PHILADELPHIA, Aug. 8 /PRNewswire-FirstCall/ -- Pennsylvania Real Estate
Investment Trust (NYSE: PEI) ("PREIT") today announced that financial results
for the second quarter ended June 30, 2002 exceeded the Company's guidance
provided in May 2002. The Company is also raising FFO guidance for fiscal 2002
to a range of $2.77 to $2.81 per share from $2.73 to $2.77 per share.
Highlights for the 2002 Second Quarter
-- Funds from operations (FFO) for the 2002 second quarter increased
21.3% to $12.7 million from $10.5 million in the 2001 second quarter.
-- Combined net operating income (NOI), increased 22.0% to $28.1 million
in the second quarter of 2002 from $23.0 million for the 2001 second
quarter.
-- FFO per share for the 2002 second quarter increased 4.5% to $0.70
from $0.67 in the 2001 second quarter.
-- Same store NOI, excluding lease termination fees, for the
Company's retail portfolio increased by 6.2% from the 2001 second
quarter.
-- Same store multifamily NOI increased 2.1% from the 2001 second
quarter.
Second Quarter Results
For the second quarter ended June 30, 2002, the Company's FFO increased by
21.3% to $12,676,000 from $10,454,000 for the comparable three-month period in
2001. FFO per share was $0.70 for the second quarter of 2002 as compared to
$0.67 in the second quarter of 2001, an increase of 4.5%. The increase was a
result of PREIT's previously announced Beaver Valley Mall acquisition, an
increase, retroactive to November 2001, in the Company's interest in the
Willow Grove Park Mall partnership and partial settlement of the Company's
bankruptcy claim against Bradlees Stores, Inc. resulting from a lease
rejection at Northeast Tower Center. Results were also positively impacted by
internal growth in the Company's core portfolio.
Weighted average shares of beneficial interest/Operating Partnership units
(collectively, shares) increased by 15.7% to 18,024,000 from 15,577,000 for
the quarters ending June 30, 2002 and June 30, 2001, respectively, due
primarily to the Company's public offering of 2.0 million shares in July 2001.
NAREIT defines FFO as net income, excluding extraordinary items, gain (or
loss) on the sale of property, plus real estate related depreciation and
amortization.
NOI from wholly-owned properties and the Company's proportionate share of
partnerships and joint venture properties increased by 22.0% to $28,114,000
for the 2002 second quarter from $23,043,000 for the second quarter of 2001.
This increase is primarily attributable to the Beaver Valley Mall acquisition,
an increase, retroactive to November 2001, in PREIT's interest in the Willow
Grove Park partnership, receipt of a payment in partial settlement of the
Company's bankruptcy claim against Bradlees Stores Inc., the commencement of
operations from two recently completed development properties and improved
performance in the Company's retail and multifamily portfolios.
Net income for the second quarter ended June 30, 2002 was $4,442,000, or
$0.27 per share, on 16,216,000 weighted average shares of beneficial interest
outstanding, compared to $3,906,000 or $0.29 per share, on 13,692,000 weighted
average shares of beneficial interest outstanding for the 2001 second quarter.
Net income in the second quarter of 2001 included net gains on the sale of
land at The Commons at Magnolia in Florence, SC and land at Paxton Towne
Centre, PA totaling $0.3 million, or $0.02 per share.
Six Month Results
FFO for the six months ended June 30, 2002 totaled $23,318,000, an
increase of 14.7% over $20,335,000 for the comparable six-month period ended
June 30, 2001. FFO for the six-month period totaled $1.30 per share on
17,934,000 weighted average shares outstanding, compared to $1.31 per share on
15,503,000 weighted average shares outstanding for the six months ended June
30, 2001.
NOI from wholly-owned properties and the Company's proportionate share of
partnerships and joint venture properties totaled $51,244,000 for the six
months ended June 30, 2002, compared with $44,954,000 in the two quarters
ended June 30, 2001. After eliminating lease termination fees from both
periods, NOI increased 14.9% to $50,536,000 in 2002 from $43,979,000 in 2001.
