PREIT Lenders Grant Extension of Time to Achieve Out-of-Court Restructuring

PREIT has a primary focus on the ownership and management of differentiated retail shopping malls crafted to fit the dynamic communities they serve. The Company operates properties in 12 states in the eastern U.S. with concentration in the Mid-Atlantic and Greater Philadelphia region. The Company is headquartered in Philadelphia, Pennsylvania. More information about PREIT can be found at  www.preit.com or on Twitter or LinkedIn. (PRNewsFoto/PREIT) (PRNewsFoto/)

PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, today reports that, as a result of progress made in negotiations to date, it has entered into an amendment to the previously announced Restructuring Support Agreement ("RSA") that grants an extension of time through October 28, 2020 to achieve the support of 100% of its lenders to the terms of the debt restructuring provided under the RSA, providing the runway to achieve an out-of-court restructuring.

Joseph F. Coradino, PREIT Chairman and CEO, commented:

"PREIT continues to work constructively with its lenders and the extension provides more time to continue ongoing discussions. We are encouraged by the progress made to date and are hopeful that the Company can move forward to implement its previously announced restructuring agreement out-of-court.  Under the terms of the proposed agreement, PREIT would secure additional financial flexibility to continue competing effectively, meeting our obligations, and providing our tenants, customers and communities with the high-quality experience they expect at our properties."

DLA Piper LLP (US) LLP and Wachtell, Lipton, Rosen & Katz are serving as legal counsel and PJT Partners LP is serving as financial advisor to PREIT.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations.  Additional information is available at https://www.preit.com/ or on Twitter or LinkedIn.

PREIT Contact:

Heather Crowell
EVP, Strategy and Communications
(215) 316-6271
heather.crowell@preit.com

Contact:

Andrew Siegel / Meaghan Repko
Joele Frank Wilkinson Brimmer Katcher
212-355-4449