PREIT

PREIT Schedules First Quarter 2023 Earnings Release and Conference Call

Retrieved on: 
Wednesday, April 26, 2023
Webcast, OTC, Internet, PREIT, Q&A, Conference, Robinhood Markets

PHILADELPHIA, April 26, 2023 /PRNewswire/ -- PREIT (OTC:PRET) intends to release its financial results for the quarter ending March 31, 2023 before market trading begins on Thursday, May 4, 2023.

Key Points: 
  • PHILADELPHIA, April 26, 2023 /PRNewswire/ -- PREIT (OTC:PRET) intends to release its financial results for the quarter ending March 31, 2023 before market trading begins on Thursday, May 4, 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.
  • Investors can also access the call in a "listen only" mode via the internet at the Company's website, preit.com .
  • To submit questions ahead of the earnings call, qualified investors can submit questions by visiting this link .

PREIT Reports Fourth Quarter and Full Year 2022 Results

Retrieved on: 
Wednesday, March 22, 2023
Springfield Town Center, Partnership, Plymouth, Face, Moorestown Mall, Comparable, Internet, Financial result, Line of credit, Willow Grove Park, OP, Foot, Prince George's County, Maryland, Whole Foods Market, Prognosis, Primary Dealer Credit Facility, Sale, Pearl, Plymouth Meeting Mall, FFO, Burlington, Prince George, Fashion District Philadelphia, Webcast, NOI, PREIT, Valley View Mall, Same-store sales, Hawaii Children's Discovery Center, Three Months, Family, Conference, Bank, Cryptocurrency, Commercial property, Retail, Department store, MD, Mall, Cumberland Mall

PHILADELPHIA, March 22, 2023 /PRNewswire/ -- PREIT (OTC:PRET) today reported results for the three months and year ended December 31, 2022. 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: 
  • For the rolling 12 month period ended December 31, 2022, core mall comparable sales grew to $596 per square foot, compared to $539 in 2019.
  • Average renewal spreads for the three months and year ended December 31, 2022 were -5.6% and 1.1%, respectively.
  • Since the beginning of 2022, the Company sold assets generating just over $141 million in gross proceeds.
  • Additional information regarding changes in operating results for the three months and year ended December 31, 2022 and 2021 is included on page 15.

PREIT Schedules Fourth Quarter 2022 Earnings Release and Conference Call

Retrieved on: 
Thursday, March 2, 2023
OTC, Q&A, Internet, Exercise, Robinhood Markets, Conference, PREIT, Webcast, Cryptocurrency

PHILADELPHIA, March 2, 2023 /PRNewswire/ -- PREIT (OTC:PRET) intends to release its financial results for the quarter and year ending December 31, 2022 before market trading begins on Wednesday, March 22, 2023.

Key Points: 
  • PHILADELPHIA, March 2, 2023 /PRNewswire/ -- PREIT (OTC:PRET) intends to release its financial results for the quarter and year ending December 31, 2022 before market trading begins on Wednesday, March 22, 2023.
  • Management has scheduled a conference call for 11:00 a.m. Eastern Time on Wednesday, March 22, 2023, to review the Company's results and future outlook.
  • Investors can also access the call in a "listen only" mode via the internet at the Company's website, preit.com .
  • For interested individuals unable to join the conference call, the online archive of the webcast will also be available for one year following the call.

PREIT Sells Whole Foods Parcel for $27 Million

Retrieved on: 
Monday, February 13, 2023
Sale, Plymouth Meeting Mall, Plymouth, PREIT, Whole Foods Market, Commercial property

PHILADELPHIA, February 13, 2023 /PRNewswire/ --  PREIT, today, announced the sale of its Whole Foods parcel at Plymouth Meeting Mall for $27 million as part of its capital raising initiative. The proceeds from the transaction will be used to reduce debt and improve PREIT's balance sheet. 