Net income for the six months ended June 30, 2002 was $8,169,000, or $0.51
per share, on 16,072,000 weighted average shares of beneficial interest
outstanding compared to $8,999,000, or $0.66 per share, on 13,680,000
weighted average shares of beneficial interest outstanding for the six months
ended June 30, 2001. Year-to-date net income for 2001 included $2.1 million,
or $0.15 per share, including a $1.8 million gain from the sale of the
Company's interest in Ingleside Shopping Center, Thorndale, PA, $1.3 million
gain from the sale of land at Paxton Towne Centre, Harrisburg, PA and a loss
of $1.0 million on the sale of land at The Commons at Magnolia, Florence, SC.
Portfolio Performance - Same Store NOI Growth & Occupancy Levels
In the second quarter 2002, same store NOI, excluding lease termination
fees for the Company's retail portfolio, increased 6.2% over the second
quarter 2001. The increase over the comparable period was primarily driven by
higher revenues from the leasing of vacant space, lease turnover and scheduled
rent increases.
Retail occupancy levels in the second quarter 2002 increased to 93.4%, 70
basis points higher than the 92.7% reported in the second quarter 2001. The
Company's power centers and enclosed malls were 97.7% and 91.5% occupied,
respectively, as of June 30, 2002. The Company's same store mall properties
reported that sales decreased 3.4% to $378 per square foot in the trailing
twelve months ended June 30, 2002, from $400 per square foot for the
comparable period ended June 30, 2001. With the addition of Beaver Valley Mall
to the Company's total retail portfolio, sales per square foot decreased to
$359 from $391 over the same period.
Second quarter 2002, same store NOI for the Company's multifamily
properties increased 2.1% over the 2001 second quarter. The second quarter
2002 same store NOI growth was driven by a 3.6% increase in rents and a 0.8%
decrease in operating expenses, partially offset by an increase in vacancy and
concessions. The decrease in operating expenses was primarily the result of a
reduction in utility costs from the prior period. The Company is managing its
exposure to utility expenses by continuing its submetering efforts. As
discussed in previous releases, the Company expects to be impacted by higher
insurance costs throughout 2002.
Occupancy in multifamily portfolio was 95.2% as of June 30, 2002, or 50
basis points lower than the 95.7% occupancy level reported in the 2001 second
quarter. The Company noted that its 95.2% occupancy level for the 2002 second
quarter was 90 basis points higher than the 94.3% occupancy level for the 2002
first quarter.
Leasing Update
During the second quarter of 2002, the Company executed forty-three leases
encompassing 144,095 square feet. Of this total, forty-two leases were
transactions with in-line tenants representing 114,095 square feet of space at
an average rent per square foot of $22.84. The remaining transaction,
totaling 30,000 square feet, represents a lease with a new anchor tenant, Best
Buy, at Magnolia Mall, a 578,866 square foot enclosed mall in Florence, SC.
New leases for previously leased space accounted for eleven transactions at an
average rent of $16.76 per square foot, $6.98 higher than the prior average
rent. In addition, the Company increased its rental rate by $2.27 per square
foot over the rent at expiration, by renewing twenty leases representing
48,611 square feet at an average rent of $22.00. The Company also executed
transactions for twelve formerly vacant spaces at an average rental rent of
$25.34 per square foot. The following summarizes the major lease
transactions that took place during the second quarter:
Power and Strip Center Portfolio
-- The Commons at Magnolia (Florence, SC) - New leases totaling 13,036
square feet were executed with McFayden Music, S & K Menswear, and
Cingular Wireless and a 1,505 square feet renewal transaction was
signed with Stride Rite.
-- Paxton Towne Centre (Harrisburg, PA)- The Company secured new leases
totaling 7,500 square feet with Catherine's and the Vitamin Shoppe.
Enclosed Regional Mall Portfolio
-- Magnolia Mall (Florence, SC) - The Company's goal of repositioning
this asset in the market as the dominant retail destination was
furthered with the execution of a 30,000 square feet lease with Best
Buy. The Best Buy store will occupy space previously leased by Rose's
Department Store and will join Belk, JC Penney and Sears as an anchor
at the center. The Company also executed a 5,345 square feet lease
with Shoe Show and a renewed lease with Hair Plus.
-- Dartmouth Mall (Dartmouth, MA) - The Company leased two formerly
vacant spaces to Trade Secret and Panera Bread, totaling 5,342 square
feet.
