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PREIT Reports Fourth Quarter And Full Year 2012 Results

Stocks in this article: PEI

Please replace the release dated February 25, 2013 with the following corrected version due to revisions to the "Primary Factors Affecting Financial Results" bullets, as well as several edits to the definitions for FFO and NOI.

The corrected release reads:


Pennsylvania Real Estate Investment Trust (NYSE: PEI) today reported results for the fourth quarter and full year ended December 31, 2012.

“In 2012, we transformed PREIT, delivering a stronger balance sheet, improved operating metrics, a higher quality portfolio and outstanding returns to our shareholders,” said Joseph F. Coradino, Chief Executive Officer. “We enter 2013 a stronger Company, and based on improvements in our operating performance, we increased our dividend by 12.5%.”

The following tables set forth information regarding Funds From Operations (“FFO”) and the adjustments to FFO related to a provision for employee separation expense, accelerated amortization of deferred financing costs and the loss on hedge ineffectiveness for the fourth quarter and full year 2012:

Fourth Quarter Full Year
(In millions, except per share amounts) 2012     2011 2012     2011
FFO $ 29.7     $ 36.0 $ 95.6     $ 105.6
Provision for employee separation expense 3.7 -- 9.4 --
Accelerated amortization of deferred financing costs 0.7 -- 0.7 --
Loss on hedge ineffectiveness   1.2       --   1.2       --
FFO, as adjusted $ 35.2     $ 36.0 $ 106.9     $ 105.6
            Fourth Quarter       Full Year
Per Diluted Share and OP Unit 2012     2011       2012     2011
FFO $ 0.51     $ 0.63       $ 1.63     $ 1.84
FFO, as adjusted $ 0.60     $ 0.63       $ 1.83     $ 1.84

Same store NOI excluding lease termination revenue for the quarter ended December 31, 2012 was $76.5 million, compared to $75.1 million for the quarter ended December 31, 2011. Lease termination revenue for the quarters ended December 31, 2012 and December 31, 2011 was $0.1 million and $0.9 million, respectively. Same store NOI excluding lease termination revenue for the year ended December 31, 2012 was $268.7 million, compared to $264.6 million for the year ended December 31, 2011. Lease termination revenue for the years ended December 31, 2012 and December 31, 2011 was $1.8 million and $1.2 million, respectively. Same store results represent results of retail properties owned for the full periods presented, excluding properties acquired or disposed of or classified as held for sale. 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.

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