PHILADELPHIA, Feb. 21, 2018 /PRNewswire/ -- PREIT (NYSE:
PEI) raised over $30 million in
additional proceeds last week as the Company continues to execute
on its capital plan. The Company has closed on the sale of 214,000
square feet of office space at 907 Market Street, part of the
Fashion District Philadelphia, for $41.8
million, or $20.9 million at
the Company's share, and has received an additional $10.2 million in proceeds from the mortgage loan
on Viewmont Mall as a result of replacing Sears with Dick's, Field
& Stream and HomeGoods.
In January, the Company announced that it had secured the
funding to complete its redevelopment pipeline when it closed on a
new $250.0 million Term Loan secured
by a pledge of equity in certain entities that own Fashion District
Philadelphia, of which the Company is a 50% partner. Since
detailing its capital plan in January
2017, the Company has raised gross proceeds of over
$735.0 million, resulting in net
proceeds of over $490.0 million.
"PREIT continues to execute on our capital plan to improve our
liquidity position and strengthen our balance sheet," said
Joseph F. Coradino, CEO of PREIT.
"We will continue to redeploy the capital we raise into enhancing
our assets to drive traffic, sales and NOI and create value for
shareholders."
About PREIT
PREIT (NYSE:PEI) is a publicly
traded real estate investment trust that owns and manages quality
properties in compelling markets. PREIT's robust portfolio of
carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in the densely-populated eastern U.S. with concentrations
in the mid-Atlantic's top MSAs. Since 2012, the company has
driven a transformation guided by an emphasis on portfolio quality
and balance sheet strength driven by disciplined capital
expenditures. Additional information is available at www.preit.com
or on Twitter or LinkedIn.
CONTACT:
Heather
Crowell
SVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT