PEI - PREIT Preferred Shares: Strong Q2 Results Offer Hope

• PREIT's NOI came roaring back last quarter, nearly reaching pre-pandemic levels.
• June sales per square foot for PREIT's small-shop tenants surged 16% relative to June 2019.
• With shoppers returning in droves, tenants are signing leases at the fastest pace in years. This will allow PREIT to quickly rebuild occupancy and grow NOI.
• PREIT still needs to raise capital through asset sales, JVs, and/or an equity offering in order to refinance its extremely expensive term loans.
• PREIT's preferred shares offer a better risk-reward tradeoff than the common stock.

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