Intrinsic value of Pennsylvania Real Estate Investment Trus - PEI

Previous Close

$10.75

  Intrinsic Value

$11.44

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  Rating & Target

hold

+6%

Previous close

$10.75

 
Intrinsic value

$11.44

 
Up/down potential

+6%

 
Rating

hold

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

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 2017), $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 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  374
  383
  393
  404
  416
  430
  444
  460
  477
  495
  515
  536
  558
  582
  607
  633
  662
  691
  723
  756
  791
  828
  867
  908
  951
  997
  1,045
  1,095
  1,148
  1,204
Variable operating expenses, $m
  231
  237
  243
  250
  257
  265
  274
  284
  295
  306
  318
  331
  345
  360
  375
  391
  409
  427
  447
  467
  489
  512
  536
  561
  588
  616
  646
  677
  710
  744
Fixed operating expenses, $m
  143
  146
  149
  153
  156
  160
  163
  167
  170
  174
  178
  182
  186
  190
  194
  198
  203
  207
  212
  216
  221
  226
  231
  236
  241
  247
  252
  257
  263
  269
Total operating expenses, $m
  374
  383
  392
  403
  413
  425
  437
  451
  465
  480
  496
  513
  531
  550
  569
  589
  612
  634
  659
  683
  710
  738
  767
  797
  829
  863
  898
  934
  973
  1,013
Operating income, $m
  0
  0
  1
  2
  3
  5
  7
  9
  12
  15
  19
  23
  27
  32
  38
  44
  50
  57
  64
  72
  81
  90
  100
  111
  122
  134
  147
  161
  175
  191
EBITDA, $m
  265
  271
  279
  288
  298
  309
  321
  335
  350
  366
  384
  402
  423
  444
  468
  492
  519
  547
  576
  608
  641
  677
  714
  754
  796
  840
  887
  936
  989
  1,044
Interest expense (income), $m
  0
  64
  64
  64
  64
  64
  64
  64
  64
  64
  64
  64
  64
  64
  64
  64
  64
  65
  65
  65
  65
  65
  65
  65
  65
  66
  66
  66
  66
  66
  66
Earnings before tax, $m
  -64
  -64
  -63
  -62
  -61
  -59
  -57
  -55
  -52
  -49
  -45
  -41
  -37
  -32
  -27
  -21
  -14
  -8
  0
  8
  16
  25
  35
  45
  57
  69
  81
  95
  109
  125
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  4
  7
  9
  12
  15
  19
  22
  26
  29
  34
Net income, $m
  -64
  -64
  -63
  -62
  -61
  -59
  -57
  -55
  -52
  -49
  -45
  -41
  -37
  -32
  -27
  -21
  -14
  -8
  0
  6
  12
  18
  26
  33
  41
  50
  59
  69
  80
  91

