PEI - PREIT Earnings: Modest Progress Lots of Work Left
Pennsylvania Real Estate Investment Trust (NYSE: PEI) survived a brief trip through bankruptcy in late 2020. However, it emerged with as much debt as ever. And with the COVID-19 pandemic still weighing on a wide variety of retail tenants, the mall owner remains in precarious position.
Last quarter, PREIT began to make progress toward a potential turnaround. That said, the company remains far from getting its net operating income back to pre-pandemic levels -- and fixing its balance sheet represents an even thornier problem.
In late April, PREIT jubilantly announced that it had signed new leases for nearly 600,000 square feet of space in the first quarter. That's more space than the REIT leased in 2019 and 2020 combined!
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PREIT Earnings: Modest Progress, Lots of Work Left