our performance-based
executive compensation programs.
FFO does not include gains and losses on sales of operating real
estate assets or impairment write downs of depreciable real estate
(including development land parcels), which are included in the
determination of net loss in accordance with GAAP. Accordingly, FFO
is not a comprehensive measure of our operating cash flows. In
addition, since FFO does not include depreciation on real estate
assets, FFO may not be a useful performance measure when comparing
our operating performance to that of other non-real estate
commercial enterprises. We compensate for these limitations by
using FFO in conjunction with other GAAP financial performance
measures, such as net loss and net cash used in operating
activities, and other non-GAAP financial performance measures, such
as NOI. FFO does not represent cash generated from operating
activities in accordance with GAAP and should not be considered to
be an alternative to net loss (determined in accordance with GAAP)
as an indication of our financial performance or to be an
alternative to cash flow from operating activities (determined in
accordance with GAAP) as a measure of our liquidity, nor is it
indicative of funds available for our cash needs, including our
ability to make cash distributions. We believe that net loss is the
most directly comparable GAAP measurement to FFO.
When applicable, we also present FFO, as adjusted, and FFO per
diluted share and OP Unit, as adjusted, which are non-GAAP
measures, for the three and nine months ended September 30, 2021 and 2020, to show the effect
of such items as gain or loss on debt extinguishment (including
accelerated amortization of financing costs), impairment of assets,
provision for employee separation expense, insurance recoveries or
losses, net, gain on derecognition of property, gain or loss on
hedge ineffectiveness and reorganization expenses which had an
effect on our results of operations, but are not, in our opinion,
indicative of our ongoing operating performance.
We believe that FFO is helpful to management and investors as a
measure of operating performance because it excludes various items
included in net loss that do not relate to or are not indicative of
operating performance, such as gains on sales of operating real
estate and depreciation and amortization of real estate, among
others. We believe that Funds From Operations, as adjusted, is
helpful to management and investors as a measure of operating
performance because it adjusts FFO to exclude items that management
does not believe are indicative of our operating performance, such
as provision for employee separation expense, gain on hedge
ineffectiveness and reorganization expenses.
Net Operating Income ("NOI")
NOI (a non-GAAP measure) is derived from real estate revenue
(determined in accordance with GAAP, including lease termination
revenue), minus property operating expenses (determined in
accordance with GAAP), plus our pro rata share of revenue and
property operating expenses of our unconsolidated partnership
investments. NOI does not represent cash generated from operating
activities in accordance with GAAP and should not be considered to
be an alternative to net loss (determined in accordance with GAAP)
as an indication of our financial performance or to be an
alternative to cash flow from operating activities (determined in
accordance with GAAP) as a measure of our liquidity. It is not
indicative of funds available for our cash needs, including our
ability to make cash distributions. We believe NOI is helpful to
management and investors as a measure of operating performance
because it is an indicator of the return on property investment,
and provides a method of comparing property performance over time.
We believe that net loss is the most directly comparable GAAP
measure to NOI. NOI excludes other income, depreciation and
amortization, general and administrative expenses, insurance
recoveries and losses, net, provision for employee separation
expenses, project costs and other expenses, interest expense,
reorganization expenses, impairment of assets, equity in
loss/income of partnerships, gain on extinguishment of debt,
gain/loss on sale of real estate and gain/loss on sales of
non-operating real estate.
Same Store NOI is calculated using retail properties owned for
the full periods presented and excludes properties
acquired or disposed of, under
redevelopment, or designated as non-core during the periods
presented. Non Same Store NOI is calculated using the retail
properties excluded from the calculation of Same Store NOI.
Unconsolidated Properties and Proportionate Financial
Information
The non-GAAP financial measures of FFO and NOI presented in this
press release incorporate financial information attributable to our
share of unconsolidated properties. This proportionate financial
information is non-GAAP financial information, but we believe that
it is helpful information because it reflects the pro rata
contribution from our unconsolidated properties that are owned
through investments accounted for under GAAP using the equity
method of accounting. Under such method, earnings from these
unconsolidated partnerships are recorded in our statements of
operations prepared in accordance with GAAP under the caption
entitled "Equity in (loss) income of partnerships."
To derive the proportionate financial information from our
unconsolidated properties," we multiplied the percentage of our
economic interest in each partnership on a property-by-property
basis by each line item. Under the partnership agreements
relating to our current unconsolidated partnerships with third
parties, we own a 25% to 50% economic interest in such
partnerships, and there are generally no provisions in such
partnership agreements relating to special non-pro rata allocations
of income or loss, and there are no preferred or priority returns
of capital or other similar provisions. While this method
approximates our indirect economic interest in our pro rata share
of the revenue and expenses of our unconsolidated partnerships, we
do not have a direct legal claim to the assets, liabilities,
revenues or expenses of the unconsolidated partnerships beyond our
rights as an equity owner in the event of any liquidation of such
entity. Our percentage ownership is not necessarily
indicative of the legal and economic implications of our ownership
interest. Accordingly, NOI and FFO results based on our share
of the results of unconsolidated partnerships do not represent cash
generated from our investments in these partnerships.
