Pennsylvania Real Estate Investment Trust (PREIT), the
Philadelphia company that owns the Gallery at Market East and the Cherry Hill,
Moorestown, Voorhees, Exton, Willow Grove and Plymouth Meeting malls, among
others, "is still largely viewed as a low-quality mall company" that
ought to "liquidate" 17 of it slower-performing malls and keep 16
"high quality 'Keeper' malls," so the stock price will be more likely
to go up, writes Jonathan Litt, founder of Connecticut investor Land and
Buildings, in a letter today to PREIT ceo Joseph F. Coradino.
PREIT properties are worth $30 a share, more than 50%
above PREIT's recent trading price, Litt adds. It's as if Wall Street values
half the company's malls at zero, he adds.
If PREIT can't find a buyer it should "explore
strategic alternatives, including a sale of the entire company," Litt
concludes.
Source: Philly.com
No comments:
Post a Comment