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Friday, July 02, 2021 10:44:09 AM

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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
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