Pennsylvania Real Estate Investment Trust
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PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. The last earnings update was 9 days ago. More info.
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PEI Share Price and Events
7 Day Returns
1 Year Returns
PEI Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Pennsylvania Real Estate Investment Trust (PEI) | 0.4% | 27.4% | 7.2% | -24.8% | -65.3% | -59% |
| US REITs | 0.2% | -1.4% | 3.2% | 13% | 8.8% | 24% |
| US Market | -3.9% | -3.6% | 1.8% | 1.4% | 35.8% | 40.8% |
1 Year Return vs Industry and Market
- PEI underperformed the REITs industry which returned 13% over the past year.
- PEI underperformed the Market in United States of America which returned 1.4% over the past year.
PEI Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Pennsylvania Real Estate Investment Trust
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Pennsylvania Real Estate Investment Trust.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 4 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 11.8% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.53 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (297.71%)) |
1.523 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.52 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.523 * 5.96%) |
11.81% |
Discounted Cash Flow Calculation for NYSE:PEI using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Pennsylvania Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Pennsylvania Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 11.81%) |
|
|---|---|---|---|
| 2019 | 51.64 | Analyst x5 | 46.19 |
| 2020 | 47.78 | Analyst x4 | 38.22 |
| 2021 | 51.57 | Analyst x2 | 36.90 |
| 2022 | 46.40 | Analyst x1 | 29.69 |
| 2023 | 40.60 | Analyst x1 | 23.23 |
| 2024 | 39.30 | Est @ -3.2% | 20.12 |
| 2025 | 38.74 | Est @ -1.42% | 17.74 |
| 2026 | 38.68 | Est @ -0.18% | 15.83 |
| 2027 | 38.94 | Est @ 0.7% | 14.26 |
| 2028 | 39.45 | Est @ 1.31% | 12.92 |
| Present value of next 10 years cash flows | $255.10 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $39.45 × (1 + 2.73%) ÷ (11.81% – 2.73%) |
$446.38 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $446.38 ÷ (1 + 11.81%)10 |
$146.19 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $255.10 + $146.19 |
$401.28 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $401.28 / 79.41 |
$5.03 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $5.03 |
| Current discount | Discount to share price of
$7.26
= -1 x ($7.26 - $5.03) / $5.03 |
-44.5% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Pennsylvania Real Estate Investment Trust is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Pennsylvania Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Pennsylvania Real Estate Investment Trust's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $-2.14 |
| NYSE:PEI Share Price ** | NYSE (2019-05-15) in USD | $7.26 |
| United States of America REITs Industry PE Ratio | Median Figure of 155 Publicly-Listed REITs Companies | 32.37x |
| United States of America Market PE Ratio | Median Figure of 3,087 Publicly-Listed Companies | 17.79x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Pennsylvania Real Estate Investment Trust.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:PEI Share Price ÷ EPS (both in USD) = 7.26 ÷ -2.14 |
-3.39x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Pennsylvania Real Estate Investment Trust is loss making, we can't compare its value to the US REITs industry average.
- Pennsylvania Real Estate Investment Trust is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does
Pennsylvania Real Estate Investment Trust's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | -3.39x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts |
5.1%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 1.91x |
| United States of America Market PEG Ratio | Median Figure of 2,113 Publicly-Listed Companies | 1.52x |
*Line of best fit is calculated by linear regression .
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unable to calculate PEG ratio for Pennsylvania Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Pennsylvania Real Estate Investment Trust's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $6.41 |
| NYSE:PEI Share Price * | NYSE (2019-05-15) in USD | $7.26 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.86x |
| United States of America Market PB Ratio | Median Figure of 5,195 Publicly-Listed Companies | 1.83x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:PEI Share Price ÷ Book Value per Share (both in USD) = 7.26 ÷ 6.41 |
1.13x |
* Primary Listing of Pennsylvania Real Estate Investment Trust.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Pennsylvania Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
Value checks
We assess Pennsylvania Real Estate Investment Trust's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Pennsylvania Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
PEI Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Unable to compare Pennsylvania Real Estate Investment Trust's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
- Unable to compare Pennsylvania Real Estate Investment Trust's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.
