PEI - PREIT rent collections liquidity rises and sees continuing improvement

Pennsylvania REIT ([[PEI]] +0.6%), also called PREIT, says rent collection rates are improving collection, as it received 119% of billed rents in Q1, up from 112% in Q4 2020 and 99% in Q3.That has bolstered its liquidity profile. Upon closing of PREIT's expanded credit facility, it put into place a $130M revolving line of credit. Of that, the company drew down $55M, leaving $75M of availability."In returning to a positive cash flow profile with improved collections exceeding 100% of billed rents, we now have over $30M of cash on hand, improving our current liquidity position to over $100M," the company said in a statement.Last week, half of its comparable properties posted traffic exceeding the same period in 2019.Chairman and CEO Joseph F. Coradino comments: ""The strong return of the customer coupled with our planned multifamily land sales is expected to form the basis for continued improvement in the company's balance

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PREIT rent collections, liquidity rises and sees continuing improvement