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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 (NYSE: PEI) has executed a purchase and sale agreement for 11 outparcels, expected to generate over $32 million in gross proceeds. Additionally, a vacant parcel for a hotel development at Springfield Town Center has been contracted for $2.5 million. These transactions contribute to a broader asset sale pipeline totaling approximately $275 million. The company anticipates closing on asset sales of around $109 million by June 30, 2022. CEO Joseph F. Coradino stated the capital raise efforts are progressing, aimed at enhancing the balance sheet and reducing debt.
PREIT (NYSE: PEI) reported a net loss of $39.3 million for Q1 2022, improving from $49.6 million in Q1 2021. Funds from Operations (FFO) also showed improvement at $(0.01) per share, up from $(0.14) last year. Core Mall sales per square foot reached $613, up 18.6% year-over-year. Total leased space in Core Malls increased to 94.0%, and occupancy rose to 92.7%. The company has $275 million in asset sales underway and liquidity of $110.5 million. The strong leasing activity and net operating income (NOI) increase of 16.0% show positive trends amid ongoing financial strategies.
PREIT (NYSE: PEI) announced it will release its financial results for Q1 2022 on May 5, 2022, before market hours. A conference call is scheduled for 11:00 AM EDT the same day to discuss the results and future guidance. Shareholders can submit questions via an online platform facilitated by Say Technologies. PREIT focuses on community-centric properties across the eastern U.S., especially in densely populated areas. The company's performance can be influenced by economic conditions affecting retail and real estate sectors, as well as the ongoing impacts of the COVID-19 pandemic.
PREIT (NYSE: PEI) reported a record-high Core Mall Comparable Sales of $618 per square foot in February. Over 60% of its portfolio exceeds $550 per square foot in sales productivity. New tenants, including Marc Cain and HomeGoods, have opened in key locations, enhancing consumer interest. Upcoming openings at Cherry Hill Mall and Springfield Town Center are expected to bolster performance further. CEO Joseph F. Coradino emphasized the importance of attracting unique destinations to drive tenant sales and improve valuations.
PREIT (NYSE: PEI) announced the nomination of Christopher Swann and Kenneth Hart as Preferred Trustees by preferred shareholders for the 2022 Annual Meeting. Chairman and CEO Joseph F. Coradino expressed confidence in their expertise in corporate finance and real estate investing. Swann highlighted the potential for unlocking significant value from PREIT's current assets, which he believes are undervalued. Both nominees have extensive backgrounds in finance and real estate, positioning them to strengthen PREIT's board and support management in improving the company's financial performance.
PREIT (NYSE: PEI) reported strong financial results for Q4 and the year ending December 31, 2021, with core mall sales per square foot reaching $614, a 1.8% increase from December. The company achieved a net loss of $34.5 million, an improvement from a loss of $202.1 million a year prior. Funds From Operations (FFO) turned positive at $0.17 per diluted share, compared to a loss previously. Total core mall occupancy increased to 94.3%, driven by significant leasing activity and improved net operating income, which rose by 53.8%. PREIT aims to enhance its capital position through asset sales.
PREIT (NYSE: PEI) has launched a shareholder Q&A platform ahead of its fourth quarter earnings call scheduled for March 15, 2022, at 11:00 am EDT. This initiative aims to enhance transparency and engagement with both retail and institutional shareholders. Investors can submit and upvote questions through the platform until March 15 at 12 am EDT. The live earnings call will be accessible via PREIT's Investor Relations website, with a replay available post-call. This effort reflects PREIT's commitment to fostering communication with its stakeholders.
Cygnus Capital, a major shareholder of Pennsylvania Real Estate Investment Trust (NYSE:PEI), has nominated Ryan J. Levenson and Christopher Swann for the Board of Trustees. The move follows PEI's failure to pay dividends on its preferred shares for six consecutive quarters, giving shareholders the right to elect new trustees. Cygnus believes adding Levenson and Swann will enhance PEI's balance sheet and market valuation, leveraging their extensive experience in investment and real estate management to unlock shareholder value.
PREIT (NYSE: PEI) announced significant new tenants at Cherry Hill Mall, enhancing its reputation as a premier shopping destination. Notable additions include Eddie V's, a seafood restaurant, and Marc Cain, a German women's fashion brand, both expected to attract more visitors. The mall reported an 18% sales increase in its dining establishments compared to 2019 and a record sales per square foot of $936. With a total of over 20 new tenants occupying 50,000 square feet, PREIT is positioned for growth amid ongoing retail changes.
PREIT (NYSE: PEI) plans to release its financial results for the quarter and year ending December 31, 2021, after market close on March 14, 2022. A conference call is scheduled for 11:00 a.m. ET on March 15, 2022, to discuss these results and the company's future outlook. Investors can join the call via phone or online. PREIT has partnered with Say Technologies to enhance shareholder communication, allowing questions through a new Q&A platform starting March 8, 2022. The company focuses on community-centric properties, primarily in the Mid-Atlantic region.
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