PREIT has dismissed their auditor KPMG, and has brought on a new accounting firm, says the Securities and Exchange Commission. Natalie Kostelni reports the latest PREIT news for the Philadelphia Business Journal.

The new PREIT auditor is BDO USA LLP a part of BDO International, a global accounting network headquartered in Chicago.

PREIT terminated its 20-year partnership with KPMG International (a global accounting firm headquartered in the Netherlands) last week.

The account shift came about when PREIT implied in their recent annual report to the SEC that they have ‘substantial doubt in their ability to survive’ in the coming year, upon viewing the local mall financial information, like their 1.2 billion debt.

To offset these costs, PREIT is looking for ways to alleviate this burden, like the impending sale of the Exton Square Mall, which entered into an agreement with the developer around the middle of March. They recently faced a crisis in regards to delisting from the NYSE.

PREIT owns local area malls like the Plymouth Meeting Mall, the Willow Grove Park Mall, and the Cherry Hill Mall. While they closed out 2021 with decent numbers, things continue to bump along for the real estate investment trust company.

PREIT owns and operates over 23 million square-feet of retail space in nine states in the US.

Read more about PREIT and its auditors in the Philadelphia Business Journal.