PEI Stock Price, News & Analysis

PREIT (NYSE: PEI) announced significant balance sheet improvements as part of its capital raising efforts. The company raised $110 million through asset sales, including $148 million allocated to debt repayment by October 31, 2022. Notably, proceeds from the Cumberland Mall sale in Vineland, NJ, totaling $45 million, will reduce debt obligations. Additionally, PREIT has $127 million of assets under contract for future sales, with ongoing efforts in leasing and redevelopment to bolster financial standing.

PREIT (NYSE: PEI) has launched a Q&A platform for shareholder engagement ahead of its Q3 2022 earnings call scheduled for November 8, 2022, at 11:00 am EDT. The platform opens on November 1 at 11:00 am EDT, allowing both retail and institutional shareholders to submit and upvote questions until November 7 at 8:00 pm EDT. This initiative, in partnership with Say Technologies, aims to enhance communication and transparency with stakeholders.

PREIT (NYSE: PEI) reported a strong uptick in portfolio occupancy and tenant activity as of June 30, 2022. Total core mall occupancy rose by 480 basis points to 93.8%, with 420,000 square feet of new leases signed in 2022. Notable new openings included stores like BoxLunch and Lovisa, with expansions planned for 2023. CEO Joseph F. Coradino emphasized the strength of their tenant mix, which enhances customer attraction and overall property value, fostering growth potential for stakeholders.

PREIT (NYSE: PEI) has announced plans to release its financial results for the third quarter ending September 30, 2022, before market trading on November 8, 2022. A conference call will be held at 11:00 a.m. Eastern Time on the same day to discuss the results and future outlook. Investors can participate via phone or listen online. Additionally, PREIT is collaborating with Say Technologies for enhanced shareholder communication, set to commence on November 1, 2022.

On August 30, 2022, PREIT (NYSE: PEI) showcased its community commitment through various initiatives, including Black-owned business expos to celebrate Black Business Month. The Let's Pull Together campaign encouraged shoppers to donate school supplies, benefiting local students. Additionally, the Spend + Score program allows customers to redeem a $25 gift card after spending $200 at PREIT malls. CEO Joseph Coradino emphasized the importance of community engagement as a brand pillar.

PREIT (NYSE: PEI) announced new retail leases at Cherry Hill Mall, enhancing its tenant mix with brands like Psycho Bunny and Levi's. Psycho Bunny, a menswear brand, is set to open in mid-2023, while Levi's will be the only full-price store in South Jersey, opening this holiday season. The mall maintains a strong 96.2% occupancy rate, with sales per square foot at $929. CEO Joseph F. Coradino emphasized the mall's attraction for leading retailers in Philadelphia's suburbs, positioning it among top-tier shopping destinations.

PREIT (NYSE: PEI) reported strong operational results for Q2 2022, achieving a Core Mall Total Occupancy of 93.8%, up 480 basis points year-over-year, with Core Mall Sales per square foot at $605, a 12.2% increase compared to 2019. Funds from Operations (FFO) rose to $1.72 per share, despite a net loss of $17.6 million. The company reduced debt by $82 million and signed leases for 297,000 square feet, expected to generate $5.9 million in annual rent. However, Same Store NOI decreased by 5.7% due to lower lease termination revenue.

PREIT (NYSE: PEI) announced the election of Christopher Swann and Kenneth Hart to its Board of Trustees by preferred shareholders during the annual meeting on August 2, 2022. These new independent trustees are expected to enhance the board's diversity and bring valuable corporate finance and real estate expertise. Joseph F. Coradino, Chairman and CEO, expressed optimism about their contributions toward advancing the company's strategic objectives, leveraging its portfolio of assets.

PREIT (NYSE: PEI) has launched a shareholder Q&A platform in preparation for its Q2 earnings call on August 9, 2022, at 11:00 am EDT. This initiative aims to enhance transparency and stakeholder engagement, allowing both retail and institutional investors to submit and upvote questions through a partnership with Say Technologies, LLC. The Q&A platform will be accessible until August 8 at 8 pm EDT. The earnings call will be webcasted on PREIT's Investor Relations website, with a replay and transcript available post-event.