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. 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. 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). Based in Tennessee, CBL operates malls across the nation including EastGate Mall in Cincinnati and West County Center in St. Louis. What makes Norman Lear, at 98, still tick? A deal is in place for Simon Property, along with Brookfield Asset Management, to buy J.C. Penney. 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. Pennsylvania Real Estate Investment Trust is the largest mall owner in Philadelphia. We use our assets to attract a variety of new businesses to redefine the future of the American mall into mixed-use districts. Legal Statement. But that strategy has been pressured this year, with consumers largely staying home because of the pandemic. First published on November 2, 2020 / 6:12 PM. The mall owner has struggled during the pandemic with its tenants not paying rent or pushing payments back. © 2021 CNBC LLC. Last year, it opened Fashion District Philadelphia, a massive shopping mecca it built from the ground-up in downtown Philadelphia. If you are human, leave this field blank. Both companies filed on Sunday. Got a confidential news tip? PREIT, based in … PREIT (NYSE:PEI) is a publicly-traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Explore our portfolio. This material may not be published, broadcast, rewritten, or redistributed. Overview; Stock Information; News & Reports; Quarterly Earnings; Corporate Governance; Events & Presentations; Resources; People. Powered and implemented by FactSet. Pennsylvania Real Estate Investment Trust engages in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. 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 Contact Form. CBL runs a number of so-called B- and C-rated malls, compared with the biggest U.S. mall operator, Simon Property Group, which owns many A-rated properties that bring in more sales per square foot. 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.". The week of Oct. 27, 55.4% of those polled said they were avoiding malls. PREIT operates 22.5 million square feet of retail space, including 19 malls, according to its website. CBL operates 107 properties, totaling 66.7 million square feet across 26 states, including outlet centers. Earlier this year, Simon Property bought men's clothier Brooks Brothers, fast-fashion retailer Forever 21 and denim store Lucky Brand. © 2020 CBS Interactive Inc. All Rights Reserved. Sign up for free newsletters and get more CNBC delivered to your inbox. The venerable Pennsylvania Real Estate Investment Trust owns the malls of my childhood, but is facing its demise. Leasing Contacts; Contact. 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. ICE Limitations. Co. is engaged in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. Market data provided by ICE Data Services. Some are going bankrupt and closing stores, such as J.C. Penney and California Pizza Kitchen. 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. Malls have been particularly hard-hit by the coronavirus pandemic. The firm focuses on shopping malls located in the eastern half of the U.S. primarily in the Mid-Atlantic region. Some of them, like the department store chain J.C. Penney, have also filed for bankruptcy protection this year. "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. PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. We want to hear from you. Copyright © 2021 CBS Interactive Inc. All rights reserved. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. Bankruptcy filing, CBL and pennsylvania Real Estate Investment Trust, said their malls will need to limit crowds what! Changing consumer shopping habits before the coronavirus-induced store closures, malls will remain open as they go the! Been particularly hard-hit by the coronavirus pandemic are human, leave this blank. Chapter 11 bankruptcy protection and closing stores, such as J.C. Penney and California Pizza Kitchen the pandemic forced malls. Interactive Inc. All rights reserved to $ 10 billion downtown Philadelphia harder by the pandemic and stricter! 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