Intrinsic value of Pennsylvania Real Estate Investment Trus - PEI

Previous Close

$12.93

  Intrinsic Value

$2.03

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

+24%

Previous close

$12.93

 
Intrinsic value

$2.03

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

+24%

Our model is not good at valuating stocks of financial companies, such as PEI.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PEI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -5.88
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  400
  408
  417
  428
  440
  453
  468
  484
  501
  520
  540
  561
  584
  608
  634
  661
  690
  721
  753
  788
  824
  862
  902
  945
  990
  1,037
  1,086
  1,139
  1,194
  1,251
  1,312
Variable operating expenses, $m
 
  477
  488
  500
  514
  530
  547
  565
  586
  607
  631
  656
  682
  710
  741
  773
  806
  842
  880
  920
  962
  1,007
  1,054
  1,104
  1,156
  1,211
  1,269
  1,330
  1,394
  1,462
  1,533
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  384
  477
  488
  500
  514
  530
  547
  565
  586
  607
  631
  656
  682
  710
  741
  773
  806
  842
  880
  920
  962
  1,007
  1,054
  1,104
  1,156
  1,211
  1,269
  1,330
  1,394
  1,462
  1,533
Operating income, $m
  16
  -69
  -70
  -72
  -74
  -76
  -79
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -127
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -183
  -191
  -201
  -210
  -220
EBITDA, $m
  145
  63
  64
  66
  68
  70
  72
  74
  77
  80
  83
  86
  90
  94
  97
  102
  106
  111
  116
  121
  127
  133
  139
  145
  152
  159
  167
  175
  183
  192
  202
Interest expense (income), $m
  0
  62
  64
  65
  67
  69
  72
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  139
  146
  153
  161
  169
  177
  186
  196
  206
  216
Earnings before tax, $m
  -13
  -130
  -134
  -137
  -141
  -146
  -150
  -156
  -161
  -168
  -174
  -182
  -189
  -198
  -206
  -216
  -225
  -236
  -247
  -258
  -271
  -284
  -297
  -312
  -327
  -343
  -360
  -378
  -396
  -416
  -437
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -11
  -130
  -134
  -137
  -141
  -146
  -150
  -156
  -161
  -168
  -174
  -182
  -189
  -198
  -206
  -216
  -225
  -236
  -247
  -258
  -271
  -284
  -297
  -312
  -327
  -343
  -360
  -378
  -396
  -416
  -437

