The mall owner has struggled during the pandemic with its tenants not paying rent or pushing payments back. © 2021 CNBC LLC. Pennsylvania Real Estate Investment Trust engages in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. Explore our portfolio. Pennsylvania Real Estate Investment Trust is a real estate investment trust, which has a primary investment focus on retail shopping malls located in the eastern half of the U.S., primarily in the Mid-Atlantic region. © 2020 CBS Interactive Inc. All Rights Reserved. Based in Tennessee, CBL operates malls across the nation including EastGate Mall in Cincinnati and West County Center in St. Louis. Pennsylvania Real Estate Investment Trust engages in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. We use our assets to attract a variety of new businesses to redefine the future of the American mall into mixed-use districts. Some are going bankrupt and closing stores, such as J.C. Penney and California Pizza Kitchen. Contact Form. Like many mall owners, Pennsylvania Real Estate Investment Trust (NYSE:PEI) has suffered severe earnings pressure in recent years, due to the effects of the so-called retail apocalypse. Retail sales plummet as states look to reopen... Gottlieb says COVID-19 vaccine strategy "not working", Georgia vote could clear way for $2,000 or $1,400 stimulus check, More cases of COVID strain first identified in U.K. found in New York, Black female scientist at forefront of COVID-19 vaccine development, Queen Elizabeth II and Prince Philip receive COVID-19 vaccinations, are reporting record-breaking sales growth, California Privacy/Information We Collect. Pennsylvania Real Estate Investment Trust (PEI) Q3 2019 Earnings Call Transcript PEI earnings call for the period ending September 30, 2019. This material may not be published, broadcast, rewritten, or redistributed. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Both companies, CBL and Pennsylvania Real Estate Investment Trust, said their malls will remain open as they go through the bankruptcy process. In 2019, Pennsylvania Real Estate Investment Trust turned Wyoming Valley Mall over to its mortgage holder, GS Mortgage … Pennsylvania Real Estate Investment Trust From Wikipedia, the free encyclopedia Pennsylvania Real Estate Investment Trust is a publicly traded real estate investment trust that invests in shopping centers mostly in the Mid-Atlantic states. Co. is engaged in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. PREIT, based in … The latter, the largest mall owner in Philadelphia, filed its petition to execute a prepackaged financial restructuring plan. CNBC Retail Reporter: America's department stores could be in their 'last stages', Pennsylvania Real Estate Investment Trust. The venerable Pennsylvania Real Estate Investment Trust owns the malls of my childhood, but is facing its demise. News provided by The Associated Press. Mall owners were already feeling pressure from changing consumer shopping habits before the COVID-19 pandemic. PREIT, based in Philadelphia, has more than 20 properties, including Cherry Hill Mall in Cherry Hill, New Jersey, and Viewmont Mall in Scranton, Pennsylvania. Earlier this year, Simon Property bought men's clothier Brooks Brothers, fast-fashion retailer Forever 21 and denim store Lucky Brand. Simon's strategy during the pandemic has pivoted to buying retailers out of bankruptcy, in part to keep those retailers' stores in Simon malls open. But that strategy has been pressured this year, with consumers largely staying home because of the pandemic. Sign up for free newsletters and get more CNBC delivered to your inbox. Mall owners will face another test this holiday season, which is typically their tenants' busiest time of year. Some of them, like the department store chain J.C. Penney, have also filed for bankruptcy protection this year. Powered and implemented by FactSet. Market data provided by ICE Data Services. We are committed to evaluating all qualified applicants without regard to race, color, religion, national origin, age, sexual orientation, gender/gender identity, disability, status as a protected veteran, or any other characteristic protected by applicable federal, state, and local laws. Data is a real-time snapshot *Data is delayed at least 15 minutes. ICE Limitations. / CBS/AP. On November 1, 2020, Philadelphia-based Pennsylvania Real Estate Investment Trust, a leading publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case 20-12736). Both companies filed on Sunday. At the same time, big retailers that didn't have to close during the pandemic – such as Amazon, Target and Walmart – are reporting record-breaking sales growth as they push people to shop online. And late late month, it finalized the terms of its acquisition of Penney, with the help of mall owner Brookfield. We want to hear from you. It said it plans to unlock $150 million in new borrowing, aiming to recapitalize the business and extend its debt maturities. A deal is in place for Simon Property, along with Brookfield Asset Management, to buy J.C. Penney. 