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

[Enterprising Investor]

PREIT Successfully Achieves Extension of Credit Facilities (12/08/22)

Asset Values Documented in Connection with Credit Facilities Extension Acknowledge Substantial Portfolio Transformation

PHILADELPHIA, Dec. 8, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced meaningful balance sheet improvements through successfully extending its Credit Facilities.

PREIT is pleased to announce that it has successfully met all of the requirements to exercise the one-year extension of its first and second lien Credit Facilities and has concluded the extension process. The required conditions to extend the Credit Facilities have all been satisfied and supporting documentation submitted to the lender group. As it relates to satisfaction of the conditions, the Company:

- Significantly exceeded the Minimum Liquidity requirement of $35 million;

- Achieved Corporate Debt Yield well above 8% minimum requirement; and

- Demonstrated a loan-to-value ratio well below 105% for the properties securing the Credit Facilities.

- The Credit Facilities' extended maturity date is December 10, 2023.

Year-to-date, the Company has sold assets generating over $110 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $148 million through October 31, 2022.

"We are pleased to have surpassed all of the requirements to successfully extend the maturity date on our Credit Facilities," said Joseph F. Coradino, Chairman and CEO of PREIT. "Having executed on asset sales and improved operations to retain excess cash, we have successfully paid down debt. As a result of these initiatives, we believe our balance sheet is in a significantly improved position with continued improvement remaining a top priority."

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-successfully-achieves-extension-of-credit-facilities-301698369.html