Fourth-quarter net income rose to $11.5 million, up from $7.3 million for the same quarter of 2002. Funds from operation in last year's fourth quarter increased 68% to $26.2 million compared with $15.6 million in the final quarter of the previous year.
Meanwhile, occupancy in the portion of PREIT's portfolio that was not affected by 2003 acquisitions increased from 94.8% at year-end 2002 to $95.4%. As of Dec. 31, 2003, occupancy at its power centers and enclosed malls was 97.9% and 90.5%, respectively. Sales per sf in its same store properties, however, dipped a bit, falling from $381 per sf at the close of 2002 to $379 per sf.
During fourth quarter 2003, PREIT executed 81 retail leases encompassing 175,118 sf at an average rental rate of $23.64 per sf. New leases for previously leased space accounted for 11 transactions totaling 24,589 per sf at an average of $28.65 per sf, just $0.65 above the prior lease rates. The average rate for 51 renewals, encompassing 118,603 sf, was $24.08 per sf, an increase of $1.13 per sf over the rental rate of the expired leases. PREIT also rented 19 formerly vacant spaces totaling 31,926 sf at an average rental rate of $18.15 per sf.
"In 2003, PREIT achieved several key milestones which have strengthened its portfolio and enhanced its position in the marketplace," says Ronald Rubin, chairman and CEO, noting that total capitalization now exceeds $3 billion.
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