PREIT

PREIT Completes Financial Restructuring and Implements Changes to Management and Board

Retrieved on: 
Monday, April 1, 2024
Management, Bankruptcy, Plan, Howard Hughes Corporation, JV, LPT, COVID-19, FDP, PREIT, Brookfield Properties, Vicinity Centres, The Rouse Company, International Council, Realty Income, VEREIT, GGP, ICSC, Fashion District Philadelphia, LP

Trade creditors and property level mortgage debt were unaffected by the restructuring.

Key Points: 
  • Trade creditors and property level mortgage debt were unaffected by the restructuring.
  • As a result of its corporate reorganization and consolidation of equity holders, PREIT is no longer an SEC reporting company.
  • In support of its go-forward business plan, PREIT is also announcing certain changes to its management and Board.
  • Mr. Coradino led PREIT through its comprehensive financial and corporate restructuring as discussed above, and now that such restructuring has been successfully completed, Mr. Coradino will no longer serve as Chief Executive Officer and trustee of PREIT, effective as of April 1, 2024.

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

Retrieved on: 
Wednesday, February 7, 2024
JCPenney, Prince George's County, Maryland, Green Line, Victoria's Secret, Planet Fitness, Arundel Mills, Ulta, Commerce, Amazon, OTC, Miller, Beauty, PREIT, DSW, Secrecy, Pub, Old Navy, Department store

PHILADELPHIA, Feb. 7, 2024 /PRNewswire/ -- PREIT (OTC:PRET) today announced the execution of a lease with Primark at Mall at Prince George's in Hyattsville, MD.

Key Points: 
  • PHILADELPHIA, Feb. 7, 2024 /PRNewswire/ -- PREIT (OTC:PRET) today announced the execution of a lease with Primark at Mall at Prince George's in Hyattsville, MD.
  • Primark recently announced their plan for continued expansion in the U.S., anticipating growing their store from 24 locations to 60.
  • Located just outside of Washington DC, Mall at Prince George's is perfectly positioned to benefit from this tenant addition.
  • "Welcoming Primark to the Mall at Prince George's signifies not just a valuable addition to our diverse tenant mix, but a powerful magnet for driving traffic and attracting consumers," says Joseph F. Coradino, CEO of PREIT.

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

Retrieved on: 
Monday, December 11, 2023
United States bankruptcy court, DIP, OTCQB, LLP, Indian stock exchange, DLA Piper, Common stock, PJT Partners, History, Galactic Effectuator, RSA, Mortgage law, File, Second lien loan, Growth, LP, Common, PREIT, Lien, Houlihan Lokey, Bank, Security (finance), Accounting, Trustee, Bankruptcy

PHILADELPHIA, Dec. 11, 2023 /PRNewswire/ -- PREIT (OTCQB: PRET), a leading operator of diverse retail and experiential destinations, today announced it is taking steps to execute a comprehensive reorganization to strengthen its balance sheet, reduce its total indebtedness by approximately $880 million and extend its maturity runway.  The reorganization plan (the "Prepackaged Plan") is supported by 100% of PREIT's First and Second Lien Lenders. To facilitate this process, the Company has received commitments for new money debtor-in-possession ("DIP") and exit revolver financing in an aggregate amount of approximately $135 million from a diverse group of leading investors, led by Redwood Capital Management, LLC and Nut Tree Capital Management, LP. This funding commitment, together with the unanimous support from the Company's existing lender group for the Prepackaged Plan, is a testament to the lenders' confidence in the Company's forward path and represents a crucial source of capital to support the Company's financial stability and long-term growth.

Key Points: 
  • "We are pleased to be moving forward with strengthening the Company's balance sheet and positioning it for long-term success through this Prepackaged Plan.
  • The filing will ensure that PREIT can continue all business operations without interruption while it obtains necessary approvals of its financial restructuring.
  • Under the terms of the Prepackaged Plan, a reorganized PREIT would emerge following the court-supervised process with a restructured balance sheet.
  • Equity Payment: Existing Preferred and Common Shares of PREIT will be canceled and PREIT will no longer be a publicly traded company.

