PREIT is looking to sell off two area malls as it works to generate cash ahead of a loan deadline, writes Paul Schwedelson for Philadelphia Business Journal.

The Exton Square Mall and Plymouth Meeting Mall are properties that could be sold, according to CFO Mario Ventresca In PREIT’s first quarter earnings call Thursday,

“We have continued to evaluate opportunities for asset sales, including Exton Square and Plymouth Meeting Mall as well as our out parcels,” Ventresca said. “However, we are not prepared to disclose details at this time.

PREIT owns the Springfield Mall, along with several other malls in the region.

It had an agreement with Brandywine Realty Trust to sell the Exton Square Mall for $28.8 million, but that deal fell through, according to the Business Journal. 

Selling property is a way for PREIT to pay down its debt, which as of the end of March had a balance of $995.8 million.

It has generated more than $140 million since the beginning of 2022 by selling off properties. It has paid down $190 million in debt.

PREIT has also considered selling the company or merging.

The Plymouth Meeting Mall is 89 percent occupied. The Exton Square Mall is 53 percent occupied.

Read more about PREIT in the Philadelphia Business Journal.