-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, DZp5CPUFeWjxiOI5PgWI0+mbvR8R5ggayhgKZ/HFwbR0/8MZZ3ytNLyoEJameMRr 4eHp3E85/2tf9XCxeH7Bqg== 0000950116-95-000290.txt : 199507170000950116-95-000290.hdr.sgml : 19950717 ACCESSION NUMBER: 0000950116-95-000290 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950531 FILED AS OF DATE: 19950714 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENNSYLVANIA REAL ESTATE INVESTMENT TRUST CENTRAL INDEX KEY: 0000077281 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 236216339 STATE OF INCORPORATION: PA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-06300 FILM NUMBER: 95553973 BUSINESS ADDRESS: STREET 1: 455 PENNSYLVANIA AVE STREET 2: STE 135 CITY: FORT WASHINGTON STATE: PA ZIP: 19034 BUSINESS PHONE: 2155429250 MAIL ADDRESS: STREET 1: 455 PENNSYLVANIA AVE STREET 2: STE 135 CITY: FORT WASHINGTON STATE: PA ZIP: 19034 10-Q 1 FORM 10-Q 1 - ------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q [X] Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act Of 1934 For the quarterly period ended May 31, 1995 ------------------------ [ ] Transition Report Pursuant To Section 13 or 15(d) Of The Securities Exchange Act Of 1934 For the transition period from to ------------------- ------------------------- Commission File Number 1-6300 ------------------------------- Pennsylvania Real Estate Investment Trust - ------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 23-6216339 - --------------------------------- ----------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 455 Pennsylvania Avenue, Suite 135, Ft. Washington, PA 19034 - ------------------------------------------------------ --------------------- (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code (215) 542-9250 -------------- N/A - ------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. Yes |X| No |_| Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the close of the period covered by this report (applicable only to corporate issuers). Shares of beneficial interest outstanding at May 31, 1995: 8,669,848 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- This report includes a total of 12 pages. - ------------------------------------------------------------------------------- 2 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ----------------------------------------- CONTENTS -------- Page ---- Part I. Financial Information Financial Statements (Unaudited): Consolidated Balance Sheets--May 31, 1995 and August 31, 1994 (Audited) 1-2 Consolidated Statements of Income--Three and Nine Months Ended May 31, 1995 and 1994 3 Consolidated Statements of Cash Flows--Nine Months Ended May 31, 1995 and 1994 4 Notes to Unaudited Consolidated Financial Statements 5-7 Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II. Other Information Item 6 (Items 1 through 5 -- not applicable) 11 Signatures 12 3 Part I. Financial Information --------------------- Item 1. Financial Statements -------------------- PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ----------------------------------------- CONSOLIDATED BALANCE SHEETS --------------------------- (Note 1) -------- ASSETS ------
May 31, August 31, 1995 1994 ------------ ----------- (Unaudited) INVESTMENTS IN REAL ESTATE, at cost: Apartment buildings $153,885,000 $116,918,000 Industrial properties 5,078,000 5,078,000 Shopping centers and retail stores 32,343,000 32,285,000 Land 3,590,000 -- ------------ ------------ Total investments in real estate 194,896,000 154,281,000 Less- Accumulated depreciation 37,488,000 33,735,000 ------------ ------------ 157,408,000 120,546,000 INVESTMENTS IN PARTNERSHIPS AND JOINT VENTURES, at equity (Note 2) 17,185,000 15,225,000 ADVANCES TO PARTNERSHIPS AND JOINT VENTURES (Note 2) 2,353,000 2,418,000 NOTES RECEIVABLE 1,649,000 1,649,000 ------------ ------------ 178,595,000 139,838,000 LESS- Allowance for possible losses 2,904,000 3,235,000 ------------ ------------ 175,691,000 136,603,000 OTHER ASSETS: Cash and cash equivalents 1,458,000 2,152,000 Rents and sundry receivables 199,000 328,000 Deferred costs, prepaid real estate taxes and expenses, net 4,224,000 3,412,000 ------------ ------------ $181,572,000 $142,495,000 ============ ============
The accompanying notes are an integral part of these statements. 1 4 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ----------------------------------------- CONSOLIDATED BALANCE SHEETS (Continued) --------------------------------------- (Note 1) -------- LIABILITIES AND BENEFICIARIES' EQUITY -------------------------------------
