Two retail REITs enter bankruptcy
The challenges facing the retail industry continue amid the COVID-19 pandemic, and two retail REITs have filed for bankruptcy reorganization.
Pennsylvania REIT (PREIT) has filed for Chapter 11 bankruptcy and reached a Restructuring Support Agreement (RSA) with its bank lenders. Pennsylvania REIT owns and operates 22.5 million square feet of retail space, including 19 mall properties in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina.
In addition, CBL Properties has announced that CBL & Associates Properties, CBL & Associates Limited Partnership (the operating partnership), and certain other related entities have filed for Chapter 11 bankruptcy in order to recapitalize the company and restructure portions of its debt.
CBL’s portfolio comprises 107 properties totaling 66.7 million square feet across 26 states, including 65 enclosed, outlet and open-air retail centers, as well as eight properties ma