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.

PHILADELPHIA, Feb. 22, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today announced new and enticing additions to its flagship, Cherry Hill Mall.  Eddie V's , a prime quality seafood restaurant, offering a fine dining experience, has executed a lease to open its first South Jersey location and second in the state at the property this fall.

Cherry Hill Mall Establishes New Level of Prestige with Forthcoming Retail and Dining Offerings

PHILADELPHIA, Feb. 11, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) intends to release its financial results for the quarter and year ending December 31, 2021 after market trading closes on Monday, March 14, 2022.  Management has scheduled a conference call for 11:00 a.m.

PREIT Schedules Fourth Quarter 2021 Earnings Release and Conference Call

PHILADELPHIA, Feb. 10, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) announced today that on February 4, 2022 it received formal notice from the New York Stock Exchange (the "NYSE") of non-compliance (the "NYSE Notice") with the NYSE's continued listing standards, which require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. PREIT intends to regain compliance with the NYSE's listing standards and as required by the NYSE, to respond to the NYSE within ten business days of its receipt of the NYSE Notice with respect to its intent to cure the deficiency.

PREIT Acknowledges Receipt of NYSE Continued Listing Standard Notice

PHILADELPHIA, Feb. 4, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today announced that Springfield Town Center has executed an agreement with Merlin Entertainments, the world's second-largest visitor attractions operator, to launch the next generation of LEGO® Discovery Center in 2023. The 32,000 square foot indoor attraction has been co-created by Merlin & the LEGO Group and will be accessible on one level right off the main entrance to the property.

PREIT AND MERLIN ENTERTAINMENTS TO BRING NEXT GENERATION OF LEGO® DISCOVERY CENTERS TO SERVE THE WASHINGTON DC MARKET AT SPRINGFIELD TOWN CENTER

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Join me in a look at the investment-grade REITs. First, we will take up how blue-chip REIT investments can go poorly.

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PHILADELPHIA, Jan. 31, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company"), a leading real estate investment trust focused on creating thoughtful, community-centric properties, announced that 2021 closed on a high note with core mall rolling 12 month sales eclipsing $600 per square foot at $603. Properties with the most pronounced per square foot growth include those established as the dominant enclosed retail destination in their respective market, as inferior competition struggled following lockdowns.

PREIT Core Mall Sales Traverse $600 per Square Foot Milestone

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I'd love to say I learned my lesson after the first time I lost lots of money I could have otherwise kept.

Don't Throw Good Money After Bad

PHILADELPHIA, Jan. 12, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company"), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today announced meaningful increases in shopper traffic over the holiday season, building on strong sales during the early shopping season in October and November. PREIT also provided an update on its ongoing efforts to improve its financial position, including a process now underway to consider a wide range of options to reduce debt and strengthen the Company's capital structure.

PREIT Reports Strong Sales and Holiday Traffic and Progress on Key Strategic Initiatives

PHILADELPHIA, Dec. 15, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today announced that it has met the criteria to extend the mortgage loan secured by Woodland Mall and has secured unappealable approval on our multi-family land at Moorestown Mall.  These two key steps underscore the embedded value underlying PREIT's portfolio of irreplaceable assets and the Company's ongoing efforts to continue to evolve its properties as one-stop destinations for consumers.

PREIT Makes Meaningful Progress on Key Balance Sheet Improvement Initiatives, Securing Extension of Woodland Mall Mortgage and Unappealable Approval on Multi-Family Development at Moorestown Mall

PHILADELPHIA, Nov. 17, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today announced the upcoming addition of Warby Parker and Amazon 4-Star at its Cherry Hill Mall property. The highly-coveted e-commerce brands are set to open locations in the first half of 2022, a positive indication that companies and consumers are valuing the tactical experience of physical stores.

Online Darlings Warby Parker and Amazon 4-Star Set to Open at PREIT's Cherry Hill Mall in 2022

PREIT common and preferred shares have plunged in value since the REIT's Q3 earnings report. While PREIT's results weren't quite as strong as in Q2, its properties are still on their way back to full occupancy, and rents appear to be firming up.