-- Prince George's Plaza (Hyattsville, MD) - In addition to renewing
Dynamic Menswear in 2,410 square feet and signing Leather Man to a new
lease for 3,102 square feet of formerly vacant space, the Company
executed a lease with LVL X facilitating their expansion from 3,538
square feet to 6,951 square feet.
-- Willow Grove Park (Willow Grove, PA)- The Company executed
transactions totaling 4,173 square feet with Harry & David, Mia and
Max, and Ranch 1.
-- Lehigh Valley Mall (Allentown, PA) - Four tenants were renewed,
Spencer Gifts, It's About Time, China One and Cinnabon, totaling 4,577
square feet.
Portfolio Composition
The Company ended the 2002 second quarter with investments in real estate
of $936,600,000 an increase of $103,500,000 over the first quarter of 2002's
$837,100,000. Investments in real estate at June 30, 2002 included $19,100,000
of construction in progress. On a cost basis, the Company's portfolio is 67.2%
retail, 30.5% multifamily, 2.0% retail development and 0.3% industrial. The
increase in investments in real estate was primarily attributable to the
$61,300,000 Beaver Valley Mall acquisition and an increase, retroactive to
November 2001, in the Company's interest in the Willow Grove Park partnership.
Strategic Update
Ronald Rubin, Chairman and Chief Executive Officer of PREIT said, "We
started the first half of 2002 on a solid note, continuing on track with
executing our business plan and growth objectives. Despite a challenging
environment, we generated strong returns from our existing properties as well
as from newly acquired properties and recently stabilized development assets.
During the quarter, we attained double-digit increases in FFO and NOI and a 70
basis point increase in occupancy levels within our retail portfolio.
Furthermore, we are very pleased with our second quarter multifamily
performance, reporting a 2.1% growth in NOI and a 90 basis point increase in
occupancy levels over the 2002 first quarter. Looking forward, we continue to
believe that there is excellent growth potential for PREIT -- internally
through remerchandising or renovating assets and externally through
acquisitions and the completion of our tenant-driven property development
pipeline."
Jonathan B. Weller, PREIT's President and Chief Operating Officer
commented, "While the near-term environment remains uncertain, the long-term
economic and demographic fundamentals of our core markets remain sound. We
continue to pursue internal and external growth strategies focused on
maximizing profitability, selectively investing capital in value-added
transactions and maintaining the flexibility in our capital structure to grow
our business. The Company also continues to seek opportunities to sell non-
core and stabilized assets. We remain positive about the long-term financial
prospects for the Company and the impact of our growth strategies."
2002 Third Quarter and Fiscal Year Forecast
The Company noted that it is currently estimating FFO to be approximately
$0.66 to $0.69 per share for the third quarter ending September 30, 2002 and
$2.77 to $2.81 per share for the year ending December 31, 2002. This estimate
is expressly subject to the cautionary statement at the end of this release.
Development Pipeline
The Company had three retail properties under development, totaling
1.0 million square feet as of June 30, 2002. The expected investment in the
current development pipeline is $80.1 million, with $4.8 million funded as of
June 30, 2002. The Company has adopted a sound and conservative position with
its development pipeline and, during the 2002 second quarter, did not commence
any new development projects.
Beaver Valley Mall Acquisition
During the second quarter of 2002, the Company acquired Beaver Valley
Mall, a 1.1 million square foot enclosed regional mall in Beaver County,
Pennsylvania, 15 miles north of the Pittsburgh International Airport. The
property was acquired from the California Public Employees' Retirement System
("CalPERS") for $61.3 million. The acquisition price equates to a
capitalization rate of 11.1%, based on projected 2002 NOI. The mall is
anchored by Kaufmann's, JC Penney, Sears and Boscov's and contains
approximately 323,000 square feet of in-line mall stores and 109,000 square
feet of convenience stores and outparcels. A strong roster of well-known
tenants features American Eagle Outfitters, Gadzooks and Victoria's Secret. As
of the second quarter 2002 the property was 88.0% occupied. Total store sales
were $256 per square foot.
Willow Grove Park
During the second quarter of 2002 the Company's capital interest in the
partnership that owns Willow Grove Park was increased to 30%, and the Company
became managing general partner of the Partnership. The increase in this
Partnership interest was made retroactive to November 2001. The Company's
partner is the Pennsylvania State Employee Retirement System ("PaSERS"). The
property is a 1.2 million square foot enclosed regional shopping center
located 12 miles north of Philadelphia in Willow Grove, Pennsylvania.
