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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 filed for voluntary Chapter 11 bankruptcy to implement its prepackaged financial restructuring plan, supported by 95% of creditors. The company aims to recapitalize and extend debt maturities, aided by an additional $150 million from lenders. Business operations will continue without interruption, and the plan will not impact shareholders, as both common and preferred shares will still trade normally. PREIT plans to prioritize employee wages and vendor payments during this process, ensuring ongoing business operations while restructuring.
Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) will announce its financial results for the quarter ending September 30, 2020, on November 6, 2020, before market trading. Notably, the company has withdrawn its full-year 2020 guidance due to the impacts of COVID-19, with no new guidance provided for the second quarter. This lack of guidance raises concerns about the company's financial outlook as it navigates challenging market conditions.
PREIT (NYSE: PEI) announced an extension of time to October 28, 2020, for 100% lender support under its Restructuring Support Agreement (RSA). This amendment follows progress in negotiations aimed at achieving an out-of-court business restructuring. Chairman and CEO Joseph F. Coradino expressed optimism about ongoing discussions and emphasized the need for additional financial flexibility to sustain competitive operations. Legal and financial advisors, including DLA Piper and PJT Partners, are assisting in this process, which is crucial for PREIT's future stability.
PREIT (NYSE: PEI) announced a recapitalization agreement with over 80% of its bank lenders, securing $150 million in additional capital to strengthen operations and extend debt maturity. This initiative aims to enhance financial health following proactive measures taken prior to the COVID-19 pandemic, such as asset sales and tenant diversification. The new funding, convertible into a senior secured facility, will provide liquidity and operational support. If less than 20% of lenders do not agree, PREIT may need to consider a Chapter 11 reorganization, which is expected to be expedited and not impact shareholders.
PREIT (NYSE: PEI) received a notice from the NYSE on September 25, 2020, indicating its non-compliance with the continued listing standards due to its stock price falling below $1.00 for 30 consecutive trading days. PREIT has six months to regain compliance by meeting the minimum share price requirements. The company plans to respond within ten business days and is considering options like a reverse stock split. Despite this setback, PREIT's ongoing operations and debt obligations remain unaffected. The company continues to comply with other listing requirements during this period.
PREIT (NYSE: PEI) provided a business update on October 1, 2020, focusing on initiatives to revitalize its portfolio amidst retail disruption from the COVID-19 pandemic. The Company secured a one-month extension for its Liquidity Facility with a potential $25 million expansion. Cash receipts for Q3 rents reached approximately 99%. Despite 4% of tenants not reopening, new tenants have increased occupancy by 163,000 square feet. With traffic growth reported at 74% compared to September 2019, PREIT is prioritizing customer engagement through community events.
PREIT announced changes to its operating hours, extending Friday and Saturday closing times to 8 pm, effective October 2, 2020. This adjustment accommodates the increasing operational capacity of experiential tenants. The company will also close on Thanksgiving Day to allow employees to spend time with family. CEO Joseph F. Coradino emphasized the importance of responding to shifting consumer demands. PREIT, a publicly traded real estate investment trust (NYSE: PEI), focuses on managing retail properties across 12 states, primarily in densely populated markets.
PREIT has announced new store openings in its portfolio, including an expanded Apple store at Cherry Hill Mall. The new retailers set to open include Jamba and Tempur-Pedic in Q4 2020, Sola Salon Studios, White House | Black Market, Windsor, Ardene, Blaze Pizza, and Planet Fitness. CEO Joseph F. Coradino emphasized the company's progress in rent collections and a diverse leasing pipeline, aiming to enhance consumer experiences ahead of the holiday season.
PREIT announced its "Park and Play" summer and fall event series aimed at community engagement while ensuring social distancing. The initiative features nearly two dozen outdoor events, including drive-in movies and various festivals, running through mid-September. Successful events have included a drive-in movie experience and a food truck drive-thru. Upcoming events include a Dinner and a Movie at Willow Grove Park on 9.19.2020 and the Parking Lot Social starting 9.23.2020, which offers diverse entertainment options. This initiative aims to strengthen community ties and support local businesses.
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