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. We use our assets to attract a variety of new businesses to redefine the future of the American mall into mixed-use districts. Got a confidential news tip? Available Positions PREIT is an equal-opportunity employer. We want to hear from you. Based in Tennessee, CBL operates malls across the nation including EastGate Mall in Cincinnati and West County Center in St. Louis. CNBC Retail Reporter: America's department stores could be in their 'last stages', Pennsylvania Real Estate Investment Trust. PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. 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. The week of Oct. 27, 55.4% of those polled said they were avoiding malls. Both companies, CBL and Pennsylvania Real Estate Investment Trust, said their malls will remain open as they go through the bankruptcy process. A Division of NBCUniversal. PREIT, based in … Contact Form. 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 Sign up for free newsletters and get more CNBC delivered to your inbox. Pennsylvania Real Estate Investment Trust (NYSE: PEI) and CBL & Associates (NYSE: CBL) were the first two victims of the pandemic, but will there be others in the mall REIT space? A deal is in place for Simon Property, along with Brookfield Asset Management, to buy J.C. Penney. But that strategy has been pressured this year, with consumers largely staying home because of the pandemic. Pennsylvania Real Estate Investment Trust (PEI) Q3 2019 Earnings Call Transcript PEI earnings call for the period ending September 30, 2019. Mall owners were already feeling pressure from changing consumer shopping habits before the COVID-19 pandemic. PREIT operates 22.5 million square feet of retail space, including 19 malls, according to its website. Malls have been pressured by the coronavirus pandemic, with their tenants not paying rent, and dozens of retailers and restaurants filing for bankruptcy protection. Leasing Contacts; Contact. Overview; Stock Information; News & Reports; Quarterly Earnings; Corporate Governance; Events & Presentations; Resources; People. With coronavirus cases rising, malls will need to limit crowds during what is traditionally their busiest time of the year. Von Maur, Urban Outfitters and a new wing of small shop retailers will open in 2019. Simon Property Group, the nation's largest mall owner and a direct competitor to PREIT and CBL, has managed to avoid bankruptcy, embarking instead on its own shopping spree, buying up clothing stores. Powered and implemented by FactSet. Pennsylvania Real Estate Investment Trust engages in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. Mall owners will face another test this holiday season, which is typically their tenants' busiest time of year. The pandemic forced many malls and their retail tenants to temporarily close for months. It had spent recent years disposing of underperforming malls and investing in adding movie theaters, game rooms and grocery stores to its malls, lessening its dependence on traditional retail. The firm focuses on shopping malls located in the eastern half of the U.S. primarily in the Mid-Atlantic region. The latter, the largest mall owner in Philadelphia, filed its petition to execute a prepackaged financial restructuring plan. Market data provided by ICE Data Services. "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. Some of them, like the department store chain J.C. Penney, have also filed for bankruptcy protection this year. The firm focuses on shopping malls … The Associated Press contributed to this report. Both companies filed on Sunday. 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. It acquired the denim maker Lucky Brand and the men's suit maker Brooks Brothers out of bankruptcy, with the help of apparel-licensing firm Authentic Brands Group. ICE Limitations. And late late month, it finalized the terms of its acquisition of Penney, with the help of mall owner Brookfield. Copyright © 2021 CBS Interactive Inc. All rights reserved. Stock analysis for Pennsylvania Real Estate Investment Trust (PEI:New York) including stock price, stock chart, company news, key statistics, fundamentals and company profile. If you are human, leave this field blank. It said it plans to unlock $150 million in new borrowing, aiming to recapitalize the business and extend its debt maturities. PREIT’s 23.5 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic’s top MSAs. The mall features an exclusive lineup of destination driving tenants including Apple, The North Face, Williams-Sonoma and more. Pennsylvania Real Estate Investment Trust, a Pennsylvania business trust founded in 1960 and one of the first equity real estate investment trusts (“REITs”) in the United States, has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. Attract shoppers, preit has added restaurants, movie theaters and gyms to its in... 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