PREIT a leading operator of distinctive real estate in high barrier-to-entry markets, today provided an update on collections and activity and its improving liquidity position.
The Company reports continued sequential improvement in collection levels and recouping deferred rents from prior periods. During the first quarter of 2021, the Company received 119% of billed rents, compared to 112% and 99% in Q4 and Q3 2020, respectively.
Improvement in collections and operations, generally, have generated a significantly improved liquidity profile. Upon closing of our expanded credit facility, we put into place a $130 million revolving line of credit. Of that, we had drawn $55 million, leaving $75 million of availability. In returning to a positive cash flow profile with improved collections exceeding 100% of billed rents, we now have over $30 million of cash on hand, improving our current liquidity position to over $100 million.
“Our commitment to restoring a strong liquidity position is generating results. It’s clear that there is pent-up appetite fueling consumer demand with half of comparable properties last week posting traffic results in excess of the same period in 2019,” said Joseph F. Coradino, Chairman and CEO of PREIT. “The strong return of the customer coupled with our planned multifamily land sales is expected to form the basis for continued improvement in the Company’s balance sheet.”
PREIT is a publicly traded real estate investment trust that owns and manages distinctive real estate in high barrier-to-entry markets 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 www.preit.com or on Twitter or LinkedIn.
EVP, Strategy and Communications