Northeast Tower Center- Bradlees
In the second quarter of 2002 the Company received a payment of $0.4
million from Bradlees Stores, Inc. in partial settlement of the Company's
bankruptcy claim resulting from a lease rejection at Northeast Tower Center, a
472,102 square foot power center in Philadelphia, Pennsylvania. The Company
retains a general, unsecured non-priority claim for charges payable from any
future court-approved bankruptcy plan distributions, if any.
Line of Credit
As of June 30, 2002, the Company had approximately $119.7 million
outstanding under the $175 million revolving portion of its bank credit
facility.
Capital Resources
Edward Glickman, Chief Financial Officer of PREIT, commented, "During this
quarter we further enhanced our financial flexibility with the placement of
Paxton Towne Centre into our line of credit collateral pool leaving the
Company with $34.4 million of available borrowing capacity under this
facility. Notwithstanding the 15.4% increase in our investment in real
estate, the Company has been able to decrease leverage in relation to total
market capitalization from 58.1% on June 30, 2001 to 55.3% on June 30, 2002.
We are also pleased to report that the Company ended the second quarter of
2002 with a total market capitalization of over $1 billion for the first
time."
Subsequent Event
In July 2002, the Company sold Mandarin Corners, a 240,000 square foot
strip shopping center in Jacksonville, Florida, to Wal-Mart, the center's
principal tenant, for a price of $16.3 million. The property was sold subject
to a first mortgage of $7.0 million at an interest rate of 9.13%. Total cash
proceeds of approximately $9.0 million will be used to pay off short-term
debt. The Company expects to record a gain of approximately $4.0 million in
the 2002 third quarter. The sale price reflects an 8.8% NOI cap rate, based on
trailing 12 months.
Form 10Q Certifications
The Company plans to file its Form 10Q Report for the quarterly period
ended June 30, 2002 prior to August 14, 2002. The Form will be accompanied by
the certificates of the Chief Executive Officer and Chief Financial Officer as
provided in Section 9.06 of the Sarbanes-Oxley Act of 2002.
Conference Call Information
Management has scheduled a conference call for 11:00 am Eastern Daylight
Time on August 8, 2002 to review the Company's second quarter results, market
trends and future outlook. To listen to the call, please dial (800) 218-0204
or (303) 262-2142 at least five minutes before the scheduled start time.
Investors can also access the call in a "listen only" mode via the Internet at
the Company website at http://www.preit.com or at http://www.vcall.com. Please allow extra
time prior to the call to visit the site and download the necessary software
to listen to the Internet broadcast. The online archive of the webcast will be
available for 14 days following the call.
Conferences
Management will be presenting in New York City at:
-- The New York Society of Security Analysts (NYSSA) 12th Real Estate
Investment Trust Industry Conference on August 14, 2002 at 10:40 am at
the City Athletic Club, 50 West 54th Street. Event and registration
information is available online at
http://www.nyssa.org/events/reit2002_08.html .
-- The Wall Street Analyst Forum on September 9, 2002 at 11:00 am at the
Roosevelt Hotel, Madison Avenue at 45th Street. Event information is
available at
http://media.corporate-ir.net/media_files/Event/2002/sep/wsaf/090902.htm .
Both presentations will be broadcast live at the Company's website located
at http://www.preit.com and at http://www.twst.com/econf/mm/nyssa11/pei.html for the
August 14, 2002 conference and at
http://media.corporate-ir.net/media_files/Event/2002/sep/wsaf/090902.htm for
the September 9, 2002 conference. A replay of the webcast will be available
for 14 days after the respective presentations.
About Pennsylvania Real Estate Investment Trust
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the
first equity REITs in the U.S., has a primary investment focus on shopping
centers (approximately 11.8 million square feet) and apartment communities
(approximately 7,242 units) located primarily in the eastern United States.
The Company's portfolio currently consists of 45 properties in 10 states. In
addition, there are 3 retail properties under development, which PREIT expects
will add approximately 1.0 million square feet to its portfolio. PREIT is
headquartered in Philadelphia, Pennsylvania.
