PHILADELPHIA – PHILADELPHIA (AP) _ Pennsylvania Real Estate Investment Trust (PEI) on Tuesday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Philadelphia, said it had funds from operations of $22.6 million, or 29 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 33 cents per share.
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 $10.2 million, or 15 cents per share.
The shopping mall real estate investment trust posted revenue of $86.3 million in the period. Its adjusted revenue was $85.4 million, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $89.4 million.
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 declined 17 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $9.88, a fall of 30 percent in the last 12 months.
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