PREIT Reports Third Quarter 2023 Results

Retrieved on: 
Tuesday, November 14, 2023
Sale, Dartmouth Mall, Plymouth Meeting, Pennsylvania, Foot, Prince George's County, Maryland, Three Months, W Holding Company, Financial result, Springfield Town Center, OP, Whole Foods Market, McAuliffe-Shepard Discovery Center, Mall, ULTA, Mall kiosk, FFO, Operation, Primary Dealer Credit Facility, Line of credit, PREIT, Video game, Commercial property, Cryptocurrency

PHILADELPHIA, Nov. 14, 2023 /PRNewswire/ -- PREIT (OTCQB:PRET) today reported results for the three and nine months ended September 30, 2023. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is provided in the tables accompanying this release.

Key Points: 
  • Core Mall Total Occupancy decreased by 70 basis points to 93.6% compared to the third quarter 2022.
  • Average renewal spreads for the three and nine months ended September 30, 2023 were 8.5% and 5.5%, respectively.
  • Additional information regarding changes in operating results for the three and nine months ended September 30, 2023 and 2022 is included on page 14.
  • The Company's Credit Facilities, with a balance of $1,118.8 million as of September 30, 2023, mature on December 10, 2023.

Shareholders of Pennsylvania Real Estate Investment Trust Issue Open Letter to Board of Trustees

Retrieved on: 
Wednesday, October 4, 2023
REIT, Finance, Professional Services, Legal, Construction & Property, Suite, Pennsylvania Real Estate Investment Trust, Indian stock exchange, Annual general meeting, Committee, PREIT, Letter, Jo-Anne, Management, Life insurance, Holding company, Trustee

The group demands that the vacancy be filled by a nominee of the group instead of someone chosen by the current unlawfully-constituted Board.

Key Points: 
  • The group demands that the vacancy be filled by a nominee of the group instead of someone chosen by the current unlawfully-constituted Board.
  • PREIT shareholders are entitled to have their votes respected, and not ignored, particularly given incumbent management’s unacceptable performance and conflicting interests.
  • Pennsylvania Real Estate Investment Trust 2005 Market Street, Suite 1000 Philadelphia, PA
    We are counsel to a group of holders (collectively, the “Ad Hoc Group”) of outstanding common shares of beneficial interest (the “Common Shares”) in Pennsylvania Real Estate Investment Trust (the “Company”).
  • The choice for the Board is clear: it can respect shareholders’ right to determine the Board’s composition or continue to ignore shareholders at its peril.

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

Retrieved on: 
Monday, August 14, 2023
Dartmouth Mall, VIP, Springfield Town Center, Aldi, Cooper University Hospital, Moorestown Mall, Abercrombie & Fitch, Willow Grove Park, Health, OTCQB, Tenant, Abercrombie, Valley Mall, 4D film, ULTA, Woodland Mall, Main Event, Mall, Woodland, Extra Space Storage, Spaceflight, MPG, Prince, Dick's Sporting Goods, PREIT, Viewmont Mall, Sports medicine, House, Coffeehouse, Lease, Amusement park, Retail

Adding to the plan to create a vibrant multi-use destination, PREIT is planning to incorporate apartments and a hotel on the property, expanding its appeal.

Key Points: 
  • Adding to the plan to create a vibrant multi-use destination, PREIT is planning to incorporate apartments and a hotel on the property, expanding its appeal.
  • DICK's House of Sport at Viewmont Mall opened in 90,000 square feet on August 11, 2023.
  • "Creating a diverse tenant mix is a key ingredient in today's rapidly-evolving retail climate," said Joseph F. Coradino, CEO of PREIT.
  • "We are well positioned with a high-quality portfolio in desirable markets to capture tenants that create a compelling consumer experience.

PREIT Reports Second Quarter 2023 Results

Retrieved on: 
Thursday, August 3, 2023
Springfield Town Center, Cherry Hill Mall, Moorestown Mall, Internet, Financial result, Line of credit, Willow Grove Park, OP, Prince George's County, Maryland, Whole Foods Market, Primary Dealer Credit Facility, Phase II, Sale, FFO, Woodland Mall, Main Event, Prince George, Webcast, NOI, Plymouth Meeting, Pennsylvania, PREIT, Marley Station Mall, Hawaii Children's Discovery Center, Three Months, Family, Conference, The Rouse Company, Video game, Commercial property, Cryptocurrency, Life insurance, Mall

PHILADELPHIA, Aug. 3, 2023 /PRNewswire/ -- PREIT (OTCQB:PRET) today reported results for the three and six months ended June 30, 2023. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is provided in the tables accompanying this release.

