PEI - PREIT receives approvals for 460 Apartments and 165 room hotel at Springfield Town Center

• PREIT ( NYSE: PEI ) has obtained unanimous approval from the Fairfax County Board of Supervisors for the development of 460 apartments and a 165-room hotel, paving the way for the sale of the land parcels both of which are under agreement of sale.

• A key part of PREIT's capital plan, the sale of these parcels is expected to generate ~$20M for PREIT, in addition to the $112M in proceeds the Company has raised from asset sales in 2022.

• The company expects to close on these sales at Springfield Town Center in Q2 2023 and has another $120M of asset sales in the pipeline.

For further details see: