Pennsylvania R.E.I.T. (PRETQ)

[Enterprising Investor]

PREIT Closes on Sale of Interest in Gloucester Premium Outlets, Reducing Debt by $35.4 Million (6/23/22)

Marks key step in executing on the Company's capital plan

PHILADELPHIA, June 23, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced that it has sold its 25% interest in the entity that owns Gloucester Premium Outlets.

The gross consideration to the Company from this transaction was $35.4 million, consisting of $14 million in cash plus $21.4 million of debt reduction, following assumption by the buyer. The cash portion of the proceeds were used to pay down the Company's senior credit facility. This transaction represents a portion of the asset sale pipeline referenced in conjunction with the Company's first quarter 2022 earnings release dated May 5, 2022 with $275 million of transactions in process.

"We continue to seek creative ways to harvest capital throughout our optimally-located platform," said Joseph F. Coradino, Chairman and CEO of PREIT. "We are intently focused on reducing debt, improving our balance sheet and executing on meaningful transactions in the near-term as we plan to exercise the one year extension of our credit facility."

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. 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-closes-on-sale-of-interest-in-gloucester-premium-outlets-reducing-debt-by-35-4-million-301573536.html