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Nice to see a PEI investor here. And nice to see it pop back after that critical piece in seeking alpha website.
-p
PREIT Core Mall Sales Traverse $600 per Square Foot Milestone (1/31/22)
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. By contrast, PREIT properties emerged with the benefit of new anchors and a strong existing tenant mix. Specifically, Patrick Henry, Capital City, Valley and Viewmont Malls all experienced over 20% growth in sales compared to pre-pandemic levels.
Standing above the balance in terms of growth and absolute sales per square foot is PREIT's premier super-regional property, Cherry Hill Mall, growing nearly 28% to $936.
"Sales per square foot is a meaningful metric that influences a number of aspects of our business. As sales grow, our tenants are more productive, improving our ability to drive rents," said Joseph F. Coradino, Chairman and CEO of PREIT. "Additionally, with portfolio-wide comparable sales over $600, the door to an expanded base of interested tenants opens, allowing us to drive occupancy and improve the quality of the experience offered at our centers."
Nearly 100,000 square feet of new tenants opened at these properties during 2021, including the following noteworthy additions spanning key sectors of fashion, dining and entertainment:
Capital City Mall: Aerie, Cinnabon, rue21 and Windsor Fashions
Patrick Henry Mall: Papaya, Windsor Fashions, The Twisted Crab and Kidz Play
Cherry Hill Mall: Amazon 4-star, Warby Parker, DEO Eyewear, Miniso, Aerie and Purple
Coradino continued, "As our tenants reach new levels of performance and we attract a new caliber of tenancy, the quality of our portfolio continuously improves, which is expected to lead to cap rate compression and improved asset values. As we continue our efforts to proactively raise capital to reduce debt and exercise our credit facility extension, we anticipate this improved value will propel the effort and create value for stakeholders."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.
https://www.prnewswire.com/news-releases/preit-core-mall-sales-traverse-600-per-square-foot-milestone-301471130.html
Happy New Year PEI stakeholders:
News is out:
https://finance.yahoo.com/news/preit-reports-strong-sales-holiday-115500464.html
Capital accumulation seems the proximate goal.
-p
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 (12/15/21)
Successful 2019 redevelopment of Woodland Mall supports valuation; Secured tax incentive for Moorestown Mall lays groundwork for next phase of development
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.
Woodland Mall
The extension at Woodland Mall serves as a prime example of PREIT's redevelopment achievements. In 2019, PREIT completed its redevelopment of Woodland Mall by bringing in top-quality tenants Von Maur, Urban Outfitters, Sephora, local high-quality salon, Tricho, a new prototype Williams-Sonoma, REI, Black Rock Bar & Grill and Michigan's second Cheesecake Factory. These tenants joined other top brands including: Apple, Pottery Barn and Lush. Looking ahead, Woodland Mall is expected to house the portfolio's first Rose & Remington, Lovisa and Offline by aerie. In 2022, Phoenix Theatres plans to bring the moviegoing experience back to the property in a renovated, top-tier offering.
"Achieving significant valuation improvement and cap rate compression compared to this time last year has allowed us to extend a key maturity on a strong property that is gaining momentum following our strategic redevelopment," said Joseph F. Coradino, Chairman & CEO of PREIT. "As we look ahead, the improved valuation paints an encouraging picture for our ability to create value for our stakeholders."
Moorestown Mall
With the latest approval, Moorestown Mall can take its next step on the multi-family land, following approval of a tax incentive that is required for closing ("PILOT"). Executing on multi-family land sales represent a key step for the Company on multiple fronts. First, they help to create thoughtful spaces that enhance the property and surrounding community while supporting a more sustainable future. They are also critical to PREIT's capital-raising efforts, transforming underutilized asphalt into value-enhancing real estate.
"Among other capital-raising initiatives, the PREIT team is keenly focused on executing our multi-family land sales to reduce leverage and our interest burden," Coradino said. "As the addition of apartments and hotels extends across our portfolio of properties, our growing customer base will deliver new benefits and value to our existing tenants and communities."
