Pennsylvania Real Estate Investment Trust (PK) (PRETQ) Share Price

PRETQ: BK PLAN effective. All series of shares cancelled. Someone sold 85,000 shares at .55 to gain $42,500....lucky seller, poor sap buyer.

https://otce.finra.org/otce/dailyList?viewType=Deletions

Effective Jan. 18,2024 PRET will change to PRETQ, bankruptcy.

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

I miss the days when companies would announce that they were “cutting their dividend” or “declaring bankruptcy” instead of saying they were “strengthening their balance sheet.”

Orwell would be proud of the modern day corporate IR/PR flaks.

Preferred stockholders may receive $7 million for their $472.7 million in liquidation value.

The average preferred share has a liquidation value of $30.80; the resulting payout would average $0.456 per share.

I will not be providing a payout for common because the math simply does not make sense.

Good warning, thanks for posting.
I exited at .38, taking a loss. < sigh >.
best to all,
pappi

WARNING: PREFERRED AND COMMON EQUITY MAY RECEIVE IMMATERIAL TOKEN PAYMENT

Equity Payment: Existing Preferred and Common Shares of PREIT will be canceled and PREIT will no longer be a publicly traded company. An aggregate $10 million payment, net of costs defined in the Prepackaged Plan and subject to certain conditions, will be provided to holders of the existing Preferred and Common Stock. The payment, if made, will be allocated as follows: 70% for Preferred shareholders and 30% for Common shareholders.

Investor Presentation

https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/d644338dex993.htm

Disclosure Statement

https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/d644338dex992.htm

PREIT Takes Steps to Significantly Strengthen Balance Sheet and Solidify Future of Business (12/11/23)

Focus on Delivering Exceptional Experiences for Shoppers and Tenants Continues

Enters Restructuring Support Agreement with 100% of PREIT's First and Second Lien Lenders and Commences Chapter 11 Proceedings to Implement Prepackaged Plan

PHILADELPHIA, Dec. 11, 2023 /PRNewswire/ -- PREIT (OTCQB: PRET), a leading operator of diverse retail and experiential destinations, today announced it is taking steps to execute a comprehensive reorganization to strengthen its balance sheet, reduce its total indebtedness by approximately $880 million and extend its maturity runway. The reorganization plan (the "Prepackaged Plan") is supported by 100% of PREIT's First and Second Lien Lenders. To facilitate this process, the Company has received commitments for new money debtor-in-possession ("DIP") and exit revolver financing in an aggregate amount of approximately $135 million from a diverse group of leading investors, led by Redwood Capital Management, LLC and Nut Tree Capital Management, LP. This funding commitment, together with the unanimous support from the Company's existing lender group for the Prepackaged Plan, is a testament to the lenders' confidence in the Company's forward path and represents a crucial source of capital to support the Company's financial stability and long-term growth.

The Company's primary focus remains creating compelling retail and experiential destinations while prioritizing service to its employees, partners, customers and communities. PREIT has a rich history, as detailed in the timeline featured here. Effectuating this Prepackaged Plan will allow PREIT to continue its legacy of being an integral part of its communities as a significant employer that is committed to the transformation of its properties.

"We are pleased to be moving forward with strengthening the Company's balance sheet and positioning it for long-term success through this Prepackaged Plan. Following the pandemic disruption, PREIT has worked tirelessly to enhance the portfolio, dramatically improve occupancy and diversify its tenancy. However, unusual economic conditions have limited the Company's options with respect to its debt obligations as meaningful achievements on the operating front were met with inflation and rising interest rates," said Joseph F. Coradino, Chairman and CEO of PREIT. "Today's announcement will position a restructured PREIT to execute on strategic initiatives to continue transforming its portfolio for the tenants and communities it serves. We look forward to quickly emerging from this process as a financially stronger company with the resources and support to continue creating diverse, multi-use property experiences throughout our portfolio."

In order to effectuate the restructuring to make way for a recapitalized PREIT, the Company has filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware to implement its Prepackaged Plan. The filing will ensure that PREIT can continue all business operations without interruption while it obtains necessary approvals of its financial restructuring. In advance of the filing, the Company executed a Restructuring Support Agreement ("RSA") with 100% of its First and Second Lien Lenders. In accordance with the RSA, PREIT expects it will be able to emerge from Bankruptcy by early February 2024.

PREIT will pay all vendors, suppliers and employees during the course of the Chapter 11 proceedings and, pursuant to the terms of the Prepackaged Plan, which will be subject to court approval, the prepetition claims of all vendors, suppliers and employees will be unimpaired.

Under the terms of the Prepackaged Plan, a reorganized PREIT would emerge following the court-supervised process with a restructured balance sheet. Terms of the transaction are detailed in filings with the SEC and summarized below:

First Lien Lenders: First Lien Lenders have the option to receive either a cash payment equal to 100% of their claims, or instead convert their claims into term loans under the Exit Facility in an amount equal to 101% of their claims.

Second Lien Lenders: Second Lien Lenders will get their pro rata share of 65% of the new equity interests in reorganized PREIT and, Second Lien Lenders who commit to backstop the Exit Facility will receive 35% of the new equity interests in reorganized PREIT, in each case subject to subject to dilution by a customary management incentive plan.

DIP Facility: The restructuring will be supported financially through a new money DIP Facility, totaling up to $60 million, which will convert into term loans under the Exit Facility in an amount equal to 101% of the DIP facility loans.

Exit Facility: In addition, our lenders have committed to provide revolving loans and term loans under an Exit Facility, consisting of a $75 million new money revolver, if PREIT is expected to have less than $75 million in unrestricted cash upon emergence from the Chapter 11 proceedings, and exit term loans in an amount sufficient to refinance in cash or in kind the DIP facility and the First Lien Loans.

Equity Payment: Existing Preferred and Common Shares of PREIT will be canceled and PREIT will no longer be a publicly traded company. An aggregate $10 million payment, net of costs defined in the Prepackaged Plan and subject to certain conditions, will be provided to holders of the existing Preferred and Common Stock. The payment, if made, will be allocated as follows: 70% for Preferred shareholders and 30% for Common shareholders.

