PREIT, Owner of Two Montco Malls, Being Booted by NYSE
Pennsylvania Real Estate Investment Trust (PREIT), the owner of Plymouth Meeting Mall and Willow Grove Park Mall, is being delisted by the New York Stock Exchange, writes Rich Bockmann for The Real Deal.
On Thursday, the exchange announced it would suspend trading of the struggling mall operator’s shares immediately and begin the process of removing its stock. The action follows the Philadelphia-based landlord’s failure to maintain a market capitalization of at least $15 million.
A PREIT spokesperson said that the mall operator is planning to trade its shares on OTC Markets in the future.
At the time of the announcement, the company’s stock was trading at $2.40 per share, significantly lower than its all-time high of $700 a share in 2005.
The firm owns 22 malls that are mostly concentrated in the Mid-Atlantic and considered B-quality properties.
PREIT was struggling in recent years as online shopping and consumer trend changes continued to put pressure on second-rate shopping centers. The firm was working on a strategic plan to better its portfolio when the pandemic forced it to close its malls.
The company filed for bankruptcy two years ago, from which it emerged a month later.
Read more about PREIT in The Real Deal.
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