- Pennsylvania Real Estate Investment Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:PEI Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts | 5.1% |
| NYSE:PEI Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts | 4.1% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 5.2% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.3% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 14% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 427 | -72 | 1 | |
| 2022-12-31 | 409 | -57 | 1 | |
| 2021-12-31 | 396 | -48 | 2 | |
| 2020-12-31 | 378 | -41 | 4 | |
| 2019-12-31 | 354 | -37 | 2 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 363 | 127 | -150 |
| 2018-12-31 | 364 | 135 | -138 |
| 2018-09-30 | 367 | 141 | -54 |
| 2018-06-30 | 370 | 146 | -42 |
| 2018-03-31 | 374 | 134 | -61 |
| 2017-12-31 | 377 | 142 | -58 |
| 2017-09-30 | 385 | 138 | -84 |
| 2017-06-30 | 391 | 138 | -89 |
| 2017-03-31 | 399 | 143 | -32 |
| 2016-12-31 | 412 | 155 | -26 |
| 2016-09-30 | 422 | 149 | -44 |
| 2016-06-30 | 430 | 153 | -79 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
All data from Pennsylvania Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | -1.03 | -1.03 | -1.03 | 1.00 |
| 2022-12-31 | -0.81 | -0.81 | -0.81 | 1.00 |
| 2021-12-31 | -0.69 | -0.69 | -0.69 | 1.00 |
| 2020-12-31 | -0.55 | -0.52 | -0.59 | 2.00 |
| 2019-12-31 | -0.51 | -0.39 | -0.57 | 3.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | -2.14 |
| 2018-12-31 | -1.98 |
| 2018-09-30 | -0.78 |
| 2018-06-30 | -0.61 |
| 2018-03-31 | -0.88 |
| 2017-12-31 | -0.84 |
| 2017-09-30 | -1.21 |
| 2017-06-30 | -1.29 |
| 2017-03-31 | -0.46 |
| 2016-12-31 | -0.37 |
| 2016-09-30 | -0.63 |
| 2016-06-30 | -1.14 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if Pennsylvania Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess Pennsylvania Real Estate Investment Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Pennsylvania Real Estate Investment Trust has a total score of 0/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
PEI Past Performance
How has Pennsylvania Real Estate Investment Trust performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Pennsylvania Real Estate Investment Trust does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
- Unable to compare Pennsylvania Real Estate Investment Trust's 1-year earnings growth to the 5-year average as it is not currently profitable.
- Unable to compare Pennsylvania Real Estate Investment Trust's 1-year growth to the US REITs industry average as it is not currently profitable.