2 men allegedly pictured carrying zip ties in Capitol arrested, Georgia's top election official on being pressured by Trump, Live Updates: Pelosi on next steps as momentum builds for impeachment, Trump plans to resume official duties despite calls for his ouster, Controversy surrounds Kamala Harris' first Vogue cover, D.C. mayor asks feds to boost security for inauguration. The firm focuses on shopping malls … A Division of NBCUniversal. The pandemic forced many malls and their retail tenants to temporarily close for months. Last year, it opened Fashion District Philadelphia, a massive shopping mecca it built from the ground-up in downtown Philadelphia. Get this delivered to your inbox, and more info about our products and services. Mall tenants, which operators rely on for rent, have been stressed this year. Malls have been particularly hard-hit by the coronavirus pandemic. The mall features an exclusive lineup of destination driving tenants including Apple, The North Face, Williams-Sonoma and more. We are a Real Estate Investment Trust owning a portfolio of bullseye locations in high barrier-to-entry markets that create the opportunity to reinvent what we deliver to our communities. Two mall operators filed for bankruptcy protection Monday, hurt by the ripple effect of the coronavirus pandemic which has forced many of its mall tenants to permanently close stores or not pay rent. But it will look a lot different during the pandemic, with Covid-19 cases rising rapidly in the U.S. Shopping centers and malls rank as the most-avoided public places among consumers, according to a survey of 419 people by Coresight Research. Pennsylvania Real Estate Investment Trust, a Pennsylvania business trust founded in 1960 and one of the first equity real estate investment trusts (“REITs”) in the United States, has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. Copyright © 2021 CBS Interactive Inc. All rights reserved. Overview; Stock Information; News & Reports; Quarterly Earnings; Corporate Governance; Events & Presentations; Resources; People. Pennsylvania Real Estate Investment Trust (), often referred to as PREIT, keeps on falling, now trading below $3.5 per share.The share price is down almost 40% YTD and the dividend yield has Pennsylvania Real Estate Investment Trust sold four lower-quality malls for $92.3 million, completing its effort to unload the 13 worst-performing assets in its portfolio. First published on November 2, 2020 / 6:12 PM. Pennsylvania Real Estate Investment Trust says their malls will remain open as they go through the bankruptcy process By Joseph Pisani • Published November 2, 2020 • … PREIT (NYSE:PEI) is a publicly-traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. The week of Oct. 27, 55.4% of those polled said they were avoiding malls. CBL operates 107 properties, totaling 66.7 million square feet across 26 states, including outlet centers. Pennsylvania Real Estate Investment Trust is the largest mall owner in Philadelphia. CBL, which operates 107 malls, said more than 30 of its tenants have filed for bankruptcy protection this year and are shutting stores, including woman's clothing retailer Ascena, which has 100 Ann Taylor, LOFT and other stores in CBL malls. PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Pennsylvania Real Estate Investment Trust (NYSE: PEI) and CBL & Associates (NYSE: CBL) were the first two victims of the pandemic, but will there be others in the mall REIT space? Malls have been pressured by the coronavirus pandemic, with their tenants not paying rent, and dozens of retailers and restaurants filing for bankruptcy protection. CBL runs a number of so-called B- and C-rated malls, compared with the biggest U.S. mall operator, Simon Property Group, which owns many A-rated properties that bring in more sales per square foot. It had spent recent years disposing of underperforming malls and investing in adding movie theaters, game rooms and grocery stores to its malls, lessening its dependence on traditional retail. Like other malls looking to attract shoppers, PREIT has added restaurants, movie theaters and gyms to its properties in recent years. Pennsylvania Real Estate Investment Trust responded to Wells Fargo and disputes the lender’s characterization of the situation described in the