Company profile

Ticker
PEI^D
Exchange
Website
CEO
Joseph F. Coradino
Employees
Incorporated in
Location
Fiscal year end
SEC CIK
IRS number
236216339

PEI^D stock data

(
)

Calendar

16 Mar 20
6 Apr 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Dec 19 Sep 19 Jun 19 Mar 19
Revenue 88.72M 81.37M 81.39M 85.31M
Net income -14.85M 24.26M -5.75M -14.54M
Diluted EPS -0.29 0.22 -0.17 -0.3
Net profit margin -16.74% 29.82% -7.07% -17.04%
Net change in cash 502K -3.52M 4.81M -7.67M
Cash on hand 12.21M 11.71M 15.23M 10.42M
Cost of revenue 33.76M 35.13M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 336.79M 362.4M 367.49M 399.95M
Net income -10.87M -110.33M -25.95M -9.66M
Diluted EPS -0.52 -1.98 -0.84 -0.4
Net profit margin -3.23% -30.44% -7.06% -2.42%
Operating income* -76.89M 157K 44.89M
Net change in cash -5.87M 2.74M 5.55M -13.05M
Cash on hand 12.21M 18.08M 15.35M 9.8M
Cost of revenue 141.23M 140.31M 156.22M

Financial data from company earnings reports. *Asterisk values are approximate.

Date Owner Security Transaction Code $Price #Shares $Value #Remaining
24 Feb 20 Mario C. Jr. Ventresca Shares of Beneficial Interest, par value $1.00 per share Grant Aquire A 0 85,943 0 197,140
24 Feb 20 Lisa M. Most Shares of Beneficial Interest, par value $1.00 per share Grant Aquire A 0 50,929 0 101,553
24 Feb 20 Andrew M. Ioannou Shares of Beneficial Interest, par value $1.00 per share Grant Aquire A 0 50,929 0 136,816
24 Feb 20 Joseph F Coradino Shares of Beneficial Interest, par value $1.00 per share Grant Aquire A 0 344,968 0 870,771
24 Feb 20 Joseph J. Aristone Shares of Beneficial Interest, par value $1.00 per share Grant Aquire A 0 50,929 0 133,592
0.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 3 169 -98.2%
Opened positions 2 23 -91.3%
Closed positions 168 31 +441.9%
Increased positions 1 49 -98.0%
Reduced positions 0 55 -100.0%
13F shares
Current Prev Q Change
Total value 1.56M 1.84B -99.9%
Total shares 83.5K 52.66M -99.8%
Total puts 0 3.1M -100.0%
Total calls 0 165.7K -100.0%
Total put/call ratio 18.7
Largest owners
Shares Value Change
Eii Capital Management 74.5K $1.39M +381.1%
FNY Investment Advisers 8K $149K NEW
grace capital 1K $19K NEW
Largest transactions
Shares Bought/sold Change
Vanguard 0 -10.54M EXIT
BLK BlackRock 0 -9.97M EXIT
IVZ Invesco 0 -4.58M EXIT
STT State Street 0 -2.75M EXIT
Mirae Asset Global Investments 0 -1.9M EXIT
Victory Capital Management 0 -1.89M EXIT
Presima 0 -1.41M EXIT
BK Bank Of New York Mellon 0 -1.1M EXIT
Dimensional Fund Advisors 0 -1.08M EXIT
Psagot Investment House 0 -1.07M EXIT

