PREIT Sells Whole Foods Parcel for $27 Million
PREIT has announced the sale of its Whole Foods parcel at Plymouth Meeting Mall for $27 million, part of its strategy to enhance liquidity and reduce debt. This transaction contributes to a total of $141 million in gross asset sales since the start of 2022, with $184 million paid down in debt as of December 31, 2022. CEO Joseph F. Coradino emphasized the company's focus on capital efficiency through its real estate portfolio. PREIT, trading under the symbol PRET, is a real estate investment trust committed to developing community-centric properties.
- Sale of Whole Foods parcel for $27 million enhances liquidity.
- Total asset sales since 2022 exceed $141 million, aiding debt reduction.
- None.
Sale of Parcel Part of Multi-Faceted Strategy to Harvest Value
The sale of the
About PREIT
PREIT (OTCQB: PRET) is a real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.
Forward Looking Statements
This press release contains certain forward-looking statements that can be identified by the use of words such as "anticipate," "believe," "estimate," "expect," "project," "intend," "may" or similar expressions. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current expectations and assumptions regarding our business, the economy and other future events and conditions and are based on currently available financial, economic and competitive data and our current business plans. Actual results could vary materially depending on risks, uncertainties and changes in circumstances that may affect our operations, markets, services, prices and other factors as discussed in the Risk Factors section of our other filings with the
Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed herein, and in the sections entitled "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended
Contact:
Heather Crowell
heather@gregoryfca.com
preit@gregoryfca.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/preit-sells-whole-foods-parcel-for-27-million-301744741.html
SOURCE PREIT
FAQ
What is the recent sale announced by PREIT?
How much debt has PREIT paid down recently?
What is PREIT's stock symbol?
How much has PREIT generated from asset sales since 2022?