Key Points: 
  • PHILADELPHIA, February 13, 2023 /PRNewswire/ -- PREIT, today, announced the sale of its Whole Foods parcel at Plymouth Meeting Mall for $27 million as part of its capital raising initiative.
  • The proceeds from the transaction will be used to reduce debt and improve PREIT's balance sheet.
  • The sale of the Whole Foods parcel is part of PREIT's multi-faceted strategy to harvest value efficiently from its portfolio.
  • Since the beginning of 2022, the Company sold assets generating just over $141 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $184 million through December 31, 2022.

PREIT Announces Burlington as One of Many New Additions Joining Springfield Town Center

Retrieved on: 
Thursday, January 5, 2023
PREIT, Fairfax County Board of Supervisors, Lovisa, Discovery Center of Springfield, Springfield Town Center, Family, Tenant, Carter, Nordstrom Rack, LEGO, Sale, Warehouse, Target

PHILADELPHIA, Jan. 5, 2023 /PRNewswire/ -- PREIT , today, announced that it has signed a lease with Burlington Stores for a new 30,000 square foot store at Springfield Town Center in Fairfax County, VA, expected to open in 2023. It will join the new LEGO ® Discovery Center and several other new additions including Lovisa, BoxLunch, Daily Thread and Carters among others. The opening of these new tenants will drive occupancy at Springfield Town Center to a record 95.5%

Key Points: 
  • It will join the new LEGO ® Discovery Center and several other new additions including Lovisa, BoxLunch, Daily Thread and Carters among others.
  • The opening of these new tenants will drive occupancy at Springfield Town Center to a record 95.5%
    PREIT's overall vision is to transform Springfield Town Center into a vibrant, multi-use hub and take advantage of its unrivaled location to create the preeminent family entertainment destination in the Washington, DC market.
  • In 2022, over 20,000 square feet of stores opened their doors for operation at Springfield Town Center.
  • "We are pleased to welcome Burlington Stores to Springfield Town Center, another milestone in our mission to create a diverse tenant mix including non-traditional mall retailers," said Joseph F. Coradino, Chairman & CEO of PREIT.

PREIT Completes Extension of Key Mortgage Maturity and Provides Update on Asset Sales

Retrieved on: 
Tuesday, January 3, 2023
OTC, Security (finance), Annual report, Woodland Mall, REI, Primary Dealer Credit Facility, Johnson Health Tech, Vandalism, PREIT, COVID-19, Urban Outfitters, Pottery Barn, Apple, Weather, Failure, Valley View Mall, Public health, Violence, Phoenix Theatre, London, Williams Sonoma (brand), Bankruptcy, Risk, Sale, Sephora, Commercial property

PREIT also completed the sale of a former department store space at Valley View Mall for gross proceeds of $2.6 million.

Key Points: 
  • PREIT also completed the sale of a former department store space at Valley View Mall for gross proceeds of $2.6 million.
  • "We are pleased to have secured this key extension, having also recently extended the maturity date on our Credit Facilities, meaningful milestones for our debt maturity schedule," said Joseph F. Coradino, Chairman and CEO of PREIT.
  • "Executing on asset sales and utilizing excess cash to pay down debt is a top priority for PREIT as we start 2023."
  • We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

PREIT Announces Plan to Commence Trading on OTC Markets

Retrieved on: 
Friday, December 16, 2022
Security (finance), Trust, Johnson Health Tech, OTC Markets Group, Primary Dealer Credit Facility, Zero trust security model, Vandalism, Series, PREIT, OTCQX, Public health, Weather, Annual report, NYSE, COVID-19, Bankruptcy, Risk, Common, Violence, Springfield Town Center

PHILADELPHIA, Dec. 15, 2022 /PRNewswire/ -- PREIT announced today that it intends to transfer the trading of its shares to the OTC Markets, operated by the OTC Markets Group, Inc., under the symbols PRET, PRETL, PRETM, and PRETN, where PREIT has applied to be traded on the OTCQX®. The transition to the over-the-counter market will not affect the Company's business operations and PREIT will continue to create the compelling experiences our shoppers and tenants seek, adding new tenants and experiences to its properties.  The Company remains focused on improving its balance sheet, having recently extended its Credit Facilities and obtained approvals for multi-family and hotel land sales at Springfield Town Center.  PREIT will continue to file its required periodic reports and other filings with the SEC.