Core Properties
Core Properties include all operating retail properties except
for Exton Square Mall. Valley View Mall was previously designated a
non-core property, as we no longer operate this property. Core
Malls excludes these properties, power centers and Gloucester
Premium Outlets.
Forward Looking Statements
This press release contains certain forward-looking statements
that can be identified by the use of words such as "anticipate,"
"believe," "estimate," "expect," "intend," "may," "project," and
similar expressions. Forward-looking statements relate to
expectations, beliefs, projections, future plans, strategies,
anticipated events, trends and other matters, including our
expectations regarding the impact of COVID-19 on our business, that
are not historical facts. These forward-looking statements reflect
our current views about future events, achievements, results, cost
reductions, dividend payments and the impact of COVID-19 and are
subject to risks, uncertainties and changes in circumstances that
might cause future events, achievements or results to differ
materially from those expressed or implied by the forward-looking
statements. In particular, our business might be materially and
adversely affected by the following:
- the effectiveness of our financial restructuring and any
additional strategies that we may employ to address our liquidity
and capital resources in the future;
- our ability to achieve forecasted revenue and pro forma
leverage ratio and generate free cash flow to further reduce
indebtedness;
- the COVID-19 global pandemic and the public health and
governmental response, which have and may continue to exacerbate
many of the risks listed herein;
- changes in the retail and real estate industries, including
bankruptcies, consolidation and store closings, particularly among
anchor tenants;
- current economic conditions, including current high rates of
unemployment and its effects on consumer confidence and spending,
supply chain challenges, and the corresponding effects on tenant
business performance, prospects, solvency and leasing
decisions;
- our inability to collect rent due to the bankruptcy or
insolvency of tenants or otherwise;
- our ability to maintain and increase property occupancy, sales
and rental rates;
- increases in operating costs that cannot be passed on to
tenants;
- the effects of online shopping and other uses of technology on
our retail tenants;
- risks related to our development and redevelopment activities,
including delays, cost overruns and our inability to reach
projected occupancy or rental rates;
- social unrest and acts of vandalism or violence at malls,
including our properties, or at other similar spaces, and the
potential effect on traffic and sales;
- the frequency, severity and potential impact of extreme weather
events at or near our properties, including potential property
damage, some or all of which may not be covered by insurance, the
potential effect on traffic and sales, and the potential increased
costs of insurance coverage;
- our ability to sell properties that we seek to dispose of or
our ability to obtain prices we seek;
- potential losses on impairment of certain long-lived assets,
such as real estate, including losses that we might be required to
record in connection with any disposition of assets;
- our substantial debt and our ability to remain in compliance
with our financial covenants under our debt facilities;
- our ability to raise capital, including through sales of
properties or interests in properties, subject to the terms of our
Credit Agreements; and
- potential dilution from any capital raising transactions or
other equity issuances.
- Additional factors that might cause future events, achievements
or results to differ materially from those expressed or implied by
our forward-looking statements include those discussed herein and
in our Annual Report on Form 10-K for the year ended December 31, 2020 in the section entitled "Item
1A. Risk Factors" and any subsequent reports we file with the SEC.
Any forward-looking statements made by us speak only as of the date
on which they are made, and we do not intend to update or revise
any forward-looking statements to reflect new information, future
events or otherwise.
