PEI - PEI STOCK NEWS

PREIT (NYSE: PEI) is expanding its retail portfolio in key markets with four growing retailers opening ten new stores. These retailers include Rose & Remington, Lovisa, and BoxLunch, each set to enhance the shopping experience in the Philadelphia and Washington DC areas. The addition of these brands highlights PREIT's strategy to attract tenants to competitive and densely populated regions, aiming for improved sales and traffic. The CEO noted that these developments could lead to better valuations for investors in the unique market setting.

PREIT (NYSE: PEI) announces Christopher Swann and Kenneth Hart as nominees for Preferred Share Trustees, urging eligible shareholders to vote before the August 2, 2022 meeting. Holders of the Series B, C, and D Preferred Shares, totaling 15.35 million, can elect two additional trustees due to missed cash dividends for six consecutive quarters. The company is limited in its ability to pay dividends under its credit facilities, which affects its financial operations. Shareholders may contact Alliance Advisors for voting assistance.

PREIT (NYSE: PEI) issued a statement urging Preferred Shareholders to vote on trustee nominees before the August 2, 2022 deadline. The company maintains it has met obligations for the election process and encourages engagement with its stakeholders. Despite a disagreement with Cygnus Capital regarding quorum during the June 2, 2022 meeting, PREIT aims to reach a quorum by the adjourned meeting date. It has successfully reduced debt by $82 million and has agreements for additional asset sales totaling $56 million, reinforcing its commitment to shareholder value enhancement.

Cygnus Capital, a long-term shareholder of Pennsylvania Real Estate Investment Trust (NYSE:PEI), has expressed its voting intentions for the adjourned 2022 Annual Meeting of Shareholders, set for August 2, 2022. Cygnus aims to elect Christopher Swann and Kenneth Hart as Preferred Trustees due to PEI's failure to pay dividends on preferred shares for six consecutive quarters. Cygnus emphasizes the urgency of this election to ensure preferred shareholders' representation, especially with significant debt maturities approaching in January and December 2022, which require immediate attention.

PREIT (NYSE: PEI) has successfully sold two assets for $14.2 million, including land at Moorestown Mall for $12 million intended for 375 residential units. This marks PREIT's second multifamily land sale following a prior transaction at Exton Square Mall. Additionally, a sale of an outparcel to Four Corners Property Trust was completed for $2.4 million. PREIT plans to close additional outparcels for $22 million. The company has reduced debt by $82 million year-to-date through asset sales and excess cash, aiming to enhance its balance sheet and operational efficiency.

PREIT (NYSE: PEI) has successfully sold its 25% interest in Gloucester Premium Outlets for a gross consideration of $35.4 million, which includes $14 million in cash and $21.4 million in debt reduction. The proceeds will be used to pay down the Company's senior credit facility. This transaction is part of a larger capital strategy aimed at reducing debt and improving the balance sheet, as outlined in the Company’s first quarter 2022 earnings release. CEO Joseph F. Coradino emphasized a focus on executing meaningful transactions in the near term.

PREIT (NYSE: PEI) has announced the addition of Zumiez and Skechers to Dartmouth Mall, enhancing its tenant mix as competing malls close. April comparable store sales reached $604 per square foot. The mall, now 95% leased, saw over 50% year-to-date traffic growth compared to 2021. Skechers will open its first location in the PREIT portfolio, solidifying the mall's regional prominence, as the company positions Dartmouth Mall as a key shopping destination.

Four Corners Property Trust (NYSE: FCPT) has announced a definitive agreement to purchase 11 outparcel properties from PREIT (NYSE: PEI) for $32.5 million, priced at a 6.5% cash cap rate. The acquisition includes 8 single-tenant restaurant properties and 3 retail properties, with a weighted average lease term of approximately 8 years. The company expects to finalize the acquisition in the second and third quarters of 2022, pending closing conditions and approvals. CEO Bill Lenehan expressed enthusiasm about continuing the partnership with PREIT.

PREIT (NYSE: PEI) reported strong sales and leasing momentum across its key assets, with April sales reflecting ongoing recovery despite inflation. Portfolio traffic increased nearly 10% year-over-year, while sales per square foot at Cherry Hill Mall rose to $944. Significant leasing activity was noted, with nearly 45,000 square feet leased at Cherry Hill, and a robust 50% of new portfolio leasing activity year-to-date. The transformation of Springfield Town Center into a multi-use hub continues to attract tenants, and Woodland Mall's sales grew by 5.6% to $667 per square foot.