Key Points: 
  • PHILADELPHIA, Dec. 15, 2022 /PRNewswire/ --PREIT announced today that it intends to transfer the trading of its shares to the OTC Markets, operated by the OTC Markets Group, Inc., under the symbols PRET, PRETL, PRETM, and PRETN, where PREIT has applied to be traded on the OTCQX.
  • PREIT will continue to file its required periodic reports and other filings with the SEC.
  • Until such time, PREIT expects that the Trust Securities will be quoted on the OTC Pink Market under the symbols PRET, PRETL, PRETM, and PRETN.
  • On December 15, 2022, the NYSE announced that it had determined to commence delisting of the Trust Securities and that it had suspended trading of the Trust Securities.

PREIT Receives Approvals for 460 Apartments and 165 Room Hotel at Springfield Town Center

Retrieved on: 
Tuesday, December 13, 2022
Security (finance), Johnson Health Tech, Tenant, PREIT, Public health, Weather, Fairfax County Board of Supervisors, Sale, Annual report, NYSE, Family, COVID-19, PEI, Bankruptcy, Risk, Violence, Springfield Town Center, Commercial property

The Company expects to close on these sales at Springfield Town Center in Q2 2023 and has another $120 million of asset sales in the pipeline.

Key Points: 
  • The Company expects to close on these sales at Springfield Town Center in Q2 2023 and has another $120 million of asset sales in the pipeline.
  • First, they help to create thoughtful spaces that enhance the property and surrounding community while supporting a more sustainable future.
  • As part of this transformation, LEGO Discovery Center has officially broken ground with an opening planned for summer 2023.
  • Located in the third wealthiest county in the United States, Springfield Town Center is well-positioned to attract quality retailers and continue to be a premier shopping destination.

Expect New Stores and Many Shoppers at PREIT Malls This Holiday Season

Retrieved on: 
Thursday, December 1, 2022
Johnson Health Tech, COVID-19, Growth, Black and Brown!, PEI, Public health, Bankruptcy, Weather, Springfield Town Center, YOY, Annual report, The Woodlands Mall, Security (finance), NYSE, Black Friday, Cards for Hospitalized Kids, PREIT, Risk, NRF, Violence, Retail, Tourism

PHILADELPHIA, Dec. 1, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, highlighted what droves of shoppers are experiencing this holiday season at its properties.

Key Points: 
  • 2021 Record New Leasing Activity Leads to 450,000 square feet of new stores since last holiday season, representing nearly 5% YOY occupancy growth
    PHILADELPHIA, Dec. 1, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, highlighted what droves of shoppers are experiencing this holiday season at its properties.
  • Since last holiday season began, over 450,000 square feet of new stores have opened.
  • As a product of this successful effort, half of PREIT's properties are fully leased this holiday season!
  • "With NRF predicting strong sales holiday growth again this year, we are pleased to offer our customers a distinctive, fun and community-focused holiday season," said Joseph Coradino, Chairman & CEO of PREIT.

PREIT Opens Q&A Platform for Shareholders Ahead of Third Quarter 2022 Earnings Call

Retrieved on: 
Monday, October 31, 2022
Security (finance), Annual report, Risk, Violence, Q&A, U.S. Securities and Exchange Commission, SEC, Exercise, LLC, NYSE, COVID-19, Bankruptcy, Public health, Johnson Health Tech, Technology, Weather, Compliance, Investor relations, Robinhood (company), PEI, EDT, Forward-looking statement, PREIT

Beginning tomorrow, November 1, 2022 at 11:00 am EDT, retail and institutional shareholders will be able to submit and upvote questions to management.

Key Points: 
  • Beginning tomorrow, November 1, 2022 at 11:00 am EDT, retail and institutional shareholders will be able to submit and upvote questions to management.
  • To submit questions ahead of the earnings call, qualified investors can submit questions by visiting this link .
  • The Q&A platform will remain open until November 7, 2022 at 8:00 pm EDT.
  • The live webcast of the Q3 2022 earnings call will be available on PREIT's Investor Relations website at https://investors.preit.com/investors .