The matters discussed in this report, as well as news releases issued from
time to time by PREIT include use of forward-looking terminology such as
"may," "will," "should," "expect," "anticipate," "estimate," "plan," or
"continue" or the negative thereof or other variations thereon, or comparable
terminology which constitute "forward-looking statements." Such forward-
looking statements (including without limitation, information concerning
PREIT's continuing dividend levels, planned acquisition, development and
divestiture activities, short- and long-term liquidity position, ability to
raise capital through public and private offerings of debt and/or equity
securities, availability of adequate funds at reasonable cost, revenues and
operating expenses for some or all of the properties, leasing activities,
occupancy rates, changes in local market conditions or other competitive
factors) involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performance or achievements of PREIT's results
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. PREIT
disclaims any obligation to update any such factors or to publicly announce
the result of any revisions to any of the forward-looking statements contained
herein to reflect future events or developments.
** A supplemental quarterly financial package **is available on the
Company's web site at http://www.preit.com .
FUNDS FROM OPERATIONS Three Months Ended Six Months Ended
(In thousands, except June 30, June 30, June 30, June 30,
per share results) 2002 2001 2002 2001
Income before minority
interest $4,940 $4,449 $9,192 $10,198
Less: Gains on sales of
interests in real
estate - (301) (1) - (2,107) (2)
Add: Depreciation and
amortization:
Wholly owned &
consolidated
partnership, net 5,389 (a) 4,273 (a) 10,281 (a) 8,499 (a)
Unconsolidated
partnerships &
joint ventures 2,347 (a) 1,672 (a) 3,845 (a) 3,279 (a)
Excess purchase
price over net
asset acquired - 106 - 211
Prepayment fee - 255 (b) - 255 (b)
FUNDS FROM OPERATIONS $12,676 (c) $10,454 (c) $23,318 (c) $20,335 (c)
FUNDS FROM OPERATIONS
PER SHARE AND OP
UNITS $0.70 $0.67 $1.30 $1.31
Weighted average
number shares
outstanding 16,216 13,692 16,072 13,680
Weighted average
effect of full
conversion of OP
units 1,808 1,885 1,862 1,823
Total weighted average
shares of outstanding
including OP units 18,024 15,577 17,934 15,503
a) Excludes depreciation of non-real estate assets and amortization of
deferred financing costs. These amounts were previously included in
the depreciation amounts and deducted in a separate line.
b) Prepayment fee for the refinancing of the mortgage on Countrywood
Apartments in Tampa, FL.
c) Includes the non-cash effect of straight-line rents of $228,000 and
$273,000 for the 2nd quarter 2002 and 2001 and $485,000 and $599,000
for year to date 2002 and 2001, respectively.
OPERATING RESULTS Three Months Ended Six Months Ended
(In thousands, except June 30, June 30, June 30, June 30,
per share results) 2002 2001 2002 2001
REAL ESTATE REVENUES
Base rent $23,929 $20,919 $45,604 $41,482
Percent rent 227 238 601 571
Expense reimbursement 3,282 2,278 5,975 5,074
Lease termination 566 845 646 975
Other real estate
revenue 838 854 1,647 1,715
Total real estate
revenue 28,842 25,134 54,473 49,817
Management company
revenue 2,152 2,313 4,325 4,465
Interest and other
income 355 91 375 253
31,349 27,538 59,173 54,535
EXPENSES
Property payroll and
benefits 1,859 1,702 3,793 3,481
Real estate and other
taxes 2,239 1,884 4,244 3,799
Utilities 942 991 2,015 2,234
Other operating
expenses 4,053 3,493 7,397 6,925
Total property operating
expenses 9,093 8,070 17,449 16,439
Depreciation and
amortization 5,454 4,337 10,412 8,629
Corporate payroll and
benefits 3,536 3,186 7,046 6,403
Other general and
administrative
expenses 2,611 2,460 5,080 4,442
Total general &
administrative
expenses 6,147 5,646 12,126 10,845
Interest expense 7,608 6,707 13,453 13,346
28,302 24,760 53,440 49,259
Income before equity
in partnerships and
joint ventures,
minority interest,
gains on sales of
interests in real
estate and
extraordinary loss 3,047 2,778 5,733 5,276
Equity in income of
partnerships and joint
ventures 1,893 1,370 3,459 2,815
Income before
minority interest,
gains on sales of
interests in real
estate and
extraordinary loss 4,940 4,148 9,192 8,091
Minority interest in
operating partnership (498) (543) (946) (1,199)
Income from continuing
operations 4,442 3,605 8,246 6,892
Gains on sales of interests
in real estate - 301 (1) - 2,107 (2)
Income before
extraordinary loss 4,442 3,906 8,246 8,999
Extraordinary loss (Early
extinguishment of debt) - - (77) -
NET INCOME $4,442 $3,906 $8,169 $8,999
PER SHARE DATA
Net income before gains
on sales $0.27 $0.26 $0.51 $0.50
Gains on sales of
interests in real
estate - 0.02 (1) - 0.15 (2)
BASIC INCOME PER SHARE $0.27 $0.29 $0.51 $0.66
DILUTED INCOME PER SHARE $0.27 $0.29 $0.51 $0.66
Weighted average number
shares outstanding 16,216 13,692 16,072 13,680
1) 2nd qtr 2001 includes net gains on sales of land at Florence Commons
Shopping Center in Florence, SC and land at Paxton Towne Centre,
Harrisburg, PA.
