PEI - PREIT posts Q4 FFO loss as revenue hurt by struggling tenants

PREIT (PEI) Q4 same-store net operating income was hurt by a decrease in revenue of $22.1M, mostly from bankruptcies and related store closings, an increase in credit losses for struggling tenants, and a decreased percentage sales revenue from COVID-19 restrictions.Q4 same-store NOI, including lease terminations, fell  33.3% Y/Y vs. a 29.1% decline in Q3.PREIT stock falls 1.4% in after-hours trading.Q4 adjusted FFO loss of 13 cents per share compares with FFO of 12 cents in Q3 and 34 cents in the year-ago quarter.Q4 total revenue of $66.6M vs. $64.2M in Q3 and $88.7M in the year-ago quarter.During the quarter, PREIT granted just under $12M in rent abatemens.Cash collections continued to improve, increasing to 112% of billings for Q4 2020.Core mall traffic at comparable properties was ~74% of 2019 traffic during the holiday season.Core mall total occupancy was 90.3% in Q4.Conference call on March 12 at 11:00 AM ET.Previously (March 11): PREIT FFO

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PREIT posts Q4 FFO loss as revenue hurt by struggling tenants