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CBL Properties CoolSprings Galleria
What Lies Ahead for CBL and PREIT After Bankruptcy? With all mall REITs struggling, those that focus on class-B and class-C properties face a particularly challenging future.
Mall landlords CBL & Associates Properties Inc. and Pennsylvania Real Estate Investment Trust (PREIT), both of which are generally focused on class-B and -C malls, were already suffering pre-pandemic. However, the COVID-19 health crisis has taken an even bigger toll on these mall operators, as it forced some tenants to permanently close stores while others stopped paying rent.
Both REITs filed for bankruptcy protection in early November and are the latest victims of the pandemic. Both said their malls are staying open as they work through the bankruptcy process.