PEI - PREIT Q4 FFO increases helped by higher rents and occupancy rates

PREIT (NYSE:PEI) saw its Q4 non-GAAP per-share funds from operations improve to a profit compared with losses in both the previous and year-ago quarters as occupancy improved, rents rose, and credit losses narrowed. The shopping mall owner said Q4 adjusted FFO per share of $0.17 improved from -$0.08 in Q3 and -$0.13 in the year-ago quarter. Q4 same-store net operating income, excluding termination revenue, increased 52.5% Y/Y compared with a 36.0% Y/Y increase in the prior quarter. "Strong demand continued to drive record operating results for the quarter and year in sales, leasing activity, traffic and net operating income," said Chairman and CEO Joseph Coradino. For the quarter, results were driven by an increase in rent, percentage rent, percent sales and common area revenue of $9.2M and a decrease in credit losses for challenged tenants of $10.7M vs. the three months ended Dec. 31, 2020. Core mall occupancy increased 290 basis

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PREIT Q4 FFO increases, helped by higher rents and occupancy rates