Moorestown Mall Owner Back In Compliance: New York Stock Exchange

MOORESTOWN, NJ — The owner of the Moorestown Mall is back in compliance with the New York Stock Exchange’s continued listing standards, the Pennsylvania Real Estate Investment Trust (PREIT) announced on Tuesday.

“We are pleased to have regained compliance with all NYSE listing requirements,” PREIT CEO Joseph F. Coradino said. “We remain focused on execution of our strategic plan to strengthen the Company and create value by re-establishing our portfolio as multi-use destinations.”

PREIT received written notice that it had regained compliance this week after its closing share price for Dec. 31, 2020, and its average closing share price for the cumulative 30-day period ended at more than $1 per share, according to PREIT.

The company — which also owns the Cherry Hill Mall and the Cumberland Mall, and is a part owner of the Gloucester Premium Outlets — was told on Sept. 25 that it was in non-compliance with the exchange's listing standards.

That notice came due to the fact that PREIT’s average closing price was less than $1 over the previous 30-day period. Failure to come into compliance may have resulted in PREIT being de-listed. Read more here: New York Stock Exchange Warns Moorestown Mall Owner Amid Pandemic

PREIT said it also recently successfully completed its financial restructuring and emerged from Chapter 11 following an expedited process. That process gave the company access to as much as $130 million of new capital to support its operations and continue advancing its strategic priorities.

PREIT’s debt maturity schedule has been extended, providing it with enhanced financial flexibility, the company announced. Read more here: Moorestown Mall Owner May Face Bankruptcy, Pending $150M Deal

“We have significantly strengthened the Company thanks to the overwhelming support of our financial stakeholders, as well as our employees, customers, communities and business partners,” Coradino said. “Having quickly and efficiently completed our financial restructuring, PREIT is now a more resilient company with additional resources and financial flexibility to continue delivering terrific experiences for consumers and outstanding service for our retail partners. PREIT has a history of being a first-mover in adapting to new trends in retail and will continue to stay ahead of the emerging concepts and uses across our portfolio.”

Throughout the restructuring process, PREIT said it continued operations as usual and met all obligations to tenants, suppliers and the communities in which it operates. In addition, suppliers and other trade creditors and business partners were unimpaired, and all suppliers and employees have been, and will continue to be, paid in full, PREIT said.

“On behalf of all of us at PREIT, I thank our tenants, suppliers, and other business partners for their support throughout this process,” Coradino said. “I am also deeply grateful to our dedicated employees for their hard work and unwavering commitment to working safely, delivering great experiences and executing our winning strategy.”

See related: Affordable Housing Complex, Hotel Approved For Moorestown Mall