PHILADELPHIA -- Pennsylvania Real Estate Investment Trust (NYSE: PEI) today reported results for the three and six months ended June 30, 2010.
tiffany heart link bracelet 鈥淲e are pleased with the results of our recent equity offering which has allowed for improvements to PREIT鈥檚 balance sheet. Though we have more work to do, the Company now has greater financial flexibility to take advantage of opportunities,鈥?said Ronald Rubin, Chairman and Chief Executive Officer.
Funds From Operations (鈥淔FO鈥?, as adjusted to exclude gains or charges associated with the repayment of debt, was $21.9 million, or $0.41 per diluted share, for the three months ended June 30, 2010. FFO as so adjusted for the 2009 comparable period was $29.3 million, or $0.71 per diluted share. For the six months ended June 30, 2010, FFO as adjusted was $47.5 million, or $0.95 per diluted share. FFO as adjusted for the six months ended June 30, 2009 was $57.4 million, or $1.39 per diluted share. The per diluted share amounts reflect the Company鈥檚 equity issuances in 2010 and 2009.
FFO was $19.7 million, or $0.37 per diluted share, for the three months ended June 30, 2010. FFO for the 2009 comparable period was $37.8 million, or $0.91 per diluted share. For the six months ended June 30, 2010, FFO was $45.2 million, or $0.91 per diluted share. FFO for the six months ended June 30, 2009 was $67.1 million, or $1.63 per diluted share.
FFO and the adjustments for the three and six month periods are as follows:
Air Jordan Retro [Table Omitted]
Net Operating Income (鈥淣OI鈥? for the three months ended June 30, 2010 was $69.7 million, compared to $73.2 million for the three months ended June 30, 2009. NOI for the six months ended June 30, 2010 was $141.3 million, compared to $145.1 million for the six months ended June 30, 2009. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure are located at the end of this press release.
Net loss attributable to PREIT for the three months ended June 30, 2010 was $22.7 million, or $0.45 per diluted share, compared to a net loss attributable to PREIT of $4.0 million, or $0.11 per diluted share, for the three months ended June 30, 2009. For the six months ended June 30, 2010, net loss attributable to PREIT was $40.3 million, or $0.86 per diluted share, compared to a net loss attributable to PREIT of $15.0 million, or $0.40 per diluted share, for the six months ended June 30, 2009. See below for a description of the primary factors affecting financial results.
Primary Factors Affecting Financial Results
Results for the three months ended June 30, 2010 included:
Results for the six months ended June 30, 2010 also included:
Results for the three months ended June 30, 2009 included:
Results for the six months ended June 30, 2009 also included:
Financing Activities
In May 2010, the Company sold a total of 10,350,000 common shares in Stainless Steel Earrings the offering, raisin
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