PREIT, owner of the Willow Grove and Plymouth Meeting Malls, had its hopes for a cash infusion dashed when a plan to raise $153.6 million fell through, writes Natalie Kostelni for the Philadelphia Business Journal.
Even so, PREIT said in SEC documents filed Tuesday that it did meet certain conditions for some breathing room to work out its finances from its lender, Wells Fargo, which has now suspended its debt covenants to Sept. 30.
The Pennsylvania Real Estate Investment Trust was raising money by selling and leasing back five of its malls but the deal was cancelled and the sale terminated.
Four of the malls were out of state. One, the Capital City Mall, is in Camp Hill, Pennsylvania.
The company’s been working to improve its finances to survive the impact of the pandemic.
PREIT also said it hoped to raise money from land sales to developers. Some of those deals are happening but other agreements have been cancelled or extended.
PREIT continues to work with its lenders on loan agreements “in an effort to provide further liquidity and to ensure continued compliance with its obligations following the end of the extended suspension period.”
Read more about PREIT’s cash infusion issues here.
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