** Quarterly
supplemental financial and operating
**
** information will be
available on www.preit.com **
Pennsylvania Real
Estate Investment Trust
Selected Financial Data
|
|
|
|
Three Months
Ended
September
30,
|
|
|
Nine Months
Ended
September
30,
|
|
(in thousands of
dollars)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease
revenue
|
|
$
|
65,543
|
|
|
$
|
58,473
|
|
|
$
|
193,563
|
|
|
$
|
178,313
|
|
Expense
reimbursements
|
|
|
4,650
|
|
|
|
4,040
|
|
|
|
12,436
|
|
|
|
11,321
|
|
Other real estate
revenue
|
|
|
1,400
|
|
|
|
1,336
|
|
|
|
4,828
|
|
|
|
4,803
|
|
Total real estate
revenue
|
|
|
71,593
|
|
|
|
63,849
|
|
|
|
210,827
|
|
|
|
194,437
|
|
Other
income
|
|
|
143
|
|
|
|
340
|
|
|
|
430
|
|
|
|
764
|
|
Total
revenue
|
|
|
71,736
|
|
|
|
64,189
|
|
|
|
211,257
|
|
|
|
195,201
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAM and real estate
taxes
|
|
|
(26,408)
|
|
|
|
(27,688)
|
|
|
|
(79,899)
|
|
|
|
(80,418)
|
|
Utilities
|
|
|
(3,749)
|
|
|
|
(3,530)
|
|
|
|
(9,573)
|
|
|
|
(8,971)
|
|
Other property
operating expenses
|
|
|
(1,972)
|
|
|
|
(1,827)
|
|
|
|
(6,580)
|
|
|
|
(5,699)
|
|
Total property
operating expenses
|
|
|
(32,129)
|
|
|
|
(33,045)
|
|
|
|
(96,052)
|
|
|
|
(95,088)
|
|
Depreciation and
amortization
|
|
|
(29,142)
|
|
|
|
(34,420)
|
|
|
|
(88,667)
|
|
|
|
(95,597)
|
|
General and
administrative expenses
|
|
|
(14,453)
|
|
|
|
(9,526)
|
|
|
|
(39,819)
|
|
|
|
(30,790)
|
|
Provision for
employee separation expenses
|
|
|
(39)
|
|
|
|
(60)
|
|
|
|
(279)
|
|
|
|
(1,173)
|
|
Insurance recoveries,
net
|
|
|
—
|
|
|
|
—
|
|
|
|
670
|
|
|
|
586
|
|
Project costs and
other expenses
|
|
|
(27)
|
|
|
|
(124)
|
|
|
|
(206)
|
|
|
|
(287)
|
|
Total operating
expenses
|
|
|
(75,790)
|
|
|
|
(77,175)
|
|
|
|
(224,353)
|
|
|
|
(222,349)
|
|
Interest expense,
net
|
|
|
(32,426)
|
|
|
|
(20,260)
|
|
|
|
(95,135)
|
|
|
|
(54,300)
|
|
Gain on debt
extinguishment, net
|
|
|
—
|
|
|
|
—
|
|
|
|
4,587
|
|
|
|
—
|
|
Gain on derecognition
of property
|
|
|
—
|
|
|
|
7,006
|
|
|
|
—
|
|
|
|
7,006
|
|
Impairment of
assets
|
|
|
(262)
|
|
|
|
—
|
|
|
|
(1,564)
|
|
|
|
—
|
|
Reorganization
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
(267)
|
|
|
|
—
|
|
Total
expenses
|
|
|
(108,478)
|
|
|
|
(90,429)
|
|
|
|
(316,732)
|
|
|
|
(269,643)
|
|
Loss before equity in
loss of partnerships, (loss) gain on sales of real estate by equity
method investee, (loss) gain on sales of real estate, net, and gain
(loss) on sales of interests in non operating real
estate
|
|
|
(36,742)
|
|
|
|
(26,240)
|
|
|
|
(105,475)
|
|
|
|
(74,442)
|
|
Equity in loss of
partnerships
|
|
|
(1,429)
|
|
|
|
(3,259)
|
|
|
|
(2,429)
|
|
|
|
(2,798)
|
|
(Loss) gain on sales
of real estate by equity method investee
|
|
|
(10)
|
|
|
|
—
|
|
|
|
1,337
|
|
|
|
—
|
|
(Loss) gain on sales
of real estate, net
|
|
|
(217)
|
|
|
|
(94)
|
|
|
|
(1,191)
|
|
|
|
11,169
|
|
Gain (loss) on sales
of interests in non operating real estate
|
|
|
—
|
|
|
|
16
|
|
|
|
—
|
|
|
|
(174)
|
|
Net
loss
|
|
|
(38,398)
|
|
|
|
(29,577)
|
|
|
|
(107,758)
|
|
|
|
(66,245)
|
|
Less: net loss
attributable to noncontrolling interest
|
|
|
669
|
|
|
|
734
|
|
|
|
2,686
|
|
|
|
1,996
|
|
Net loss
attributable to PREIT
|
|
|
(37,729)
|
|
|
|
(28,843)
|
|
|
|
(105,072)
|
|
|
|
(64,249)
|
|
Less: cumulative
preferred share dividends
|
|
|
(6,843)
|
|
|
|
(6,843)
|
|
|
|
(20,531)
|
|
|
|
(20,531)
|
|
Net loss
attributable to PREIT common shareholders
|
|
$
|
(44,572)
|
|
|
$
|
(35,686)
|
|
|
$
|
(125,603)
|
|
|
$
|
(84,780)
|
|
Pennsylvania Real
Estate Investment Trust
Selected Financial Data
|
|
|
|
Three Months
Ended
September
30,
|
|
|
Nine Months
Ended
September
30,
|
|
(in thousands,
except per share amounts)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net loss
|
|
$
|
(38,398)
|
|
|
$
|
(29,577)
|
|
|
$
|
(107,758)
|
|
|
$
|
(66,245)
|
|
Noncontrolling
interest
|
|
|
669
|
|
|
|
734
|
|
|
|
2,686
|
|
|
|
1,996
|
|
Cumulative preferred
share dividends
|
|
|
(6,843)
|
|
|
|
(6,843)
|
|
|
|
(20,531)
|
|
|
|
(20,531)
|
|
Dividends on unvested
restricted shares
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(363)
|
|
Net loss used to
calculate loss per share—basic and diluted
|
|
$
|
(44,572)
|
|
|
$
|
(35,686)
|
|
|
$
|
(125,603)
|
|
|
$
|
(85,143)
|
|
Basic and diluted
loss per share:
|
|
$
|
(0.56)
|
|
|
$
|
(0.46)
|
|
|
$
|
(1.60)
|
|
|
$
|
(1.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands of
shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding—basic
|
|
|
79,184
|
|
|
|
77,401
|
|
|
|
78,330
|
|
|
|
77,149
|
|
Effect of common
share equivalents(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Weighted average
shares outstanding—diluted
|
|
|
79,184
|
|
|
|
77,401
|
|
|
|
78,330
|
|
|
|
77,149
|
|
|
|
(1)
|
The Company had net
losses in all periods presented. Therefore, the effects of common
share equivalents are excluded from the calculation of diluted loss
per share for these periods because they would be
antidilutive.