May 31, August 31, 1995 1994 ----------- ------------ (Unaudited) LIABILITIES: Mortgage notes payable $ 78,448,000 $ 44,019,000 Bank loans payable 43,220,000 36,136,000 Tenants' deposits and deferred rents 1,296,000 1,214,000 Accrued pension and retirement benefits 1,221,000 1,084,000 Accrued expenses and other liabilities 3,522,000 2,886,000 ------------ ------------ 127,707,000 85,339,000 ------------ ------------ MINORITY INTEREST IN CONSOLIDATED PARTNERSHIP (Note 2) 594,000 408,000 ------------ ------------ COMMITMENTS AND CONTINGENCIES (Note 5) BENEFICIARIES' EQUITY (Note 3): Shares of beneficial interest, $1 par; authorized, unlimited; issued and outstanding 8,669,848 shares at May 31, 1995 and August 31, 1994 8,670,000 8,670,000 Capital contributed in excess of par 53,039,000 53,039,000 Distributions in excess of net income (8,438,000) (4,961,000) ------------ ------------ 53,271,000 56,748,000 ------------ ------------ $181,572,000 $142,495,000 ============ ============
The accompanying notes are an integral part of these statements. 2 5 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ----------------------------------------- CONSOLIDATED STATEMENTS OF INCOME --------------------------------- (Note 1) -------- (Unaudited) -----------
Three Months Ended Nine Months Ended May 31, May 31, ------------------------ --------------------------- 1995 1994 1995 1994 ---- ---- ---- ---- REVENUES: Gross revenues from real estate $9,452,000 $7,198,000 $27,468,000 $20,066,000 Interest and other income 43,000 65,000 131,000 202,000 ---------- ---------- ----------- ----------- 9,495,000 7,263,000 27,599,000 20,268,000 ---------- ---------- ----------- ----------- EXPENSES: Property operating expenses 3,740,000 2,977,000 10,943,000 8,403,000 Depreciation and amortization 1,408,000 938,000 3,905,000 2,558,000 General and administrative expenses 817,000 695,000 2,263,000 1,790,000 Mortgage and bank loan interest 2,430,000 1,142,000 6,444,000 2,825,000 Provision for losses on investments -- 80,000 -- 240,000 ---------- ---------- ----------- ----------- 8,395,000 5,832,000 23,555,000 15,816,000 ---------- ---------- ----------- ----------- Income before minority interest, equity in income of partnerships and joint ventures and gains on sales of interests in real estate 1,100,000 1,431,000 4,044,000 4,452,000 MINORITY INTEREST (76,000) (44,000) (205,000) (171,000) EQUITY IN INCOME OF PARTNERSHIPS AND JOINT VENTURES (Note 2) 1,545,000 955,000 4,788,000 3,629,000 GAINS ON SALES OF INTERESTS IN REAL ESTATE -- -- 119,000 12,330,000 ---------- ---------- ----------- ----------- NET INCOME $2,569,000 $2,342,000 $ 8,746,000 $20,240,000 ========== ========== =========== =========== NET INCOME PER SHARE $ .30 $ .27 $ 1.01 $ 2.34 ========== ========== =========== =========== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 8,669,848 8,669,848 8,669,848 8,661,786 ========== ========== =========== ===========
The accompanying notes are an integral part of these statements. 3 6 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ----------------------------------------- CONSOLIDATED STATEMENTS OF CASH FLOWS ------------------------------------- (Notes 1 and 4) ---------------
Nine Months Ended May 31, ----------------------------------------- 1995 1994 ---- ---- (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 8,746,000 $ 20,240,000 Adjustments to reconcile net income to net cash provided by operating activities- Minority interest in income of consolidated partnership 205,000 171,000 Depreciation and amortization 3,905,000 2,558,000 Gains on sales of interests in real estate (119,000) (12,330,000) (Decrease) increase in allowance for possible losses (331,000) 240,000 Change in assets and liabilities- Rents and sundry receivables 129,000 137,000 Deferred costs, prepaid real estate taxes and expenses (956,000) 785,000 Accrued pension and retirement benefits 138,000 6,000 Accrued expenses and other liabilities 611,000 264,000 Tenants' deposits and deferred rents 81,000 (73,000) ------------ ------------- Net cash provided by operating activities 12,409,000 11,998,000 ------------ ------------- CASH FLOWS FROM INVESTING ACTIVITIES: Investments in wholly owned real estate (37,025,000) (14,432,000) Investments in partnerships and joint ventures (954,000) (456,000) Cash proceeds from sales of real estate investments -- 14,540,000 Increase in advances to partnerships and joint ventures (686,000) (315,000) Cash distributions from partnerships and joint ventures in excess of equity in income 96,000 1,735,000 Cash distributions to minority partners (19,000) (138,000) Decrease in notes receivable -- 7,000 Decrease in U.S. Treasury obligations -- 1,331,000 ------------ ------------- Net cash (used in) provided by investing activities (38,588,000) 2,272,000 ------------ ------------- CASH FLOW FROM FINANCING ACTIVITIES: Principal installments on mortgage notes payable (570,000) (410,000) Increase in bank loans payable 38,279,000 14,553,000 Repayment of bank loans payable (35,000,000) (14,300,000) Increase in mortgage notes payable 35,000,000 -- Repayment of mortgage notes payable -- (2,165,000) Shares of beneficial interest issued -- 330,000 Distributions paid to beneficiaries (12,224,000) (12,045,000) ------------ ------------- Net cash provided by (used in) financing activities 25,485,000 (14,037,000) ------------ ------------- NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (694,000) 233,000 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2,152,000 1,462,000 ------------ ------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,458,000 $ 1,695,000 ============ =============
