Pennsylvania REIT (NYSE:PEI) anticipates that it will not meet sure monetary covenants throughout 2020.
Says it is in energetic talks with its lenders to switch phrases of its debt covenants to make sure compliance via Sept. 30, 2020 and expects additional discussions with lenders to switch phrases of debt agreements on a long-term foundation.
Sees 2020 adjusted FFO per share of $1.04-$1.28 vs. consensus of $1.23; expects same-store web working revenue, excluding termination income, rising 0.5%-1.5%.
This fall adjusted FFO per share of 34 cents misses the typical analyst estimate of 39 cents and fell from 51 cents within the year-ago quarter.
This fall same-store web working revenue, excluding lease termination income, fell 3.0% Y/Y.
An incremental lower in income of $2.3M because of bankruptcies, associated retailer closings, and related write-offs was partially offset by incremental revenues from anchor replacements and different leasing exercise of $1.1M within the quarter.
This fall income of $88.7M falls wanting the $97.5M consensus and declined from $95.3M within the year-ago quarter.
Convention name on Feb. 26 at 11:00 AM ET.