On behalf of the Board of Trustees, Michael DeMarco, Lead Independent Trustee, commented: "In November 2021, the Company engaged PJT Partners to engage in a process to explore all strategic options to maximize shareholder value. PJT robustly marketed the Company's properties, sought capital infusion and otherwise explored any available options. That process did not result in any options that would allow the Company to refinance or otherwise achieve value that would exceed the aggregate amount of its First and Second Lien Loans. After months of evaluation and review with our financial advisors, the Board has unanimously approved a transaction that we believe to be the alternative that maximizes the value of PREIT for all of our stakeholders. While PREIT continues to operate in a challenging market, we are pleased to arrive at an agreement with our key creditors that also provides a $10 million payment to Preferred and Common shareholders, if certain conditions are met, who otherwise would receive nothing. Based on the advice from its financial advisors, including that the value of the Company does not exceed the aggregate amount of the existing First Lien and Second Lien Loans, the Board has concluded that the consideration provided to Preferred and Common shareholders is in effect a gift resulting from voluntary agreement with the existing First and Second Lien Lenders to avoid the expense of protracted Chapter 11 proceedings and shall only be available in the event that the Equity Distribution Conditions are satisfied."

PREIT has filed a number of customary first-day motions with the court to support its operations during the court-supervised process, including the continued payment of employee wages and benefits without interruption. The Company expects to receive court approval for these requests.

Additional information, including court documents and information about the court-supervised process, is available on PREIT's restructuring website through PREIT's claims agent, Kroll, here.

DLA Piper LLP (US), Wachtell, Lipton, Rosen & Katz and Dilworth Paxson LLP are serving as legal counsel and PJT Partners LP is serving as financial advisor to PREIT.

Paul Hastings LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel and Houlihan Lokey is serving as financial advisor to the ad hoc group of PREIT's first lien and second lien secured lenders.

About PREIT

PREIT (OTCQB:PRET) is a real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multifamily & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-takes-steps-to-significantly-strengthen-balance-sheet-and-solidify-future-of-business-302010955.html#:~:text=PHILADELPHIA%2C%20Dec.%2011%2C%202023,%24880%20million%20and%20extend%20its

Is this one starting to have a future or is the debt load fatal to recovery? Views??

Two Independent Trustees of Pennsylvania Real Estate Investment Trust Issue Open Letter to Shareholders (6/15/23)

https://www.globenewswire.com/en/news-release/2023/06/15/2688863/0/en/Two-Independent-Trustees-of-Pennsylvania-Real-Estate-Investment-Trust-Issue-Open-Letter-to-Shareholders.html

PREIT’s newest directors scold colleagues who refused to step down after shareholder revolt (6/15/23)

https://www.inquirer.com/real-estate/commercial/preit-board-members-resignations-mall-owner-20230615.html?outputType=amp

PREIT Board of Trustees Issues Response to Open Letter to Shareholders Issued by Two Independent Trustees (6/15/23)

https://www.prnewswire.com/news-releases/preit-board-of-trustees-issues-response-to-open-letter-to-shareholders-issued-by-two-independent-trustees-301852694.html

Followed up this morning.

PREIT now eyeing up to 7,000 apartments on its mall properties as it looks to rebuild value (2/20/23)

By Paul Schwedelson

PREIT's plan to gain approval for multifamily developments at six of its mall properties has now swelled to as many as 7,000 apartments, CEO Joseph Coradino told the Philadelphia Business Journal.

After selling off more than 20 malls in the past two decades, the Philadelphia company's strategy has shifted to maximizing its remaining properties by converting uses and selling underused land adjacent to the malls.

In the Philadelphia area, PREIT is working toward building a total of 1,400 apartments on its land at the Moorestown Mall, Plymouth Meeting Mall, Willow Grove Park and Exton Square properties. That includes 375 apartments at the Moorestown Mall that are already under construction. PREIT is in the process of gaining approvals at the other three properties.

At PREIT's Springfield Town Center in northern Virginia, Texas-based developer Hanover is planning 460 apartments, which have been approved, on parking lot space at the mall. At Mall at Prince George's in Hyattsville, Maryland, PREIT is finalizing a sale and plans to continue the approval process for 300 to 400 apartments.

Adding apartments is part of a larger effort to rebuild PREIT's value following financial struggles that led the company to file for Chapter 11 bankruptcy protection in November 2020. While it emerged a month later, the mall operator continues to struggle. It reported a net loss of $71.3 million in the third quarter of 2022 and was delisted from the New York Stock Exchange in December.

“[We want] to look for an opportunity for some kind of a strategic merger,” Coradino said. “That’s ultimately where the business goes. We’ve now put ourselves in a position where we’re quite digestible. … We think the portfolio we created is compelling.”

PREIT recently sold the site of a Whole Foods at Plymouth Meeting Mall to Michigan-based Agree Realty for $27 million and has now generated $141 million from property sales since the beginning of 2022 to pay down debt.

At its peak in 2003, PREIT owned 43 malls. Now, it owns 19. Coradino said whittling down the portfolio allows PREIT to focus on properties that could yield the best results. Coradino said he’s no longer actively looking to sell more malls, just the underused land on those properties, such as parking lot space that isn’t generating value.

Finding ways to maximize value could help PREIT become more attractive for a possible suitor.

Coradino said department stores at PREIT’s malls are 95.6% occupied, but the company is also considering using its properties for medical, life sciences and hotel space. Everything is on the table, Coradino said.

Medical facilities or residential components are seen as complementary to existing retail. At Moorestown Mall, Cooper University Health plans to open a 165,000-square-foot specialty care facility. Coradino said Cooper anticipates more than 1.5 million patients will visit the facility each year, which could double the mall’s foot traffic. Similarly, adding apartment buildings adjacent to the malls would add a built-in customer base within walking distance.

Selling land would thus result in money up front and eventually help retail space, too.

“We’re bringing in new, different, better. Getting rid of the bad stuff,” Coradino said. “We’re seeing traffic increase, sales increase. Hopefully over time, the world’s view of malls is that as those malls that probably shouldn’t have been built go away, what’s left is viable, vibrant properties.”

Incorporating other uses is what Coradino sees as the path ahead.

“The rationale behind it is that malls aren’t what they used to be,” Coradino said. “They’re different tenants, being reinvented, experience is changing from purely shopping to shopping, dining, entertainment, residential, medical.”

A challenge facing PREIT for now, though, is that lending markets are “frozen,” Coradino said. Without access to financing, selling underused portions of its properties to raise capital becomes even more important.

After being delisted from the New York Stock Exchange in December, PREIT has been sold over the counter. Its share price was $1.45 when the market closed Friday.

Ultimately, Coradino said he’d like PREIT to return to the New York Stock Exchange, but the company has to improve its share price to reach that point.

