PREIT Faces $1 Billion in Debt, Struggles to Sell Exton Square Mall

Exton Square Mall owner PREIT has a huge bill due at the end of this year. The real estate company accrued $1 billion in debt and was delisted from the New York Stock Exchange last December, writes Jake Blumgart for The Philadelphia Inquirer.

Company executives are working on diversifying their portfolio, while also shedding weaker properties, such as Exton Square Mall.  

PREIT is struggling to sell the half-vacant Chester County mall despite wanting to re-emerge from its recent financial blunders. A sale of the property to Brandywine Realty Trust fell through.

Although CEO Joseph F. Coradino believes that the portfolio is in better shape since selling off lower-performing malls, he also believes its best for PREIT to handle the Exton property’s renewal.  

“With Exton, we’ve kind of decided that the best group to develop it is us,” he said. “We’ve identified several tenants that we’re working with.” 

Read more about the future of PREIT in The Philadelphia Inquirer.  

A walkthrough tour of Exton Square Mall.