|
|
|
Three Months
Ended
September
30,
|
|
|
Nine Months
Ended
September
30,
|
|
(in thousands of
dollars)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(38,398)
|
|
|
$
|
(29,577)
|
|
|
$
|
(107,758)
|
|
|
$
|
(66,245)
|
|
Unrealized gain (loss)
on derivatives
|
|
|
2,634
|
|
|
|
4,053
|
|
|
|
7,903
|
|
|
|
(15,750)
|
|
Amortization of
settled swaps
|
|
|
4
|
|
|
|
3
|
|
|
|
9
|
|
|
|
73
|
|
Total comprehensive
loss
|
|
|
(35,760)
|
|
|
|
(25,521)
|
|
|
|
(99,846)
|
|
|
|
(81,922)
|
|
Less: comprehensive
loss attributable to noncontrolling
interest
|
|
|
630
|
|
|
|
138
|
|
|
|
2,518
|
|
|
|
2,401
|
|
Comprehensive loss
attributable to PREIT
|
|
$
|
(35,130)
|
|
|
$
|
(25,383)
|
|
|
$
|
(97,328)
|
|
|
$
|
(79,521)
|
|
Pennsylvania Real
Estate Investment Trust
Selected Financial Data
|
|
The following table
presents a reconciliation of net loss determined in accordance with
GAAP to (i) FFO attributable to common shareholders and OP Unit
holders, (ii) FFO, as adjusted, attributable to common shareholders
and OP Unit holders, (iii) FFO attributable to common shareholders
and OP Unit holders per diluted share and OP Unit, (iv) and FFO, as
adjusted, attributable to common shareholders and OP Unit holders
per diluted share and OP Unit for the three and nine months ended
September 30, 2021 and 2020:
|
|
|
|
Three Months
Ended
September 30,
|
|
|
Nine Months
Ended
September 30,
|
|
(in thousands,
except per share amounts)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net
loss
|
|
$
|
(38,398)
|
|
|
$
|
(29,577)
|
|
|
$
|
(107,758)
|
|
|
$
|
(66,245)
|
|
Depreciation and
amortization on real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
properties
|
|
|
28,812
|
|
|
|
34,053
|
|
|
|
87,653
|
|
|
|
94,538
|
|
PREIT's share of
equity method investments
|
|
|
3,095
|
|
|
|
5,095
|
|
|
|
9,257
|
|
|
|
12,396
|
|
Gain on sales of real estate
by equity method investee
|
|
|
10
|
|
|
|
—
|
|
|
|
(1,337)
|
|
|
|
|
|
Loss (gain) on sales of real
estate, net
|
|
|
217
|
|
|
|
94
|
|
|
|
1,191
|
|
|
|
(11,169)
|
|
Impairment of
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
properties
|
|
|
262
|
|
|
|
—
|
|
|
|
1,564
|
|
|
|
—
|
|
PREIT's share of
equity method investments
|
|
|
—
|
|
|
|
—
|
|
|
|
265
|
|
|
|
—
|
|
Dividend on preferred
shares
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(13,687)
|
|
Funds from operations
attributable to common shareholders and
OP Unit holders
|
|
|
(6,002)
|
|
|
|
9,665
|
|
|
|
(9,165)
|
|
|
|
15,833
|
|
Insurance recoveries,
net
|
|
|
—
|
|
|
|
—
|
|
|
|
(670)
|
|
|
|
(586)
|
|
Provision for employee separation expenses
|
|
|
39
|
|
|
|
60
|
|
|
|
279
|
|
|
|
1,173
|
|
Gain on hedge
ineffectiveness
|
|
|
(532)
|
|
|
|
—
|
|
|
|
(2,329)
|
|
|
|
—
|
|
Gain on debt extinguishment, net
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,587)
|
|
|
|
—
|
|
Gain on derecognition
of property
|
|
|
—
|
|
|
|
(7,006)
|
|
|
|
—
|
|
|
|
(7,006)
|
|
Reorganization expenses
|
|
|
—
|
|
|
|
-
|
|
|
|
267
|
|
|
|
—
|
|
Funds from
operations, as adjusted, attributable to common shareholders and OP
Unit holders
|
|
$
|
(6,495)
|
|
|
$
|
2,719
|
|
|
$
|
(16,205)
|
|
|
$
|
9,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations
attributable to common shareholders and OP Unit holders per diluted
share and OP Unit
|
|
$
|
(0.07)
|
|
|
$
|
0.12
|
|
|
$
|
(0.12)
|
|
|
$
|
0.20
|
|
Funds from
operations, as adjusted, attributable to common shareholders and OP
Unit holders per diluted share and OP Unit
|
|
$
|
(0.08)
|
|
|
$
|
0.03
|
|
|
$
|
(0.21)
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands of
shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding
|
|
|
79,184
|
|
|
|
77,401
|
|
|
|
78,330
|
|
|
|
77,149
|
|
Weighted average
effect of full conversion of OP Units
|
|
|
1,226
|
|
|
|
2,023
|
|
|
|
(1,723)
|
|
|
|
2,023
|
|
Effect of common
share equivalents
|
|
|
1,081
|
|
|
|
357
|
|
|
|
897
|
|
|
|
411
|
|
Total weighted
average shares outstanding, including OP Units
|
|
|
81,490
|
|
|
|
79,781
|
|
|
|
77,504
|
|
|
|
79,583
|
|
Pennsylvania Real
Estate Investment Trust
Selected Financial Data
|
|
NOI for the three
months ended September 30, 2021 and 2020:
|
|
|
|
Same
Store
|
|
|
Change
|
|
|
Non Same
Store
|
|
|
Total
|
|
(in thousands of
dollars)
|
|
2021
|
|
|
2020
|
|
|
$
|
|
|
%
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
NOI from consolidated
properties
|
|
$
|
38,966
|
|
|
$
|
30,662
|
|
|
$
|
8,304
|
|
|
|
27.1
|
%
|
|
$
|
498
|
|
|
$
|
144
|
|
|
$
|
39,464
|
|
|
$
|
30,806
|
|
NOI attributable to
equity method investments, at ownership share
|
|
|
7,226
|
|
|
|
4,759
|
|
|
|
2,467
|
|
|
|
51.8
|
%
|
|
|
7
|
|
|
|
6
|
|
|
|
7,233
|
|
|
|
4,766
|
|
Total
NOI
|
|
|
46,192
|
|
|
|
35,421
|
|
|
|
10,771
|
|
|
|
30.4
|
%
|
|
|
505
|
|
|
|
150
|
|
|
|
46,697
|
|
|
|
35,572
|
|
Less: lease
termination revenue
|
|
|
740
|
|
|
|
2,011
|
|
|
|
(1,271)
|
|
|
|
(63.2)
|
%
|
|
|
138
|
|
|
|
—
|
|
|
|
878
|
|
|
|
2,011
|
|
Total NOI excluding
lease termination
revenue
|
|
$
|
45,452
|
|
|
$
|
33,410
|
|
|
$
|
12,042
|
|
|
|
36.0
|
%
|
|
$
|
367
|
|
|
$
|
150
|
|
|
$
|
45,819
|
|
|
$
|
33,561
|
|
NOI for the nine
months ended September 30, 2021 and 2020:
|
|
|
|
Same
Store
|
|
|
Change
|
|
|
Non Same
Store
|
|
|
Total
|
|
(in thousands of
dollars)
|
|
2021
|
|
|
2020
|
|
|
$
|
|
|
%
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
NOI from consolidated
properties
|
|
$
|
114,289
|
|
|
$
|
98,169
|
|
|
$
|
16,120
|
|
|
|
16.4
|
%
|
|
$
|
485
|
|
|
$
|
1,179
|
|
|
$
|
114,774
|
|
|
$
|
99,348
|
|
NOI attributable to
equity method investments, at ownership share
|
|
|
23,482
|
|
|
|
18,273
|
|
|
|
5,209
|
|
|
|
28.5
|
%
|
|
|
(5)
|
|
|
|
22
|
|
|
|
23,477
|
|
|
|
18,296
|
|
Total
NOI
|
|
|
137,771
|
|
|
|
116,442
|
|
|
|
21,329
|
|
|
|
18.3
|
%
|
|
|
480
|
|
|
|
1,201
|
|
|
|
138,251
|
|
|
|
117,644
|
|
Less: lease
termination revenue
|
|
|
3,911
|
|
|
|
2,236
|
|
|
|
1,675
|
|
|
|
74.9
|
%
|
|
|
138
|
|
|
|
—
|
|
|
|
4,049
|
|
|
|
2,236
|
|
Total NOI excluding
lease termination
revenue
|
|
$
|
133,860
|
|
|
$
|
114,206
|
|
|
$
|
19,654
|
|
|
|
17.2
|
%
|
|
$
|
342
|
|
|
$
|
1,201
|
|
|
$
|
134,202
|
|
|
$
|
115,408
|
|
Pennsylvania Real
Estate Investment Trust
Selected Financial Data
|
|
The table below
reconciles net loss to NOI of our consolidated properties for the
three and nine months ended September 30, 2021 and 2020.
