Bisnow.com published an extensive story on June 16th about Pennsylvania Real Estate Investment Trust (PREIT), which owns several malls in the region including the Plymouth Meeting Mall. If you follow what has been happening at the mall over the past several years, this article will provide you with a good background to understand what is happening.
From the article:
PREIT CEO Joe Coradino said in 2019 that he expected the next year to be the beginning of a turnaround after years of struggling to modernize its portfolio.
But the pandemic instead made 2020 one of the worst years in the history of retail real estate. PREIT entered a pre-packaged bankruptcy restructuring agreement late that year in an attempt to avoid liquidation, but the new debt it took on as part of that strategy has quickly become the company’s biggest threat, as it has acknowledged in filings with the Securities & Exchange Commission since the start of this year.
Coradino declined to be interviewed for this story, but he still believes that PREIT was set up for success going into 2020, he told Bisnow in an emailed response to a list of questions.
You can read the entire article here.