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,617
  2,667
  2,728
  2,798
  2,877
  2,964
  3,060
  3,164
  3,277
  3,398
  3,529
  3,668
  3,817
  3,976
  4,144
  4,323
  4,512
  4,713
  4,925
  5,149
  5,385
  5,635
  5,898
  6,176
  6,468
  6,776
  7,100
  7,442
  7,801
  8,179
  8,576
Adjusted assets (=assets-cash), $m
  2,607
  2,667
  2,728
  2,798
  2,877
  2,964
  3,060
  3,164
  3,277
  3,398
  3,529
  3,668
  3,817
  3,976
  4,144
  4,323
  4,512
  4,713
  4,925
  5,149
  5,385
  5,635
  5,898
  6,176
  6,468
  6,776
  7,100
  7,442
  7,801
  8,179
  8,576
Revenue / Adjusted assets
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
Average production assets, $m
  2,317
  2,363
  2,417
  2,479
  2,549
  2,626
  2,711
  2,803
  2,903
  3,011
  3,126
  3,250
  3,382
  3,522
  3,672
  3,830
  3,998
  4,176
  4,364
  4,562
  4,772
  4,993
  5,226
  5,472
  5,731
  6,004
  6,291
  6,593
  6,912
  7,246
  7,598
Working capital, $m
  0
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
Total debt, $m
  1,767
  1,814
  1,863
  1,918
  1,981
  2,050
  2,125
  2,208
  2,297
  2,393
  2,496
  2,607
  2,724
  2,850
  2,983
  3,124
  3,274
  3,433
  3,601
  3,778
  3,965
  4,162
  4,371
  4,590
  4,821
  5,065
  5,321
  5,591
  5,875
  6,174
  6,489
Total liabilities, $m
  2,062
  2,109
  2,158
  2,213
  2,276
  2,345
  2,420
  2,503
  2,592
  2,688
  2,791
  2,902
  3,019
  3,145
  3,278
  3,419
  3,569
  3,728
  3,896
  4,073
  4,260
  4,457
  4,666
  4,885
  5,116
  5,360
  5,616
  5,886
  6,170
  6,469
  6,784
Total equity, $m
  555
  557
  570
  585
  601
  619
  639
  661
  685
  710
  737
  767
  798
  831
  866
  903
  943
  985
  1,029
  1,076
  1,126
  1,178
  1,233
  1,291
  1,352
  1,416
  1,484
  1,555
  1,630
  1,709
  1,792
Total liabilities and equity, $m
  2,617
  2,666
  2,728
  2,798
  2,877
  2,964
  3,059
  3,164
  3,277
  3,398
  3,528
  3,669
  3,817
  3,976
  4,144
  4,322
  4,512
  4,713
  4,925
  5,149
  5,386
  5,635
  5,899
  6,176
  6,468
  6,776
  7,100
  7,441
  7,800
  8,178
  8,576
Debt-to-equity ratio
  3.184
  3.260
  3.270
  3.280
  3.290
  3.310
  3.320
  3.340
  3.350
  3.370
  3.380
  3.400
  3.410
  3.430
  3.440
  3.460
  3.470
  3.490
  3.500
  3.510
  3.520
  3.530
  3.550
  3.560
  3.570
  3.580
  3.590
  3.600
  3.600
  3.610
  3.620
Adjusted equity ratio
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -11
  -130
  -134
  -137
  -141
  -146
  -150
  -156
  -161
  -168
  -174
  -182
  -189
  -198
  -206
  -216
  -225
  -236
  -247
  -258
  -271
  -284
  -297
  -312
  -327
  -343
  -360
  -378
  -396
  -416
  -437
Depreciation, amort., depletion, $m
  129
  131
  134
  138
  142
  146
  151
  156
  161
  167
  174
  181
  188
  196
  204
  213
  222
  232
  242
  253
  265
  277
  290
  304
  318
  334
  350
  366
  384
  403
  422
Funds from operations, $m
  140
  1
  1
  1
  1
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
Change in working capital, $m
  -8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
Cash from operations, $m
  148
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
Maintenance CAPEX, $m
  0
  -129
  -131
  -134
  -138
  -142
  -146
  -151
  -156
  -161
  -167
  -174
  -181
  -188
  -196
  -204
  -213
  -222
  -232
  -242
  -253
  -265
  -277
  -290
  -304
  -318
  -334
  -350
  -366
  -384
  -403
New CAPEX, $m
  -139
  -46
  -54
  -62
  -70
  -77
  -85
  -92
  -100
  -108
  -116
  -124
  -132
  -140
  -149
  -158
  -168
  -178
  -188
  -199
  -210
  -221
  -233
  -246
  -259
  -273
  -287
  -302
  -318
  -335
  -352
Cash from investing activities, $m
  2
  -175
  -185
  -196
  -208
  -219
  -231
  -243
  -256
  -269
  -283
  -298
  -313
  -328
  -345
  -362
  -381
  -400
  -420
  -441
  -463
  -486
  -510
  -536
  -563
  -591
  -621
  -652
  -684
  -719
  -755
Free cash flow, $m
  150
  -174
  -185
  -196
  -207
  -218
  -230
  -243
  -255
  -269
  -283
  -298
  -313
  -330
  -347
  -364
  -383
  -403
  -423
  -445
  -468
  -492
  -517
  -543
  -570
  -599
  -630
  -662
  -695
  -731
  -768
Issuance/(repayment) of debt, $m
  -77
  47
  49
  55
  62
  69
  76
  82
  89
  96
  103
  110
  118
  125
  133
  141
  150
  159
  168
  177
  187
  197
  208
  219
  231
  244
  256
  270
  284
  299
  314
Issuance/(repurchase) of shares, $m
  1
  143
  146
  152
  158
  164
  170
  177
  185
  193
  202
  211
  220
  231
  241
  253
  265
  278
  291
  305
  320
  336
  352
  370
  388
  407
  428
  449
  471
  495
  520
Cash from financing (excl. dividends), $m  
  -89
  190
  195
  207
  220
  233
  246
  259
  274
  289
  305
  321
  338
  356
  374
  394
  415
  437
  459
  482
  507
  533
  560
  589
  619
  651
  684
  719
  755
  794
  834
Total cash flow (excl. dividends), $m
  61
  16
  10
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  33
  35
  37
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
Retained Cash Flow (-), $m
  74
  -143
  -146
  -152
  -158
  -164
  -170
  -177
  -185
  -193
  -202
  -211
  -220
  -231
  -241
  -253
  -265
  -278
  -291
  -305
  -320
  -336
  -352
  -370
  -388
  -407
  -428
  -449
  -471
  -495
  -520
Prev. year cash balance distribution, $m
 
  10
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -117
  -136
  -140
  -144
  -149
  -154
  -160
  -166
  -173
  -180
  -188
  -196
  -204
  -213
  -223
  -233
  -244
  -256
  -268
  -281
  -294
  -308
  -323
  -339
  -356
  -373
  -392
  -411
  -432
  -453
Discount rate, %
 
  11.70
  12.29
  12.90
  13.54
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.04
  32.60
  34.23
  35.94
  37.73
  39.62
  41.60
  43.68
  45.87
  48.16
PV of cash for distribution, $m
 
  -104
  -108
  -97
  -87
  -77
  -67
  -58
  -49
  -41
  -34
  -28
  -22
  -17
  -13
  -10
  -7
  -5
  -4
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  85.9
  73.7
  63.2
  54.1
  46.2
  39.4
  33.5
  28.5
  24.2
  20.6
  17.5
  14.8
  12.5
  10.6
  8.9
  7.6
  6.4
  5.4
  4.5
  3.8
  3.2
  2.7
  2.3
  1.9
  1.6
  1.4
  1.1
  1.0
  0.8
  0.7

Pennsylvania Real Estate Investment Trust (PREIT) is a publicly owned equity real estate investment trust. The firm manages owns, manages, develops, acquires, and leases mall and power and strip centers primarily in the Eastern United States. It also provides management, leasing, and development services to affiliate and third party property owners. Pennsylvania Real Estate Investment Trust was founded in 1960 and is based in Philadelphia, Pennsylvania.

