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PREIT posts NOI increase for Q3

PREIT’s campaign to fill closing department stores with trendy replacements showed progress in the third quarter.

The Philadelphia-based developer’s earnings report for the period showed a 3.2% rise in net operating income for wholly owned properties and a 2.5% lift across the entire portfolio. Average sales per square foot across all malls rose 3.3$ to $475, compared to the same period last year.

“Our results demonstrate that we are narrowing the gap between ourselves and the other high-quality mall REITs," said CEO Joseph Coradino.

PREIT claimed a 94% occupancy rate for non-anchor tenants. The company also reported the signing of $11 million worth of leases for future occupancy of 712,000 sq. ft.

During Q3, PREIT raised $289 million in capital transactions including the sale of the “low-productivity” Logan Valley Mall, its interest in a downtown Philadelphia office building, and refinancing of the mortgage loan on Lehigh Valley Mall.
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