PREIT, a real estate firm that owns the Willow Grove Park Mall, Plymouth Meeting Mall, Exton Square Mall and the Cherry Hill Mall, among others, had a loss of almost $64 million in the third quarter, adding to its negative $1.1 billion balance, according to the Philadelphia Business Journal. PREIT has been negotiating a potential debt restructuring package with a lender group, but the Philadelphia-based company declined to share further details following the release of its quarterly earnings report. Since the start of 2023, PREIT has sold assets generating more than $30 million, including the Plymouth Meeting Whole Foods site for $27 million. The company has also explored selling the Plymouth Meeting and Exton Square malls to shore up cash, but that would make a small dent in the $1.1 billion debt that is due.
Source: Philadelphia Business Journal; 11/14/2023 & GlensideLocal.com; 11/16/2023