PEI - Pennsylvania REIT Q3 hurt by tenant bankruptcies COVID credit losses

Pennsylvania REIT ([[PEI]] -2.1%), which filed for Chapter 11 bankruptcy proceedings less than a week ago, reports Q3 same-store net operating income, including lease terminations, declined 29.1% Y/Y, mostly due to lost revenue from bankrupt tenants, an increase in credit losses, accounting for rental abatements, and reduced percentage of sales revenue due to COVID-19 related mall closures.That's partially offset by new store openings, including contributions from replacement anchors.Q3 FFO of 12 cents misses the sole analyst estimate of 13 cents declines from 23 cents in the year-ago quarter.Q3 total revenue of $64.2M decreased from $81.4M a year ago.Cash collections improve to 127% of billings in October; during Q3, cash collections totaled 99% of billings.Deferral agreements have been reached with 79% of PREIT's key national tenants by number.Q3 core mall traffic at comparable properties is ~68% of 2019 non-holiday averages.Previously: PREIT FFO misses by $0.01 (Nov. 6)

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Pennsylvania REIT Q3 hurt by tenant bankruptcies, COVID, credit losses