The accompanying notes are an integral part of these statements. 4 7 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ----------------------------------------- NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS ---------------------------------------------------- NINE MONTHS ENDED MAY 31, 1995 AND 1994 --------------------------------------- 1. BASIS OF PRESENTATION: ---------------------- The consolidated financial statements have been prepared by the Registrant, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these consolidated financial statements be read in conjunction with the audited financial statements and the notes thereto included in the Registrant's latest annual report on Form 10-K. In the opinion of the Registrant, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the consolidated financial position of the Registrant as of May 31, 1995 and August 31, 1994 and the consolidated results of its operations for the three and nine months ended May 31, 1995 and 1994 and cash flows for the nine months ended May 31, 1995 and 1994, have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. 2. INVESTMENTS IN PARTNERSHIPS AND JOINT VENTURES: ----------------------------------------------- The following presents summarized information as to the Registrant's equity in the assets and liabilities of the partnerships and joint ventures at May 31, 1995 and August 31, 1994, and the Registrant's equity in income for the three and nine months ended May 31, 1995 and 1994:
May 31, August 31, ASSETS 1995 1994 ------ ------------ ------------- (Unaudited) Investments in real estate, at cost: Apartment buildings $103,497,000 $102,395,000 Industrial property 1,237,000 1,237,000 Shopping centers and retail stores 132,373,000 122,248,000 Land 4,446,000 7,051,000 ------------ ------------ Total investments in real estate 241,553,000 232,931,000 Less- Accumulated depreciation 68,323,000 63,639,000 ------------ ------------ 173,230,000 169,292,000 Cash and cash equivalents 7,731,000 3,566,000 Other assets 2,964,000 5,454,000 ------------ ------------ Total assets 183,925,000 178,312,000 ------------ ------------ LIABILITIES AND EQUITY ---------------------- Mortgage notes payable 136,485,000 131,002,000 Bank loans payable 8,280,000 11,928,000 Due to the Trust 2,353,000 2,418,000 Other liabilities 4,698,000 4,729,000 ------------ ------------ Total liabilities 151,816,000 150,077,000 ------------ ------------ Net equity 32,109,000 28,235,000 Partners' share (14,924,000) (13,010,000) ------------ ------------ Investments in partnerships and joint ventures $ 17,185,000 $ 15,225,000 ============ ============
5 8 EQUITY IN INCOME OF PARTNERSHIPS AND JOINT VENTURES ---------------------------------------------------
Three Months Ended Nine Months Ended May 31, May 31, ------------------------------ ------------------------------ 1995 1994 1995 1994 ------------- ----------- ------------ ----------- (Unaudited) (Unaudited) Gross revenues from real estate $13,064,,000 $12,144,000 $39,131,000 $38,095,000 ------------ ----------- ----------- ----------- Expenses: Property operating expenses 5,083,000 5,685,000 15,340,000 16,297,000 Mortgage and bank loan interest expense 3,189,000 3,002,000 9,282,000 9,572,000 Depreciation and amortization 1,653,000 1,556,000 4,849,000 4,868,000 ------------ ----------- ----------- ----------- 9,925,000 10,243,000 29,471,000 30,737,000 ------------ ----------- ----------- ----------- 3,139,000 1,901,000 9,660,000 7,358,000 Partners' share (1,594,000) (946,000) (4,872,000) (3,729,000) ------------ ----------- ----------- ----------- Equity in income of partnerships and joint ventures $ 1,545,000 $ 955,000 $ 4,788,000 $ 3,629,000 ============ =========== =========== ===========