“I don’t think it’s going to happen tomorrow,” Coradino said. “It takes some work, which we’re up for.”

https://www.bizjournals.com/philadelphia/news/2023/02/20/preit-merger-mall-sales-development.amp.html

PREIT Completes Extension of Key Mortgage Maturity and Provides Update on Asset Sales (1/04/23)

PHILADELPHIA, Jan. 3, 2023 /PRNewswire/ -- PREIT today, announced that it has executed an extension of the mortgage loan secured by Woodland Mall in Grand Rapids, MI. The loan, with an unchanged interest rate, has been extended through June 10, 2023 with an additional option to extend through October 5, 2023.

Woodland Mall serves as a prime example of PREIT's value creation endeavors. In 2019, PREIT completed its redevelopment of Woodland Mall by bringing in top-quality tenants Von Maur, Urban Outfitters, Sephora, a new prototype Williams-Sonoma, REI, Black Rock Bar & Grill and Michigan's second Cheesecake Factory. These tenants joined existing top brands including: Apple, Pottery Barn and Lush. In 2022, Phoenix Theatres opened, upgrading the moviegoing experience and adding a family entertainment option.

PREIT also completed the sale of a former department store space at Valley View Mall for gross proceeds of $2.6 million. During 2022, the Company sold assets generating $114 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $154 million through December 31, 2022. The Company has another $164 million of asset sales in the pipeline.

"We are pleased to have secured this key extension, having also recently extended the maturity date on our Credit Facilities, meaningful milestones for our debt maturity schedule," said Joseph F. Coradino, Chairman and CEO of PREIT. "Executing on asset sales and utilizing excess cash to pay down debt is a top priority for PREIT as we start 2023."

About PREIT

PREIT (OTC: PRET) is a real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-completes-extension-of-key-mortgage-maturity-and-provides-update-on-asset-sales-301712737.html

PRETL and PRETM are now active.

No response yet from an Admin.

Working with Admin.

New Ticker PRET? Update?

PREIT Receives Approvals for 460 Apartments and 165 Room Hotel at Springfield Town Center (12/13/22)

PHILADELPHIA, Dec. 13, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced that it has obtained unanimous approval from the Fairfax County Board of Supervisors for the development of 460 apartments and a 165-room hotel, paving the way for the sale of the land parcels both of which are under agreement of sale. A key part of PREIT's capital plan, the sale of these parcels is expected to generate approximately $20 million for PREIT, in addition to the $112 million in proceeds the Company has raised from asset sales in 2022. The Company expects to close on these sales at Springfield Town Center in Q2 2023 and has another $120 million of asset sales in the pipeline.

Executing on multi-family land sales is a key step for the Company on multiple fronts. First, they help to create thoughtful spaces that enhance the property and surrounding community while supporting a more sustainable future. They are also critical to PREIT's capital-raising efforts, transforming underutilized land into valueenhancing real estate.

PREIT's overall vision is to transform Springfield Town Center into a vibrant, multi-use hub and take advantage of its unrivaled location to create the preeminent family entertainment destination in the Washington, DC market. As part of this transformation, LEGO® Discovery Center has officially broken ground with an opening planned for summer 2023. The mall's highly diversified tenant mix includes traditional retail, top-tier full service dining destinations, entertainment, fitness and other value retail offerings.

"We are thrilled to receive a green light on the multi-use development that was conceived prior to the 2014 mall redevelopment," said Joseph F. Coradino, Chairman & CEO of PREIT. "The addition of apartments and hotel rooms will result in growing our customer base and delivers value to our existing tenants, while allowing us to harvest capital from our highly desirable real estate."

Located in the third wealthiest county in the United States, Springfield Town Center is well-positioned to attract quality retailers and continue to be a premier shopping destination.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-receives-approvals-for-460-apartments-and-165-room-hotel-at-springfield-town-center-301701307.html

PREIT Successfully Achieves Extension of Credit Facilities (12/08/22)

Asset Values Documented in Connection with Credit Facilities Extension Acknowledge Substantial Portfolio Transformation

PHILADELPHIA, Dec. 8, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced meaningful balance sheet improvements through successfully extending its Credit Facilities.

PREIT is pleased to announce that it has successfully met all of the requirements to exercise the one-year extension of its first and second lien Credit Facilities and has concluded the extension process. The required conditions to extend the Credit Facilities have all been satisfied and supporting documentation submitted to the lender group. As it relates to satisfaction of the conditions, the Company:

- Significantly exceeded the Minimum Liquidity requirement of $35 million;

- Achieved Corporate Debt Yield well above 8% minimum requirement; and

- Demonstrated a loan-to-value ratio well below 105% for the properties securing the Credit Facilities.

- The Credit Facilities' extended maturity date is December 10, 2023.

Year-to-date, the Company has sold assets generating over $110 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $148 million through October 31, 2022.

"We are pleased to have surpassed all of the requirements to successfully extend the maturity date on our Credit Facilities," said Joseph F. Coradino, Chairman and CEO of PREIT. "Having executed on asset sales and improved operations to retain excess cash, we have successfully paid down debt. As a result of these initiatives, we believe our balance sheet is in a significantly improved position with continued improvement remaining a top priority."

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-successfully-achieves-extension-of-credit-facilities-301698369.html

Entry into a Material Definitive Agreement (9/07/22)

On August 31, 2022, PR Cherry Hill STW LLC and Cherry Hill Center, LLC, both of which are subsidiaries of Pennsylvania Real Estate Investment Trust (the “Trust”) that own Cherry Hill Mall (the “Borrowers”), PREIT Associates, L.P., which is the guarantor under the Notes (as defined below), and New York Life Insurance Company and Teachers Insurance and Annuity Association of America, who are the lenders under the loans that are evidenced by the Notes (the “Lenders”), entered into a Loan Extension and Modification Agreement (the “Extension and Modification Agreement”) to that certain (i) $150.0 million promissory note with New York Life Insurance Company dated August 15, 2012, and (ii) $150.0 million promissory note with Teachers Insurance and Annuity Association of America dated August 15, 2012 (together, the “Notes”). The Extension and Modification Agreement extended the maturity date of the Notes from September 1, 2022 to October 1, 2022. To satisfy the conditions precedent of the Extension and Modification Agreement and effectuate the extension of the maturity date of the Notes, the Borrowers paid down $1,000,000 of the outstanding principal balance of the Notes, paid an extension fee equal to 0.10% of the outstanding principal balance of the Notes and paid certain expenses incurred by the Lenders in connection with the Extension and Modification Agreement, among other terms and conditions.