2) Year to date 2001 includes net gains on sales of land at Florence
Commons Shopping Center in Florence, SC, land at Paxton Towne Centre,
Harrisburg, PA and sale of interest in Ingleside Shopping Center,
Thorndale, PA.
(In thousands)
EQUITY IN INCOME OF Three Months Ended Six Months Ended
PARTNERSHIPS June 30, June 30, June 30, June 30,
AND JOINT VENTURES 2002 2001 2002 2001
Gross revenues from
real estate $24,268 $23,082 $48,064 $45,145
Expenses:
Property operating
expenses 8,111 8,050 16,437 16,035
Mortgage and bank
loan interest 7,920 7,404 15,816 14,689
Prepayment fee - 510 (a) - 510 (a)
Depreciation and
amortization 4,705 4,480 8,818 8,627
20,736 20,444 41,071 39,861
3,532 2,638 6,993 5,284
Partner's share (1,639) (1,268) (3,534) (2,469)
EQUITY IN INCOME OF
PARTNERSHIPS AND JOINT
VENTURES $1,893 $1,370 $3,459 $2,815
a) Prepayment fee for the refinancing of the mortgage on Countrywood
Apartments in Tampa, FL.
Supplemental Information for Wholly Owned Properties
and the Company's Proportionate Share of Partnerships and Joint Ventures
(In thousands)
EARNINGS BEFORE INTEREST,
TAXES, DEPRECIATION Three Months Ended Six Months Ended
AND AMORTIZATIONS June 30, June 30, June 30, June 30,
("EBITDA") 2002 2001 2002 2001
Gross revenues $28,842 $25,134 $54,473 $49,817
Operating expenses (9,093) (8,070) (17,449) (16,439)
Net operating income:
wholly-owned
properties 19,749 17,064 37,024 33,378
Company's proportionate
share of partnerships
and joint ventures net
operating income 8,365 5,979 14,220 11,576
Combined net operating
income 28,114 23,043 51,244 44,954
Interest income 355 91 375 253
Management company
revenue 2,152 2,313 4,325 4,465
Total general &
administrative
expenses (6,147) (5,646) (12,126) (10,845)
EBITDA $24,474 $19,801 $43,818 $38,827
(In thousands)
MORTGAGE NOTES, BANK
AND CONSTRUCTION LOANS
PAYABLE June 30, December 31,
Wholly-owned properties 2002 2001
Mortgage notes payable $310,143 $257,873
Bank loans payable 118,500 98,500
Construction loan payable - 4,000
428,643 360,373
Company's proportionate share of
partnerships and joint ventures
Mortgage notes payable 177,553 145,803
Total mortgage notes and bank loans
payable $606,196 $506,176
SOURCE Pennsylvania Real Estate Investment Trust
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Related links:
http://www.preit.com
CONTACT:
Edward A. Glickman, Executive Vice President
and CFO of PREIT, +1-215-875-0700, or General, Joe Calabrese,
+1-212-445-8434, Analysts, Georganne Palffy, +1-312-266-7800,
Media, Judith Sylk-Siegel, +1-212-445-8431, all of FRB Weber
Shandwick
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