Sale of 907 Market Office Space Complete
Expansion of Viewmont Mall Borrowings From Value-Creating Redevelopment
Philadelphia, PA, February 21, 2018 – PREIT (NYSE: PEI) raised over $30 million in additional proceeds last week as the Company continues to execute on its capital plan. The Company has closed on the sale of 214,000 square feet of office space at 907 Market Street, part of the Fashion District Philadelphia, for $41.8 million, or $20.9 million at the Company’s share, and has received an additional $10.2 million in proceeds from the mortgage loan on Viewmont Mall as a result of replacing Sears with DICK’S Sporting Goods, Field & Stream and HomeGoods .
In January, the Company announced that it had secured the funding to complete its redevelopment pipeline when it closed on a new $250.0 million Term Loan secured by a pledge of equity in certain entities that own Fashion District Philadelphia, of which the Company is a 50% partner. Since detailing its capital plan in January 2017, the Company has raised gross proceeds of over $735.0 million, resulting in net proceeds of over $490.0 million.
PREIT continues to execute on our capital plan to improve our liquidity position and strengthen our balance sheet. We will continue to redeploy the capital we raise into enhancing our assets to drive traffic, sales and NOI and create value for shareholders.
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT’s robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely-populated eastern U.S. with concentrations in the mid-Atlantic’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.