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
(in thousands of
dollars)
|
|
2021
|
|
|
2020
|
|
2021
|
|
|
2020
|
|
Net loss
|
|
$
|
(38,398)
|
|
|
$
|
(29,577)
|
|
$
|
(107,758)
|
|
|
$
|
(66,245)
|
|
Other
income
|
|
|
(143)
|
|
|
|
(338)
|
|
|
(430)
|
|
|
|
(765)
|
|
Depreciation and
amortization
|
|
|
29,142
|
|
|
|
34,420
|
|
|
88,667
|
|
|
|
95,597
|
|
General and
administrative expenses
|
|
|
14,453
|
|
|
|
9,526
|
|
|
39,819
|
|
|
|
30,790
|
|
Insurance recoveries,
net
|
|
|
—
|
|
|
|
—
|
|
|
(670)
|
|
|
|
(586)
|
|
Provision for
employee separation expense
|
|
|
39
|
|
|
|
60
|
|
|
279
|
|
|
|
1,173
|
|
Project costs and
other expenses
|
|
|
27
|
|
|
|
124
|
|
|
205
|
|
|
|
287
|
|
Interest expense,
net
|
|
|
32,426
|
|
|
|
20,260
|
|
|
95,135
|
|
|
|
54,300
|
|
Impairment of
assets
|
|
|
262
|
|
|
|
—
|
|
|
1,564
|
|
|
|
—
|
|
Gain on debt
extinguishment, net
|
|
|
—
|
|
|
|
—
|
|
|
(4,587)
|
|
|
|
—
|
|
Gain on derecognition
of property
|
|
|
—
|
|
|
|
(7,006)
|
|
|
—
|
|
|
|
(7,006)
|
|
Reorganization
expenses
|
|
|
—
|
|
|
|
—
|
|
|
267
|
|
|
|
—
|
|
Equity in (income)
loss of partnerships
|
|
|
1,429
|
|
|
|
3,259
|
|
|
2,429
|
|
|
|
2,798
|
|
Gain on sales of real
estate by equity method investee
|
|
|
10
|
|
|
|
—
|
|
|
(1,337)
|
|
|
|
—
|
|
Loss (gain) on sales
of real estate, net
|
|
|
217
|
|
|
|
94
|
|
|
1,191
|
|
|
|
(11,169)
|
|
Loss on sales of
interest in non operating real estate
|
|
|
—
|
|
|
|
(16)
|
|
|
—
|
|
|
|
174
|
|
NOI from consolidated
properties
|
|
|
39,464
|
|
|
|
30,806
|
|
|
114,774
|
|
|
|
99,348
|
|
Less: Non Same Store
NOI of consolidated properties
|
|
|
498
|
|
|
|
144
|
|
|
485
|
|
|
|
1,179
|
|
Same Store NOI from
consolidated properties
|
|
|
38,966
|
|
|
|
30,662
|
|
|
114,289
|
|
|
|
98,169
|
|
Less: Same Store
lease termination revenue
|
|
|
691
|
|
|
|
2,011
|
|
|
3,911
|
|
|
|
2,236
|
|
Same Store NOI
excluding lease termination revenue
|
|
$
|
38,275
|
|
|
$
|
28,651
|
|
$
|
110,378
|
|
|
$
|
95,933
|
|
Pennsylvania Real
Estate Investment Trust
Selected Financial Data
|
|
The table below
reconciles equity in loss of partnerships to NOI of equity method
investments at ownership share for the three and nine months ended
September 30, 2021 and 2020:
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
|
2021
|
|
|
2020
|
|
2021
|
|
|
2020
|
|
Equity in loss of
partnerships
|
|
$
|
(1,429)
|
|
|
$
|
(3,259)
|
|
$
|
(2,429)
|
|
|
$
|
(2,798)
|
|
Other
income
|
|
|
—
|
|
|
|
(12)
|
|
|
—
|
|
|
|
(38)
|
|
Depreciation and
amortization
|
|
|
3,095
|
|
|
|
5,095
|
|
|
9,257
|
|
|
|
12,396
|
|
Impairment of
assets
|
|
|
—
|
|
|
|
—
|
|
|
265
|
|
|
|
—
|
|
Interest and other
expenses
|
|
|
5,568
|
|
|
|
2,942
|
|
|
16,386
|
|
|
|
8,733
|
|
Net operating income
from equity method investments at ownership share
|
|
|
7,234
|
|
|
|
4,766
|
|
|
23,479
|
|
|
|
18,294
|
|
Less: Non Same Store
NOI from equity method investments at ownership share
|
|
|
6
|
|
|
|
6
|
|
|
(5)
|
|
|
|
22
|
|
Same Store NOI of
equity method investments at ownership share
|
|
|
7,228
|
|
|
|
4,760
|
|
|
23,484
|
|
|
|
18,272
|
|
Less: Same Store
lease termination revenue
|
|
|