Moorestown Mall represents the differentiated thinking that PREIT believes is necessary needed to create value. The planned multi-family and hotel additions paired with the addition of a Cooper University Health Care facility bolster the existing dynamic mix of tenants at the property. Including traditional and value retail, dining, entertainment and fitness, Moorestown Mall exemplifies PREIT's five core areas of future growth.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.
https://www.prnewswire.com/news-releases/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-301444807.html
PEI quarter data out, stock price down. The recovery indicators seem quite strong, but patience is not a virtue with the market it seems. Aside from the stock price drop, I'm thinking this is a long-term hold still.
Anyone else looking over the report?
- p
Preferred stock is a better value in the short run.
The accumulation/distribution line for PEI looks positively dismal over the past 5 months....CMF also pretty dreary.
-p
And how are we to interpret the chart? What are you "seeing" of merit?
- kinda curious. And PEI long...
cheers,
p
Investor Presentation (8/05/21)
https://s21.q4cdn.com/137894361/files/doc_presentations/2021/08/Q2-Investor-Update-FINAL.pdf
Second quarter results out - looking good on the recovery road.
https://finance.yahoo.com/news/preit-reports-second-quarter-2021-105500291.html
-p
PREIT Completes Key Steps in Extending Debt Maturities (7/01/21)
Closes over $172 million in mortgage loans secured by four properties
PHILADELPHIA, July 1, 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 it has entered into over $172 million of mortgage loans, in the aggregate and reflecting the Company's share. The mortgages are secured by Viewmont Mall, Francis Scott Key Mall and two of the Company's joint venture open-air assets, Court at Oxford Valley and Red Rose Commons, extending all of the Company's near term maturities.
Key terms of the financings include:
Viewmont Mall
$67.2 million
Term: 3 years with 1-year extension option
Interest at 3.6% over LIBOR
Francis Scott Key Mall
$60.5 million
Term: 3 years with 1-year extension option
Interest at 3.6% over LIBOR
Court at Oxford Valley
$27.5 million at Company's share
Term: 10 years
Interest is a fixed rate of 3.2%
Red Rose Commons
$17.0 million at Company's share
Term: 10 years
Interest is a fixed rate of 3.28%
"As we continue to experience momentum in our business, we are pleased to complete these refinancing transactions, which are key elements in PREIT's balance sheet repositioning as we move forward in executing on our plan to strengthen our portfolio with a transformative vision for our properties to create a more powerful business model," said Joseph F. Coradino, PREIT Chairman and CEO. "In addition to achieving our business plan NOI objectives, executing on maturity extensions and raising capital to ultimately reduce debt are key pillars of PREIT's plan to improve our balance sheet."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.
https://www.prnewswire.com/news-releases/preit-completes-key-steps-in-extending-debt-maturities-301323820.html
PREIT Celebrates the Strong Consumer and the Positive Implications for the Pace and Strength of Industry Recovery (6/23/21)
PHILADELPHIA, June 23, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate owner and developer, redefining the future of the mall with mixed-use districts, highlighted several factors contributing to its optimism about the recovery of its communities:
Traffic - During the month of May, traffic on average throughout PREIT's portfolio exceeded 90% of May 2019 levels. Five standout properties generated traffic of 105% of 2019 levels and continue to outperform 2019 today.
In particular, Patrick Henry Mall continues to attract a broader consumer base than pre-pandemic, registering 104% of 2019 traffic on a year-to-date basis. The dominant enclosed shopping center on the Hampton Roads peninsula, Patrick Henry Mall is the only enclosed mall between Norfolk and Richmond. Since it's reopening, comparable tenants have registered double-digit sales growth, on average.
Sales – Over 50% of PREIT's managed properties generated sales growth over the comparable period prior to the mall closures. Capital City Mall and Magnolia Mall, both dominant in their markets, have generated particularly impressive sales growth, reflecting their winner-take-all status.
Occupancy – Over 700,000 square feet of new space has been signed for occupancy, representing over 150% of 2019 volumes. This includes a healthy mix of traditional mall retailers, emerging retailers, new-to-portfolio, clicks-to-bricks brands and non-traditional uses. Importantly, PREIT's growing pipeline of executed transactions represented over $8.3 million in annualized future revenue as of March 31, 2021.
