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Pennsylvania Real Estate Investment Trust

NYSE:PEI
Snowflake Description

Average dividend payer with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PEI
NYSE
$522M
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

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 71 days ago. More info.


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PEI Share Price and Events
7 Day Returns
-3.3%
NYSE:PEI
-1.5%
US REITs
0.6%
US Market
1 Year Returns
-40.1%
NYSE:PEI
10.4%
US REITs
4.1%
US Market
PEI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Pennsylvania Real Estate Investment Trust (PEI) -3.3% -6.7% 12.3% -40.1% -72.6% -67.2%
US REITs -1.5% -0.9% 4.7% 10.4% 3.6% 23.7%
US Market 0.6% 3.8% 2.8% 4.1% 37.3% 42.5%
1 Year Return vs Industry and Market
  • PEI underperformed the REITs industry which returned 10.4% over the past year.
  • PEI underperformed the Market in United States of America which returned 4.1% over the past year.
Price Volatility
PEI
Industry
5yr Volatility vs Market

PEI Value

 Is Pennsylvania Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Pennsylvania Real Estate Investment Trust.

NYSE:PEI Discounted Cash Flow Data Sources
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 11.6%
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.

Calculation of Discount Rate/ Cost of Equity for NYSE:PEI
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 0.48
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.476 (1 + (1- 21%) (330.79%))
1.483
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.48
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.483 * 5.96%)
11.57%

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.

NYSE:PEI DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 11.57%)
2020 43.77 Analyst x4 39.23
2021 50.17 Analyst x2 40.31
2022 42.60 Analyst x1 30.68
2023 35.20 Analyst x1 22.72
2024 33.58 Est @ -4.61% 19.43
2025 32.77 Est @ -2.41% 16.99
2026 32.48 Est @ -0.87% 15.10
2027 32.55 Est @ 0.21% 13.56
2028 32.87 Est @ 0.97% 12.27
2029 33.36 Est @ 1.5% 11.17
Present value of next 10 years cash flows $221.46
NYSE:PEI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $33.36 × (1 + 2.73%) ÷ (11.57% – 2.73%)
$387.85
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $387.85 ÷ (1 + 11.57%)10
$129.82
NYSE:PEI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $221.46 + $129.82
$351.28
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $351.28 / 79.41
$4.42
NYSE:PEI Discount to Share Price
Calculation Result
Value per share (USD) From above. $4.42
Current discount Discount to share price of $6.37
= -1 x ($6.37 - $4.42) / $4.42
-44%

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.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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?
Raw Data
NYSE:PEI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-2.14
NYSE:PEI Share Price ** NYSE (2019-07-17) in USD $6.37
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 33.29x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.98x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Pennsylvania Real Estate Investment Trust.

NYSE:PEI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:PEI Share Price ÷ EPS (both in USD)

= 6.37 ÷ -2.14

-2.98x

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?
Raw Data
NYSE:PEI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -2.98x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
5%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.88x
United States of America Market PEG Ratio Median Figure of 2,122 Publicly-Listed Companies 1.59x

*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?
Raw Data
NYSE:PEI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $6.41
NYSE:PEI Share Price * NYSE (2019-07-17) in USD $6.37
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.8x
United States of America Market PB Ratio Median Figure of 5,241 Publicly-Listed Companies 1.81x
NYSE:PEI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:PEI Share Price ÷ Book Value per Share (both in USD)

= 6.37 ÷ 6.41

0.99x

* 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.
X
Value checks
We assess Pennsylvania Real Estate Investment Trust's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. 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

 How is Pennsylvania Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

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!
Annual Growth Rate
5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Pennsylvania Real Estate Investment Trust expected to grow at an attractive rate?
  • 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
Raw Data
NYSE:PEI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:PEI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 5%
NYSE:PEI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 3.9%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.1%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*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
Raw Data
NYSE:PEI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:PEI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 423 -79 1
2022-12-31 414 -65 1
2021-12-31 399 -55 2
2020-12-31 377 -47 4
2019-12-31 363 -51 4
NYSE:PEI Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Pennsylvania Real Estate Investment Trust is not considered high growth as it is expected to be loss making for the next 1-3 years.
  • Pennsylvania Real Estate Investment Trust's revenue is expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:PEI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months 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 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PEI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 -1.11 -1.11 -1.11 1.00
2022-12-31 -0.91 -0.91 -0.91 1.00
2021-12-31 -0.77 -0.77 -0.77 1.00
2020-12-31 -0.62 -0.50 -0.73 3.00
2019-12-31 -0.66 -0.61 -0.71 3.00
NYSE:PEI Past Financials Data
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.
X
Future performance checks
We assess Pennsylvania Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
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
Below we compare Pennsylvania Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 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
Pennsylvania Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Pennsylvania Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:PEI Past Revenue, Cash Flow and Net Income Data
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

*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.
X
Past performance checks
We assess Pennsylvania Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Pennsylvania Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • 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.
Raw Data

All data from Pennsylvania Real Estate Investment Trust Company Filings, last reported 3 months ago.

