Pennsylvania REIT (PEI) same-property NOI decreases 9.6% in 1Q'20.

Pennsylvania REIT (PEI) released its first quarter 2020 earnings today, which included detail on the company's same-property portfolio.  Excluding lease termination revenue, NOI decreased 9.6% over the 2019 quarter, which included a 10.7% decline for consolidated properties and 6.2% decrease for the JV portfolio.  The company said the weaker performance was due to tenant bankruptcies, an increase in credit losses, and a decrease in percentage rents resulting from mall closures due to COVID-19.