Tuesday, March 15, 2022

PREIT to sell Exton Square Mall as it tries to raise funds to pay down debt

Natalie Kostelni Reporter Philadelphia Business Journal

PREIT, an owner of regional malls throughout the Philadelphia region and mid-Atlantic, saw its shares slide throughout Tuesday despite its CEO’s attempt to assure investors during a brief earnings call that the company was on track to pay down debt with several pending sales.

The company’s stock price ended the day down by 11% to 74 cents a share.

During the 20-minute call reviewing results from last year and the fourth quarter, Joe Coradino, PREIT’s CEO, rattled off properties and parcels that were under agreement including the Exton Square Mall, a 1-million-square-foot property that is 50% occupied and has sales of $283 a square foot. PREIT does not consider the Macy's-anchored Chester County mall as one of its core properties.

The Philadelphia company expects to close on its sale in the next 90 days, Coradino said. It did not indicate who had the property under agreement or at what price.

Full story: https://tinyurl.com/45b2mj76


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