Pennsylvania Real Estate Investment Trust (PEI) shares surged 5.59% to trade at $1.89 in after-market on Wednesday, May 19, 2021. Earlier, PEI’s stock lost 1.10% to close Wednesday’s normal session at $1.79. PEI shares have risen 50.42% over the last 12 months, and they have moved up 4.68% in the past week. Over the past three months, the stock has lost 17.51%, while over the past six months, it has soared 287.45%.
Let’s check out its recent developments.
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Finalizingtransactions for Moorestown location
On May 19, 2021, Pennsylvania Real Estate Investment Trust (PREIT) finalized the transactions associated with bringing Cooper University Health Care to Moorestown Mall.
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Cooper University Health Care, a leading academic health system in the southern New Jersey and Philadelphia region, will open a specialty care facility in the former Sears location at Moorestown Mall occupying over 165,000 square feet.
New lease signed for a fulfillment centre
On May 13, 2021, PREIT signed a new lease for a fulfillment centre at Cumberland Mall in Vineland, NJ. The approximately 80,000 square foot facility will soon occupy the former Burlington space delivering a new source of non-retail revenue.
Recent Financial results announcement
On May 5, 2021, PREIT released its financial results for the three months ended March 31, 2021.
Q1 2021 financial highlights
- PREIT reported a net loss of $49.6 million or $0.64 per basic and diluted share attributable to PREIT common shareholders in Q1 2021 compared to a net loss of $19.9 million or $0.26 per basic and diluted share for Q1 2020.
- The company earned a revenue of $65.4 million in Q1 2021 compared to $74.2 million in Q1 2020.
- Total operating expenses were $75.02 million in Q1 2021 compared to $73.7 million in Q1 2020.
- Total expenses were $105.95 million in Q1 2021 compared to $90.53 million in Q1 2020.
Q4 and FY 2020 financial results
On March 11, 2021, PREIT released its financial results for the three months and the year ended December 31, 2020.
Q4 2020 financial highlights
- Net loss attributable to PREIT common shareholders was $202.1 million or $2.62per basic and diluted share for the three months ended December 31, 2020, compared to a net loss attributable to PREIT common shareholders of $21.7 million, or $0.29 per basic and diluted share for the three months ended December 31, 2019.
- For the reported quarter, revenue was $66.62 million compared to $88.72 million in Q4 2019.
- Total operating expenses were $82.13 million in Q4 2020 compared to $88.56 million in Q4 2019.
FY-2020 financial highlights
- For FY 2020, revenue was $261.82 million compared to $336.8 million in FY 2019.
- Total operating expenses were $304.47 million in FY 2020 compared to $320 million in FY 2019.
- Net loss attributable to PREIT common shareholders was $286.9 million for FY 2020, compared to a net loss attributable to PREIT common shareholders of $38.25 million for FY 2019.
Conclusion
PREIT recently signed a new lease which could be the reason behind its gains in the after-hours. The company had performed well recently and signed many leases which can take its stock price further up in the coming days.