FINANCIAL RATIOS  of  Pennsylvania Real Estate Investment Trus (PEI)

Valuation Ratios
P/E Ratio -81.8
Price to Sales 2.2
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 6.1
Price to Free Cash Flow 99.9
Growth Rates
Sales Growth Rate -5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -65.6%
Cap. Spend. - 3 Yr. Gr. Rate -0.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 318.4%
Total Debt to Equity 318.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.4%
Ret/ On Assets - 3 Yr. Avg. -1.8%
Return On Total Capital -0.5%
Ret/ On T. Cap. - 3 Yr. Avg. -2%
Return On Equity -1.9%
Return On Equity - 3 Yr. Avg. -6.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 61%
Gross Margin - 3 Yr. Avg. 59.7%
EBITDA Margin 29%
EBITDA Margin - 3 Yr. Avg. 20.9%
Operating Margin 4%
Oper. Margin - 3 Yr. Avg. -0.9%
Pre-Tax Margin -3.3%
Pre-Tax Margin - 3 Yr. Avg. -12.4%
Net Profit Margin -2.8%
Net Profit Margin - 3 Yr. Avg. -11.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -672.7%

PEI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PEI stock intrinsic value calculation we used $400 million for the last fiscal year's total revenue generated by Pennsylvania Real Estate Investment Trus. The default revenue input number comes from 2016 income statement of Pennsylvania Real Estate Investment Trus. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PEI stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.7%, whose default value for PEI is calculated based on our internal credit rating of Pennsylvania Real Estate Investment Trus, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Pennsylvania Real Estate Investment Trus.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PEI stock the variable cost ratio is equal to 116.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PEI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Pennsylvania Real Estate Investment Trus.

Corporate tax rate of 27% is the nominal tax rate for Pennsylvania Real Estate Investment Trus. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PEI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PEI are equal to 579.1%.

Life of production assets of 18 years is the average useful life of capital assets used in Pennsylvania Real Estate Investment Trus operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PEI is equal to -2.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $555 million for Pennsylvania Real Estate Investment Trus - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 68.443 million for Pennsylvania Real Estate Investment Trus is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Pennsylvania Real Estate Investment Trus at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Pennsylvania Real Estate reports 1Q results   [Apr-25-17 05:14PM  Associated Press]
▶ PREIT Reports First Quarter 2017 Results   [04:30PM  PR Newswire]
▶ Retailers Keep Closing Stores. That's Hitting Some Real Estate Stocks   [Mar-24-17 09:58AM  at The Wall Street Journal]
▶ Springfield Town Center owner moves toward mall parking lot development   [11:51AM  American City Business Journals]
▶ Malls May Regret Helping Amazon.com Beat Their Stores   [Feb-27-17 04:33PM  at Motley Fool]
▶ Mall at Prince Georges' owner has high hopes for renovated property   [02:58PM  American City Business Journals]
▶ Pennsylvania Real Estate reports 4Q results   [Feb-23-17 07:09PM  Associated Press]
▶ REIT Risk: The Mall Sector Series   [Jan-30-17 07:00AM  at Forbes]
▶ PREIT Closes Preferred Share Offering   [Jan-27-17 04:30PM  PR Newswire]
▶ PREIT Prices Preferred Share Offering   [Jan-18-17 05:52PM  PR Newswire]
▶ PREIT Reports Tax Status of 2016 Distributions   [Jan-17-17 04:45PM  PR Newswire]
▶ Sears and Macy's Closings A Worry for Mall REITs   [Jan-05-17 12:59PM  at Barrons.com]
▶ PREIT Announces Plans to Recapture Three Sears Stores   [Jan-04-17 04:30PM  PR Newswire]
▶ Hedge Funds Are Betting On Northwest Bancshares, Inc. (NWBI)   [Dec-12-16 11:40AM  at Insider Monkey]
▶ Beaver Valley Mall under agreement to be sold   [Dec-05-16 06:35PM  at bizjournals.com]
▶ Give Yourself More Options With Real Estate Options (PEI, CME)   [Sep-12-16 10:00AM  at Investopedia]
▶ PREIT Completes Sale of Washington Crown Center   [Aug-16-16 07:30AM  PR Newswire]
▶ PREIT Issues Revised Sales Reconciliation Table   [Jul-26-16 07:16PM  PR Newswire]
Stock chart of PEI Financial statements of PEI Annual reports of PEI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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