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PREIT (OTC: PRET) is a publicly traded real estate investment trust that excels in owning and managing distinctive real estate assets in high barrier-to-entry markets. With a primary focus on creating vibrant, multi-use destinations, PREIT's portfolio boasts a blend of retail, lifestyle offerings, destination dining, and entertainment experiences. These properties are strategically located in densely populated areas, allowing them to serve as community-centric hubs.
PREIT’s recent achievements highlight its commitment to innovation and excellence. For instance, the Cherry Hill Mall welcomed Eddie V's, a prime quality seafood restaurant, marking its first location in South Jersey. This addition complements an already rich dining lineup including The Capital Grille, Seasons 52, Maggiano's Little Italy, and Bahama Breeze. Other notable tenant additions include Psycho Bunny, IKEA pop-up shop, and remodeled stores like H&M, Garage, and Aldo, with Brooks Brothers, UNIQLO, and Oak & Fort slated for future openings. Cherry Hill Mall has demonstrated its prowess with sales reaching $940 per square foot.
Under the leadership of CEO Joseph F. Coradino, PREIT remains committed to providing best-in-class retail offerings, capitalizing on incredible retail demand by introducing new-to-market tenants to its powerful collection of properties. This strategy underscores the importance of brick-and-mortar as a crucial component of successful retail operations.
PREIT’s operational focus spans five core areas: multi-family & hotel, health & tech, retail, essentials & grocery, and experiential. This diversified approach ensures that the company remains at the forefront of enabling communities through the built environment. By generating meaningful impact for the communities it serves, PREIT continues to evolve its properties to meet the ever-changing demands of the modern consumer market.
For more information and the latest updates, visit www.preit.com or follow PREIT on Twitter, Instagram, or LinkedIn.
PREIT (OTC: PRET) announced the opening of its shareholder Q&A platform ahead of the fourth quarter earnings call scheduled for March 22, 2023, at 11:00 am ET. This initiative aims to enhance transparency and engagement with investors, allowing retail and institutional shareholders to submit and upvote questions. The Q&A platform will be accessible until March 17, 2023, at 9:00 pm ET. The earnings call will be webcasted live on PREIT's Investor Relations website, with a replay and transcript available afterward. PREIT focuses on community-centric properties in key market sectors, including retail and multi-family.
PREIT (OTC:PRET) has announced the release date for its financial results for the fourth quarter and full year ending December 31, 2022. The results will be disclosed before market trading begins on March 22, 2023. A conference call to discuss these results and the company's future outlook is scheduled for 11:00 a.m. ET on the same day. Investors can join through a dedicated phone line or the internet. Additionally, PREIT has partnered with Say Technologies to enhance communication with shareholders, enabling them to ask questions starting March 10, 2023.
PREIT has announced the sale of its Whole Foods parcel at Plymouth Meeting Mall for $27 million, part of its strategy to enhance liquidity and reduce debt. This transaction contributes to a total of $141 million in gross asset sales since the start of 2022, with $184 million paid down in debt as of December 31, 2022. CEO Joseph F. Coradino emphasized the company's focus on capital efficiency through its real estate portfolio. PREIT, trading under the symbol PRET, is a real estate investment trust committed to developing community-centric properties.
PREIT announced a new 30,000 square foot Burlington store at Springfield Town Center, boosting occupancy to a record 95.5% in 2023. Alongside the Burlington addition, the LEGO Discovery Center and other retailers are set to enhance the center's appeal. Fairfax County's Board of Supervisors has approved plans for 460 apartments and a 165-room hotel, furthering PREIT's vision of transforming the area into a family entertainment hub. The diversified tenant mix aims to attract a wide range of customers, supporting the mall's success.
PREIT (NYSE: PEI) announced strong leasing momentum with new tenants signing agreements across its portfolio, contributing to nearly 5% year-over-year occupancy growth. Year-to-date leasing volume has surpassed 2019 levels by 23%, showcasing the company's recovery and appeal to retailers. Significant new leases include Daily Thread, Uniqlo, and Carter's, enhancing PREIT’s community-centric shopping experience. Chairman Joseph F. Coradino emphasized the company's commitment to generating incremental revenue and creating stakeholder value.
PREIT (NYSE: PEI) secured unanimous approval from the Fairfax County Board for the development of 460 apartments and a 165-room hotel at Springfield Town Center. This project is anticipated to generate approximately $20 million in capital, supplementing the $112 million raised from asset sales in 2022. The company expects to close these sales in Q2 2023 and has an additional $120 million in asset sales planned. The development aims to enhance community living and support PREIT's vision of a vibrant, multi-use hub in the Washington, DC market.
PREIT (NYSE: PEI) announced successful balance sheet improvements following the extension of its Credit Facilities. Meeting all lender requirements, the company significantly exceeded a $35 million minimum liquidity rule and achieved a corporate debt yield well above 8%. As a result of strategic asset sales, PREIT generated over $110 million in gross proceeds, applying $148 million to reduce debt as of October 31, 2022. The maturity date for the extended Credit Facilities is December 10, 2023, indicating a strengthened financial position for the company.
PREIT (NYSE: PEI) reports a successful holiday season with over 450,000 square feet of new stores opening, marking a 5% YOY occupancy growth. Half of its properties are fully leased, contributing to a 17% increase in Black and Brown-owned businesses. The company remains focused on enhancing community engagement and customer experiences through various promotional activities, including surprise giveaways. With analysts predicting strong holiday sales, PREIT emphasizes its role as a key destination for shopping and community activities.
PREIT (NYSE: PEI) reported a net loss of $77.2 million for Q3 2022, resulting in a loss of $14.52 per share. Core Mall Total Occupancy rose by 480 basis points to 94.4%, with sales per square foot increasing by 10.4% to $592 compared to 2019. The company achieved an 8.7% average renewal spread and reported a Same Store NOI increase of 3.3% for the quarter. PREIT reduced debt by $148 million and is pursuing further asset sales. Construction projects, including a self-storage facility and family entertainment center, are underway, highlighting ongoing development efforts.
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