MOORESTOWN, NJ — The owner of the Moorestown Mall saw a net loss of $35.7 million for the third quarter of 2020, but remains optimistic about its future.
The Pennsylvania Real Estate Investment Trust (PREIT) also announced a loss of $84.8 million this year as its properties struggle amid the coronavirus pandemic.
“We are pleased to be moving closer to a normal state in our business while moving forward with strengthening the company’s balance sheet and positioning it for long-term success through our prepackaged plan,” PREIT Chairman and CEO Joseph Coradino said. “Our court-approved expedited case timeline should allow us to emerge and quickly move to the next phase of our evolution bringing new and innovative uses to our properties as the landscape continues to rapidly evolve. We look forward to the upcoming holiday season, meeting our shoppers’ demands through an array of shopping options and opportunities to visit with