PEI Stock Price, News & Analysis

PREIT (NYSE: PEI) highlights the opening of several new dining establishments in its shopping centers, including Shake Shack and &pizza. These additions aim to attract foot traffic and enhance consumer experiences in high barrier-to-entry markets. The company emphasizes the importance of dining options in shopping environments, especially in light of ongoing challenges faced by the restaurant industry. Additionally, PREIT's Valentine's Day campaign seeks to support local businesses through gift card promotions targeted at its restaurant partners. This initiative aligns with PREIT's strategy to maximize the value of its real estate portfolio.

PREIT (NYSE: PEI) has announced a new lease for a 90,000 square foot self-storage facility at the Mall at Prince George's in Hyattsville, MD, to be developed by Poverni Sheikh Group. Slated to open in Q1 2022, this facility adds a non-retail revenue stream, capitalizing on the area's growing household incomes, which exceed the US average by 15%. The strategic location benefits from nearby Amazon HQ2 and a substantial investment of nearly $1 billion in local development, enhancing the mall's appeal and potential foot traffic.

PREIT (NYSE: PEI) has partnered with CBRE to transform Plymouth Meeting Mall into a multi-use destination. This collaboration aims to diversify the mall's offerings by integrating non-retail sectors such as life sciences and education alongside retail and entertainment options. The mall currently features a range of dining and entertainment experiences, with nearly half of its space dedicated to these uses. Notable tenants include LEGOLAND Discovery Center, Whole Foods, and the impending Shake Shack. The initiative seeks to enhance the mall's value and attract a broader consumer base.

PREIT (NYSE: PEI) has announced a significant transformation plan for its Moorestown Mall site, including a rezoning agreement for up to 1,065 multifamily units and a hotel. This initiative is part of a broader strategy to add 5,000 to 7,000 apartment units across its portfolio, generating over $150 million to enhance liquidity and reduce debt. The first phase includes 375 residential units and a hotel, with an anticipated $8 million sale of the initial parcel in 2021. The project aims to diversify mall usage while benefiting existing tenants.

PREIT (NYSE: PEI) has executed a lease with Aldi for a 21,000 square foot grocery store at Dartmouth Mall, set to open in Q4 2021. This addition is aimed at diversifying the mall's offerings and strengthening its retail position, following the earlier introduction of Burlington. The mall serves as a key retail destination within a 30-mile radius in Southeast Massachusetts. The company is focused on reinventing its properties into multi-use destinations, enhancing tenant performance and consumer experiences.

PREIT (NYSE: PEI) announced it has regained compliance with NYSE continued listing standards after its average closing share price exceeded $1.00 for the 30-day period ending December 31, 2020. This follows a notification from NYSE on September 25, 2020, indicating non-compliance due to lower share prices. CEO Joseph F. Coradino expressed satisfaction in regaining compliance and emphasized the company's strategy to enhance its portfolio as multi-use destinations.

PREIT (NYSE: PEI) has successfully completed its financial restructuring and emerged from Chapter 11 as of December 11, 2020. The company has gained access to $130 million in new capital, enhancing its operational capabilities and extending its debt maturity schedule. Throughout the process, PREIT maintained normal operations and met all financial obligations to stakeholders. CEO Joseph F. Coradino stated the restructuring has strengthened the company's resilience and financial flexibility, allowing it to focus on transforming its retail portfolio into multi-use sustainable districts.

PREIT (NYSE: PEI) announced the confirmation of its prepackaged financial restructuring plan by the U.S. Bankruptcy Court in Delaware. The company expects to emerge from Chapter 11 by early December and gain access to $130 million in new financing, helping to extend its debt maturity schedule. This restructuring aims to strengthen PREIT's operational capabilities while prioritizing safety amid ongoing challenges. CEO Joseph F. Coradino highlighted the importance of stakeholder support throughout this process, expressing optimism for a financially robust future.

PREIT (NYSE: PEI) reported substantial losses for Q3 2020, showing a net loss of $35.7 million, or $0.46 per share, compared to a profit of $17.4 million, or $0.22 per share in Q3 2019. FFO dropped to $0.12 per share from $0.63, attributed to COVID-19 impacts, including a 33% decline in Same Store NOI and $16.5 million lost to store bankruptcies. The company's restructuring plan received support from 95% of lenders, and it aims to close $107.3 million in land sales for multifamily development. Cash collections reached 99% in October, showcasing gradual recovery.