PREIT, Community Health Systems report 2013 earnings
A real estate investment trust with midstate retail properties and a health system with local hospitals reported earnings on Tuesday.
Philadelphia-based Pennsylvania Real Estate Investment Trust reported fourth-quarter net income of $7.8 million, or 5 cents per diluted share, compared with a loss of $6.9 million, or 19 cents per diluted share, in the final quarter of 2012.
For the year, PREIT reported net income of $37.2 million, or 31 cents per diluted share, compared with a loss of $42.6 million, or 89 cents per diluted share, in 2012.
PREIT gained $78.5 million on sales of discontinued operations in 2013. There also was a $30 million impairment of assets related to the Chambersburg Mall and North Hanover Mall, and same-store net operation income increased by $6.9 million.
During the fourth quarter, the trust sold Chambersburg Mall for $8.5 million. The contract for the sale of North Hanover Mall expired, but the mall is currently being marketed.
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Tennessee-based Community Health Systems Inc., which recently completed its acquisition of Health Management Associates Inc., reported fourth-quarter net income of $28.2 million, or 30 cents per diluted share, compared with $62.6 million, or 69 cents per diluted share, in the final quarter of 2012.
For the year, the health system reported net income of $141.2 million, or $1.51 per diluted share, compared with $265.6 million, or $2.96 per diluted share, in 2012.
It is one of the largest publicly traded hospital companies in the country and a leading operator of general acute-care hospitals in non-urban and midsize markets. CHS currently owns, leases or operates 206 hospitals in 29 states with an aggregate of nearly 31,000 licensed beds.
Shares of CHS are traded on the NYSE under the symbol CYH.