PHILADELPHIA (AP) _ Pennsylvania Real Estate Investment Trust (PEI) on Thursday reported a key measure of profitability in its second quarter, after reporting a loss in the same period a year earlier.
The Philadelphia-based real estate investment trust said it had funds from operations of $2.6 million, or 3 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $31.4 million, or 40 cents per share.
The shopping mall real estate investment trust posted revenue of $74.1 million in the period.
The company’s shares closed at $2.05. A year ago, they were trading at $1.05.
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