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. Mall owners will face another test this holiday season, which is typically their tenants' busiest time of year. Even before the coronavirus-induced store closures, malls struggled to attract customers who were increasingly shopping online. The venerable Pennsylvania Real Estate Investment Trust owns the malls of my childhood, but is facing its demise. The firm focuses on shopping malls located in the eastern half of the U.S. primarily in the Mid-Atlantic region. Pennsylvania Real Estate Investment Trust engages in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. "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. Based in Tennessee, CBL operates malls across the nation including EastGate Mall in Cincinnati and West County Center in St. Louis. The mall bankruptcies come weeks before a crucial holiday shopping season. 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 Both companies filed on Sunday. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. 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. CBL operates 107 properties, totaling 66.7 million square feet across 26 states, including outlet centers. Mall tenants, which operators rely on for rent, have been stressed this year. Copyright © 2021 CBS Interactive Inc. All rights reserved. Malls have been particularly hard-hit by the coronavirus pandemic. The firm focuses on shopping malls … 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. PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. A deal is in place for Simon Property, along with Brookfield Asset Management, to buy J.C. Penney. Last year, it opened Fashion District Philadelphia, a massive shopping mecca it built from the ground-up in downtown Philadelphia. The Associated Press contributed to this report. Careers; Contact. 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. Overview; Stock Information; News & Reports; Quarterly Earnings; Corporate Governance; Events & Presentations; Resources; People. 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. In its bankruptcy filing, CBL listed its estimated assets and liabilities in the range of $1 billion to $10 billion. Contact Form. 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. ICE Limitations. In 2019, Pennsylvania Real Estate Investment Trust turned Wyoming Valley Mall over to its mortgage holder, GS Mortgage … But those establishments have been hit harder by the pandemic and have stricter social distancing rules on how many people can visit. 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. Some of them, like the department store chain J.C. Penney, have also filed for bankruptcy protection this year. News provided by The Associated Press. The mall features an exclusive lineup of destination driving tenants including Apple, The North Face, Williams-Sonoma and more. A Division of NBCUniversal. Two mall owners — CBL and Pennsylvania Real Estate Investment Trust — have filed for Chapter 11 bankruptcy protection. Available Positions PREIT is an equal-opportunity employer. The mall owner has struggled during the pandemic with its tenants not paying rent or pushing payments back. 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. But that strategy has been pressured this year, with consumers largely staying home because of the pandemic. 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. We want to hear from you. With coronavirus cases rising, malls will need to limit crowds during what is traditionally their busiest time of the year. It said it plans to unlock $150 million in new borrowing, aiming to recapitalize the business and extend its debt maturities. Pennsylvania Real Estate Investment Trust is the largest mall owner in Philadelphia. 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: … Based in Tennessee, CBL operates malls across the nation including EastGate Mall in Cincinnati and West County Center in St. Louis. / CBS/AP. 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. PREIT, based in … Leasing Contacts; Contact. Pennsylvania Real Estate Investment Trust is the largest mall owner in Philadelphia. The week of Oct. 27, 55.4% of those polled said they were avoiding malls. 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. This material may not be published, broadcast, rewritten, or redistributed. Got a confidential news tip? PREIT (NYSE:PEI) is a publicly-traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Earlier this year, Simon Property bought men's clothier Brooks Brothers, fast-fashion retailer Forever 21 and denim store Lucky Brand. PREIT, based in Philadelphia, has more than 20 properties, including Cherry Hill Mall in Cherry Hill, New Jersey, and Viewmont Mall in Scranton, Pennsylvania. Both companies, CBL and Pennsylvania Real Estate Investment Trust, said their malls will remain open as they go through the bankruptcy process. And late late month, it finalized the terms of its acquisition of Penney, with the help of mall owner Brookfield. What makes Norman Lear, at 98, still tick? Von Maur, Urban Outfitters and a new wing of small shop retailers will open in 2019. 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). Explore our portfolio. Mall owners were already feeling pressure from changing consumer shopping habits before the COVID-19 pandemic. The latter, the largest mall owner in Philadelphia, filed its petition to execute a prepackaged financial restructuring plan. PREIT operates 22.5 million square feet of retail space, including 19 malls, according to its website. 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. Pennsylvania Real Estate Investment Trust engages in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. First published on November 2, 2020 / 6:12 PM. 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. 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. 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.". Malls have been pressured by the coronavirus pandemic, with their tenants not paying rent, and dozens of retailers and restaurants filing for bankruptcy protection. 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. Powered and implemented by FactSet. 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. November 2, 2020 / 6:12 PM Co. is engaged in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. If you are human, leave this field blank. We use our assets to attract a variety of new businesses to redefine the future of the American mall into mixed-use districts. 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. Pennsylvania Real Estate Investment Trust (PEI) Q3 2019 Earnings Call Transcript PEI earnings call for the period ending September 30, 2019. 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