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PREIT has launched a new program called sMALL Surprises, aiming to enhance back-to-school shopping for K-8 students. This initiative, marking PREIT's entry into e-commerce, offers curated shopping packs customized by professional stylists, blending online and offline shopping. The packs include various items from mall tenants, aimed at providing a surprise element to shoppers and driving sales for retailers. This innovative strategy is designed to navigate the evolving retail landscape amid the COVID-19 pandemic.
On August 12, 2020, PREIT announced a Secured Term Loan of up to $30 million to enhance liquidity post-COVID-19 shutdowns. This loan complements amendments to its 7-Year Term Loan and 2018 Credit Agreement, allowing for flexibility and suspension of certain financial covenants until September 30, 2020. Dividends on common and preferred shares will be suspended during this period. PREIT is actively negotiating further amendments to sustain liquidity and compliance with debt obligations as it recovers.
PREIT (NYSE: PEI) reported a net loss of $29.2 million, or $0.38 per share, for Q2 2020, compared to a $12.6 million loss in Q2 2019. Funds From Operations (FFO) reached $(0.06) per diluted share versus $0.24 in the prior year. Same Store Net Operating Income (NOI) decreased by 36.6% due to losses from bankrupt tenants and mall closures from the COVID-19 pandemic, with overall occupancy falling to 83.1% by August 2020. Despite these challenges, PREIT has signed leases for 197,000 square feet expected to yield $11.7 million annually, showcasing efforts to recover amidst ongoing market pressures.
Pennsylvania Real Estate Investment Trust (PEI) plans to release its financial results for Q2 2020 after market close on August 10, 2020. Due to the COVID-19 pandemic, the company has withdrawn its full-year 2020 guidance initially provided in February. There will be no updated guidance accompanying the earnings results. A conference call is scheduled for August 11, 2020, at 9:00 a.m. Eastern Time to discuss the results and future outlook.
PREIT (NYSE: PEI) reported its entire portfolio operational as of July 3, 2020, following successful re-openings. Occupancy rates are above 80%, with in-line occupancy exceeding 90% in key properties. Retailers are achieving sales above last year, particularly in athletic wear and home décor. The company generated $27.8 million from outparcel sales and implemented cost savings of $30 million. Exciting new tenants are opening, including Sephora and Shake Shack, indicating a revitalized retail atmosphere amidst efforts to create safe shopping environments.