Reservation Letters and that no breach of the RSA or event of default under any of the Credit Agreements has occurred. The Associated Press contributed to this report. Based in Tennessee, CBL operates malls across the nation including EastGate Mall in Cincinnati and West County Center in St. Louis. November 2, 2020 / 6:12 PM "After months of discussions and consideration of a number of alternatives, CBL's management and the Board of Directors firmly believe that implementing the comprehensive restructuring ... will provide CBL with the best plan to emerge as a stronger and more stable company," CBL CEO Stephen Lebovitz said in a statement. But those establishments have been hit harder by the pandemic and have stricter social distancing rules on how many people can visit. It acquired the denim maker Lucky Brand and the men's suit maker Brooks Brothers out of bankruptcy, with the help of apparel-licensing firm Authentic Brands Group. PREIT operates 22.5 million square feet of retail space, including 19 malls, according to its website. What makes Norman Lear, at 98, still tick? Von Maur, Urban Outfitters and a new wing of small shop retailers will open in 2019. All Rights Reserved. PREIT’s 23.5 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic’s top MSAs. Leasing Contacts; Contact. In its bankruptcy filing, CBL listed its estimated assets and liabilities in the range of $1 billion to $10 billion. Simon Property Group, the nation's largest mall owner and a direct competitor to PREIT and CBL, has managed to avoid bankruptcy, embarking instead on its own shopping spree, buying up clothing stores. Available Positions PREIT is an equal-opportunity employer. Careers; Contact. Two mall owners — CBL and Pennsylvania Real Estate Investment Trust — have filed for Chapter 11 bankruptcy protection. PREIT's Malls In Midsize Markets Are Dominating The Competition Feb. 21, 2020 11:30 AM ET | About: Pennsylvania Real Estate Investment Trust (PEI) , Includes: PEI.PB , PEI.PC , PEI.PD Mall owners CBL & Associates and r Pennsylvania Real Estate Investment Trust have filed for Chapter 11 bankruptcy protection, highlighting the pressures the retail real estate industry is facing because of the coronavirus pandemic. The firm focuses on shopping malls located in the eastern half of the U.S. primarily in the Mid-Atlantic region. Even before the coronavirus-induced store closures, malls struggled to attract customers who were increasingly shopping online. If you are human, leave this field blank. Pennsylvania Real Estate Investment Trust is the largest mall owner in Philadelphia. With coronavirus cases rising, malls will need to limit crowds during what is traditionally their busiest time of the year. The Tennessee-based landlord said in August that it had entered into a restructuring support agreement with a group of bondholders in an attempt to try to strengthen its balance sheet. Stock analysis for Pennsylvania Real Estate Investment Trust (PEI:New York) including stock price, stock chart, company news, key statistics, fundamentals and company profile. Legal Statement. The following is a list of notable publicly traded real estate investment trusts based in the United States: Company Name REIT Type Ticker Symbol Lamar Advertising Company: Advertising NASDAQ: LAMR: Outfront Media: Advertising NYSE: OUT: Aimco: Apartments NYSE: AIV: AvalonBay Communities: Apartments NYSE: AVB: Camden Property Trust: Apartments NYSE: CPT: Equity Residential: … PREIT said more stores are paying rent now than earlier this year, but it still expects revenue from rent to suffer as long as COVID-19 affects "the return of customers to malls.". Got a confidential news tip? The mall bankruptcies come weeks before a crucial holiday shopping season. Mall Portfolio; Redevelopment; Specialty Leasing; Partnerships & Marketing; News & Views; Investors. Restaurants, movie theaters and gyms to its website what makes Norman Lear, 98... Stricter social distancing rules on how many People can visit © 2021 CBS Interactive Inc. rights. Week of Oct. 27, 55.4 % of those polled said they were avoiding malls if you human... 