Pennsylvania Real Estate Investment Trust plans debt reduction

Chicago, Feb. 13 – Pennsylvania Real Estate Investment Trust plans to use the proceeds from the $27 million sale of its Whole Foods parcel at Plymouth Meeting Mall to reduce debt and improve its balance sheet, according to a press release.

Since the beginning of 2022, the company sold assets generating just over $141 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $184 million through Dec. 31, 2022.

The company is a Philadelphia-based real estate investment trust.

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