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Pennsylvania Real Estate Investment Trus Reports Operating Results (10-Q)

October 26, 2012 | About:

Pennsylvania Real Estate Investment Trus (NYSE:PEI) filed Quarterly Report for the period ended 2012-09-30.

Pennsylvania Reit has a market cap of $944.3 million; its shares were traded at around $16.41 with a P/E ratio of 8.7 and P/S ratio of 2.1. The dividend yield of Pennsylvania Reit stocks is 3.8%.

Highlight of Business Operations:

NOI includes lease termination revenue of $0.3 million and $0.2 million for the three months ended September 30, 2012 and 2011, respectively, and $1.8 million and $0.9 million for the nine months ended September 30, 2012 and 2011, respectively.

Equity in income of partnerships increased by $0.2 million, or 12%, for the three months ended September 30, 2012 compared to the three months ended September 30, 2011. The increase was primarily due to an increase in partnership revenue of $0.4 million offset by a $0.2 million increase in property operating expenses.

Equity in income of partnerships increased by $1.5 million, or 32%, for the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011. The increase was primarily due to an increase in partnership revenue of $0.8 million and a decrease of $0.7 million in depreciation and amortization expenses.

Cash flows used in investing activities were $62.6 million for the nine months ended September 30, 2012 compared to cash flows used in investing activities of $3.9 million for the nine months ended September 30, 2011. Investing activities for the nine months ended September 30, 2012 reflected investment in construction in progress of $32.0 million and real estate improvements of $24.3 million, primarily related to ongoing improvements at our properties. Investing activities for the nine months ended September 30, 2011 reflected investment in construction in progress of $15.6 million and real estate improvements of $26.6 million. Investing activities for the nine months ended September 30, 2011 reflected $7.3 million of proceeds from sales of real estate and $30.4 million in proceeds related to mortgage loans at three of our unconsolidated properties.

Read the The complete Report

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10qk
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