Daily News | A mall owner’s pandemic hangover | Morning Newsletter
It isn’t the best time to be the largest mall owner in Pennsylvania, especially with a debt load nearing $1 billion due at the end of 2023.
The Pennsylvania Real Estate Investment Trust is repositioning itself after a year with the fastest interest rate increase in decades, and the continued struggles of the larger mall industry despite strong general retail sales.In 2020, PREIT executed a bankruptcy reorganization during the worst part of the pandemic. The company went on to sell its weak properties and diversify its offerings at its malls. But it still owes $996 million to its creditors in a challenging lending environment.
Despite the debt load, Joseph F. Coradino, CEO of PREIT, argues that many of its fundamentals are sound:across its holdings and runs over 4 million square feet of space in the Greater Philadelphia market alone.. After a sizable dip when many tenants closed during the pandemic, Coradino said, the malls are as lively as they were in 2019.in sales per square foot, compared to national trends, which range on average between $400 and $500 a square foot.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
When college influencers grow up | Morning NewsletterDaily News | When college influencers grow up | Morning Newsletter
Baca lebih lajut »
🌳 Taking the scenic route together | Outdoorsy NewsletterHappy National Trails Day. Get a quick guide to the Wissahickon Trail Classic run, hop on our kayak, and plan a snap-worthy trip.
Baca lebih lajut »
ComingSoon Newsletter: Spider-Man 4 Update, Fast & Furious Brings Back Dwayne Johnson
Baca lebih lajut »
Appeal planned after Ed Sheeran win over copyright infringement lawsuit involving 'Thinking Out Loud'NEW YORK — (NEW YORK) -- The family of Marvin Gaye's co-writer on 'Let's Get it On' intends to appeal a verdict in Manhattan federal court for Ed Sheeran, according to a court filing Thursday.
Baca lebih lajut »
Ed Sheeran fans delight as musician gets lesson in making cheesesteaksEnglish musician Ed Sheeran is in town for two shows, but excited fans got to catch a whole other side to the talented artist as he helped whip up Philadelphia’s famous cheesesteaks.
Baca lebih lajut »
Singer Ed Sheeran surprises Philadelphia fans with pop-up cheesesteak giveawaySheeran originally arrived in Philadelphia on Friday to perform at The Met.
Baca lebih lajut »