PREIT (NYSE: PEI) today reiterated its successful track record of replacing department stores amid tumult in the sector:
"PREIT has been steadfast and deliberate in delivering results through its anchor replacement initiatives and is proud of its track record, having no unleased department stores in its core portfolio," said Joseph F. Coradino, CEO of PREIT. "With no anticipated JC Penney closings on the horizon and among the lowest exposure to Sears in the sector, we are uniquely positioned to execute on our strategy and capitalize on the opportunity to strengthen our earnings growth as material projects come on line this Fall."
As further validation of our strategy, traffic at our recently remerchandised properties continues to be strong. Year to date through June 30, 2019, the following recently remerchandised properties saw the following increases in foot traffic compared to the six months ended June 30, 2018:
- Capital City Mall: +9.4%
- Moorestown Mall: +5.7%
- Mall at Prince George's: +2.3%
- Valley Mall: +2.1%
Comparable Sales in the Company's core portfolio were up 5.3% to $530 per square foot for the rolling 12 month period ended May 31, 2019.
With no unleased department stores in its core mall portfolio, PREIT is leading the way in reshaping the national shopping experience having replaced 13 department stores in 3 years in an active core portfolio of 18 properties, defining the Company as the most successful landlord in navigating recent retail disruption. In these 13 stores, PREIT welcomes over 30 new tenants spanning a variety of consumer categories: off-price, sports & leisure, fitness, arts & crafts, dining & entertainment, home décor as well as traditional department stores.
About PREITPREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely-populated eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
