PREIT’s most recently completed new project, Fashion District in Center City Philadelphia, was the last of its malls to re-open during the COVID-19 crisis.
Now its 19 properties covering 22 million sq. ft. are all back in business.
"We have upgraded our portfolio to hold only dramatically higher quality properties in dominant locations,” said PREIT CEO Joseph Coradino. “Now, as shoppers happily return to our properties, we see the results of this long-range strategy paying off."
The Philadelphia-based company reported that it recovered from the pandemic with more than 80% of its GLA occupied. Occupancy is above 90%, it noted, at Capital City Mall, Magnolia Mall, Dartmouth Mall and Woodland Mall.
A PREIT poll of tenants found that shopper purchasing levels are high. Bestsellers include athletic shoes and apparel, personal care products, and home décor.
In response to the pandemic, PREIT reduced 2020 capital spending by $26 million and cut another $4 million in overhead.