49
|
|
|
|
—
|
|
|
2,562
|
|
|
|
—
|
|
Same Store NOI from
equity method investments excluding lease termination revenue at
ownership share
|
|
$
|
7,179
|
|
|
$
|
5,421
|
|
$
|
20,922
|
|
|
$
|
18,272
|
|
Pennsylvania Real
Estate Investment Trust
Selected Financial Data
|
|
(Unaudited)
|
|
|
|
September 30,
2021
|
|
|
December 31,
2020
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
INVESTMENTS IN REAL
ESTATE, at cost:
|
|
|
|
|
|
|
|
|
Operating
properties
|
|
$
|
3,175,442
|
|
|
$
|
3,168,536
|
|
Construction in
progress
|
|
|
44,671
|
|
|
|
46,285
|
|
Land held for
development
|
|
|
4,339
|
|
|
|
5,516
|
|
Total investments in
real estate
|
|
|
3,224,452
|
|
|
|
3,220,337
|
|
Accumulated
depreciation
|
|
|
(1,388,330)
|
|
|
|
(1,308,427)
|
|
Net investments in
real estate
|
|
|
1,836,122
|
|
|
|
1,911,910
|
|
INVESTMENTS IN
PARTNERSHIPS, at equity:
|
|
|
19,947
|
|
|
|
27,066
|
|
OTHER
ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
28,975
|
|
|
|
43,309
|
|
Tenant and other
receivables, net
|
|
|
36,102
|
|
|
|
54,532
|
|
Intangible assets (net
of accumulated amortization of $20,220 and $19,187 at September 30,
2021 and December 31, 2020, respectively)
|
|
|
10,359
|
|
|
|
11,392
|
|
Deferred costs and
other assets, net
|
|
|
134,967
|
|
|
|
127,593
|
|
Assets held for
sale
|
|
|
3,626
|
|
|
|
1,384
|
|
Total
assets
|
|
$
|
2,070,098
|
|
|
$
|
2,177,186
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
Mortgage loans
payable, net
|
|
$
|
856,986
|
|
|
$
|
884,503
|
|
Term Loans,
net
|
|
|
945,456
|
|
|
|
908,473
|
|
Revolving
Facility
|
|
|
54,830
|
|
|
|
54,830
|
|
Tenants' deposits and
deferred rent
|
|
|
9,075
|
|
|
|
8,899
|
|
Distributions in
excess of partnership investments
|
|
|
69,627
|
|
|
|
76,586
|
|
Fair value of
derivative liabilities
|
|
|
13,060
|
|
|
|
23,292
|
|
Accrued expenses and
other liabilities
|
|
|
91,062
|
|
|
|
93,663
|
|
Total
liabilities
|
|
|
2,040,096
|
|
|
|
2,050,246
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
|
Series B Preferred
Shares, $.01 par value per share; 25,000 shares authorized; 3,450
shares issued and outstanding; liquidation preference of $94,201
and $89,430 at September 30, 2021 and December 31, 2020,
respectively
|
|
|
35
|
|
|
|
35
|
|
Series C Preferred
Shares, $.01 par value per share; 25,000 shares authorized; 6,900
shares issued and outstanding; liquidation preference of $188,025
and $178,710 at September 30, 2021 and December 31, 2020,
respectively
|
|
|
69
|
|
|
|
69
|
|
Series D Preferred
Shares, $.01 par value per share; 25,000 shares authorized; 5,000
shares issued and outstanding; liquidation preference of $135,743
and $129,297 at September 30, 2021 and December 31, 2020,
respectively
|
|
|
50
|
|
|
|
50
|
|
Shares of beneficial
interest, $1.00 par value per share; 200,000 shares authorized;
80,200 and 79,537 shares issued and outstanding at September 30,
2021 and December 31, 2020, respectively
|
|
|
80,200
|
|
|
|
79,537
|
|
Capital contributed in
excess of par
|
|
|
1,775,959
|
|
|
|
1,771,777
|
|
Accumulated other
comprehensive loss
|
|
|
(12,876)
|
|
|
|
(20,620)
|
|
Distributions in
excess of net income
|