Earnings and Revenue History
All data from Pennsylvania Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 362.54 | -150.26 | 39.42 | |
| 2018-12-31 | 364.33 | -138.25 | 38.34 | |
| 2018-09-30 | 367.00 | -54.14 | 38.14 | |
| 2018-06-30 | 369.89 | -42.24 | 37.99 | |
| 2018-03-31 | 373.93 | -61.12 | 37.83 | |
| 2017-12-31 | 377.05 | -58.27 | 36.74 | |
| 2017-09-30 | 384.98 | -83.81 | 36.12 | |
| 2017-06-30 | 391.04 | -89.43 | 36.07 | |
| 2017-03-31 | 399.11 | -31.93 | 35.72 | |
| 2016-12-31 | 411.97 | -25.83 | 35.27 | |
| 2016-09-30 | 422.35 | -43.56 | 34.93 | |
| 2016-06-30 | 429.76 | -78.50 | 34.24 | |
| 2016-03-31 | 434.87 | -117.62 | 34.48 | |
| 2015-12-31 | 431.41 | -132.85 | 34.84 | |
| 2015-09-30 | 423.50 | -74.49 | 34.92 | |
| 2015-06-30 | 423.27 | -43.02 | 35.74 | |
| 2015-03-31 | 429.13 | -35.44 | 35.38 | |
| 2014-12-31 | 439.12 | -30.06 | 35.52 | |
| 2014-09-30 | 447.67 | -41.41 | 36.62 | |
| 2014-06-30 | 454.18 | -50.35 | 36.36 | |
| 2014-03-31 | 451.88 | -36.73 | 37.20 | |
| 2013-12-31 | 446.60 | -38.09 | 36.98 | |
| 2013-09-30 | 438.33 | -50.57 | 35.30 | |
| 2013-06-30 | 432.81 | -52.91 | 35.88 | |
| 2013-03-31 | 428.57 | -53.64 | 36.51 | |
| 2012-12-31 | 426.35 | -51.03 | 37.54 | |
| 2012-09-30 | 415.33 | -14.95 | 39.21 | |
| 2012-06-30 | 419.84 | -55.94 | 39.01 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- It is difficult to establish if Pennsylvania Real Estate Investment Trust has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
- It is difficult to establish if Pennsylvania Real Estate Investment Trust has efficiently used its assets last year compared to the US REITs industry average (Return on Assets) as it is loss-making.
- It is difficult to establish if Pennsylvania Real Estate Investment Trust improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
Past performance checks
We assess Pennsylvania Real Estate Investment Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Pennsylvania Real Estate Investment Trust has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
PEI Health
How is Pennsylvania Real Estate Investment Trust's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Pennsylvania Real Estate Investment Trust's finances.
The net worth of a company is the difference between its assets and liabilities.
- Pennsylvania Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Pennsylvania Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Pennsylvania Real Estate Investment Trust Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 501.95 | 1,725.71 | 10.42 |
| 2018-12-31 | 546.55 | 1,663.21 | 18.08 |
| 2018-09-30 | 669.37 | 1,636.25 | 19.29 |
| 2018-06-30 | 690.34 | 1,603.61 | 42.20 |
| 2018-03-31 | 740.76 | 1,610.02 | 89.21 |
| 2017-12-31 | 760.99 | 1,656.86 | 15.35 |
| 2017-09-30 | 881.11 | 1,580.59 | 76.94 |
| 2017-06-30 | 774.07 | 1,636.67 | 19.02 |
| 2017-03-31 | 848.64 | 1,602.60 | 18.70 |
| 2016-12-31 | 702.41 | 1,768.42 | 9.80 |
| 2016-09-30 | 736.57 | 1,746.03 | 25.38 |
| 2016-06-30 | 748.23 | 1,723.65 | 16.84 |
| 2016-03-31 | 760.67 | 1,767.58 | 30.45 |
| 2015-12-31 | 784.63 | 1,787.13 | 22.86 |
| 2015-09-30 | 843.32 | 1,858.30 | 22.14 |
| 2015-06-30 | 900.63 | 1,884.26 | 31.32 |
| 2015-03-31 | 952.68 | 1,873.43 | 37.48 |
| 2014-12-31 | 844.74 | 1,540.44 | 40.43 |
| 2014-09-30 | 842.76 | 1,545.79 | 51.41 |
| 2014-06-30 | 859.79 | 1,628.05 | 30.74 |
| 2014-03-31 | 898.70 | 1,655.72 | 32.55 |
| 2013-12-31 | 926.45 | 1,633.49 | 34.23 |
| 2013-09-30 | 931.73 | 1,629.49 | 24.89 |
| 2013-06-30 | 933.63 | 1,657.21 | 17.53 |
| 2013-03-31 | 727.07 | 1,844.38 | 33.64 |
| 2012-12-31 | 713.23 | 1,909.79 | 33.99 |
| 2012-09-30 | 644.22 | 2,091.21 | 26.25 |
| 2012-06-30 | 663.73 | 2,063.68 | 14.58 |
- Pennsylvania Real Estate Investment Trust's level of debt (343.8%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (184.3% vs 343.8% today).
CASH RUNWAY ANALYSIS
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
- Whilst loss making Pennsylvania Real Estate Investment Trust has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
- Whilst loss making Pennsylvania Real Estate Investment Trust has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 4.9% per year.
Financial health checks
We assess Pennsylvania Real Estate Investment Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Pennsylvania Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
PEI Dividends
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Pennsylvania Real Estate Investment Trust
shares you are expected to receive
$231
in your first year as a dividend.
Dividend Amount
- Pennsylvania Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
- Pennsylvania Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
Upcoming dividend payment
Purchase Pennsylvania Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 3.9% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 1997 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 0.84 | 1.00 |
| 2022-12-31 | 0.84 | 1.00 |
| 2021-12-31 | 0.84 | 4.00 |
| 2020-12-31 | 0.84 | 5.00 |
| 2019-12-31 | 0.84 | 6.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-04-29 | 0.840 | 12.222 |
| 2019-02-08 | 0.840 | 13.693 |
| 2018-10-23 | 0.840 | 11.172 |
| 2018-07-19 | 0.840 | 8.502 |
| 2018-04-23 | 0.840 | 7.888 |
| 2018-02-12 | 0.840 | 8.499 |
| 2017-10-18 | 0.840 | 7.668 |
| 2017-06-01 | 0.840 | 7.671 |
| 2017-04-20 | 0.840 | 6.926 |
| 2017-02-16 | 0.840 | 5.501 |
| 2016-10-28 | 0.840 | 4.482 |
| 2016-07-21 | 0.840 | 3.609 |
| 2016-05-09 | 0.840 | 3.849 |
| 2016-02-11 | 0.840 | 3.984 |
| 2015-10-23 | 0.840 | 4.045 |
| 2015-07-23 | 0.840 | 4.088 |
| 2015-05-21 | 0.840 | 3.742 |
| 2015-02-13 | 0.840 | 3.696 |
| 2014-11-21 | 0.800 | 3.345 |
| 2014-07-18 | 0.800 | 3.960 |
| 2014-04-02 | 0.800 | 4.479 |
| 2014-02-13 | 0.800 | 4.372 |
| 2013-11-06 | 0.800 | 4.358 |
| 2013-07-23 | 0.720 | 3.794 |
| 2013-05-16 | 0.720 | 3.646 |
| 2013-02-21 | 0.720 | 3.713 |
| 2012-11-13 | 0.640 | 3.610 |
| 2012-07-19 | 0.640 | 4.061 |
| 2012-05-16 | 0.640 | 4.658 |
| 2012-02-17 | 0.600 | 4.138 |
| 2011-10-20 | 0.600 | 5.684 |
| 2011-08-09 | 0.600 | 6.731 |
| 2011-05-05 | 0.600 | 3.955 |
| 2011-02-17 | 0.600 | 4.226 |
| 2010-10-29 | 0.600 | 4.231 |
| 2010-07-29 | 0.600 | 4.953 |
| 2010-02-18 | 0.600 | 4.697 |
| 2009-10-23 | 0.600 | 7.283 |
| 2009-07-27 | 0.600 | 8.853 |
| 2009-05-20 | 0.600 | 11.851 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been stable in the past 10 years.
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Pennsylvania Real Estate Investment Trust's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.2x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (125.3x coverage).
Income/ dividend checks
We assess Pennsylvania Real Estate Investment Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Pennsylvania Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Pennsylvania Real Estate Investment Trust has a total score of 6/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
PEI Management
CEO
| COMPENSATION | $4,907,051 |
| AGE | 66 |
| TENURE AS CEO | 6.9 years |
CEO Bio
Mr. Joseph F. Coradino, also known as Joe, has been the Chief Executive Officer at Pennsylvania Real Estate Investment Trust since June 7, 2012 and has been Chairman of the Board since February 2017 and Trustee since April 2006 and served as Member of Office of the Chairman since March 15, 2004. Mr. Coradino served as the President at PREIT Services LLC and PREIT-RUBIN, Inc. from 2001 to 2012 and Executive Vice President of Retail from December 2001 to 2012. He has been with the firm for twenty five years and is responsible for executing firm's strategic mission of adding value to their shopping center portfolio through redevelopment, renovation and remerchandising. Mr. Coradino served as an Executive Vice President of Retail Division at Preit-Rubin, Inc., from November 1998 to June 2004 and Treasurer from September 1997 to June 2004. He served as an Executive Vice President for Retail at Pennsylvania Real Estate Investment Trust, from December 2001 to June 2004. From September 1997 to November 1998, Mr. Coradino was a Senior Vice President of Retail Division and Treasurer at PREIT-RUBIN, Inc. He served as the President-Rubin Strouse Realty. Mr. Coradino was an Independent Director of AC Moore Arts & Crafts Inc. from 2006 to 2011. Mr. Coradino is a Trustee of Temple University and a trustee of the International Council of Shopping Centers (ICSC). He served on the Board of many civic and charitable organizations, including the YMCA of Greater Philadelphia. Mr. Coradino served as a Director of National Adoption Center and Country Day School of the Sacred Heart. He was awarded the prestigious 2006 Philadelphia Pinnacle Award. Mr. Coradina received a Masters in Urban Planning from Temple University and a Bachelor's of Arts in Urban Studies from University of Arizona.
CEO Compensation
- Joe's compensation has increased whilst company is loss making.
- Joe's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Pennsylvania Real Estate Investment Trust management team in years:
- The average tenure for the Pennsylvania Real Estate Investment Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Joe Coradino
Chairman & CEO
$5M
66
6.9 yrs
Robert McCadden
Executive VP & CFO
$2M
60
15 yrs
Mario Ventresca
Executive Vice President of Operations
$1M
51
4.3 yrs
Andrew Ioannou
Executive Vice President of Finance & Acquisitions
$1M
43
4.3 yrs
Joseph Aristone
Executive Vice President of Leasing
$1M
52
Heather Crowell
Executive VP of Strategy & Communications
39
Lisa Most
Senior VP
48
Daniel Herman
Senior Vice President of Development
5.3 yrs
Debi Gilson
Regional Marketing Director of East Region Properties
9.9 yrs
Michael Rakers
General Manager of Springfield Mall
8.8 yrs
Board of Directors Tenure
Average tenure and age of the Pennsylvania Real Estate Investment Trust board of directors in years:
- The tenure for the Pennsylvania Real Estate Investment Trust board of directors is about average.
Board of Directors
Joe Coradino
Chairman & CEO
$5M
66
2.3 yrs
John Roberts
$205K
73
15.5 yrs
Charlie Pizzi
Lead Independent Trustee
$218K
67
1.9 yrs
Mike DeMarco
$189K
58
3.9 yrs
Leonard Korman
$179K
82
23.3 yrs
Mark Pasquerilla
$183K
59
15.4 yrs
George Alburger
$176K
70
1.9 yrs
Joanne Epps
Independent Trustee
$170K
66
1.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Pennsylvania Real Estate Investment Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Pennsylvania Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
PEI News
Simply Wall St News
What Should We Expect From Pennsylvania Real Estate Investment Trust's (NYSE:PEI) Earnings In The Next Couple Of Years?
The most recent earnings update Pennsylvania Real Estate Investment Trust's (NYSE:PEI) released in December 2018 … company earnings became less negative compared to the previous year's level
Simply Wall St - – Full articlePennsylvania Real Estate Investment Trust (NYSE:PEI): Risks You Need To Consider Before Buying
If you are looking to invest in Pennsylvania Real Estate Investment Trust’s (NYSE:PEI), or currently own the stock, then you need to understand its beta in order to understand how it can affect the risk of your portfolio. … The most widely used metric to quantify a stock's market risk is beta, and the market as a whole represents a beta of one. … Any stock with a beta of greater than one is considered more volatile than the market, and those with a beta less than one is generally less volatile.
Simply Wall St - – Full articleIs Pennsylvania Real Estate Investment Trust (NYSE:PEI) Undervalued?
Pennsylvania Real Estate Investment Trust (NYSE:PEI), a reits company based in United States,. … As a small cap stock, which tends to lack high analyst coverage, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value? … Let’s examine Pennsylvania Real Estate Investment Trust’s valuation and outlook in more detail to determine if there’s still a bargain opportunity
Simply Wall St - – Full articlePennsylvania Real Estate Investment Trust's (NYSE:PEI) Profit Outlook
Pennsylvania Real Estate Investment Trust's (NYSE:PEI):. … PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. … View out our latest analysis for Pennsylvania Real Estate Investment Trust
Simply Wall St - – Full articleHow To Look At Pennsylvania Real Estate Investment Trust (NYSE:PEI)
Pennsylvania Real Estate Investment Trust is a US$780.94M small-cap real estate investment trust (REIT) based in Philadelphia, United States. … See our latest analysis for Pennsylvania Real Estate Investment Trust REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities. … Next Steps: As a REIT, Pennsylvania Real Estate Investment Trust offers some unique characteristics which could help diversify your portfolio.
Simply Wall St - – Full articleNYSE Real Estate Industry: A Deep Dive Into Pennsylvania Real Estate Investment Trust (NYSE:PEI)
Below, I will examine the sector growth prospects, as well as evaluate whether Pennsylvania Real Estate Investment Trust is lagging or leading its competitors in the industry. … See our latest analysis for Pennsylvania Real Estate Investment Trust What’s the catalyst for Pennsylvania Real Estate Investment Trust's sector growth? … If Pennsylvania Real Estate Investment Trust has been on your watchlist for a while, now may be the time to enter into the stock, if you like its growth prospects and are not highly concentrated in the REIT industry.
Simply Wall St - – Full articlePennsylvania Real Estate Investment Trust (PEI): Dividend Is Coming In 9 Days, Should You Buy?
Check out our latest analysis for Pennsylvania Real Estate Investment Trust 5 questions I ask before picking a dividend stock When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Is its annual yield among the top 25% of dividend-paying companies? … NYSE:PEI Historical Dividend Yield Nov 21st 17 Does Pennsylvania Real Estate Investment Trust pass our checks? … Pennsylvania Real Estate Investment Trust has a negative payout ratio, which means that it is loss-making, and paying its dividend from its retained earnings.
Simply Wall St - – Full articlePEI Company Info
Description
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely-populated eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the Company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures.
Details
| Name: | Pennsylvania Real Estate Investment Trust |
| PEI | |
| Exchange: | NYSE |
| Founded: | 1960 |
| $579,666,063 | |
| $561,805,480 | |
| 79,406,310 | |
| Website: | http://www.preit.com |
| Address: |
Pennsylvania Real Estate Investment Trust The Bellevue, 3rd Floor, Philadelphia, Pennsylvania, 19102, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | PEI | Common Shares | New York Stock Exchange | US | USD | 02. Jan 1969 | |
| DB | WX3 | Common Shares | Deutsche Boerse AG | DE | EUR | 02. Jan 1969 | |
| NYSE | PEI.PRD | 6.875% RED PFD D | New York Stock Exchange | US | USD | 08. Sep 2017 | |
| NYSE | PEI.PRC | RED PFD SER C | New York Stock Exchange | US | USD | 19. Jan 2017 | |
| NYSE | PEI.PRB | CUM RED PERP PFD | New York Stock Exchange | US | USD | 03. Oct 2012 |
Number of employees
Current staff
Industry
| Retail REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/16 01:28 |
| End of day share price update: | 2019/05/15 00:00 |
| Last estimates confirmation: | 2019/05/06 |
| Last earnings filing: | 2019/05/07 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
