PREIT, Springfield Mall Owner, Explores Sale or Merger

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PREIT CEO Joseph Coradino,
Image via PREIT
PREIT CEO Joseph Coradino,

PREIT, the owner of the Springfield Mall and several other malls in the Philadelphia region, is exploring a possible merger or sale, writes Paul Schwedelson for Philadelphia Business Journal.

 Chairman and CEO Joseph Coradino made the announcement during a third-quarter earnings call Tuesday.

The Pennsylvania Real Estate Investment Trust had a net loss of $71.3 million for the three months ending Sept. 30. 

In 2021, it lost $38.4 million in the same period.

“Our plan is to spend the coming year exploring all possible options available to the company as our credit facility matures,” Joseph Coradino said, “including refinancing, merger, sale, joint ventures or selling high-quality assets and more.”

It’s been rough going for PREIT since the early days of the COVID-19 pandemic.  Back in May 2020, the company had “substantial doubt” it could even survive.

PREIT voluntarily filed for Chapter 11 bankruptcy protection in November 2020 and emerged a month later.

Coradino described the company as being in a “significantly improved position” compared with last quarter, with the sale of $110 million in assets, paying down $148 million in debt and extending its credit facility maturity date.

 Read more about PREIT’s current finances and future plans at Philadelphia Business Journal.

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