The Extension and Modification agreement also includes an option for the Borrowers to further extend the maturity date of each Note to November 1, 2022 if an additional $500,000 of the outstanding principal balance of the respective Note is paid down and an extension fee equal to 0.10% of the outstanding principal balance of the respective Note is paid, among other terms and conditions.

The foregoing description of the Extension and Modification Agreement is qualified in its entirety by reference to the full text of the Extension and Modification Agreement, which will be filed as an exhibit to the Trust’s Quarterly Report on Form 10-Q to be filed for the quarter ended September 30, 2022.

The Borrowers and the Lenders also entered into a modification and extension of the mortgage that secures the Notes to extend the term of such mortgage consistent with the term of the Notes.

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000077281/000119312522239988/d392808d8k.htm

Investor Presentation (8/09/22)

https://s21.q4cdn.com/137894361/files/doc_presentations/2022/Q2-22-Investor-Update.pdf

PREIT Reports Second Quarter 2022 Results (8/09/22)

Total Core Mall Leased Space Strong at 95.0%

Core Mall Sales Per Square Foot Reached $605 in June, up 12.2% compared to 2019

Average Renewal Spreads were 2.3% for the Six Months Ended June 30th

Core Mall Total Occupancy Increased 480 Basis Points to 93.8%

PHILADELPHIA, Aug. 9, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) today reported results for the three and six months ended June 30, 2022. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is provided in the tables accompanying this release.

[tables deleted]

"It has been a busy and very productive quarter. In the face of an evolving economic backdrop, our team continues to deliver strong results, bringing new tenants to the portfolio and executing on asset sales." said Joseph F. Coradino, Chairman and CEO of PREIT. "We continue to drive the quality of our properties, raise capital through asset sales and pay down debt, improving the balance sheet and setting the stage for the anticipated exercise of our credit facility extension."

- Same Store NOI, excluding lease termination revenue, increased 3.6% for the six months ended June 30,2022 compared to the six months ended June 30, 2021 driven by increased occupancy and rental revenue.

- Same Store NOI, excluding lease termination revenue, decreased 5.7% for the three months ended June 30, 2022 compared to the three months ended June 30, 2021.

- The primary driver of the decrease relative to prior year quarter was the recognition of bad debt recoveries that positively impacted the quarter ended June 30, 2021.

- Robust leasing activity is driving increased occupancy with Core Mall Total Occupancy increasing by 480 basis points to 93.8% compared to the second quarter 2021. Core Mall Non-anchor Occupancy eclipsed 90%, improving 450 basis points to 90.5% compared to the second quarter of 2021.

- Total Core Mall leased space, at 95.0%, exceeds occupied space by 120 basis points, and core mall non-anchor leased space, at 92.3%, exceeds occupied space by 180 basis points when including executed new leases slated for future occupancy, demonstrating the rapid pace of leasing activity.

- For the rolling 12 month period ended June 30, 2022, core mall comparable sales grew to $605 per square foot.

- Average renewal spreads for the six months ended June 30, 2022 were 2.3%.

- Two new trustees were elected to the Company's Board of Trustees.

- The Company made notable advances in its capital-raising efforts. As part of its debt reduction plan, the Company has applied asset sale proceeds and excess cash from operations to pay down debt by $82 million during the six months ended June 30, 2022. The Company currently has over $65 million in purchase and sales agreements executed, and has several others in the final stages of negotiation for a total of over $200 million of potential incremental asset sales pending.

Leasing and Redevelopment

- 297,000 square feet of leases are signed for future openings, which is expected to contribute annualized gross rent of $5.9 million.

- Construction has started on a new self-storage facility in previously unused below grade space at Mall at Prince George's in Hyattsville, MD.

- A lease has been executed with Tilted 10 and Tilt Studio, an action-packed bi-level 104,000 square foot indoor family entertainment center at Willow Grove Park, adding family entertainment to this locally-loved destination shopping experience, and is expected to open in the third quarter 2022.

- Phoenix Theatres at Woodland Mall, occupying 47,000 square feet, opened in April 2022.

- At Moorestown Mall, Cooper University Healthcare has started construction on its facility that is expected to open in the second half of 2023. The sale of land for multi-family development was completed in June 2022. Construction is expected to begin on this project in August 2022 with initial occupancy anticipated in fall 2024.

- Landlord work is underway for a new prototype, 32,000 square foot, LEGO®

- Discovery Center at Springfield Town Center with expected opening in third quarter 2023.

- Leases are executed for 10 stores within the portfolio with expanding retailers Rose & Remington, BoxLunch and Lovisa.

Primary Factors Affecting Financial Results for the Three Months Ended June 30, 2022 and 2021

- Net loss attributable to PREIT common shareholders was $17.6 million (which takes into consideration the accrual of preferred dividends that accumulated during the quarter but have not been paid), or $3.32 per basic and diluted share for the three months ended June 30, 2022, compared to net loss attributable to PREIT common shareholders of $31.4 million, or $6.04 per basic and diluted share for the three months ended June 30, 2021.

- Funds from Operations increased in the three months ended June 30, 2022 compared to the prior year period due primarily to a gain of $8.8 million from the sale of our Moorestown multifamily land parcel and a decrease in general and administrative expenses offset by lower NOI, including lease termination revenue.

- Same Store NOI, including lease terminations, decreased by $4.4 million, or 8.3% due primarily to lower lease termination revenue and lower rental income compared to the same quarter last year as a result of accounting treatment for abatements that positively impacted the 2021 quarter partially offset by increases in minimum rent and percentage rent.

- FFO for the three months ended June 30, 2022 was $1.72 per diluted share and OP Unit compared to $1.51 per diluted share and OP Unit for the three months ended June 30, 2021.

- All NOI and FFO amounts referenced as primary factors affecting financial results above include our share of unconsolidated properties' revenues and expenses.

- Additional information regarding changes in operating results for the three and six months ended June 30, 2022 and 2021 is included on page 15.

Liquidity and Financing Activities

As of June 30, 2022, the Company had $113.9 million available under its First Lien Revolving Credit Facility. The Company's corporate cash balances, when combined with available credit, provide total liquidity of $127.6 million.

Asset Dispositions

Multifamily Land Parcels: During the quarter, the Company closed on the sale of land for 375 residential units at Moorestown Mall for approximately $12 million. The Company has executed agreements of sale for land parcels for anticipated multi-family development at three properties. One parcel is being re-marketed and the parcel at Exton Square Mall is included in the $28.8 million purchase price.

