PEI - PREIT finalizes sale of 25% interest in Gloucester Premium Outlets

PREIT (NYSE:PEI) has finalized the sale of its 25% interest in the entity that owns Gloucester Premium Outlets. The gross consideration to the company from this transaction was $35.4M, consisting of $14M in cash plus $21.4M of debt reduction. PREIT used the cash portion of the proceeds to pay down its senior credit facility. The sale represents a portion of the asset sale pipeline referenced in conjunction with the firm's Q1 earnings release, with $275M of transactions currently underway. PREIT (PEI) filed for Chapter 11 bankruptcy in 2020. The company faces $1.47B in debt payments this year, which is more than four times its projected revenues. PEI shares have slid 91% over the past year The stock is at high risk of performing badly as per SA Quant system

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PREIT finalizes sale of 25% interest in Gloucester Premium Outlets