Financial report summary

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Risks
  • ITEM 1A. RISK FACTORS.
  • RISKS RELATED TO OUR BUSINESS AND OUR PROPERTIES
  • Store closings, leasing and construction delays, lease terminations, tenant financial difficulties and tenant bankruptcies have in the past and could in the future adversely affect our financial condition and results of operations.
  • Changes in the retail industry, particularly among anchor tenant retailers, could adversely affect our results of operations and financial condition.
  • We might be unable to effectively manage any redevelopment and development projects involving a mix of uses, or other unique aspects, such as a project located in a city rather than a suburb, which could affect our financial condition and results of operations.
  • Expense reimbursements are relatively low and might continue to be relatively low. Also, operating expense amounts have increased and, in the future, are likely to continue to increase, reducing our cash flow and funds available for future distributions.
  • The valuation and accounting treatment of certain long-lived assets, such as real estate, or of intangible assets, such as goodwill, could result in future asset impairments, which would be recorded as operating losses.
  • Conditions in the U.S. economy might adversely affect our cash flows from operations.
  • Our retail properties are concentrated in the Eastern United States, particularly in the Mid-Atlantic region, and adverse market conditions in that region might affect the ability of our tenants to make lease payments and the interest of prospective tenants to enter into leases, which might reduce the amount of revenue generated by our properties.
  • We have invested and expect to invest in the future in partnerships with third parties to acquire, develop or redevelop properties, and we might not control the management, redevelopment or disposition of these properties, or we might be exposed to other risks.
  • We face competition for the acquisition of properties, development sites and other assets, which might impede our ability to make future acquisitions or might increase the cost of these acquisitions.
  • We might be unable to integrate effectively any additional properties we might acquire, which might result in disruptions to our business and additional expense.
  • Our business could be harmed if members of our corporate management team terminate their employment with us or otherwise are unable to continue in their current capacity or we are unable to attract and retain talented employees.
  • We might incur costs to comply with environmental laws, which could have an adverse effect on our results of operations.
  • Inflation may adversely affect our financial condition and results of operations.
  • Online shopping and other uses of technology could affect the business models and viability of retailers, which could, in turn, affect their demand for retail real estate.
  • We are subject to risks that affect the retail real estate environment generally.
  • The retail real estate industry is highly competitive, and this competition could harm our ability to operate profitably.
  • The illiquidity of real estate investments might delay or prevent us from selling properties that we determine no longer meet the strategic and financial criteria we apply and could significantly affect our ability to respond in a timely manner to adverse changes in the performance of our properties and harm our financial condition.
  • RISKS RELATED TO OUR INDEBTEDNESS AND OUR FINANCING
  • We have substantial debt and stated value of preferred shares outstanding, which could adversely affect our overall financial health and our operating flexibility. We require significant cash flows to satisfy our debt service and dividends on our preferred shares outstanding. These obligations may prevent us from using our cash flows for other purposes. If we are unable to satisfy these obligations, we might default on our debt or reduce, defer or suspend our dividend payments on preferred shares or reduce our dividend payments on common shares below historical rates.
  • If we are unable to comply with the covenants in our Credit Agreements, we might be adversely affected.
  • We might not be able to refinance our existing obligations or obtain the capital required to finance our activities.
  • Payments by our direct and indirect subsidiaries of dividends and distributions to us might be adversely affected by their obligations to make prior payments to the creditors of these subsidiaries.
  • Our hedging arrangements might not be successful in limiting our risk exposure, and we might incur expenses in connection with these arrangements or their termination that could harm our results of operations or financial condition.
  • RISKS RELATING TO OUR ORGANIZATION AND STRUCTURE
  • Our organizational documents contain provisions that might discourage a takeover of us and depress our share price.
  • Limited partners of PREIT Associates may vote on certain fundamental changes we propose, which could inhibit a change in control that might otherwise result in a premium to our shareholders.
  • We have, in the past, and might again, in the future, enter into tax protection agreements for the benefit of certain former property owners, including some limited partners of PREIT Associates, that might affect our ability to sell or refinance some of our properties that we might otherwise want to sell or refinance, which could harm our financial condition.
  • RISKS RELATING TO OUR SECURITIES
  • Individual taxpayers might perceive REIT securities as less desirable relative to the securities of other corporations because of the lower tax rate on certain dividends from such corporations, which might have an adverse effect on the market value of our securities.
  • We could face adverse consequences as a result of the actions of activist shareholders.
  • A few significant shareholders may influence or control the direction of our business, and, if the ownership of our common shares continues to be concentrated, or becomes more concentrated in the future, it could prevent our other shareholders from influencing significant corporate decisions.
  • Holders of our common shares might have their interest in us diluted by actions we take in the future.
  • Many factors, including changes in interest rates and the negative perceptions of the retail sector generally, can have an adverse effect on the market value of our securities.
  • Any additional issuances of preferred shares in the future might adversely affect the earnings per share available to common shareholders and amounts available to common shareholders for payments of dividends.
  • We might change the dividend policy for our common shares in the future.
  • If we were to fail to qualify as a REIT, our shareholders would be adversely affected.
  • We might be unable to comply with the strict income distribution requirements applicable to REITs, or compliance with such requirements could adversely affect our financial condition or cause us to forego otherwise attractive opportunities.
  • There is a risk of changes in the tax law applicable to REITs or our tenants.
  • We could face possible adverse federal, state and local tax audits and changes in state and local tax laws, which might result in an increase in our tax liability.
Management Discussion
  • Net loss for the year ended December 31, 2019 was $13.0 million, compared to a net loss for the year ended December 31, 2018 of $126.5 million. The change in our 2019 results of operations was primarily due to impairment losses in 2018 that did not recur in 2019.
  • Net loss for the year ended December 31, 2018 was $126.5 million, compared to a net loss for the year ended December 31, 2017 of $32.8 million. The change in our 2018 results of operations was primarily due to increased impairment losses in 2018 as compared to 2017 and dilution from asset sales.
  • From 2018 to 2019, total occupancy for our retail portfolio, including consolidated and unconsolidated properties (and including all tenants irrespective of the term of their agreement), decreased 10 basis points to 92.6%.
Content analysis ?
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Constraining
Legalese
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