NYSE:PEI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 501.95 1,701.61 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
  • Pennsylvania Real Estate Investment Trust's level of debt (339%) 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 339% 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.
X
Financial health checks
We assess Pennsylvania Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Pennsylvania Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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

 What is Pennsylvania Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
13.19%
Current annual income from Pennsylvania Real Estate Investment Trust dividends. Estimated to be 13.19% next year.
If you bought $2,000 of Pennsylvania Real Estate Investment Trust shares you are expected to receive $264 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Pennsylvania Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Pennsylvania Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
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.
Raw Data
NYSE:PEI Annualized Past and Future Dividends
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 185 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
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.

NYSE:PEI Future Dividends Estimate Data
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 5.00
NYSE:PEI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-29 0.840 12.679
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
2009-02-12 1.160 26.644
2008-10-24 2.280 39.751
2008-07-28 2.280 13.813

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen 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).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (124.7x coverage).
X
Income/ dividend checks
We assess Pennsylvania Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. Pennsylvania Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PEI Management

 What is the CEO of Pennsylvania Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joe Coradino
COMPENSATION $4,907,051
AGE 67
TENURE AS CEO 7.1 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:

7.1
Average Tenure
52
Average Age
  • 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

TITLE
Chairman & CEO
COMPENSATION
$5M
AGE
67
TENURE
7.1 yrs

Robert McCadden

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
61
TENURE
15.2 yrs

Mario Ventresca

TITLE
Executive Vice President of Operations
COMPENSATION
$1M
AGE
52
TENURE
4.5 yrs

Andrew Ioannou

TITLE
Executive Vice President of Finance & Acquisitions
COMPENSATION
$1M
AGE
44
TENURE
4.5 yrs

Joseph Aristone

TITLE
Executive Vice President of Leasing
COMPENSATION
$1M
AGE
53

Heather Crowell

TITLE
Executive VP of Strategy & Communications
AGE
40

Lisa Most

TITLE
Senior VP
AGE
49

Daniel Herman

TITLE
Senior Vice President of Development
TENURE
5.5 yrs

Debi Gilson

TITLE
Regional Marketing Director of East Region Properties
TENURE
10.1 yrs

Michael Rakers

TITLE
General Manager of Springfield Mall
TENURE
9 yrs
Board of Directors Tenure

Average tenure and age of the Pennsylvania Real Estate Investment Trust board of directors in years:

3.3
Average Tenure
67.5
Average Age
  • The tenure for the Pennsylvania Real Estate Investment Trust board of directors is about average.
Board of Directors

Joe Coradino

TITLE
Chairman & CEO
COMPENSATION
$5M
AGE
67
TENURE
2.4 yrs

John Roberts

TITLE
COMPENSATION
$205K
AGE
74
TENURE
15.7 yrs

Charlie Pizzi

TITLE
Lead Independent Trustee
COMPENSATION
$218K
AGE
68
TENURE
2.1 yrs

Mike DeMarco

TITLE
COMPENSATION
$189K
AGE
59
TENURE
4.1 yrs

Leonard Korman

TITLE
COMPENSATION
$179K
AGE
83
TENURE
23.5 yrs

Mark Pasquerilla

TITLE
COMPENSATION
$183K
AGE
60
TENURE
15.6 yrs

George Alburger

TITLE
COMPENSATION
$176K
AGE
71
TENURE
2.1 yrs

Joanne Epps

TITLE
Independent Trustee
COMPENSATION
$170K
AGE
67
TENURE
1.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Pennsylvania Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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 -

Pennsylvania 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 -

Is 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 -

Pennsylvania 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 -

How 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 -

NYSE 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 -

Pennsylvania 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 -

PEI 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
$521,699,456
$492,934,009
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
Staff numbers
274
Pennsylvania Real Estate Investment Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/17 23:41
End of day share price update: 2019/07/17 00:00
Last estimates confirmation: 2019/07/07
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.