PREIT has sold a Whole Foods-leased parcel at Plymouth Meeting Mall for $27 million, part of the Philadelphia real estate investment trust’s ongoing plan to raise capital.
The buyer was Agree Realty (NYSE: ADC), a REIT based in Bloomfield Hills, Michigan.
Since the beginning of 2022, PREIT has sold assets generating $141 million. Asset sales and excess cash from operations went toward paying down $184 million in debt in 2022.
Philadelphia-based PREIT (OTCMKTS: PRET) reported a net loss of $71.3 million in the third quarter of 2022 and was delisted from the New York Stock Exchange in December. The company has said it will explore its options, including positioning itself to become more attractive to another company for a potential merger.
*Article courtesy of Philadelphia Business Journal
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