Hotel Parcels: The Company has an executed purchase and sale agreement for the sale of a parcel for hotel development at Springfield Town Center for $2.7 million.

Other Parcels: In February, we completed the redemption of preferred equity issued as part of the sale of our New Garden land parcel. In connection with this settlement, we received approximately $2.5 million. The Company expects to close on the sale of an anchor box at Valley View Mall for $2.6 million in the second half of the year. In July, the Company executed an amended purchase and sale agreement for the sale of Exton Square Mall for $28.8 million, which is expected to close in the second half of the year. In April, we executed a purchase and sale agreement for the sale of the former Sears TBA location at Moorestown Mall for $3.35 million. In May, we executed a purchase and sales agreement for the sale of 11 outparcels for $32.5 million. The sale of 3 parcels for over $5 million has been completed at this time.

2022 Outlook

The Company is not issuing detailed guidance at this time.

Conference Call Information

Management has scheduled a conference call for 11:00 a.m. Eastern Time on Tuesday August 9, 2022, to review the Company's results and future outlook. To listen to the call, please dial 1(888) 330-2024 (domestic toll free), or 1(646) 960-0187 (international), and request to join the PREIT call, Conference ID 9326912, at least fifteen minutes before the scheduled start time as callers could experience delays. Investors can also access the call in a "listen only" mode via the internet at the Company's website, preit.com. Please allow extra time prior to the call to visit the site and download the necessary software to listen to the Internet broadcast. Financial and statistical information expected to be discussed on the call will also be available on the Company's website.

For interested individuals unable to join the conference call, the online archive of the webcast will also be available for one year following the call.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-reports-second-quarter-2022-results-301602041.html

PREIT Board of Trustees Welcomes Two New Independent Trustees as Representatives for Preferred Shareholders (8/02/22)

Christopher Swann and Kenneth Hart Elected by Preferred Shareholders at 2022 Annual Meeting of Shareholders

PHILADELPHIA, Aug. 2, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company") today announced that Christopher Swann and Kenneth Hart have been elected by preferred shareholders to its Board of Trustees.

Joseph F. Coradino, Chairman and CEO of PREIT, said, "We are pleased to welcome two new independent trustees to further enhance and diversify the Board of Trustees. Both Christopher and Kenneth are experienced investors who bring additional corporate finance and real estate investing expertise to the boardroom. We look forward to their contribution in advancing our strategic objectives by capitalizing on our exceptional portfolio of assets."

Mr. Swann and Mr. Hart were elected in accordance with the provisions of the designating amendments to the Company's Amended and Restated Trust Agreement.

About Christopher Swann

Christopher Swann has over a decade of experience restructuring distressed commercial real estate and real estate backed debt. He also has extensive expertise in restructuring across multiple disciplines, including balance sheet, asset management, operations, construction, entitlements and property management. He currently serves as President and Chief Executive Officer of Cygnus Capital, a real estate and alternative asset investment management company. Previously, Mr. Swann served as a Portfolio Manager at SAC Capital Advisors LLC, an investment management company, and in a number of roles at GMT Capital Corporation, an investment management company, including serving as a senior analyst and then as a portfolio manager overseeing investments in technology companies as well as building out the firm's investments in Asia, including establishing its Hong Kong office.

Prior to that, Mr. Swann co-founded two software companies and also worked as an Associate at McKinsey & Co. Earlier in his career, Mr. Swann served in senior marketing and sales positions in Germany and Russia for Millicom International Cellular SA, an international telecommunications and media company, and for a division of Merck & Co., Inc., a multinational pharmaceutical company.

Mr. Swann received a Bachelor of Arts Degree in Political Science and Public Policy from Duke University and received a dual Masters in Business Administration and Masters of Arts in International Studies degree from The Wharton School of Business at the University of Pennsylvania.

About Kenneth Hart

Kenneth Hart has been the principal with Hart Capital Management, a value-oriented investor focused mainly on real estate related entities, since 1990. Prior to that, he was a Vice President at GE Capital Corporate Finance Group, specializing in the financing of leveraged buyouts from 1987 to 1989. From 1983 to 1987 he served in various capacities with Hambrecht & Quist (a technology-focused investment bank) and as a general partner of Hambrecht & Quist Venture Partners. After completing an MBA at the Haas School of Business, UC Berkeley, he worked at IBM from 1978 to 1983. He holds a BS degree in Electrical Engineering and Computer Science, also from UC Berkeley.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-board-of-trustees-welcomes-two-new-independent-trustees-as-representatives-for-preferred-shareholders-301598281.html

PREIT Urges Preferred Shareholders to Cast their Votes for Preferred Share Trustee Nominees Prior to August 2, 2022, and Addresses the Cygnus Capital Statement Issued July 7, 2022 (7/08/22)

PHILADELPHIA, July 8, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today issued the following statement:

The Company and its proxy solicitor continue to make efforts to achieve a quorum for the Preferred Share Trustee nominees prior to August 2, 2022 and again urge eligible Preferred Shareholders to vote. Eligible shareholders may cast their vote by contacting Alliance Advisors at 1-866-407-1960 between the hours of 9:00am and 10:00pm Eastern time, Monday through Friday and Saturday and Sunday from 10:00am to 6:00pm, as noted in soliciting materials furnished to the SEC.

PREIT recognizes and has lived up to its obligations to permit and enable the Preferred Shareholders to elect two Trustees to its Board. The Company welcomes and values the opinions of all shareholders and is open to input that may help advance the goal of enhancing shareholder value. Accordingly, the Company endorsed the Preferred Shareholder nominees in a press release issued on March 28, 2022, linked here.

The Company has remained engaged and in contact with Cygnus Capital and Mr. Hart throughout the election process. The Company has complied with its obligations with respect to election of the Preferred Shareholder Trustee nominees by including the nominees in its proxy statement, engaging a proxy solicitor to achieve a quorum to vote for the Preferred Shareholder Trustee nominees and incurring additional expenses for a subsequent mailing, solicitation calls, emails and automated phone calls. PREIT has filed all of these solicitation efforts with the SEC, further encouraging voting activity.

With respect to Cygnus' assertion that a quorum (i.e.. a majority of the Preferred Shares) was achieved at the annual meeting of shareholders on June 2, 2022, the Company respectfully, but strongly, disagrees. As a Pennsylvania Business Trust, the Company is governed by its Trust Agreement and Bylaws, which require a quorum of a majority of the outstanding Preferred Shareholders, voting together as a single class, in order to properly hold the election. Unfortunately, a quorum of Preferred Shareholders was not achieved by the time of the annual meeting. Accordingly, the meeting was adjourned until August 2, 2022 at 11:00am Eastern time to afford additional time to obtain a quorum of Preferred Shareholders.