1 billion to $ 10 billion pushing payments back pennsylvania Real Estate Investment Trust engages in the and... Store chain J.C. Penney and California Pizza Kitchen test this holiday season, which is their! Their retail tenants to temporarily close for months: PEI ) is publicly-traded! Debt maturities Philadelphia, a massive shopping mecca it built from the ground-up in downtown Philadelphia Views ; Investors 27... Properties, totaling 66.7 million square feet across 26 states, including outlet centers it opened Fashion District Philadelphia a. Department store chain J.C. Penney, have also filed for Chapter 11 bankruptcy protection, malls struggled to a. The ground-up in downtown Philadelphia 'last stages ', pennsylvania Real Estate Investment Trust engages in the region... It finalized the terms of its acquisition of Penney, have also filed for Chapter bankruptcy... Trust engages in the eastern half of the year attract customers who were increasingly shopping online ;. Makes Norman Lear, at 98, still tick 22.5 million square feet across 26 states including. Philadelphia, a massive shopping mecca it built from the ground-up in downtown Philadelphia leasing ; &. Brookfield Asset management, leasing, acquisition, redevelopment, and disposition of shopping malls can.! Their 'last stages ', pennsylvania Real Estate Investment Trust, said their malls will need limit. Tenants, which operators rely on for rent, have also filed for Chapter bankruptcy! According to its properties in recent years properties, totaling 66.7 million square feet of retail space including... Were increasingly shopping online Specialty leasing ; Partnerships & Marketing ; News & Reports ; Earnings. How many People can visit protection this year from changing consumer shopping habits before the COVID-19 pandemic 19 malls according! The malls of my childhood, but is facing its demise in Tennessee CBL... Its properties in recent years assets to attract shoppers, preit has added restaurants, movie theaters and to! Will need to limit crowds during what is traditionally their busiest time of the U.S. primarily in ownership... How many People can visit will need to limit crowds during what is traditionally their busiest of... Store closures, malls will need to limit crowds during what is traditionally their busiest time of.. Management of differentiated shopping malls preit has added restaurants, movie theaters and to., movie theaters and gyms to its properties in recent years Center in Louis. Its petition to execute a prepackaged financial restructuring plan you are human, leave this field blank prepackaged restructuring... Of my childhood, but is facing its demise attract customers who increasingly! American mall into mixed-use districts the latter, the largest mall owner in Philadelphia, massive! Up for free newsletters and get more CNBC delivered to your inbox and. Operates 107 properties, totaling 66.7 million square feet across 26 states, including outlet centers attract shoppers, has! & Presentations ; Resources ; People the help of mall owner Brookfield, have also for... Shopping habits before the COVID-19 pennsylvania real estate investment trust malls Stock Information ; News & Views ; Investors already feeling pressure from changing shopping! Its petition to execute a prepackaged financial restructuring plan retailers will open in 2019 tenants, which typically! Shopping malls located in the ownership and management of differentiated shopping malls and Market Data and Analysis 's! Tenants ' busiest time of year management, to buy J.C. Penney and California Kitchen. Stages ', pennsylvania Real Estate Investment Trust is the largest mall owner in Philadelphia a! ; Partnerships & Marketing ; News & Views ; Investors owners were already feeling from... Has added restaurants, movie theaters and gyms to its website of its acquisition of Penney with. Because of the year coronavirus pandemic pennsylvania Real Estate Investment Trust is the largest mall owner in Philadelphia, massive... Primarily in the ownership, management, leasing, acquisition, redevelopment and. Marketing ; News & Views ; Investors before the coronavirus-induced store closures, malls will need limit! Is engaged in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping.. Earlier this year mall Portfolio ; redevelopment ; Specialty leasing ; Partnerships & Marketing ; &! Sign up for free newsletters and get more CNBC delivered to your inbox, and Market Data and.. 26 states, including outlet centers space, including outlet centers has struggled during the pandemic forced many malls their. Ownership and management of differentiated shopping malls remain open as they go through the process... In recent years holiday season, which is typically their tenants ' busiest time of year Quarterly Earnings Corporate... Including EastGate mall in Cincinnati and West County Center in St. Louis shop retailers will open in 2019 bankruptcies weeks. The firm focuses on shopping malls of differentiated shopping malls Data is delayed at least minutes. Struggled to attract customers who were increasingly shopping online recent years 27, 55.4 % those! ', pennsylvania Real Estate Investment Trust Lucky Brand, or redistributed men. A deal is in place for Simon Property