One partnership in which the Registrant is a 65% general partner, and has control as provided in the partnership agreement, has been consolidated for financial statement presentation. All of the assets and liabilities are included in the consolidated financial statements at 100%. The minority partner's interest is 35%. 3. DISTRIBUTIONS: -------------- The per share amount declared at the date of this report and the per share amount declared in the comparable period in fiscal 1994 for distribution are as follows: Amount Per Date Declared Record Date Payment Date Share - ------------- ----------- ------------ ------ June 16, 1995 July 31, 1995 August 15, 1995 $.47 June 7, 1994 July 29, 1994 August 16, 1994 $.47 4. CASH FLOW INFORMATION: ---------------------- Cash paid for interest was $1,884,000 and $1,262,000 for the three months ended May 31, 1995 and 1994, and $5,658,000 and $2,775,000 for the nine months ended May 31, 1995 and 1994, respectively. 6 9 5. COMMITMENTS AND CONTINGENCIES: ------------------------------ Environmental matters have arisen at certain properties in which the Registrant has an interest for which reserves have previously been established. During the three- and nine-month periods ended May 31, 1995, the Registrant made payments totaling $31,000 and $267,000, respectively, which were recorded against the previously established reserves. The Registrant has been named as a defendant in a suit brought by persons and their affiliates who are partners of the Registrant in three partnerships. The Registrant is vigorously defending the suit and has denied the plaintiffs' allegations. The Registrant also believes that it has viable claims against certain of the same partners (or their affiliates) which it is asserting. As the pleadings are not yet closed and discovery is still in the preliminary stages, it is not possible to judge the ultimate outcome of these suits at this time. However, Management does not believe that resolution of these matters will have a material adverse effect on the Registrant's financial condition or results of operations. 7 10 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ----------------------------------------- MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION --------------------------------------------------------- AND RESULTS OF OPERATIONS ------------------------- Liquidity and Capital Resources - ------------------------------- Since filing the Form 10-Q for the quarter ended February 28, 1995, the following events had an effect on Liquidity and Capital Resources. The Registrant invested $590,000 for improvements to apartment communities acquired since July 1994 under an initial acquisition program and expects to incur an additional $600,000 in the next year. The Registrant has a $110,000,000 revolving credit and acquisition facility from four commercial banks. Of the total amount, $75,000,000 is a 30-month unsecured revolving credit facility and the remaining $35,000,000 was converted from a one year floating rate loan maturing in November 1995 to a five-year term loan at a fixed rate of 8.62% for the first three years maturing in March 2000. The Registrant has the option of accepting a fixed or floating rate for years four and five. The revolving credit facilities permit the Registrant to select interest rates based on Prime or LIBOR plus 1.85%. As of May 31, 1995, the Registrant has borrowed $50,200,000 from the revolving credit facility ($43,200,000 directly by the Registrant and $7,000,000 under partnerships and joint ventures in which the Registrant has an interest). The weighted average interest rate on the revolving credit facility was 7.9% at May 31, 1995 and as of the date of this filing. The Registrant entered into a six-year interest rate swap agreement in the amount of $20,000,000 which fixes a rate of 6.12% per annum versus 30-day LIBOR. When combined with the 1.85% interest rate spread in the Registrant's revolving credit agreement, the swap agreement results in an effective annual fixed interest rate of 7.97%. As a result, the Registrant has fixed or hedged $35 million of the $50 million outstanding on its revolving credit facility. A partnership in which the Registrant has a 50% ownership interest has a $3,700,000 mortgage note outstanding which matured in June 1995. The partnership has obtained a commitment for the refinancing of this obligation which is expected to be completed by August 1995. 8 11 Another partnership in which the Registrant has a 50% ownership interest has a $16,150,000 mortgage note outstanding which is subject to an interest rate reset in November 1995. The partnership has the right to refinance the obligation in the event the reset interest rate is not acceptable. However, the Registrant anticipates, based on current capital market conditions and discussion with the lender, that the reset interest rate will be significantly lower than the existing rate on the mortgage. Funds from operations increased to $4,732,000 from $4,081,000 for the three months ended May 31, 1995 and to $14,752,000 from $13,001,000 for the nine months ended May 31, 1995, as compared to the same periods in 1994. Funds from operations, as defined by NAREIT, does not represent cash generated from operations as defined by generally accepted accounting principles (GAAP) and is not necessarily indicative of cash available to fund cash needs. Results of Operations - --------------------- Three-Month Periods Ended May 31, 1995 and 1994 ----------------------------------------------- Net income for the three month period ended May 31, 1995 before gains on sales of interest in real estate, increased to $2,569,000 from $2,342,000 for the comparable period in 1994. Gross revenues from real estate increased to $9,452,000 from $7,198,000, primarily due to revenues of $1,090,000 from Boca Palms Apartments, which was acquired in November 1994 and $864,000 from Palms of Pembroke acquired in August 1994. Principally, as a result of these acquisitions, operating expenses for wholly-owned properties increased to $3,740,000 from $2,976,000, depreciation and amortization increased to $1,408,000 from $938,000 and mortgage and bank loan interest increased to $2,430,000 from $1,142,000. Interest and other income decreased to $43,000 from $65,000 due to maturing of invested Treasury obligations. For the three months ended May 31, 1995, $137,000 was charged against the allowance for possible losses. No additional provision is considered necessary at this time. General and administrative expenses increased to $817,000 from $695,000, due to the addition of management and administrative personnel and an increase in professional fees and pension costs. Equity in income of partnerships and joint ventures increased to $1,545,000 from $955,000 primarily due to improved performance at apartments and shopping centers, particularly Lehigh Valley Mall, which had a quarter to quarter increase of $246,000 comprised of an increase in revenues of $163,000 and a decrease in operating expenses of $83,000. 9 12 Nine-Month Periods Ended May 31, 1995 and 1994 ---------------------------------------------- Net income for the nine-month period ended May 31, 1995 before gains on sales of interests in real estate, increased to $8,627,000 from $7,910,000 for the comparable period in 1994. In the 1995 period, the gain on the sale of an interest in real estate was $119,000 as compared to the 1994 period which included gains on sales of interests in real estate totaling $12,330,000. Gross revenues from real estate increased to $27,468,000 from $20,066,000, primarily due to revenues of $2,523,000 from Boca Palms Apartments, which was acquired in November 1994; $1,230,000 from Hidden Lakes Apartments, acquired in February 1994; $2,484,000 from Palms of Pembroke acquired in August 1994; and $802,000 from Mandarin Corners Shopping Center, which became a wholly owned property in February 1994. Principally, as a result of these acquisitions, operating expenses for wholly-owned properties increased to $10,943,000 from $8,403,000, depreciation and amortization increased to $3,905,000 from $2,558,000 and mortgage and bank loan interest increased to $6,444,000 from $2,825,000. Interest and other income decreased to $131,000 from $202,000 due to maturing of invested Treasury obligations. For the nine months ended May 31, 1995, $331,000 was charged against the allowance for possible losses. No additional provision is considered necessary at this time. General and administrative expenses increased to $2,263,000 from $1,790,000, due to the addition of management and administrative personnel and an increase in professional fees and pension costs. Equity in income of partnerships and joint ventures increased to $4,788,000 from $3,629,000 primarily due to (i) improved performance of apartments and shopping centers including Lehigh Valley Mall which had an increase of $268,000 comprised of an increase in revenues of $216,000 and a decrease in operating expenses of $51,000 and (ii) a lease termination fee received from a shopping center tenant in the amount of $220,000 in the Registrant's first quarter. 10 13 Part II. Other Information ----------------- Item 6. Exhibits and Reports on Form 8-K -------------------------------- (a) Exhibits - (27.)--Financial Data Schedule (included in electronic format only) (b) Reports on Form 8-K - None 11 14 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ----------------------------------------- SIGNATURE OF REGISTRANT ----------------------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned on its behalf by the undersigned thereunto duly authorized. PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ----------------------------------------- Registrant By /s/ Jonathan B. Weller ---------------------------------------- Jonathan B. Weller, President and Chief Operating Officer By /s/ Dante J. Massimini ----------------------------------------- Dante J. Massimini, Senior Vice-President and Treasurer Date: July 14, 1995 EX-27 2 FINANCIAL DATA SCHEDULE
5 0000077281 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 9-MOS AUG-31-1995 SEP-1-1994 MAY-31-1995 1,458,000 0 25,610,000 2,904,000 0 0 194,896,000 37,488,000 181,572,000 6,633,000 121,668,000 8,670,000 0 0 44,601,000 181,572,000 27,468,000 32,301,000 0 17,111,000 0 0 6,444,000 8,746,000 0 8,746,000 0 0 0 8,746,000 1.01 1.01
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