PEI - PREIT climbs 11% on executing purchase and sale agreements for $35M

Pennsylvania Real Estate Investment Trust or PREIT (NYSE:PEI) executes purchase and sale agreement for 11 outparcels that will generate gross proceeds in excess of $32M. The company also executed an agreement of sale for a vacant parcel at Springfield Town Center set to be developed into a hotel site for $2.5M. The company expects that the outparcels will close in multiple phases with a portion closing prior to June 30, 2022 and closing on the hotel parcel is anticipated to occur in the 4Q22. The company announced previously, asset sales in process increased to $275M  and continues to anticipate it will close on asset sales totaling ~$109M in gross proceeds by June 30, 2022. "We have a clear mandate to raise capital and improve our balance sheet and we are unwavering in our commitment to generate results. As new opportunities continue to arise, we are confident we can strategically harvest value from our portfolio to reduce debt."

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PREIT climbs 11% on executing purchase and sale agreements for $35M