Regarding the Company's upcoming debt maturities:

- The Company has repeatedly conveyed that it expects to be in a position to meet the covenant requirements to extend its credit facility that has an initial expiration in December 2022.

- The Company has remained in compliance with all credit facility covenants during the term of the agreement.

- The Company is working on resolution of its Fashion District obligations.
Additionally, the Company has prioritized initiatives to raise capital to reduce debt obligations and defray interest expenses. Accordingly, the Company recently announced that it had sold three assets and had used year-to-date asset sale proceeds and excess cash from operations used to reduce debt by $82 million. The Company also has sale agreements executed for another $56 million and additional transactions in the pipeline for execution.

The Board and management team are committed to enhancing value for shareholders and are committed to engaging with stakeholders and executing on key strategic initiatives.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-urges-preferred-shareholders-to-cast-their-votes-for-preferred-share-trustee-nominees-prior-to-august-2-2022-and-addresses-the-cygnus-capital-statement-issued-july-7-2022-301583136.html

Cygnus Capital Issues Statement Regarding the Right of Holders of Preferred Shares of Pennsylvania Real Estate Investment Trust to Elect Two Board Trustees at the Recently Adjourned 2022 Annual Meeting of Shareholders (7/07/22)

Details Voting Intentions and Reasons Why There Is Urgency to Add Two Independent Preferred Stock Trustees to the Board

ATLANTA, July 7, 2022 /PRNewswire/ -- Cygnus Capital, Inc. (together with its affiliates, "Cygnus"), a significant and long-term shareholder of beneficial interests and preferred shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) ("PEI" or the "Trust"), today issued a statement regarding Cygnus' voting intentions with respect to the 2022 Annual Meeting of Shareholders, originally held on June 2, 2022, and adjourned to 11:00 a.m. Eastern Time on August 2, 2022 (the "Annual Meeting").

Holders of record as of the close of business on April 11, 2022, the record date for the Annual Meeting, of PEI's 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares, 7.20% Series C Cumulative Redeemable Perpetual Preferred Shares and 6.875% Series D Cumulative Redeemable Perpetual Preferred Shares (collectively, the "Preferred Shares") have the right to elect two trustees (the "Preferred Trustees") to PEI's Board of Trustees (the "Board") since the Trust has not paid cash dividends on its outstanding preferred shares for six quarters. The only item on the agenda for the reconvened Annual Meeting is the election of the Preferred Trustees.

Cygnus has nominated Christopher Swann, and Kenneth Hart has nominated himself, for election to serve as the Preferred Trustees at the Annual Meeting. Each of Messrs. Swann and Hart will be elected as Preferred Trustees by a plurality of the votes cast.

Cygnus believes that a quorum, as defined in the Trust's governing documents, was achieved at the originally convened June 2, 2022 date of the Annual Meeting. Unfortunately, PEI has adopted a position which Cygnus believes is inconsistent with the plain language set forth in the Trust's governing documents, asserting that a majority of the outstanding Preferred Shares is needed to constitute a quorum before the proposal to elect Messrs. Swann and Hart as Preferred Trustees can be considered. Cygnus has repeatedly raised to the Trust's management that its interpretation of the quorum requirement has deprived holders of Preferred Shares of the Board representation to which they are entitled. Cygnus has also expressed grave concerns regarding the minimal effort being spent by the Trust to achieve this purported quorum requirement.

While Cygnus disagrees with the Trust's position, Cygnus is nonetheless taking this opportunity to inform holders of Preferred Shares of their right to representation on the Board and to make clear its voting intentions with respect to the Annual Meeting.

We intend to vote "FOR" the election of Messrs. Swann and Hart as Preferred Trustees because Cygnus believes PEI has a limited window to put its financial affairs in order and representation on the Board by holders of Preferred Shares is a necessary and important step in that process. PEI has significant near term debt maturities that must be addressed in order to protect the economic interests of shareholders. Specifically, progress must be made in meeting the debt covenants under the Fashion District Partnership Loan Agreement as well PEI's other credit agreements which have deadlines in January 2023 and December 2022, respectively. Holders of the Preferred Shares are entitled to representation as these deadlines loom. Cygnus believes the Preferred Trustees have the requisite skillsets and owner mindset to add significant value to the Board during these difficult times.

About Cygnus

Cygnus is an integrated real estate investment and alternative asset management company focused on opportunistic, special situation, and distressed real estate investments. Cygnus targets long term, absolute returns for investors by applying a differentiated approach to real estate investing. By placing an emphasis on the acquisition, workout, and disposition of real estate debt assets characterized by their complexity, inefficiency, and niche qualities, Cygnus is able to target superior, absolute returns for its investors.

https://www.prnewswire.com/news-releases/cygnus-capital-issues-statement-regarding-the-right-of-holders-of-preferred-shares-of-pennsylvania-real-estate-investment-trust-to-elect-two-board-trustees-at-the-recently-adjourned-2022-annual-meeting-of-shareholders-301582544.html

Stifel Nicolaus Keeps a Hold Rating on Pennsylvania Real Estate Investment (7/06/22)

Stifel Nicolaus analyst Simon Yarmak maintained a Hold rating on Pennsylvania Real Estate Investment on July 4 and set a price target of $15.00. The company's shares closed last Wednesday at $3.49, close to its 52-week low of $3.24.

The word on The Street in general, suggests a Hold analyst consensus rating for Pennsylvania Real Estate Investment with a $15.00 average price target.

PREIT Closes on Sale of Multi-Family Land at Moorestown Mall with Year-To-Date Asset Sale Proceeds and Excess Cash from Operations Used to Reduce Debt by $82 million (7/05/22)

PHILADELPHIA, July 5, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced that it has sold two additional assets for $14.2 million.

The Moorestown Mall land was sold for approximately $12 million and will be the site of 375 residential units. This transaction represents PREIT's second multifamily land sale following an Exton Square Mall transaction that yielded approximately 350 units.

Additionally, the Company has closed on the sale of an outparcel to Four Corners Property Trust for $2.4 million. PREIT expects to close on 6 additional outparcels for $22 million in the coming weeks.

