Pennsylvania Real Estate Investment Trust

Pennsylvania Real Estate Investment Trust engages in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. The firm focuses on shopping malls located in the eastern half of the U.S. primarily in the Mid-Atlantic region. Its property portfolio includes Cherry Hill Mall, Plymouth Meeting Mall, Mall at Prince Georges, and Springfield Town Center. The company was founded by Sylvan M. Cohen in 1960 and is headquartered in Philadelphia, PA.

Earnings data Q3 2024

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Success. It’s built on a foundation of strong relationships and accomplished through experience, tenacity and teamwork. For nearly three decades, Metro Commercial has set the pace as one of the strongest, full-service, independent retail real-estate firms in the nation.   Metro specializes in retailer and landlord representation, property management, investment sales and development services. Fueled by local expertise and national capabilities, our team delivers the connections you need to succeed. Metro doesn’t just get it, we get it done.

Attractive Properties Build on Momentum of 2021 Record New Leasing and nearly 5% YOY Occupancy Growth PHILADELPHIA , Dec. 14, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today announced execution of leases with new tenants throughout its portfolio, highlighting the compelling nature of its footprint to expanding retailers. Year-to-date through September, leasing volume has exceeded 2019 by 23%, building upon last year's phenomenal new leasing activity that has driven substantial increases in occupancy.

PREIT Portfolio Continues to Attract a Broad Range of New Tenants

PHILADELPHIA , Dec. 13, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced that it has obtained unanimous approval from the Fairfax County Board of Supervisors for the development of 460 apartments and a 165-room hotel, paving the way for the sale of the land parcels both of which are under agreement of sale.  A key part of PREIT's capital plan, the sale of these parcels is expected to generate approximately $20 million for PREIT, in addition to the $112 million in proceeds the Company has raised from asset sales in 2022.

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

Asset Values Documented in Connection with Credit Facilities Extension Acknowledge Substantial Portfolio Transformation PHILADELPHIA , Dec. 8, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced meaningful balance sheet improvements through successfully extending its Credit Facilities. PREIT is pleased to announce that it has successfully met all of the requirements to exercise the one-year extension of its first and second lien Credit Facilities and has concluded the extension process.

PREIT Successfully Achieves Extension of Credit Facilities

2021 Record New Leasing Activity Leads to 450,000 square feet of new stores since last holiday season, representing nearly 5% YOY occupancy growth Proactive Cultivation of Local and Small Businesses Leads to Half of Portfolio being Fully Occupied and 17% Growth in Black and Brown-Owned Businesses Great Deals, Lots of Customers, Shopper surprises, Photos with Santa and more PHILADELPHIA , Dec. 1, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, highlighted what droves of shoppers are experiencing this holiday season at its properties. New stores PREIT's leasing success over the past two years, leading to a remarkable 480 basis point increase in occupancy, has resulted in many new stores for shoppers to visit.

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

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Mall REITs - which endured a dismal stretch of underperformance from 2015-2020 - enter the critical holiday season on surprisingly stable footing as resilient consumer spending has offset broader macro-headwinds. The momentum from the stimulus-fueled ‘spending spree' appears likely to carry retailers through the holiday season. Store openings continue to outpace store closings in 2022 by the widest-margin in decades.

Mall REITs: The Bleeding Has Stopped

Pennsylvania Real Estate Investment Trust (NYSE:PEI ) Q3 2022 Earnings Conference Call November 8, 2022 11:00 AM ET Company Participants Heather Crowell - Gregory FCA, EVP, IR, Joe Coradino - CEO Mario Ventresca - CFO Conference Call Participants Operator Good morning. My name is Chris, and I will be your conference operator today.

Pennsylvania Real Estate Investment Trust (PEI) Q3 2022 Earnings Call Transcript

Core Mall Total Occupancy Increased 480 Basis Points to 94.4% Core Mall Sales Per Square Foot Were $592 in September, up 10.4% compared to 2019 Average Renewal Spreads were 8.7% for the Quarter Ended September 30 PHILADELPHIA , Nov. 8, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) today reported results for the three and nine months ended September 30, 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.

PREIT Reports Third Quarter 2022 Results

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The REIT sector achieved only its 3rd month in the black out of the first 10 months of 2022 with a +8.69% total return in October. Large cap REITs (+2.92%) averaged small gains, micro caps (+7.36%) and mid caps (+8.11%) had moderate gains and small caps (+12.85%) surged.

The State Of REITs: November 2022 Edition

Starting this month, the community will be invited to enjoy holiday entertainment every weekend! PHILADELPHIA , Nov. 2, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) is making it a season to remember for Philadelphia and its suburbs.

PREIT's Philadelphia Portfolio Hosting Holiday Season Festivities and Shopping

Over $110 million raised through asset sale program  $148 million from asset sales and excess cash used to repay debt PHILADELPHIA , Nov. 2, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, marked meaningful balance sheet improvements. The Company is underway with a robust capital raising effort, seeking to improve its balance sheet and mitigate the impact of interest expenses to drive earnings.

PREIT Accelerates Capital-Raising Initiative Surpassing Key Milestone

PREIT Series B Preferreds offer 1100% upside to par value + accrued dividends, with a substantial margin of safety. Bears cannot have their cake and eat it too: if you assume overly conservative cap rates in the bear case, you need to factor in NAV gains from strategic defaults.

PREIT Preferreds: 10x Upside In Liquidation Scenario

PHILADELPHIA , Oct. 31, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today announced the opening of its shareholder Q&A platform for its upcoming third quarter earnings call on Tuesday, November 8, 2022 at 11:00 am EDT. PREIT believes in the value of transparency with stakeholders.

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

370,000 Square Feet of Tenants Opened  420,000 Square Feet of New Leases Signed in 2022 PHILADELPHIA , Oct. 12, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, highlighted continued momentum in store openings and occupancy across its portfolio. As of June 30, 2022, PREIT increased total core mall occupancy by 480 basis points to 93.8% and 420,000 square feet of new leases were executed through the third quarter of 2022.

PREIT Continues to Drive Portfolio Occupancy

PHILADELPHIA , Oct. 11, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) intends to release its financial results for the quarter ending September 30, 2022 before market trading begins on Tuesday, November 8, 2022.  Management has scheduled a conference call for 11:00 a.m.

PREIT Schedules Third Quarter 2022 Earnings Release and Conference Call

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The REIT sector has endured declines in 6 of the first 8 months of 2022, including a -5.29% total return in August. Micro cap REITs (+6.9%) outperformed in August, while large caps (-5.17%), small caps (-6.65%) and mid caps (-7.51%) declined.

The State Of REITs: September 2022 Edition

PHILADELPHIA , Aug. 30, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company"), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today highlighted its commitment to the communities it serves, in focus this past month.   Nearly all of the Company's properties hosted Black-owned business expos in recognition of August being Black Business Month.

PREITs Community Commitment was Vivid this August

PHILADELPHIA , Aug. 18, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust, today announced exciting additions to its flagship, Cherry Hill Mall, as the mall owner continues to drive the quality of the tenant base, building off of strong sales, traffic and new retailer introductions. Joining recently-opened Warby Parker and Marc Cain, PREIT is pleased to share that first-to-portfolio leases have been executed with popular fashion brands – Psycho Bunny and Levi's for Cherry Hill Mall.

Cherry Hill Mall Continues to Attract New-to-Market Trailblazing Tenants

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The REIT sector has achieved gains in only 2 of the first 7 months of 2022, including a +9.74% total return in July. Small cap (+11.68%) and mid cap (+9.09%) REITs had the greatest total returns, while large caps (+8.72%) and micro caps (+6.73%) saw more modest gains in July.

The State Of REITs: August 2022 Edition

Pennsylvania Real Estate Investment Trust (NYSE:PEI ) Q2 2022 Earnings Conference Call August 9, 2022 11:00 AM ET Company Participants Heather Crowell - Executive Vice President, Strategy and Communications Joe Coradino - Chairman and CEO Mario Ventresca - Chief Financial Officer Conference Call Participants Operator Good morning. My name is Dennis, and I will be your conference operator today.

Pennsylvania Real Estate Investment Trust's (PEI) CEO Joe Coradino on Q2 2022 Results - Earnings Call Transcript

Total Core Mall Leased Space Strong at 95.0% Core Mall Sales Per Square Foot Reached $605 in June, up 12.2% compared to 2019 Average Renewal Spreads were 2.3% for the Six Months Ended June 30th Core Mall Total Occupancy Increased 480 Basis Points to 93.8% PHILADELPHIA , Aug. 9, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) today reported results for the three and six months ended June 30, 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.

PREIT Reports Second Quarter 2022 Results

Christopher Swann and Kenneth Hart Elected by Preferred Shareholders at 2022 Annual Meeting of Shareholders PHILADELPHIA , Aug. 2, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company") today announced that Christopher Swann and Kenneth Hart have been elected by preferred shareholders to its Board of Trustees. Joseph F.

PREIT Board of Trustees Welcomes Two New Independent Trustees as Representatives for Preferred Shareholders

PHILADELPHIA , Aug. 2, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today announced the opening of its shareholder Q&A platform for its upcoming second quarter earnings call on Tuesday, August 9, 2022 at 11:00 am EDT. PREIT believes in the value of transparency with stakeholders.

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

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PHILADELPHIA , July 21, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) intends to release its financial results for the quarter ending June 30, 2022 before market trading begins on Tuesday, August 9, 2022.  Management has scheduled a conference call for 11:00 a.m.

PREIT Schedules Second Quarter 2022 Earnings Release and Conference Call

Portfolio presence in key markets continues to attract growing brands with four expanding retailers opening ten stores PHILADELPHIA , July 19, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today announced that a list of growing retailers are set to join the lineup at key properties in dynamic markets. Part of the allure of PREIT's portfolio is its presence in and around the Philadelphia and Washington DC suburban markets as well as its "Winner Take All" properties in smaller markets that have eliminated local competition.

PREIT Delivers Expanding Retailers to New Markets

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