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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 (PRET) delivers curated updates on strategic initiatives across its portfolio of 23 million square feet of retail destinations. Track verified news about tenant expansions like Primark openings, financial restructuring efforts, and transformative projects such as the Lego Discovery Center development.

This resource aggregates essential updates for stakeholders monitoring PREIT’s progress in creating mixed-use hubs combining retail, dining, and community services. Find timely coverage of earnings announcements, property transactions, and leadership strategies shaping the company’s market position.

Key focus areas include occupancy recovery milestones, debt reduction achievements, and partnerships with experiential tenants like Tilted 10. Discover how PREIT balances traditional retail with healthcare facilities and residential developments to meet evolving consumer demands.

Bookmark this page for structured access to PREIT’s latest operational developments and financial disclosures. Check regularly for insights into the REIT’s progress in enhancing shareholder value through disciplined portfolio management.

News

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

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

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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.
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PREIT Reports Third Quarter 2023 Results

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

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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.
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PREIT Schedules Second Quarter 2023 Earnings Release and Conference Call

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

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

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

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

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PREIT Reports First Quarter 2023 Results

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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
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United States
Philadelphia