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  -1,128
  -1,153
  -1,183
  -1,216
  -1,253
  -1,294
  -1,338
  -1,385
  -1,437
  -1,492
  -1,551
  -1,614
  -1,681
  -1,752
  -1,828
  -1,908
  -1,993
  -2,082
  -2,177
  -2,277
  -2,383
  -2,494
  -2,611
  -2,735
  -2,865
  -3,002
  -3,147
  -3,298
  -3,458
  -3,626
Adjusted assets (=assets-cash), $m
  -1,128
  -1,153
  -1,183
  -1,216
  -1,253
  -1,294
  -1,338
  -1,385
  -1,437
  -1,492
  -1,551
  -1,614
  -1,681
  -1,752
  -1,828
  -1,908
  -1,993
  -2,082
  -2,177
  -2,277
  -2,383
  -2,494
  -2,611
  -2,735
  -2,865
  -3,002
  -3,147
  -3,298
  -3,458
  -3,626
Revenue / Adjusted assets
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
  -0.332
Average production assets, $m
  2,651
  2,712
  2,782
  2,860
  2,947
  3,042
  3,146
  3,258
  3,379
  3,509
  3,647
  3,795
  3,953
  4,120
  4,298
  4,486
  4,686
  4,897
  5,120
  5,355
  5,603
  5,865
  6,141
  6,431
  6,738
  7,060
  7,399
  7,756
  8,132
  8,527
Working capital, $m
  -1,844
  -1,886
  -1,935
  -1,989
  -2,050
  -2,116
  -2,188
  -2,266
  -2,350
  -2,440
  -2,537
  -2,640
  -2,749
  -2,866
  -2,989
  -3,120
  -3,259
  -3,406
  -3,560
  -3,724
  -3,897
  -4,079
  -4,271
  -4,473
  -4,686
  -4,910
  -5,146
  -5,394
  -5,655
  -5,930
Total debt, $m
  210
  210
  210
  210
  210
  211
  211
  211
  211
  211
  212
  212
  212
  212
  213
  213
  213
  214
  214
  214
  215
  215
  216
  216
  217
  217
  218
  219
  219
  220
Total liabilities, $m
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  15
Total equity, $m
  -1,132
  -1,158
  -1,188
  -1,221
  -1,258
  -1,299
  -1,343
  -1,391
  -1,443
  -1,498
  -1,557
  -1,620
  -1,688
  -1,759
  -1,835
  -1,916
  -2,001
  -2,091
  -2,186
  -2,286
  -2,392
  -2,504
  -2,622
  -2,746
  -2,877
  -3,014
  -3,159
  -3,312
  -3,472
  -3,641
Total liabilities and equity, $m
  -1,127
  -1,153
  -1,183
  -1,216
  -1,253
  -1,294
  -1,338
  -1,385
  -1,437
  -1,492
  -1,551
  -1,614
  -1,681
  -1,752
  -1,828
  -1,908
  -1,993
  -2,083
  -2,177
  -2,277
  -2,382
  -2,494
  -2,612
  -2,735
  -2,866
  -3,002
  -3,146
  -3,299
  -3,458
  -3,626
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -64
  -64
  -63
  -62
  -61
  -59
  -57
  -55
  -52
  -49
  -45
  -41
  -37
  -32
  -27
  -21
  -14
  -8
  0
  6
  12
  18
  26
  33
  41
  50
  59
  69
  80
  91
Depreciation, amort., depletion, $m
  265
  271
  278
  286
  295
  304
  315
  326
  338
  351
  365
  380
  395
  412
  430
  449
  469
  490
  512
  535
  560
  586
  614
  643
  674
  706
  740
  776
  813
  853
Funds from operations, $m
  202
  208
  215
  224
  234
  245
  257
  271
  286
  302
  320
  338
  359
  380
  403
  428
  454
  482
  512
  541
  572
  605
  640
  676
  715
  756
  799
  845
  893
  944
Change in working capital, $m
  -36
  -42
  -48
  -54
  -60
  -66
  -72
  -78
  -84
  -90
  -96
  -103
  -110
  -116
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -182
  -192
  -202
  -213
  -224
  -236
  -248
  -261
  -275
Cash from operations, $m
  238
  250
  264
  278
  294
  311
  329
  349
  370
  392
  416
  441
  468
  497
  527
  559
  593
  629
  667
  705
  745
  787
  831
  878
  928
  980
  1,035
  1,093
  1,154
  1,218
Maintenance CAPEX, $m
  -260
  -265
  -271
  -278
  -286
  -295
  -304
  -315
  -326
  -338
  -351
  -365
  -380
  -395
  -412
  -430
  -449
  -469
  -490
  -512
  -535
  -560
  -586
  -614
  -643
  -674
  -706
  -740
  -776
  -813
New CAPEX, $m
  -49
  -61
  -70
  -78
  -87
  -95
  -104
  -112
  -121
  -130
  -139
  -148
  -158
  -168
  -178
  -188
  -199
  -211
  -223
  -235
  -248
  -262
  -276
  -291
  -306
  -322
  -339
  -357
  -376
  -395
Cash from investing activities, $m
  -309
  -326
  -341
  -356
  -373
  -390
  -408
  -427
  -447
  -468
  -490
  -513
  -538
  -563
  -590
  -618
  -648
  -680
  -713
  -747
  -783
  -822
  -862
  -905
  -949
  -996
  -1,045
  -1,097
  -1,152
  -1,208
Free cash flow, $m
  -71
  -76
  -77
  -78
  -79
  -79
  -78
  -78
  -77
  -75
  -74
  -71
  -69
  -66
  -63
  -59
  -55
  -51
  -46
  -43
  -39
  -35
  -31
  -26
  -21
  -16
  -10
  -4
  3
  10
Issuance/(repayment) of debt, $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
  1
  1
  1
  1
  1
  1
Issuance/(repurchase) of shares, $m
  -22
  -26
  -30
  -33
  -37
  -41
  -44
  -48
  -52
  -55
  -59
  -63
  -67
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -169
Cash from financing (excl. dividends), $m  
  -22
  -26
  -30
  -33
  -37
  -41
  -44
  -48
  -52
  -55
  -59
  -63
  -67
  -72
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -168
Total cash flow (excl. dividends), $m
  -93
  -102
  -107
  -111
  -115
  -119
  -122
  -125
  -128
  -130
  -133
  -134
  -136
  -137
  -139
  -139
  -140
  -140
  -141
  -143
  -145
  -146
  -148
  -150
  -151
  -153
  -154
  -156
  -157
  -158
Retained Cash Flow (-), $m
  -42
  -37
  -33
  -29
  -24
  -19
  -13
  -7
  0
  7
  14
  22
  31
  40
  49
  60
  71
  82
  95
  100
  106
  112
  118
  124
  131
  138
  145
  152
  160
  169
Prev. year cash balance distribution, $m
  1,110
  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
  976
  -37
  -33
  -29
  -24
  -19
  -13
  -7
  0
  7
  14
  22
  31
  40
  49
  60
  71
  82
  95
  100
  106
  112
  118
  124
  131
  138
  145
  152
  160
  169
Discount rate, %
  12.50
  13.13
  13.78
  14.47
  15.19
  15.95
  16.75
  17.59
  18.47
  19.39
  20.36
  21.38
  22.45
  23.57
  24.75
  25.99
  27.29
  28.65
  30.08
  31.59
  33.17
  34.82
  36.57
  38.39
  40.31
  42.33
  44.45
  46.67
  49.00
  51.45
PV of cash for distribution, $m
  867
  -29
  -23
  -17
  -12
  -8
  -4
  -2
  0
  1
  2
  2
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Pennsylvania Real Estate Investment Trust (PREIT) is a self-managed and self-administered real estate investment trust (REIT). The Company's primary business is owning and operating retail shopping malls, which it does primarily through operating partnership, PREIT Associates, L.P. (PREIT Associates). The Company is engaged in the ownership, management, leasing, acquisition, redevelopment, development and disposition of shopping malls. The Company has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. As of December 31, 2016, the Company owned interests in 30 retail properties, of which 26 are operating properties and four are development or redevelopment properties. As of December 31, 2016, the Company's 26 operating properties included 22 shopping malls and four other retail properties, had a total of 21.7 million square feet and were located in nine states.

