Welcome to our dedicated page for PEI news (Ticker: PEI), a resource for investors and traders seeking the latest updates and insights on PEI stock.
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 (NYSE: PEI) is set to enhance the holiday season for Philadelphia communities by hosting festive events at multiple malls, including Willow Grove Park Mall and Springfield Mall. Weekend activities include family photos with Santa, Black Friday giveaways, and the 'Kringle Mingle' event. The malls will also feature extended hours and special promotions. In collaboration with 'Cards For Hospitalized Kids,' PREIT aims to spread joy through various initiatives during this festive period. The announcement emphasizes community engagement and encourages early shopping to ensure product availability.
PREIT (NYSE: PEI) announced significant balance sheet improvements as part of its capital raising efforts. The company raised $110 million through asset sales, including $148 million allocated to debt repayment by October 31, 2022. Notably, proceeds from the Cumberland Mall sale in Vineland, NJ, totaling $45 million, will reduce debt obligations. Additionally, PREIT has $127 million of assets under contract for future sales, with ongoing efforts in leasing and redevelopment to bolster financial standing.
PREIT (NYSE: PEI) has launched a Q&A platform for shareholder engagement ahead of its Q3 2022 earnings call scheduled for November 8, 2022, at 11:00 am EDT. The platform opens on November 1 at 11:00 am EDT, allowing both retail and institutional shareholders to submit and upvote questions until November 7 at 8:00 pm EDT. This initiative, in partnership with Say Technologies, aims to enhance communication and transparency with stakeholders.
PREIT (NYSE: PEI) reported a strong uptick in portfolio occupancy and tenant activity as of June 30, 2022. Total core mall occupancy rose by 480 basis points to 93.8%, with 420,000 square feet of new leases signed in 2022. Notable new openings included stores like BoxLunch and Lovisa, with expansions planned for 2023. CEO Joseph F. Coradino emphasized the strength of their tenant mix, which enhances customer attraction and overall property value, fostering growth potential for stakeholders.
PREIT (NYSE: PEI) has announced plans to release its financial results for the third quarter ending September 30, 2022, before market trading on November 8, 2022. A conference call will be held at 11:00 a.m. Eastern Time on the same day to discuss the results and future outlook. Investors can participate via phone or listen online. Additionally, PREIT is collaborating with Say Technologies for enhanced shareholder communication, set to commence on November 1, 2022.
On August 30, 2022, PREIT (NYSE: PEI) showcased its community commitment through various initiatives, including Black-owned business expos to celebrate Black Business Month. The Let's Pull Together campaign encouraged shoppers to donate school supplies, benefiting local students. Additionally, the Spend + Score program allows customers to redeem a $25 gift card after spending $200 at PREIT malls. CEO Joseph Coradino emphasized the importance of community engagement as a brand pillar.
PREIT (NYSE: PEI) announced new retail leases at Cherry Hill Mall, enhancing its tenant mix with brands like Psycho Bunny and Levi's. Psycho Bunny, a menswear brand, is set to open in mid-2023, while Levi's will be the only full-price store in South Jersey, opening this holiday season. The mall maintains a strong 96.2% occupancy rate, with sales per square foot at $929. CEO Joseph F. Coradino emphasized the mall's attraction for leading retailers in Philadelphia's suburbs, positioning it among top-tier shopping destinations.
PREIT (NYSE: PEI) reported strong operational results for Q2 2022, achieving a Core Mall Total Occupancy of 93.8%, up 480 basis points year-over-year, with Core Mall Sales per square foot at $605, a 12.2% increase compared to 2019. Funds from Operations (FFO) rose to $1.72 per share, despite a net loss of $17.6 million. The company reduced debt by $82 million and signed leases for 297,000 square feet, expected to generate $5.9 million in annual rent. However, Same Store NOI decreased by 5.7% due to lower lease termination revenue.
PREIT (NYSE: PEI) announced the election of Christopher Swann and Kenneth Hart to its Board of Trustees by preferred shareholders during the annual meeting on August 2, 2022. These new independent trustees are expected to enhance the board's diversity and bring valuable corporate finance and real estate expertise. Joseph F. Coradino, Chairman and CEO, expressed optimism about their contributions toward advancing the company's strategic objectives, leveraging its portfolio of assets.
PREIT (NYSE: PEI) has launched a shareholder Q&A platform in preparation for its Q2 earnings call on August 9, 2022, at 11:00 am EDT. This initiative aims to enhance transparency and stakeholder engagement, allowing both retail and institutional investors to submit and upvote questions through a partnership with Say Technologies, LLC. The Q&A platform will be accessible until August 8 at 8 pm EDT. The earnings call will be webcasted on PREIT's Investor Relations website, with a replay and transcript available post-event.
FAQ
What is the market cap of PEI (PEI)?
What is PREIT?
What types of properties does PREIT own?
Where is PREIT's latest property addition located?
Who is the CEO of PREIT?
What are some recent tenant additions at Cherry Hill Mall?
What is the sales performance at Cherry Hill Mall?
What are the core areas of focus for PREIT?
How does PREIT contribute to the community?
Where can I find more information about PREIT?
How has PREIT adapted to the changing retail landscape?
