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.
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