Collections- continuing a trend of tenant business improvement and repayment of deferred rents, PREITs cash collections have continued to be strong, recovering amounts agreed to be paid later. In April and May, cash collected represented 149% and 119% of billed rents, respectively.
"We're excited to welcome customers back to tactile, in-person experiences that have been largely unavailable to them over the last year and a half. Seeing statistics outpacing 2019 numbers paints a telling picture for the future of this business," said Joseph F Coradino, CEO of PREIT. "Our transformative vision for properties previously conceived as traditional malls, strategically reimagining them as lifestyle destinations for consumers seeking one-stop for their daily needs should result in continuing to strengthen our community hubs, generating strong results for all stakeholders."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.
https://www.prnewswire.com/news-releases/preit-celebrates-the-strong-consumer-and-the-positive-implications-for-the-pace-and-strength-of-industry-recovery-301317765.html
Thank you for the insight.
I know that I was in the dark.
It is interesting that he chose to mention two REITs in which I had capital deployed. I sold both PEI and WPG common shares.
I sold 85 percent of my PEI holdings, keeping the shares that are covering July 2 calls. My PEI stake was purchased in stage II of the bankruptcy.
The spike in WPG was only a partial recovery.
Thank you, Mr. Meade.
Anticipate the opportunity to buy back PEI at lower levels next week.
I'm heading in a different direction with WPG.
No dog in the fight here, but Will Meade is a fraud and has many of us blocked on Twitter for calling him out over time. So proceed with caution.
* * $PEI Video Chart 06-02-2021 * *
Link to Video - click here to watch the technical chart video
On Tuesday afternoon, Will Meade, self-described as a former hedge fund manager, posted on Twitter that PREIT is one of the "cheapest re-opening plays left."
$PEI is the next $AHT and or $WPG
A mall REIT that is now one of the cheapest re-opening plays left
Will Meade
@realwillmeade
PEI is running high these days. holding long...still very likely a LT bargain.
-p
Nice piece:
https://finance.yahoo.com/news/preit-reports-robust-leasing-activity-105500725.html
Very long.
/p
Completely agree. This is a hold for now. Closed up, despite the fiscals. Preferreds have to get paid the backlog, then the dividend to common returns. Another quarter of recovery and stimulus should do nicely.
-p
It's trying to hold $2 today, but too early to tell. After reading the earnings report released last night (Cliffs note version for Q4 66.6 million revenue, 51.4 million Operating Expense, 30 million interest paid) I wanted to sell. The conference call provides some hope they can work through these times and survive/thrive in the future.
PREIT Completes Key Step in Financial Restructuring, Extending Maturity Date of Mortgage Loan Secured by Woodland Mall (2/11/21)
PHILADELPHIA, Feb. 11, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading owner and operator of distinctive real estate in high barrier-to-entry markets, today announced that it has entered into an amendment to the mortgage loan secured by Woodland Mall, one of the Company's key redevelopment projects opened in 2019. This amendment marks a key step in the Company's balance sheet repositioning effort.
Key terms of the amendment include:
Maturity date extension to 12/10/21 with a 12-month extension option;
Interest rate revisions;
Guaranty reduced to $10 million with restrictions on lenders exercising rights and remedies.
Woodland Mall opened its highly anticipated expansion wing in October 2019, featuring a vibrant lineup of tenants, resulting in double-digit traffic growth over the recent holiday season. The mall is home to the only Von Maur, Apple, Urban Outfitters, and REI locations in West Michigan. Shoppers would need to travel over 100 miles to find another tenant lineup that includes Sephora, Williams-Sonoma, Lush, Pottery Barn, Von Maur and Altar'd State.
