What is going on with PEI?
Pennsylvania Real Estate Investment Trust ("PREIT") (PEI) stock is lower today after the company announced results of various portfolio metrics including traffic, sales and collections.
The numbers were positive, with PREIT declaring that the company has "emerged from the pandemic with resiliency driven by new anchors and a diverse tenant base."
Shares of PEI declined 1.12% to $1.75 as of Wednesday at 8:04am.
What does this mean for PREIT?
In terms of traffic, PREIT's core portfolio declined only 6% from 2019 levels, and five properties generated traffic at or above 2019 levels for the month.
Sales numbers were also positive. PREIT Core Mall comparable tenants generated a 9% increase in sales over the same month in 2019.
"By listening to our customers, we have leveraged our exceptional portfolio of real estate and industry expertise to meet the needs of the communities we are serving, attract new consumers and create ongoing success for our tenants," said Joseph F. Coradino, CEO of PREIT.
"We continue to be optimistic about the pace of recovery and consumer sentiment and we will continue to seek ways to create value for our stakeholders."
PREIT also disclosed that September registered the highest current monthly collections rate since the pandemic began, coming in at 92%.
PEI has a Short-Term Technical Rank of 70. Find out what this means to you and get the rest of the rankings on PEI!
Pennsylvania Real Estate Investment Trust is a self-managed and self-administered REIT in the United States. It is engaged in the ownership, management, leasing, acquisition, redevelopment, development and disposition of retail shopping malls including regional department stores and large format retailers. Its properties involve mall portfolio, redevelopment, speciality leasing, and partnerships and marketing. It derives the substantial majority of revenue from rent leases of retail properties in the real estate portfolio.
