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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) announced an amendment to the mortgage loan for Woodland Mall, crucial for its financial restructuring. The key terms include an extension of the maturity date to 12/10/21, interest rate revisions, and a reduction of the guaranty to $10 million. Woodland Mall, which opened its expansion in October 2019, has seen double-digit traffic growth during the holiday season. This amendment is a significant step in PREIT's strategy to strengthen its portfolio in high barrier-to-entry markets.
PREIT (NYSE: PEI) highlights the opening of several new dining establishments in its shopping centers, including Shake Shack and &pizza. These additions aim to attract foot traffic and enhance consumer experiences in high barrier-to-entry markets. The company emphasizes the importance of dining options in shopping environments, especially in light of ongoing challenges faced by the restaurant industry. Additionally, PREIT's Valentine's Day campaign seeks to support local businesses through gift card promotions targeted at its restaurant partners. This initiative aligns with PREIT's strategy to maximize the value of its real estate portfolio.
PREIT (NYSE: PEI) has announced a new lease for a 90,000 square foot self-storage facility at the Mall at Prince George's in Hyattsville, MD, to be developed by Poverni Sheikh Group. Slated to open in Q1 2022, this facility adds a non-retail revenue stream, capitalizing on the area's growing household incomes, which exceed the US average by 15%. The strategic location benefits from nearby Amazon HQ2 and a substantial investment of nearly $1 billion in local development, enhancing the mall's appeal and potential foot traffic.
PREIT (NYSE: PEI) has partnered with CBRE to transform Plymouth Meeting Mall into a multi-use destination. This collaboration aims to diversify the mall's offerings by integrating non-retail sectors such as life sciences and education alongside retail and entertainment options. The mall currently features a range of dining and entertainment experiences, with nearly half of its space dedicated to these uses. Notable tenants include LEGOLAND Discovery Center, Whole Foods, and the impending Shake Shack. The initiative seeks to enhance the mall's value and attract a broader consumer base.
PREIT (NYSE: PEI) has announced a significant transformation plan for its Moorestown Mall site, including a rezoning agreement for up to 1,065 multifamily units and a hotel. This initiative is part of a broader strategy to add 5,000 to 7,000 apartment units across its portfolio, generating over $150 million to enhance liquidity and reduce debt. The first phase includes 375 residential units and a hotel, with an anticipated $8 million sale of the initial parcel in 2021. The project aims to diversify mall usage while benefiting existing tenants.
PREIT (NYSE: PEI) has executed a lease with Aldi for a 21,000 square foot grocery store at Dartmouth Mall, set to open in Q4 2021. This addition is aimed at diversifying the mall's offerings and strengthening its retail position, following the earlier introduction of Burlington. The mall serves as a key retail destination within a 30-mile radius in Southeast Massachusetts. The company is focused on reinventing its properties into multi-use destinations, enhancing tenant performance and consumer experiences.
PREIT (NYSE: PEI) announced it has regained compliance with NYSE continued listing standards after its average closing share price exceeded $1.00 for the 30-day period ending December 31, 2020. This follows a notification from NYSE on September 25, 2020, indicating non-compliance due to lower share prices. CEO Joseph F. Coradino expressed satisfaction in regaining compliance and emphasized the company's strategy to enhance its portfolio as multi-use destinations.
PREIT (NYSE: PEI) has successfully completed its financial restructuring and emerged from Chapter 11 as of December 11, 2020. The company has gained access to $130 million in new capital, enhancing its operational capabilities and extending its debt maturity schedule. Throughout the process, PREIT maintained normal operations and met all financial obligations to stakeholders. CEO Joseph F. Coradino stated the restructuring has strengthened the company's resilience and financial flexibility, allowing it to focus on transforming its retail portfolio into multi-use sustainable districts.
PREIT (NYSE: PEI) announced the confirmation of its prepackaged financial restructuring plan by the U.S. Bankruptcy Court in Delaware. The company expects to emerge from Chapter 11 by early December and gain access to $130 million in new financing, helping to extend its debt maturity schedule. This restructuring aims to strengthen PREIT's operational capabilities while prioritizing safety amid ongoing challenges. CEO Joseph F. Coradino highlighted the importance of stakeholder support throughout this process, expressing optimism for a financially robust future.
PREIT (NYSE: PEI) reported substantial losses for Q3 2020, showing a net loss of $35.7 million, or $0.46 per share, compared to a profit of $17.4 million, or $0.22 per share in Q3 2019. FFO dropped to $0.12 per share from $0.63, attributed to COVID-19 impacts, including a 33% decline in Same Store NOI and $16.5 million lost to store bankruptcies. The company's restructuring plan received support from 95% of lenders, and it aims to close $107.3 million in land sales for multifamily development. Cash collections reached 99% in October, showcasing gradual recovery.
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