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 $289 million in capital transactions including the sale of the “low-productivity” Logan Valley Mall, its interest in a downtown Philadelphia office building, and refinancing of the mortgage loan on Lehigh Valley Mall.
The Philadelphia-based developer’s earnings report for the period showed a 3.2% rise in net operating income for wholly owned properties and a 2.5% lift across the entire portfolio. Average sales per square foot across all malls rose 3.3$ 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.