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Stock Market & Financial Investment News

News Breaks
September 17, 2013
09:08 EDTPEIPennsylvania REIT completes sale of two power center properties for $87.3M
Pennsylvania Real Estate Investment Trust has completed the sales of two power center properties in conjunction with the Company's strategic plan to dispose of non- core properties in order to strengthen its balance sheet by reducing debt. In two separate transactions, the sales of Christiana Center in Newark, Delaware and Commons at Magnolia in Florence, South Carolina generated combined sales proceeds of $87.3M and represent a blended cap rate of 6.8% and gains on sales totaling approximately $45.4M. In connection with these transactions, the buyer assumed the $49.2M mortgage loan secured by Christiana Center. The Company intends to use the proceeds to make further reductions in debt and for general corporate purposes.
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July 28, 2015
19:51 EDTPEIPennsylvania REIT sells three malls for $95.4M
Pennsylvania Real Estate Investment Trust announced that it has entered into an agreement of sale for three malls to an institutional buyer. The assets under agreement of sale, which are subject to customary closing conditions, are Gadsden Mall in Gadsden, AL, Wiregrass Commons Mall in Dothan, AL and New River Valley Mall in Christiansburg, VA. The three assets are expected to be sold in one transaction for $95.4M. This would constitute a total of 10 malls sold under the company's disposition program. Total funds raised through assets sales including malls, power centers and various parcels would total over $560M. In addition to these transactions, the company is also negotiating agreements of sale on two additional non-core malls, which it hopes to execute within the next several weeks.
17:55 EDTPEIPennsylvania REIT lowers FY15 AFFO view to $1.84-$1.89 from $1.87-$1.92
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17:53 EDTPEIPennsylvania REIT reports Q2 AFFO 39c, consensus 42c
Reports Q2 revenue $101.7M, may not compare to consensus $67.38M.

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