Pennsylvania Real Estate Investment Trust (PREIT) company website.
PREIT is a real estate investment trust. Its portfolio is primarily made up of retail space located in the densely-populated metropolitan areas of the eastern U.S. PREIT is focused on enhancing the quality of its portfolio through redevelopment, anchor repositioning, diversifying its tenant mix, and densifying properties by adding a mix of uses. Their portfolio consists of 26 retail properties, 25 of which are operating properties and one which is a development property. The 25 operating retail properties have a total of 20.3 million square feet and include 21 shopping malls and four other retail properties. As part of the Company’s plan to improve liquidity during the COVID-19 crisis, they have initiated cost reductions and continues discussions with lenders to put in place a longer-term financing solution before September 30, 2020.
• Occupancy continues to gain with the portfolio re-occupied at over 80%. In-line occupancy is now over 90% at four of the Company’s market-dominant properties.
• Retailers continue to report robust sales performance in excess of last year’s sales.
• It is very expensive to do business in a mall. If foot traffic is down, retailers will feel the impact on their revenue and profit.
• The company’s ability to pay and refinance its debt.