PREIT Sells Four Underperforming Malls in PA, VA, and AL

Joseph Coradino, chief executive officer, PREIT

PHILADELPHIA—PREIT sold four more underperforming malls in Pennsylvania, Virginia and Alabama, continuing its strategic exit from properties it regards as “non-core,” which had below-average sales, gross rents, and occupancy.

“PREIT has remained steadfastly committed to creating a high-quality portfolio that delivers outstanding results for our shareholders,” says Joseph Coradino, CEO of PREIT. “The disposition of these 13 malls redefines PREIT. With sales of $458 per square foot and remerchandising and redevelopment initiatives under way that provide a clear and realizable path to $500 per square foot, we are now a more compelling platform for retailers and investors, allowing us to continue to drive same-store NOI growth and strong shareholder returns.”