Daily News | Facing almost $1 billion in debt, Philly mall owner PREIT emphasizes strong sales and high occupancy
JOSE F. MORENO / Staff PhotographerIt isn’t the best time to be the largest mall owner in Pennsylvania, especially with a debt load of almost $1 billion coming due at the end of 2023.
PREIT’s share price, meanwhile, fell dramatically from over $166 five years ago to $2.60 last December Coradino would not comment in detail on the possibility of another bankruptcy filing, or a sale or merger of the company — although he emphasized that all options are on the table. Sales at PREIT’s malls compare well to national trends, which range on average between $400 and $500 a square foot. The company’s core malls do over $600 in sales per square foot .
Coradino told The Inquirer that PREIT itself would probably have to handle the renewal of the beleaguered Exton Square and that its fate would be his main focus at the recent International Conference of Shopping Centers in Las Vegas. “Plymouth is the one where we’re banging our head against the wall,” Coradino said. “Plymouth has just been a bear. The township’s been unresponsive. What do the kids say? ‘We’ve been ghosted.’ ”
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