|
|
(1,804,710)
|
|
|
|
(1,699,638)
|
|
Total
equity—Pennsylvania Real Estate Investment Trust
|
|
|
38,727
|
|
|
|
131,210
|
|
Noncontrolling
interest
|
|
|
(8,725)
|
|
|
|
(4,270)
|
|
Total
equity
|
|
|
30,002
|
|
|
|
126,940
|
|
Total liabilities and
equity
|
|
$
|
2,070,098
|
|
|
$
|
2,177,186
|
|
Pennsylvania Real
Estate Investment Trust
Selected Financial Data
|
|
Changes in Funds from
Operations for the three and nine months ended September 30, 2021
as compared to the three and nine months ended September 30, 2020
(all per share amounts on a diluted basis unless otherwise noted;
per share amounts rounded to the nearest half penny; amounts may
not total due to rounding)
|
|
(in
thousands, except per share amounts)
|
|
Three Months Ended
September 30, 2021
|
|
|
Per
Diluted
Share and
OP
Unit
|
|
Nine Months Ended
September 30, 2021
|
|
|
Per
Diluted
Share and
OP
Unit
|
|
Funds from
Operations, as adjusted September 30, 2020
|
|
$
|
2,719
|
|
|
$
|
0.03
|
|
$
|
9,413
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes - Q3 2020
to Q3 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution from
anchor replacements and new box tenants
|
|
|
697
|
|
|
|
0.01
|
|
|
2,009
|
|
|
|
0.03
|
|
Impact from
bankruptcies
|
|
|
316
|
|
|
|
0.01
|
|
|
938
|
|
|
|
0.01
|
|
Other leasing
activity, including base rent and net CAM and real estate tax
recoveries
|
|
|
1,109
|
|
|
|
0.02
|
|
|
352
|
|
|
|
0.01
|
|
Lease termination
revenue
|
|
|
(1,320)
|
|
|
|
(0.02)
|
|
|
(887)
|
|
|
|
(0.01)
|
|
Credit
losses
|
|
|
7,503
|
|
|
|
0.10
|
|
|
14,508
|
|
|
|
0.18
|
|
Other
|
|
|
(1)
|
|
|
|
—
|
|
|
(800)
|
|
|
|
(0.01)
|
|
Same Store NOI from
unconsolidated properties
|
|
|
2,467
|
|
|
|
0.03
|
|
|
5,209
|
|
|
|
0.07
|
|
Same Store
NOI
|
|
|
10,771
|
|
|
|
0.14
|
|
|
21,329
|
|
|
|
0.27
|
|
Non Same Store
NOI
|
|
|
355
|
|
|
|
0.01
|
|
|
(721)
|
|
|
|
(0.01)
|
|
Dilutive effect of
asset sales
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
General and
administrative expenses
|
|
|
(4,927)
|
|
|
|
(0.06)
|
|
|
(9,029)
|
|
|
|
(0.12)
|
|
Capitalization of
leasing costs
|
|
|
36
|
|
|
|
—
|
|
|
(89)
|
|
|
|
—
|
|
Other
|
|
|
(649)
|
|
|
|
(0.01)
|
|
|
11,389
|
|
|
|
0.15
|
|
Interest expense,
net
|
|
|
(14,801)
|
|
|
|
(0.19)
|
|
|
(48,497)
|
|
|
|
(0.61)
|
|
Increase in weighted
average shares
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(0.01)
|
|
Funds from
Operations, as adjusted September 30, 2021
|
|
|
(6,495)
|
|
|
|
(0.08)
|
|
|
(16,205)
|
|
|
|
(0.21)
|
|
Provision for
employee separation expense
|
|
|
(39)
|
|
|
|
—
|
|
|
(279)
|
|
|
|
(0.01)
|
|
Gain on hedge
ineffectiveness
|
|
|
532
|
|
|
|
0.01
|
|
|
2,329
|
|
|
|
0.03
|
|
Gain on debt
extinguishment, net
|
|
|
—
|
|
|
|
—
|
|
|
4,587
|
|
|
|
0.06
|
|
Insurance recoveries,
net
|
|
|
—
|
|
|
|
—
|
|
|
670
|
|
|
|
0.01
|
|
Reorganization
expenses
|
|
|
—
|
|
|
|
—
|
|
|
(267)
|
|
|
|
(0.01)
|
|
Funds from
Operations September 30, 2021
|
|
$
|
(6,002)
|
|
|
$
|
(0.07)
|
|
$
|
(9,165)
|
|
|
$
|
(0.12)
|
|
CONTACT: AT THE COMPANY
Mario Ventresca
EVP & CFO
(215) 875-0703
Heather Crowell
EVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT