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.

Christopher Swann and Kenneth Hart are Nominees for Preferred Share Trustees PHILADELPHIA , July 14, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today issued the following statement: The Company and its proxy solicitor continue to make efforts to achieve a quorum for the Preferred Share Trustee nominees prior to August 2, 2022 and again urge eligible Preferred Shareholders to vote.  All holders of record of PREIT's 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred"), the 7.20% Series C Cumulative Redeemable Perpetual Preferred Shares (the "Series C Preferred"), and the Trust's 6.875% Series D Cumulative Redeemable Perpetual Preferred Shares (the "Series D Preferred," and, together with the Series B Preferred and the Series C Preferred, the "Outstanding Preferred Shares"), as of the Record Date are entitled to notice of and to vote together as a single class on the proposal to elect two Preferred Share Trustees, Christopher Swann and Kenneth Hart, submitted to the holders of Outstanding Preferred Shares at the Annual Meeting and any adjournment or postponement thereof.

PREIT Urges Preferred Shareholders to Cast their Votes for Preferred Share Trustee Nominees Prior to August 2, 2022

PHILADELPHIA , July 8, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today issued the following statement: The Company and its proxy solicitor continue to make efforts to achieve a quorum for the Preferred Share Trustee nominees prior to August 2, 2022 and again urge eligible Preferred Shareholders to vote.  Eligible shareholders may cast their vote by contacting Alliance Advisors at 1-866-407-1960 between the hours of 9:00am and 10:00pm Eastern time, Monday through Friday and Saturday and Sunday from 10:00am to 6:00pm, as noted in soliciting materials furnished to the SEC.

PREIT Urges Preferred Shareholders to Cast their Votes for Preferred Share Trustee Nominees Prior to August 2, 2022, and Addresses the Cygnus Capital Statement Issued July 7, 2022

Details Voting Intentions and Reasons Why There Is Urgency to Add Two Independent Preferred Stock Trustees to the Board ATLANTA , July 7, 2022 /PRNewswire/ -- Cygnus Capital, Inc. (together with its affiliates, "Cygnus"), a significant and long-term shareholder of beneficial interests and preferred shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) ("PEI" or the "Trust"), today issued a statement regarding Cygnus' voting intentions with respect to the 2022 Annual Meeting of Shareholders, originally held on June 2, 2022, and adjourned to 11:00 a.m. Eastern Time on August 2, 2022 (the "Annual Meeting").

Cygnus Capital Issues Statement Regarding the Right of Holders of Preferred Shares of Pennsylvania Real Estate Investment Trust to Elect Two Board Trustees at the Recently Adjourned 2022 Annual Meeting of Shareholders

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PHILADELPHIA, July 5, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced that it has sold two additional assets for $14.2 million. The Moorestown Mall land was sold for approximately $12 million and will be the site of 375 residential units.

PREIT Closes on Sale of Multi-Family Land at Moorestown Mall with Year-To-Date Asset Sale Proceeds and Excess Cash from Operations Used to Reduce Debt by $82 million

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Marks key step in executing on the Company's capital plan PHILADELPHIA , June 23, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced that it has sold its 25% interest in the entity that owns Gloucester Premium Outlets. The gross consideration to the Company from this transaction was $35.4 million, consisting of $14 million in cash plus $21.4 million of debt reduction, following assumption by the buyer.

PREIT Closes on Sale of Interest in Gloucester Premium Outlets, Reducing Debt by $35.4 Million

Pennsylvania Real Estate Investment Trust filed for Chapter 11 bankruptcy in 2020. The company faces $1.47 billion in debt payments this year, which is more than four times their projected revenues.

Pennsylvania Real Estate: Getting Near The End

Zumiez and Skechers Add New Offerings to The Curated Dominant Regional Mall PHILADELPHIA , June 16, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today announced new additions to Dartmouth Mall, a key property in PREIT's "Winner Take All" segment — as nearby competing malls have closed. Comparable store sales continue to exceed the meaningful $600 per square foot milestone, at $604 per square foot, in April.

With Sales Per Square Foot Over $600, Dartmouth Mall Adds Two New Tenants

Four Corners Property Trust

MILL VALLEY, Calif.--(BUSINESS WIRE)--Four Corners Property Trust (NYSE:FCPT), a real estate investment trust engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), is pleased to announce that it has signed a definitive agreement for the purchase of 11 outparcel properties from PREIT (NYSE: PEI) for $32.5 million. The transaction is priced at a 6.5% going-in cash cap rate, exclusive of transaction costs. The portfolio includes 8 single tenant resta

FCPT Announces $32.5 million Outparcel Portfolio with PREIT

Portfolio Quality Underscored by April Sales and Strong Leasing Activity at Key Assets PHILADELPHIA , June 9, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company"), a leading real estate investment trust highlighted continued sales, traffic and leasing momentum across its portfolio.   Traffic, sales and leasing activity at Cherry Hill Mall, Springfield Town Center and Woodland Mall demonstrate the strength of PREIT's portfolio despite continued inflationary pressure on consumers.

PREITs Premier Properties Continue to Grow Sales in the Face of Macro Headwinds

Agreement of Sale for 11 outparcels fully executed Purchase and Sale Agreement for the hotel at Springfield Town Center fully executed for $2.5 million PHILADELPHIA , May 31, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company") announced execution of a purchase and sale agreement for 11 outparcels that will generate gross proceeds in excess of $32 million. The Company also executed an agreement of sale for a vacant parcel at Springfield Town Center set to be developed into a hotel site for $2.5 million as the Company executes on its vision of delivering one-stop destinations for the communities it serves.

PREIT Executes Purchase and Sale Agreements for $35 million

Pennsylvania Real Estate Investment Trust (NYSE:PEI ) Q1 2022 Earnings Conference Call May 5, 2022 11:00 AM ET Company Participants Heather Crowell - Executive Vice President, Strategy & Communications Joe Coradino - Chairman & Chief Executive Officer Mario Ventresca - Executive Vice President & Chief Financial Officer Conference Call Participants Operator [Technical Difficulty] My name is Emma. I'll be coordinating your call today.

Pennsylvania Real Estate Investment Trust (PEI) CEO Joe Coradino on Q1 2022 Results - Earnings Call Transcript

Core Mall Sales Per Square Foot Reach $613 in March, up from $603 at Year End Strong Leasing Activity Resulted in Core Mall Leased Space at 94.0% Asset Sales in Process Increased to $275 Million PHILADELPHIA, May 5, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) today reported results for the three months ended March 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.

PREIT Reports First Quarter 2022 Results

PHILADELPHIA , April 28, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) intends to release its financial results for the quarter ending March 31, 2022 before market trading begins on Thursday, May 5, 2022.  Management has scheduled a conference call for 11:00 a.m.

PREIT Schedules First Quarter 2022 Earnings Release and Conference Call

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After back-to-back negative return months at the start of the year, REITs began the recovery process in March with a +4.93% total return.

The State Of REITs: April 2022 Edition

PREIT's NOI almost completely recovered compared to 2019 in the fourth quarter of 2021.

Can PREIT Save Itself Before It's Too Late?

Core Mall Comparable Sales Reach Record-High $618 per square foot PHILADELPHIA , March 29, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company"), a leading real estate investment trust focused on creating thoughtful, community-centric properties, provided an update on key activities continuing to signal consumer and tenant demand. February Core Mall Comparable Sales per square foot hit an all-time high at $618.

PREIT Experiences Substantial Operating Momentum

Christopher Swann and Kenneth Hart to Stand for Election by Preferred Shareholders at 2022 Annual Meeting of Shareholders PHILADELPHA, March 28, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company") today announced that Christopher Swann and Kenneth Hart have been nominated by preferred shareholders to stand for election to its Board of Trustees as Preferred Trustees at the 2022 Annual Meeting of Shareholders. Joseph F.

PREIT Endorses Shareholder Nominations for Two New Independent Trustees as Representatives for Preferred Shareholders

Pennsylvania Real Estate Investment Trust (PEI) CEO Joe Coradino on Q4 2021 Results - Earnings Call Transcript

Core Mall Sales Per Square Foot Reach $614 in January, up from $603 at Year End Cherry Hill Mall Sales Near $1,000 per square foot Strong Total Core Mall Leased Space at 94.3% PHILADELPHIA, March 14, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) today reported results for the three months and year ended December 31, 2021.  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 Fourth Quarter and Full Year 2021 Results

PHILADELPHIA, March 8, 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 fourth quarter earnings call on Tuesday, March 15, 2022 at 11:00 am EDT. PREIT believes in the value of transparency with stakeholders.

PREIT Opens Q&A Platform for Shareholders Ahead of Fourth Quarter 2021 Earnings Call

ATLANTA, Feb. 28, 2022 /PRNewswire/ -- Cygnus Capital, Inc. (together with its affiliates, "Cygnus"), a significant and long-term shareholder of beneficial interests and preferred shares of Pennsylvania Real Estate Investment Trust (NYSE:PEI) ("PEI" or the "Trust"), today issued an open letter to PEI shareholders announcing that it has nominated two highly qualified professionals, Ryan J. Levenson and Christopher Swann, to serve as preferred stock trustees on PEI's Board of Trustees (the "Board").

News for Pennsylvania Real Estate Investment Trust Stock (PEI)