Got a confidential news tip? We want to hear from you. Powered and implemented by FactSet. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. PREIT operates 22.5 million square feet of retail space, including 19 malls, according to its website. CBL runs a number of so-called B- and C-rated malls, compared with the biggest U.S. mall operator, Simon Property Group, which owns many A-rated properties that bring in more sales per square foot. Based in Tennessee, CBL operates malls across the nation including EastGate Mall in Cincinnati and West County Center in St. Louis. Pennsylvania Real Estate Investment Trust is the largest mall owner in Philadelphia. Both companies filed on Sunday. The Tennessee-based landlord said in August that it had entered into a restructuring support agreement with a group of bondholders in an attempt to try to strengthen its balance sheet. PREIT, based in … This material may not be published, broadcast, rewritten, or redistributed. Pennsylvania Real Estate Investment Trust, a Pennsylvania business trust founded in 1960 and one of the first equity real estate investment trusts (“REITs”) in the United States, has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. In 2019, Pennsylvania Real Estate Investment Trust turned Wyoming Valley Mall over to its mortgage holder, GS Mortgage … 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. We are a Real Estate Investment Trust owning a portfolio of bullseye locations in high barrier-to-entry markets that create the opportunity to reinvent what we deliver to our communities. Mall Portfolio; Redevelopment; Specialty Leasing; Partnerships & Marketing; News & Views; Investors. Market data provided by ICE Data Services. Stock analysis for Pennsylvania Real Estate Investment Trust (PEI:New York) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Some are going bankrupt and closing stores, such as J.C. Penney and California Pizza Kitchen. ICE Limitations. "After months of discussions and consideration of a number of alternatives, CBL's management and the Board of Directors firmly believe that implementing the comprehensive restructuring ... will provide CBL with the best plan to emerge as a stronger and more stable company," CBL CEO Stephen Lebovitz said in a statement. A deal is in place for Simon Property, along with Brookfield Asset Management, to buy J.C. Penney. The mall bankruptcies come weeks before a crucial holiday shopping season. It acquired the denim maker Lucky Brand and the men's suit maker Brooks Brothers out of bankruptcy, with the help of apparel-licensing firm Authentic Brands Group. What makes Norman Lear, at 98, still tick? The pandemic forced many malls and their retail tenants to temporarily close for months. Get this delivered to your inbox, and more info about our products and services. A Division of NBCUniversal. It had spent recent years disposing of underperforming malls and investing in adding movie theaters, game rooms and grocery stores to its malls, lessening its dependence on traditional retail. 2 men allegedly pictured carrying zip ties in Capitol arrested, Georgia's top election official on being pressured by Trump, Live Updates: Pelosi on next steps as momentum builds for impeachment, Trump plans to resume official duties despite calls for his ouster, Controversy surrounds Kamala Harris' first Vogue cover, D.C. mayor asks feds to boost security for inauguration. Both companies, CBL and Pennsylvania Real Estate Investment Trust, said their malls will remain open as they go through the bankruptcy process. Available Positions PREIT is an equal-opportunity employer. Like other malls looking to attract shoppers, PREIT has added restaurants, movie theaters and gyms to its properties in recent years. Mall owners will face another test this holiday season, which is typically their tenants' busiest time of year. PREIT’s 23.5 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic’s top MSAs. All Rights Reserved. Two mall operators filed for bankruptcy protection Monday, hurt by the ripple effect of the coronavirus pandemic which has forced many of its mall tenants to permanently close stores or not pay rent. Pennsylvania Real Estate Investment Trust responded to Wells Fargo and disputes the lender’s characterization of the situation described in the Reservation Letters and that no breach of the RSA or event of default under any of the Credit Agreements has occurred. Contact Form. Von Maur, Urban Outfitters and a new wing of small shop retailers will open in 2019. Pennsylvania Real Estate Investment Trust (), often referred to as PREIT, keeps on falling, now trading below $3.5 per share.The share price is down almost 40% YTD and the dividend yield has But those establishments have been hit harder by the pandemic and have stricter social distancing rules on how many people can visit. Like many mall owners, Pennsylvania Real Estate Investment Trust (NYSE:PEI) has suffered severe earnings pressure in recent years, due to the effects of the so-called retail apocalypse. PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Pennsylvania Real Estate Investment Trust is the largest mall owner in Philadelphia. Sign up for free newsletters and get more CNBC delivered to your inbox. Pennsylvania Real Estate Investment Trust is a real estate investment trust, which has a primary investment focus on retail shopping malls located in the eastern half of the U.S., primarily in the Mid-Atlantic region. Earlier this year, Simon Property bought men's clothier Brooks Brothers, fast-fashion retailer Forever 21 and denim store Lucky Brand. Mall tenants, which operators rely on for rent, have been stressed this year. Explore our portfolio. Last year, it opened Fashion District Philadelphia, a massive shopping mecca it built from the ground-up in downtown Philadelphia. PREIT's Malls In Midsize Markets Are Dominating The Competition Feb. 21, 2020 11:30 AM ET | About: Pennsylvania Real Estate Investment Trust (PEI) , Includes: PEI.PB , PEI.PC , PEI.PD Pennsylvania Real Estate Investment Trust (NYSE: PEI) and CBL & Associates (NYSE: CBL) were the first two victims of the pandemic, but will there be others in the mall REIT space? Copyright © 2021 CBS Interactive Inc. All rights reserved. CBL operates 107 properties, totaling 66.7 million square feet across 26 states, including outlet centers. Retail sales plummet as states look to reopen... Gottlieb says COVID-19 vaccine strategy "not working", Georgia vote could clear way for $2,000 or $1,400 stimulus check, More cases of COVID strain first identified in U.K. found in New York, Black female scientist at forefront of COVID-19 vaccine development, Queen Elizabeth II and Prince Philip receive COVID-19 vaccinations, are reporting record-breaking sales growth, California Privacy/Information We Collect. 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