X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-Earnings for Pennsylvania Real Estate Investment Trust dropped to $10.9 million in the third quarter, down from $34.9 million for the same quarter a year ago. This reflects $1.6 million of income from discontinued operations, compared with $25.7 million from discontinued operations in the third quarter of 2003. During this third quarter, funds from operations rose 138.7% to $34.6 million, up from $14.5 million in the third quarter of the previous year.

Meanwhile, net operating income for PREIT’s retail portfolio increased 10.8% in third-quarter 2004, primarily from improved operating results from the properties it acquired from Rouse Co. in 2003 and subsequently redeveloped. This third quarter also marked the one-year anniversary of PREIT’s acquisition of Crown American Realty. Third-quarter occupancy in PREIT’s same store portfolio was 89.1%, down from 89.6% in the same quarter a year ago. Sales per sf in the same store portfolio rose to $345 for the trailing 12 months ended Sept. 30 this year, up from $342 per sf for the previous comparable period.

Occupancy at enclosed malls was stable at 90.3% occupancy, and sales per sf in those centers rose $5 per sf to $323 per sf. Occupancy in the company’s power centers dropped to 96.8% at the end of this September, compared with 98% for the quarter ended June 30 this year.

During third quarter, PREIT executed 160 leases at an average of $16.60 per sf. The average rental rate on new leases for previously leased space rose $3.48 per sf over the expiration rate to reach an average of $35.34. Renewed leases, which included an anchor lease for 91,164 sf at a base rent of $1.86 per sf, increased, on average, 48 cents per sf, to $15.71 per sf. Rates for 34 formerly vacant spaces averaged $20.97 per sf.

Two former Crown malls joined PREIT’s redevelopment roster. Capital City Mall, a 609,000-sf center in Camp Hill, will undergo $11 million in improvements, and $8 million will be invested in the 428,000-sf New River Valley Mall in Christiansburg, VA. Capital City is 98.4% occupied and generates $345 in sales per sf. Occupancy at New River is 77.5%, and it generates sales of $256 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.