"Completing this transaction is a key step in PREIT's balance sheet repositioning as we move forward in executing on or plan to strengthen our portfolio of distinctive real estate through the addition of a unique mix of uses to create a more powerful business model," said Joseph F. Coradino, PREIT Chairman and CEO.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust (REIT) that owns and manages distinctive real estate in high barrier-to-entry markets at the forefront of enabling communities through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at preit.com or on Twitter or LinkedIn.
https://www.prnewswire.com/news-releases/preit-completes-key-step-in-financial-restructuring-extending-maturity-date-of-mortgage-loan-secured-by-woodland-mall-301226665.html
PREIT Executes 90,000 Square Foot Lease for Self Storage Facility at Mall at Prince George's (2/02/21)
Transaction highlights PREITs ingenuity in transforming underutilized space, that had never been occupied before, and delivering a broad array of uses
PHILADELPHIA, Feb. 2, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of distinctive real estate in high barrier-to-entry markets, today announced that is has signed a new lease for a self storage facility at Mall at Prince George's in Hyattsville, MD. The site will be developed by Poverni Sheikh Group, LLC, it's 10th self-storage project in the Mid-Atlantic. The approximately 90,000 square foot facility of drive-in sub grade space is expected to open in Q1 2022, delivering a new source of non-retail revenue.
Located just outside of Washington DC, the property is perfectly situated to benefit from growth in the region, along the Metro line and approximately 15 miles from Amazon HQ2 in Crystal City. In densely populated Hyattsville, MD, MPG is surrounded by a growing trade area where household incomes exceed the US average by over 15 percent. Nearly $1 billion has been invested in the region over the past several years on high quality housing and office development, underscoring the immense potential for a growing shopper community.
PREIT is focused on reinventing its platform by creating a diverse and expansive environment, marked by a healthy mix of uses that capitalize on bullseye locations to produce a broader consumer base, create stronger business models and provide greater market flexibility. This amenity adds to the broad array of attractions already at MPG, including attractive quick-serve dining options Chipotle, Five Guys, & Pizza, Mezeh Mediterranean; full service dining offerings Miller's Ale House and Outback Steakhouse; Fitness facility Planet Fitness, complementing the sought after retail offerings H&M, ULTA, DSW, Target, Marshall's, Ross Dress for Less, among others.
Eugene Poverni, CEO of Poverni Sheikh Group, LLC commented, "We're excited to have our second Prince George's County self-storage location in such a vibrant, retail rich environment and look forward to being an amenity for the community at-large."
Poverni Sheikh Group, LLC is a 30-person vertically integrated real estate company with in-house development, construction, bridge lending and property management platforms, with a particular emphasis on the self-storage and multifamily real estate sectors. The Company has developed in excess of $250m of real estate across 15+ projects and lent over $100m to its borrowers since the Company's 2012 inception. Poverni Sheikh Group, LLC was represented by John Leskow of Savills Inc, a national real estate firm specializing in tenant representation.
"This new addition is the perfect example of our value-add approach to our portfolio in a dynamic environment, turning unused space into a storage facility in a market dense with new apartment homes," said Joseph F. Coradino, CEO of PREIT. "This is yet another example of PREIT's progress in its plan to maximize the value of its distinctive real estate portfolio through the introduction of the highest and best uses available across its portfolio, enhancing strong assets in a great markets."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages distinctive real estate in high barrier-to-entry markets at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.
https://www.prnewswire.com/news-releases/preit-executes-90-000-square-foot-lease-for-self-storage-facility-at-mall-at-prince-georges-301219895.html
PREIT and CBRE Join Forces to Chart New Future for Plymouth Meeting Mall (1/28/21)
Ideally-Situated Asset Creates Opportunity for Vast Array of Uses
HILADELPHIA, Jan. 28, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of distinctive real estate in high barrier-to-entry markets, today announced that the Company has engaged CBRE to help execute its vision to bring a multitude of new uses to Plymouth Meeting Mall as the Company furthers its strategy of transforming its portfolio into multi-use destinations.
Located at the intersection of the Pennsylvania Turnpike, Interstate 476, and the Northeast Extension with over 90 million cars passing the property annually, Plymouth Meeting Mall offers a differentiated experience to an expanded trade area. The property counts among its offerings one of 9 LEGOLAND Discovery Center locations in the country; Whole Foods; Dave & Buster's; a renovated AMC Movie Theatre; Cyclebar, an indoor cycling studio; five existing sit-down restaurants and quick service food options. Today, nearly half of the property's space is dedicated to dining and entertainment, underscoring PREIT's early adoption of these experiential offerings to reimagine the retail experience.
As part of its efforts to drive the quality of its portfolio and upgrade anchor spaces, Plymouth Meeting Mall has welcomed over 200,000 square feet of new retail, dining and experiential concepts to its tenant mix at Plymouth Meeting Mall recently, including: Dick's Sporting Goods, Burlington, Miller's Ale House, Edge Fitness, Michael's, Sola Salon and Restore Hyperwellness & Cryotherapy, Ideal Image, Roll by Goodyear and Plymouth Performing Arts. Upon opening in early February, Shake Shack will become the newest addition to this dynamic roster.
"PREIT has retained the broad enterprise resources of CBRE to source development and investment partners in non-retail sectors including life sciences, biotech, education and others as well as conventional office users that will take advantage of the region-leading location, access, and strong retail amenity base," according to Steven Gartner, Executive Vice President of CBRE, who's leading the company's multidisciplinary team.
"Through smart integration of non-retail uses alongside our array of retail segments and entertainment, dining, grocery, wellness and fitness, PREIT is committed to its plan to maximize the value of its distinctive real estate portfolio through the introduction of the highest and best uses available across its portfolio," said Joseph F. Coradino, CEO of PREIT.
This effort complements PREIT's multi-use destination effort already underway. Plymouth Meeting Mall is expected to benefit from Company's plan to diversify the mix of uses at its mall sites to produce a broader consumer base, create stronger business models and provide greater market flexibility. Like many of PREIT's Philadelphia and DC-area properties, Plymouth Meeting Mall is ideally situated for a new mix of uses with tremendous access to roadways and an amenity-rich platform.
Coradino continued, "Our foresight has shaped a high-quality real estate portfolio with a strong retail core that attracts a distinctive mix of new uses to redefine the future-ready retail and leisure district. The synergistic additions of office users will benefit our existing tenants and communities by increasing visits to the property and delivering a new customer."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.
About CBRE
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
https://www.prnewswire.com/news-releases/preit-and-cbre-join-forces-to-chart-new-future-for-plymouth-meeting-mall-301217721.html
Not going anywhere, anytime soon.
Oh yea. Thinking to sell cost shares when it is up four times cost....not a minute sooner and maybe not even then, when it'll still be under book value per share.
-p
Exercised them, I wasn't online to sell to close when they were worth .50-.60, so I will hold them longer term.
What did you do on your calls?
Great week. Faster than I thought it'd be. Hanging onto cost shares still, as the upside still remains substantial.
-p
I hope it continues more, I have some calls to sell or exercise tomorrow.
Love it. I see 1-2 more days of upside. Stochastics.
It's a good company, it was way undervalued, should do well this year.
Great call here on $PEI. I'm just riding my freebies now.
It looks my common position will be a little smaller next week after the Jan $1 calls get exercised.
PREIT Regains Compliance with NYSE Continued Listing Standards (1/05/21)
HILADELPHIA, Jan. 5, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, today announced that it received written notification from the New York Stock Exchange (the "NYSE") that it has regained compliance with the NYSE continued listing standards.
"We are pleased to have regained compliance with all NYSE listing requirements," said Joseph F. Coradino, CEO of PREIT. "We remain focused on execution of our strategic plan to strengthen the Company and create value by re-establishing our portfolio as multi-use destinations."
As previously disclosed, on September 25, 2020, the Company received formal notice from the NYSE that it was not in compliance with the NYSE's continued listing standards as a result of the average closing price of the Company's common shares being less than $1.00 per share over a consecutive 30 trading-day period.
The Company regained compliance after its closing share price on December 31, 2020 and its average closing share price for the 30 trading-day period ended December 31, 2020 both exceeded $1.00. Accordingly, the Company has resumed compliance under the NYSE continued listing standards.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.
https://www.prnewswire.com/news-releases/preit-regains-compliance-with-nyse-continued-listing-standards-301201387.html
Tax loss selling over and we stayed over a dollar, so expect a rise next week.
How prescient! I see a C11 document popped on resolution. Monday should be interesting....
-p
Don’t expect any wide swings until the last hour of trading today.
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