The Company continues to prioritize its plan to raise capital and execute on its plan to sell assets with purchase and sale agreements executed for another $56 million and additional transactions in the pipeline for execution. As part of its debt reduction plan, the Company has applied asset sale proceeds and excess cash from operations to pay down debt by $82 million through June 30, 2022.

"We are keenly focused on continuing to raise capital to improve our balance sheet as we simultaneously drive operational enhancements, improving the overall quality of our offering," said Joseph F. Coradino, Chairman and CEO of PREIT. "The closing of the Moorestown land sale evidences the power of the portfolio and the real estate we have aggregated."

The sale of land for multi-family units at Moorestown Mall is a meaningful step toward PREITs vision to evolve its properties. PREIT is focused on evolving its properties into community hubs marked by a healthy mix of apartments, hotels, entertainment, dining, health & wellness, working space, and local small business retail. This initiative capitalizes on PREIT's portfolio of bullseye locations to produce a broader consumer base, offering its communities more and driving success for its tenants.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-closes-on-sale-of-multi-family-land-at-moorestown-mall-with-year-to-date-asset-sale-proceeds-and-excess-cash-from-operations-used-to-reduce-debt-by-82-million-301580001.html

PREIT Closes on Sale of Interest in Gloucester Premium Outlets, Reducing Debt by $35.4 Million (6/23/22)

Marks key step in executing on the Company's capital plan

PHILADELPHIA, June 23, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced that it has sold its 25% interest in the entity that owns Gloucester Premium Outlets.

The gross consideration to the Company from this transaction was $35.4 million, consisting of $14 million in cash plus $21.4 million of debt reduction, following assumption by the buyer. The cash portion of the proceeds were used to pay down the Company's senior credit facility. This transaction represents a portion of the asset sale pipeline referenced in conjunction with the Company's first quarter 2022 earnings release dated May 5, 2022 with $275 million of transactions in process.

"We continue to seek creative ways to harvest capital throughout our optimally-located platform," said Joseph F. Coradino, Chairman and CEO of PREIT. "We are intently focused on reducing debt, improving our balance sheet and executing on meaningful transactions in the near-term as we plan to exercise the one year extension of our credit facility."

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-closes-on-sale-of-interest-in-gloucester-premium-outlets-reducing-debt-by-35-4-million-301573536.html

.6 coming buy and hold for .8

Nice to see a PEI investor here. And nice to see it pop back after that critical piece in seeking alpha website.

-p

PREIT Core Mall Sales Traverse $600 per Square Foot Milestone (1/31/22)

PHILADELPHIA, Jan. 31, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company"), a leading real estate investment trust focused on creating thoughtful, community-centric properties, announced that 2021 closed on a high note with core mall rolling 12 month sales eclipsing $600 per square foot at $603.

Properties with the most pronounced per square foot growth include those established as the dominant enclosed retail destination in their respective market, as inferior competition struggled following lockdowns. By contrast, PREIT properties emerged with the benefit of new anchors and a strong existing tenant mix. Specifically, Patrick Henry, Capital City, Valley and Viewmont Malls all experienced over 20% growth in sales compared to pre-pandemic levels.

Standing above the balance in terms of growth and absolute sales per square foot is PREIT's premier super-regional property, Cherry Hill Mall, growing nearly 28% to $936.

"Sales per square foot is a meaningful metric that influences a number of aspects of our business. As sales grow, our tenants are more productive, improving our ability to drive rents," said Joseph F. Coradino, Chairman and CEO of PREIT. "Additionally, with portfolio-wide comparable sales over $600, the door to an expanded base of interested tenants opens, allowing us to drive occupancy and improve the quality of the experience offered at our centers."

Nearly 100,000 square feet of new tenants opened at these properties during 2021, including the following noteworthy additions spanning key sectors of fashion, dining and entertainment:

Capital City Mall: Aerie, Cinnabon, rue21 and Windsor Fashions

Patrick Henry Mall: Papaya, Windsor Fashions, The Twisted Crab and Kidz Play

Cherry Hill Mall: Amazon 4-star, Warby Parker, DEO Eyewear, Miniso, Aerie and Purple

Coradino continued, "As our tenants reach new levels of performance and we attract a new caliber of tenancy, the quality of our portfolio continuously improves, which is expected to lead to cap rate compression and improved asset values. As we continue our efforts to proactively raise capital to reduce debt and exercise our credit facility extension, we anticipate this improved value will propel the effort and create value for stakeholders."

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-core-mall-sales-traverse-600-per-square-foot-milestone-301471130.html

Happy New Year PEI stakeholders:

News is out:

https://finance.yahoo.com/news/preit-reports-strong-sales-holiday-115500464.html

Capital accumulation seems the proximate goal.
-p

PREIT Makes Meaningful Progress on Key Balance Sheet Improvement Initiatives, Securing Extension of Woodland Mall Mortgage and Unappealable Approval on Multi-Family Development at Moorestown Mall (12/15/21)

Successful 2019 redevelopment of Woodland Mall supports valuation; Secured tax incentive for Moorestown Mall lays groundwork for next phase of development

PHILADELPHIA, Dec. 15, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today announced that it has met the criteria to extend the mortgage loan secured by Woodland Mall and has secured unappealable approval on our multi-family land at Moorestown Mall. These two key steps underscore the embedded value underlying PREIT's portfolio of irreplaceable assets and the Company's ongoing efforts to continue to evolve its properties as one-stop destinations for consumers.

Woodland Mall

The extension at Woodland Mall serves as a prime example of PREIT's redevelopment achievements. In 2019, PREIT completed its redevelopment of Woodland Mall by bringing in top-quality tenants Von Maur, Urban Outfitters, Sephora, local high-quality salon, Tricho, a new prototype Williams-Sonoma, REI, Black Rock Bar & Grill and Michigan's second Cheesecake Factory. These tenants joined other top brands including: Apple, Pottery Barn and Lush. Looking ahead, Woodland Mall is expected to house the portfolio's first Rose & Remington, Lovisa and Offline by aerie. In 2022, Phoenix Theatres plans to bring the moviegoing experience back to the property in a renovated, top-tier offering.

"Achieving significant valuation improvement and cap rate compression compared to this time last year has allowed us to extend a key maturity on a strong property that is gaining momentum following our strategic redevelopment," said Joseph F. Coradino, Chairman & CEO of PREIT. "As we look ahead, the improved valuation paints an encouraging picture for our ability to create value for our stakeholders."