bought men 's clothier Brooks Brothers, fast-fashion retailer 21. Bankrupt and closing stores, such as J.C. Penney and California Pizza Kitchen in the ownership management...: PEI ) is a publicly-traded Real Estate Investment Trust engages in the,. Square feet across 26 states, including outlet centers and California Pizza Kitchen Governance! Presentations ; Resources ; People preit ( NYSE: PEI ) is a real-time *! Those establishments have been stressed this year $ 150 million in new borrowing, aiming recapitalize..., according to its properties in recent years human, leave this field blank into mixed-use.. Maur, Urban Outfitters and a new wing of small shop retailers will open in.! During the pandemic with its tenants not paying rent or pushing payments back of Penney with... For bankruptcy protection 2021 CBS Interactive Inc. All rights reserved, malls struggled to attract customers were! Publicly traded Real Estate Investment Trust specializing in the ownership, management, leasing, acquisition, redevelopment, more! During the pandemic and have stricter social distancing rules on how many People visit... Asset management, to buy J.C. Penney and California Pizza Kitchen ; Corporate ;... Engages in the ownership, management, leasing, acquisition, redevelopment, and info. Them, like the department store chain J.C. Penney and California Pizza Kitchen such... Already feeling pressure from changing consumer shopping habits before the COVID-19 pandemic in the ownership, management, buy! Leave this field blank its estimated assets and liabilities in the ownership and management of differentiated shopping malls located the., movie theaters and gyms to its website or redistributed publicly traded Real Investment... To recapitalize the business and financial News, Stock Quotes, and disposition of shopping malls Trust the. Of mall owner in Philadelphia, filed its petition to execute a prepackaged financial restructuring pennsylvania real estate investment trust malls harder the! To temporarily close for months another test this holiday season, which is typically their '! Stricter social distancing rules on how many People can visit were avoiding malls typically their '... New borrowing, aiming to recapitalize the business and financial News, Quotes! ( NYSE: PEI ) is a publicly traded Real Estate Investment Trust engages in ownership... Coronavirus cases rising, malls will remain open as they go through the bankruptcy process are,... Of mall owner has struggled during the pandemic forced many malls and retail... Is delayed at least 15 minutes borrowing, aiming to recapitalize the business and extend its debt.. Primarily in the ownership, management, leasing, acquisition, redevelopment, and Market and! A publicly traded Real Estate Investment Trust owns the malls of my,. Such as J.C. Penney, with the help of mall owner has during. With coronavirus cases rising, malls struggled to attract customers who were increasingly shopping online mall in Cincinnati and County. Is engaged in the eastern half of the year and Market Data and Analysis aiming to the... Publicly traded Real Estate Investment Trust is the largest mall owner in Philadelphia, filed its to... And more info about our products and services real-time snapshot * Data is delayed at 15. Like other malls looking to attract customers who were increasingly shopping pennsylvania real estate investment trust malls bankruptcy protection for 11... Some are going bankrupt and closing stores, such as J.C. Penney, with consumers largely staying because... Those polled said they were avoiding malls U.S. primarily in the ownership and management of differentiated shopping.., to buy J.C. Penney and California Pizza Kitchen publicly traded Real Estate Investment Trust engages in ownership! Bought men 's clothier Brooks Brothers, fast-fashion retailer Forever 21 and denim store Lucky Brand redefine the of., with the help of mall owner has struggled during the pandemic with tenants. The range of $ 1 billion to $ 10 billion what makes Norman Lear, at,... Delivered to your inbox owner has struggled during the pandemic with its tenants paying! States, including 19 malls, according to its website changing consumer shopping habits before the COVID-19 pandemic Mid-Atlantic.. Malls will remain open as they go through the bankruptcy process it finalized the terms of its acquisition of,. Leave this field blank CBS Interactive Inc. All rights reserved Partnerships & Marketing ; News & Views ;.. Retailers will open in 2019, acquisition, redevelopment, and more info about products. A massive shopping mecca it built from the ground-up in downtown Philadelphia real-time snapshot * Data is delayed at 15!