Key Points: 
  • Robust leasing activity is driving increased occupancy with Core Mall Total Occupancy increasing by 40 basis points to 94.2% compared to the second quarter 2022.
  • Core Mall non-anchor Occupancy improved 70 basis points to 91.2% compared to the second quarter 2022.
  • Additional information regarding changes in operating results for the three and six months ended June 30, 2023 and 2022 is included on page 15.
  • The Company's Credit Facilities, with a balance of $1,023.1 million as of June 30, 2023, mature on December 10, 2023.

Concerned PREIT Shareholders Urge Failing Trustees to Resign

Retrieved on: 
Thursday, July 6, 2023
Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Shareholder, DeMarco, Concerned, Annual, COVID-19, Annual Meetings of the International Monetary Fund and the World Bank Group, Trustee, Bankruptcy, Pennsylvania Real Estate Investment Trust, Running, Failure, Annual general meeting, PREIT, Letter, Skin, Security (finance), Management, Cryptocurrency

In the letter to the Board the Concerned Shareholders detailed how the “Failing Trustees” and the incumbent management team have ignored the will of shareholders, shown total disregard for the results of shareholder vote at the Annual Meeting, and that they are motivated by personal self-preservation rather than the best interests of PREIT and its shareholders.

Key Points: 
  • In the letter to the Board the Concerned Shareholders detailed how the “Failing Trustees” and the incumbent management team have ignored the will of shareholders, shown total disregard for the results of shareholder vote at the Annual Meeting, and that they are motivated by personal self-preservation rather than the best interests of PREIT and its shareholders.
  • As a result, the Concerned Shareholders are calling for the Failing Trustees to resign so that new independent directors committed to maximizing value for all PREIT shareholders could be appointed to the Board.
  • We urge the seven trustees (the “Failing Trustees”) who did not receive a majority of the votes cast by common shareholders at PREIT’s 2023 annual meeting of shareholders held on June 1, 2023 (the “2023 Annual Meeting”) to resign from the board of trustees (the “Board,” and each member, a “Trustee”), and for the Board to accept these resignations so that new independent directors that can better represent the shareholder base and seek to maximize value for all PREIT shareholders may be selected.
  • Clearly the interests of shareholders and the Failing Trustees are not aligned.

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

Retrieved on: 
Friday, June 16, 2023
Guideline, Counsel's Opinion, OTCQB, Trustee, Open letter, PREIT, Letter, Counsel, Shareholder

PHILADELPHIA, June 15, 2023 /PRNewswire/ -- PREIT (OTCQB: PRET) today issued a statement and letter in response to the June 15, 2023 Open Letter to Shareholders issued by Trustees, Christopher Swann and Kenneth Hart.

Key Points: 
  • PHILADELPHIA, June 15, 2023 /PRNewswire/ -- PREIT (OTCQB: PRET) today issued a statement and letter in response to the June 15, 2023 Open Letter to Shareholders issued by Trustees, Christopher Swann and Kenneth Hart.
  • Of maximum importance to the Board is the stability of the Company and its operations during a critical period.
  • A comprehensive response to Messrs. Swann and Hart can be found below:
    This is the Board's response to your June 15th Open Letter to Shareholders.
  • Rest assured the Board takes the Shareholder vote and the issues you raised in your letter seriously and seeks to constructively address them.

PREIT Reports First Quarter 2023 Results

Retrieved on: 
Thursday, May 4, 2023
Springfield Town Center, Partnership, Plymouth, The Mall at Prince Georges, Cherry Hill Mall, Moorestown Mall, Internet, Financial result, Line of credit, Willow Grove Park, OP, Foot, Whole Foods Market, Primary Dealer Credit Facility, Sale, Plymouth Meeting Mall, FFO, Burlington, Prince George, Fashion District Philadelphia, Webcast, NOI, PREIT, Hawaii Children's Discovery Center, Three Months, Family, Conference, Waltham Watch Company, Video game, Commercial property, Bank, Cryptocurrency, MD, Mall

Tenant construction is underway for a new prototype, 32,000 square foot, LEGO® Discovery Center at Springfield Town Center with expected opening in third quarter 2023.

Key Points: 
  • Tenant construction is underway for a new prototype, 32,000 square foot, LEGO® Discovery Center at Springfield Town Center with expected opening in third quarter 2023.
  • Additional information regarding changes in operating results for the three months ended March 31, 2023 and 2022 is included on page 15.
  • The Company's Credit Facilities, with a balance of $995.8 million as of March 31, 2023, mature on December 10, 2023.
  • Management has scheduled a conference call for 11:00 a.m. Eastern Time on Thursday May 4, 2023, to review the Company's results and future outlook.