Moorestown Mall

With the latest approval, Moorestown Mall can take its next step on the multi-family land, following approval of a tax incentive that is required for closing ("PILOT"). Executing on multi-family land sales represent a key step for the Company on multiple fronts. First, they help to create thoughtful spaces that enhance the property and surrounding community while supporting a more sustainable future. They are also critical to PREIT's capital-raising efforts, transforming underutilized asphalt into value-enhancing real estate.

"Among other capital-raising initiatives, the PREIT team is keenly focused on executing our multi-family land sales to reduce leverage and our interest burden," Coradino said. "As the addition of apartments and hotels extends across our portfolio of properties, our growing customer base will deliver new benefits and value to our existing tenants and communities."

Moorestown Mall represents the differentiated thinking that PREIT believes is necessary needed to create value. The planned multi-family and hotel additions paired with the addition of a Cooper University Health Care facility bolster the existing dynamic mix of tenants at the property. Including traditional and value retail, dining, entertainment and fitness, Moorestown Mall exemplifies PREIT's five core areas of future growth.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-makes-meaningful-progress-on-key-balance-sheet-improvement-initiatives-securing-extension-of-woodland-mall-mortgage-and-unappealable-approval-on-multi-family-development-at-moorestown-mall-301444807.html

Link is here:

https://finance.yahoo.com/news/preit-reports-third-quarter-2021-105500833.html

-p

PEI quarter data out, stock price down. The recovery indicators seem quite strong, but patience is not a virtue with the market it seems. Aside from the stock price drop, I'm thinking this is a long-term hold still.

Anyone else looking over the report?

- p

nicehttps://www.stockscores.com/chart.asp?TickerSymbol=%20brn&TimeRange=365&Interval=w&Volume=1&ChartType=CandleStick&Stockscores=1&ChartWidth=1100&ChartHeight=480&LogScale=None&Band=None&avgType1=SMA&movAvg1=50&avgType2=SMA&movAvg2=100&Indicator1=AccDist&Indicator2=StochRSI&Indicator3=CMF&Indicator4=MACD&endDate=&CompareWith=&entryPrice=&stopLossPrice=&candles=redgreen

https://www.stockscores.com/chart.asp?TickerSymbol=%20brn&TimeRange=365&Interval=w&Volume=1&ChartType=CandleStick&Stockscores=1&ChartWidth=1100&ChartHeight=480&LogScale=None&Band=None&avgType1=SMA&movAvg1=50&avgType2=SMA&movAvg2=100&Indicator1=AccDist&Indicator2=StochRSI&Indicator3=CMF&Indicator4=MACD&endDate=&CompareWith=&entryPrice=&stopLossPrice=&candles=redgreen

Preferred stock is a better value in the short run.

The accumulation/distribution line for PEI looks positively dismal over the past 5 months....CMF also pretty dreary.

-p

https://www.stockscores.com/chart.asp?TickerSymbol=%20pei&TimeRange=365&Interval=w&Volume=1&ChartType=CandleStick&Stockscores=1&ChartWidth=1100&ChartHeight=480&LogScale=None&Band=None&avgType1=SMA&movAvg1=50&avgType2=SMA&movAvg2=100&Indicator1=AccDist&Indicator2=StochRSI&Indicator3=CMF&Indicator4=MACD&endDate=&CompareWith=&entryPrice=&stopLossPrice=&candles=redgre

investment

And how are we to interpret the chart? What are you "seeing" of merit?
- kinda curious. And PEI long...

cheers,
p

https://www.stockscores.com/chart.asp?TickerSymbol=%20pei&TimeRange=365&Interval=w&Volume=1&ChartType=CandleStick&Stockscores=1&ChartWidth=1100&ChartHeight=480&LogScale=None&Band=None&avgType1=SMA&movAvg1=50&avgType2=SMA&movAvg2=100&Indicator1=AccDist&Indicator2=StochRSI&Indicator3=CMF&Indicator4=MACD&endDate=&CompareWith=&entryPrice=&stopLossPrice=&candles=redgre

https://www.stockscores.com/chart.asp?TickerSymbol=%20pei&TimeRange=365&Interval=w&Volume=1&ChartType=CandleStick&Stockscores=1&ChartWidth=1100&ChartHeight=480&LogScale=None&Band=None&avgType1=SMA&movAvg1=50&avgType2=SMA&movAvg2=100&Indicator1=AccDist&Indicator2=StochRSI&Indicator3=CMF&Indicator4=MACD&endDate=&CompareWith=&entryPrice=&stopLossPrice=&candles=redgre

Earnings Call Transcript

https://s21.q4cdn.com/137894361/files/doc_presentations/2021/08/Q2-Investor-Update-FINAL.pdf

Investor Presentation (8/05/21)

https://s21.q4cdn.com/137894361/files/doc_presentations/2021/08/Q2-Investor-Update-FINAL.pdf

Second quarter results out - looking good on the recovery road.

https://finance.yahoo.com/news/preit-reports-second-quarter-2021-105500291.html

-p

PREIT Completes Key Steps in Extending Debt Maturities (7/01/21)

Closes over $172 million in mortgage loans secured by four properties

PHILADELPHIA, July 1, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate owner and developer, redefining the future of the mall with mixed-use community-centric districts, today announced that it has entered into over $172 million of mortgage loans, in the aggregate and reflecting the Company's share. The mortgages are secured by Viewmont Mall, Francis Scott Key Mall and two of the Company's joint venture open-air assets, Court at Oxford Valley and Red Rose Commons, extending all of the Company's near term maturities.

Key terms of the financings include:

Viewmont Mall
$67.2 million
Term: 3 years with 1-year extension option
Interest at 3.6% over LIBOR

Francis Scott Key Mall
$60.5 million
Term: 3 years with 1-year extension option
Interest at 3.6% over LIBOR

Court at Oxford Valley
$27.5 million at Company's share
Term: 10 years
Interest is a fixed rate of 3.2%

Red Rose Commons
$17.0 million at Company's share
Term: 10 years
Interest is a fixed rate of 3.28%

"As we continue to experience momentum in our business, we are pleased to complete these refinancing transactions, which are key elements in PREIT's balance sheet repositioning as we move forward in executing on our plan to strengthen our portfolio with a transformative vision for our properties to create a more powerful business model," said Joseph F. Coradino, PREIT Chairman and CEO. "In addition to achieving our business plan NOI objectives, executing on maturity extensions and raising capital to ultimately reduce debt are key pillars of PREIT's plan to improve our balance sheet."

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.

https://www.prnewswire.com/news-releases/preit-completes-key-steps-in-extending-debt-maturities-301323820.html