Pennsylvania Real Estate Investment Trust announced that it has executed an extension of the mortgage loan secured by Woodland Mall in Grand Rapids, MI. The loan, with an unchanged interest rate, has been extended through June 10, 2023 with an additional option to extend through October 5, 2023. Woodland Mall serves as a prime example of PREIT's value creation endeavors.

In 2019, PREIT completed its redevelopment of Woodland Mall by bringing in top-quality tenants Von Maur, Urban Outfitters, Sephora, a new prototype Williams-Sonoma, REI, Black Rock Bar & Grill and Michigan's second Cheesecake Factory. These tenants joined existing top brands including: Apple, Pottery Barn and Lush. In 2022, Phoenix Theatres opened, upgrading the moviegoing experience and adding a family entertainment option.