Cherry Hill Mall's Parent Company Lost $175.7M Last Year

CHERRY HILL, NJ — The Cherry Hill Mall's parent company reported a net loss of $175.7 million for 2022. But Pennsylvania Real Estate Investment Trust (PREIT), which has reported losses for eight-straight years, believes its South Jersey malls can help turn the corporation around.

PREIT, a Philadelphia-based real estate-investment trust, owns several local shopping centers, including the Cherry Hill and Moorestown malls. The company totaled more than $700 per share in 2007 but opened Wednesday with each share valued at $1.19.

The company's fourth-quarter report, released March 22, lists developments at Moorestown Mall as one reason for optimism. Construction at the site is underway for a "state-of-the-art" Cooper University Health Care facility and the 375-unit Pearl apartment development, the company says.

PREIT sold land to the apartment developers for roughly $12 million, the company revealed last July. In May 2021, PREIT and Cooper University Health Care announced they finalized a deal to bring a Cooper Hospital outpatient location to the mall space that Sears previously occupied.

Last year, PREIT also sold the Cumberland Mall for $44.6 million and its interest in the Gloucester Premium Outlets for $35.4 million.

"In spite of the macroeconomic pressures, the prognosis for retail remains positive," PREIT CEO Joseph F. Coradino said in a statement. "The consumer has rediscovered the enclosed mall and is embracing the new experiences we are offering."