Pennsylvania REIT Earnings: Another Step Forward, Whatever Mr. Market Thinks

Pennsylvania Real Estate Investment Trust (PEI) CEO Joe Coradino on Q3 2021 Results - Earnings Call Transcript

PHILADELPHIA, Nov. 4, 2021 /PRNewswire/ -- PREIT (NYSE: PEI) today reported results for the three and nine months ended September 30, 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 Third Quarter 2021 Results

PHILADELPHIA, Oct. 28, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today issued the Company's first-ever sustainability report.  The report highlights the Company's efforts to cement its properties' place as the centerpieces of their communities by sustaining jobs, hosting events that bring our communities together, reducing our environmental impact and supporting organizations that provide for those in need.

PREIT Issues Inaugural Sustainability Report

PHILADELPHIA, Oct. 26, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today announced the launch of a shareholder Q&A platform to be used for its upcoming third quarter earnings call on Thursday, November 4, 2021 at 11:00 am EDT. PREIT believes in the value of transparency with stakeholders, regardless of their size and economic stake.

PREIT Announces New Q&A Platform for Shareholders Ahead of Third Quarter 2021 Earnings Call

PHILADELPHIA, Oct. 14, 2021 /PRNewswire/ -- PREIT (NYSE: PEI) intends to release its financial results for the quarter ending September 30, 2021 before market trading begins on Thursday, November 4, 2021.  Management has scheduled a conference call for 11:00 a.m.

PREIT Schedules Third Quarter 2021 Earnings Release and Conference Call

PHILADELPHIA, Oct. 13, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today announced continued strong metrics in traffic, sales and collections. By analyzing the needs of each community and developing customized solutions across its portfolio, PREIT properties have emerged from the pandemic with resiliency driven by new anchors and a diverse tenant base.

PREIT Portfolio Demonstrates Strength As Consumers Continue To Choose In-Person Experiences

PHILADELPHIA, Oct. 4, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust focused on creating thoughtful, community-centric properties, today announced Tilted 10 and Tilt Studio by Nickels and Dimes Incorporated, an action-packed bi-level 104,000 square foot indoor family entertainment center, will join the lineup at Willow Grove Park in 2022. Tilted 10 will occupy the former JCPenney site – the latest step in PREIT's strategy to expand the offerings at Willow Grove Park to meet the changing needs of today's consumer.

PREIT and Tilt to Rekindle the Amusement Experience of Willow Grove Park

PHILADELPHIA, Sept. 22, 2021 /PRNewswire/ -- PREIT (NYSE: PEI) today announced that management will present at the Shareholder Equity Conference, held virtually, on Monday, September 27, 2021 at 1:30pm ET.

PREIT to Present at the Shareholder Equity Conference

PHILADELPHIA, Aug. 23, 2021 /PRNewswire/ -- PREIT is celebrating its various constituencies with its 2021 back-to-school campaign.  With sales predicted to break records by the National Retail Federation, PREIT malls are ready to greet customers, while supporting their communities and driving business to their tenants.

PREIT Core Mall Sales Increase 17% in July to Kickoff Back-To-School Season

PREIT's NOI came roaring back last quarter, nearly reaching pre-pandemic levels.

PREIT Preferred Shares: Strong Q2 Results Offer Hope

Pennsylvania Real Estate Investment Trust (PEI) CEO Joe Coradino on Q2 2021 Results - Earnings Call Transcript

PHILADELPHIA, Aug. 5, 2021 /PRNewswire/ -- PREIT (NYSE: PEI) today reported results for the three and six months ended June 30, 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 Second Quarter 2021 Results

PHILADELPHIA, July 27, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate owner and developer, redefining the future of the mall with mixed-use community-centric districts, today announced that Phoenix Theatres has signed a lease to bring first-run movies back to Woodland Mall, including West Michigan's first theatre with Dolby Atmos® sound. This is the first location in West Michigan for Phoenix Theatres, which expects to welcome moviegoers in late 2021.

PREIT's Woodland Mall to Relaunch Movie Theatre with Phoenix Theatres

PHILADELPHIA, July 13, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate owner and developer, redefining the future of the mall with mixed-use community-centric districts, continues to lead the sector with the Company's anchor repositioning program. PREIT has been one of the most successful operators in navigating recent retail disruption by proactively addressing necessary transitions of anchor space securing replacements for 19 anchor stores in the past five years.

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