FINANCIAL RATIOS  of  Pennsylvania Real Estate Investment Trus (PEI)

Valuation Ratios
P/E Ratio -68
Price to Sales 1.9
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 83.1
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 $367 million for the last fiscal year's total revenue generated by Pennsylvania Real Estate Investment Trus. The default revenue input number comes from 2017 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 12.5%, 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 61.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $140 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 30.3% 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 708.3%.

Life of production assets of 10 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 -492.6%. 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 - $0 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 69 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 $0.7 billion.

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COMPANY NEWS

▶ PREIT wants emerging, 'Uniquely Philly' retailers for Fashion District Philadelphia   [Jul-11-18 01:56PM  American City Business Journals]
▶ Investor takes nearly 6 percent stake in Springfield Town Center-owner PREIT   [May-21-18 10:43AM  American City Business Journals]
▶ 8 REITs Yielding 8% Plus   [May-18-18 07:00AM  Forbes]
▶ Forever 21 to open first Prince George's County store   [May-03-18 08:08AM  American City Business Journals]
▶ Pennsylvania Real Estate: 1Q Earnings Snapshot   [May-01-18 06:38PM  Associated Press]
▶ PREIT Reports First Quarter 2018 Results   [04:30PM  PR Newswire]
▶ Rubin to step down from PREIT's board   [Mar-27-18 11:08AM  American City Business Journals]
▶ Pennsylvania Real Estate reports 4Q results   [Feb-14-18 03:29PM  Associated Press]
▶ PREIT Recaps Anchor Diversification Success   [Feb-08-18 07:30AM  PR Newswire]
▶ PREIT Reports Tax Status of 2017 Distributions   [Jan-16-18 04:45PM  PR Newswire]
▶ Pennsylvania Real Estate reports 3Q results   [05:49AM  Associated Press]
▶ PREIT Reports Third Quarter 2017 Results   [Nov-01-17 04:30PM  PR Newswire]
▶ Owner of renovated Mall at Prince Georges unveils tenant lineup   [Oct-30-17 11:01AM  American City Business Journals]
▶ PREIT Raises $289 Million   [07:30AM  PR Newswire]
▶ PREIT Raises over $180 Million in September   [Sep-26-17 07:30AM  PR Newswire]
▶ PREIT Closes Preferred Share Offering   [12:43PM  PR Newswire]
▶ PREIT Prices Series D Preferred Share Offering   [Sep-07-17 06:27PM  PR Newswire]
▶ PREIT Completes Sale of Logan Valley Mall   [Sep-06-17 04:05PM  PR Newswire]
▶ TSA headquarters a 'great catalyst' for Springfield Town Center redevelopment   [Aug-28-17 08:24AM  American City Business Journals]
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