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DISTRESSED DAILY: Mall Tenants Actually Pay Back Deferred Rent

May 10, 2021, 12:19 PM

After taking a beating during the pandemic, mall landlords -- even the recently bankrupt ones -- are finally getting some good news.

Pennsylvania Real Estate Investment Trust, which filed for bankruptcy in November after scores of retailers deferred rent payments amid the pandemic, said in its quarterly earnings release that rent collections grew to 119% of what it billed in the three months through March 31.

The increase reflects tenants making good on deferred rents. April looked even more promising, with collections hitting more than 140% of monthly billings, according to the statement. PREIT exited bankruptcy in December after ...

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