PREIT Reports First Quarter 2011 Results
April 27, 2011 7:56 AM
Pennsylvania Real Estate Investment Trust (NYSE: PEI) today reported results for the quarter ended March 31, 2011.
Funds From Operations (“FFO”) for the quarter ended March 31, 2011 was $21.3 million, or $0.37 per diluted share. FFO for the quarter ended March 31, 2010 was $25.5 million, or $0.55 per diluted share.
Same store NOI excluding lease termination revenue for the quarter ended March 31, 2011 decreased 0.7% to $66.7 million, compared to $67.2 million for the quarter ended March 31, 2010. Lease termination revenue for the quarter ended March 31, 2011 decreased $1.8 million compared to the quarter ended March 31, 2010. Same store results represent retail properties owned for the full periods presented.
Total NOI was $66.8 million for the quarter ended March 31, 2011, compared to $71.6 million for the quarter ended March 31, 2010, a decrease of 6.7%, primarily due to the sale of five power centers in September 2010 and lower lease termination revenue. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure are located at the end of this press release.
Net loss attributable to PREIT was $14.3 million, or $0.27 per diluted share, for the quarter ended March 31, 2011, compared to a net loss attributable to PREIT of $17.6 million, or $0.41 per diluted share, for the quarter ended March 31, 2010.
