STOCK TITAN
  1. Home
  2. News
  3. PRET

Pennsylvania Real Estate Investment Trust - PRET STOCK NEWS

Welcome to our dedicated page for Pennsylvania Real Estate Investment Trust news (Ticker: PRET), a resource for investors and traders seeking the latest updates and insights on Pennsylvania Real Estate Investment Trust stock.

Pennsylvania Real Estate Investment Trust (PREIT) (OTCQB: PRET) is a leading real estate investment trust headquartered in Philadelphia, specializing in owning and managing differentiated shopping malls primarily located in densely-populated regions of the eastern United States. With over 23 million square feet of retail space, PREIT has significantly transformed its portfolio since 2012, emphasizing balance sheet strength, high-quality merchandising, and disciplined capital expenditures.

PREIT's properties serve as community-centric hubs, offering a mix of retail, dining, entertainment, and essential services. Notable recent developments include the opening of Eddie V's at Cherry Hill Mall, the launch of Lego Discovery Center at Springfield Town Center, and the addition of Primark at the Mall at Prince George’s. These initiatives underscore PREIT’s commitment to enhancing customer experiences with diverse and high-quality offerings.

The company has focused on recovering occupancy rates and introducing multi-use developments, such as multi-family housing and hotels, to adapt to changing market demands. Financially, PREIT has managed to reduce its debt and continues to pursue entitlements and approvals for additional developments, reinforcing its strong market position despite economic challenges.

PREIT's robust portfolio includes dynamic tenants like DICK's House of Sport, Tilted 10, Cooper University Health Care, and Burlington, further diversifying its revenue streams and bolstering its reputation as a top operator of high-quality retail destinations.

PREIT remains dedicated to maximizing shareholder value through strategic asset sales, debt reduction, and capitalizing on retail demand. The company’s focus on innovative property development and management ensures that it continues to meet the evolving needs of its tenants and communities.

For the latest updates, visit www.preit.com.

News

PREIT Looks Forward to Welcoming Coveted Brand Primark to Mall at Prince George's

Rhea-AI Summary
PREIT announces lease with Primark at Mall at Prince George's, adding to its diverse tenant mix and highlighting its track record of replacing anchor stores. Primark's expansion plans align with PREIT's commitment to creating compelling retail destinations. The location's proximity to Washington DC and Amazon HQ2 is expected to drive strong foot traffic.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.89%
Tags
none
-
News

PREIT Takes Steps to Significantly Strengthen Balance Sheet and Solidify Future of Business

Rhea-AI Summary
PREIT (OTCQB: PRET) announces a comprehensive reorganization to strengthen its balance sheet, reduce total indebtedness by $880 million, and extend its maturity runway. The reorganization plan is supported by 100% of the company's First and Second Lien Lenders. The company has received commitments for new money DIP and exit revolver financing of approximately $135 million. PREIT has filed a voluntary Chapter 11 petition and expects to emerge from bankruptcy by early February 2024, paying all vendors, suppliers, and employees during the proceedings.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
79.17%
Tags
none
-
News

PREIT Reports Third Quarter 2023 Results

Rhea-AI Summary
PREIT (OTCQB:PRET) reported a 93.6% total occupancy and 94.8% portfolio leased, with average renewal spreads of 8.5% for the quarter ended September 30, 2023. The company experienced a net loss of $12.00 per basic and diluted share for the three months ended September 30, 2023, compared to $14.52 in 2022. The rolling 12-month Core Mall comparable sales were $585 per square foot, and the company sold assets generating over $30 million in gross proceeds since the beginning of 2023.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-30.77%
Tags
earnings
News

Over a Dozen Diverse and Impactful Tenants in 575,000 Square Feet Opening Throughout PREIT Portfolio, Strengthening Core Assets

Rhea-AI Summary
PREIT (OTCQB: PRET) announced the addition of new and diverse tenants across its portfolio, including entertainment options, open air tenants, grocers, healthcare facilities, and more. Recent and upcoming openings include a Lego Discovery Center, Burlington, DICK's House of Sport, Tilted 10, Cooper University Health Care, Extra Space Storage, ULTA, Forever 21, Main Event, Abercrombie & Fitch, Versona, and Meritus Health. These additions aim to create a vibrant multi-use destination and enhance the consumer experience, signaling PREIT's ability to replace outdated department stores with modern, appealing tenants.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.96%
Tags
none
-
News

PREIT Schedules Second Quarter 2023 Earnings Release and Conference Call

Rhea-AI Summary
PREIT (OTCQB:PRET) will release its financial results for the quarter ending June 30, 2023 on August 3, 2023. A conference call is scheduled for the same day at 11:00 a.m. Eastern Time to review the results and future outlook. Investors can access the call via phone or internet. Financial and statistical information discussed on the call will be available on the Company's website.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-3.03%
Tags
earnings
-
News

PREIT Board of Trustees Issues Response to Letter from John R. Saunders

Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.17%
Tags
none
News

PREIT Board of Trustees Issues Response to Letter from "Concerned Shareholders"

Rhea-AI Summary
PREIT issued a statement in response to a letter from shareholders David Steinberg, Scott Bishins, and Michael Mayer. The company is open to input and is pursuing alternatives to address upcoming debt maturity, including refinancing, selling assets, and engaging in discussions with lenders. In 2022, PREIT sold assets generating over $113 million in gross proceeds and used the proceeds and excess cash to pay down debt by over $157 million. They continue to pursue entitlements and approvals for multifamily properties.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
9.84%
Tags
none
-
News

PREIT's Crown Jewel, Cherry Hill Mall, Continues to Attract Best-in-Class Tenants

Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
-
News

PREIT Board of Trustees Issues Response to Open Letter to Shareholders Issued by Two Independent Trustees

Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
News

PREIT Reports First Quarter 2023 Results

Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-13.33%
Tags
earnings

FAQ

What is the market cap of Pennsylvania Real Estate Investment Trust (PRET)?

The market cap of Pennsylvania Real Estate Investment Trust (PRET) is approximately 2.7M.

What does Pennsylvania Real Estate Investment Trust (PREIT) specialize in?

PREIT specializes in owning and managing differentiated shopping malls, offering a mix of retail, dining, entertainment, and essential services.

Where is PREIT headquartered?

PREIT is headquartered in Philadelphia, Pennsylvania.

What recent developments have occurred at PREIT properties?

Recent developments include the opening of Eddie V's at Cherry Hill Mall, Lego Discovery Center at Springfield Town Center, and Primark at the Mall at Prince George’s.

How much retail space does PREIT own and operate?

PREIT owns and operates over 23 million square feet of retail space.

What efforts has PREIT made to strengthen its balance sheet?

Since 2012, PREIT has focused on balance sheet strength, high-quality merchandising, and disciplined capital expenditures. The company has also pursued strategic asset sales and debt reduction initiatives.

What types of properties are included in PREIT’s portfolio?

PREIT’s portfolio includes retail spaces, multi-family housing, hotels, health and tech facilities, grocery stores, and experiential properties.

How is PREIT adapting to changing market demands?

PREIT is adapting by introducing multi-use developments, recovering occupancy rates, and diversifying its tenant mix to include leisure, entertainment, and essential services.

What financial steps has PREIT taken recently?

PREIT has sold assets to generate proceeds, paid down debt, and pursued approvals for further developments as part of its financial strategy.

Who can I contact for more information about PREIT?

For more information, you can visit PREIT’s website at www.preit.com or contact Heather Crowell at heather@gregoryfca.com.

What is the ticker symbol for Pennsylvania Real Estate Investment Trust?

The ticker symbol for Pennsylvania Real Estate Investment Trust is PRET.

Stock PRET logo
Pennsylvania Real Estate Investment Trust

OTC:PRET

PRET Rankings

N/A Ranked by Market Cap
N/A Ranked by Dividends

PRET Stock Data

2.69M
4.75M
45.65%
0%
16.03%
REIT - Retail
Real Estate
Link
United States
Philadelphia