Pennsylvania Real Estate Investment Trust pays down $148 million of debt

By Mary-Katherine Stinson

Lexington, Ky., Nov. 2 – Pennsylvania Real Estate Investment Trust detailed the progress on its debt repayment efforts, according to a press release Wednesday.

Through Oct. 31 the company has applied asset sale proceeds and excess cash from operations to pay down $148 million of debt.

The recent closing on the sale of Vineland Mall in Cumberland, N.J. brings the total raised in asset sales in 2022 to $110 million.

The $45 million in proceeds from the sale of Cumberland Mall will be used to repay the $39 million mortgage balance with the excess proceeds used to pay down the company's credit facility.

In addition, the company has $127 million of assets under contract or negotiation for sale expected to close in the coming months.

The Philadelphia-based real estate investment trust stated it is focusing its efforts on improving its balance sheet and mitigating the impact of interest expenses to drive earnings.

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