PREIT reports the leasing of 700K sq. ft. of space and mall traffic at 90% of 2019 levels

In the week that New York Gov. Andrew Cuomo told shoppers, diners, and workout fanatics they could leave their masks in their cars, the CEO of a super-regional mall operator released some numbers that may have made him tear his own mask off and sing.

“We're excited to welcome customers back to tactile, in-person experiences that have been largely unavailable to them over the last year and a half,” said PREIT chief Joe Coradino. “Seeing statistics outpacing 2019 numbers paints a telling picture for the future of this business."

Coradino’s stat list:

Traffic: May traffic across PREIT's 14 malls were above 90% of May 2019 numbers.  Five standout properties exceeded the traffic of the comparable 2019 period.

Sales:  Not as many shoppers as 2019, but they’re buying more. More than half of the company’s malls posted sales growth that exceeded the comparable periods in 2019.

Occupancy: PREIT malls have leased more than 700,000 sq. ft. of space, a 150% leap over 2019 representing a $8.3 million increase in annualized future revenue. New tenants extend over a wide range--traditional mall retailers, emerging brands, new-to-portfolio tenants, clicks-to-bricks brands, and non-traditional uses.  

Collections: Payment of rents deferred during the pandemic continued to be strong. In April and May, cash collected represented 149% and 119% of billed rents, respectively.

“Malls strategically reimagining them as lifestyle destinations for consumers seeking one stop for their daily needs should continue to strengthen our community hubs,” Coradino said.