Pennsylvania Real Estate: 2Q Earnings Snapshot
{{#rendered}} {{/rendered}}PHILADELPHIA (AP) _ Pennsylvania Real Estate Investment Trust (PEI) on Thursday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Philadelphia-based real estate investment trust said it had funds from operations of $30.3 million, or 39 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 34 cents per share.
{{#rendered}} {{/rendered}}Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $35.8 million, or 51 cents per share.
The shopping mall real estate investment trust posted revenue of $92 million in the period. Its adjusted revenue was $81.8 million.
{{#rendered}} {{/rendered}}Pennsylvania Real Estate expects full-year funds from operations in the range of $1.50 to $1.60 per share.
The company's shares have fallen 11 percent since the beginning of the year. The stock has fallen 6 percent in the last 12 months.
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{{#rendered}} {{/rendered}}This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on PEI at https://www.zacks.com/ap/PEI