Company Background
Pennsylvania Real Estate Investment Trust ("PREIT" or the "Company") is a publicly traded (NYSE:PEI) real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs.
Robust portfolio of carefully-curated retail and lifestyle offerings |
mixed with destination dining and entertainment experiences with |
Key Facts & Figures
19 Malls | $605 Sales/SF |
Totaling +16mm square | Core Portfolio |
feet |
tremendous opportunity to create vibrant multi-use destinations. | |
Presence in carefully-selected geographies to ensure market | |
dominance, particularly in the Philadelphia and Washington, | |
D.C. metro areas. | |
Focused on enhancing the quality of its portfolio through | |
redevelopment, anchor repositioning, diversifying its tenant mix | |
and densifying properties by adding a mix of uses. | |
Over the past decade, PREIT has executed on a mandate to | |
increase the quality of its portfolio. | |
| Replaced 19 anchor boxes with over three dozen new tenants. |
| Disposed of 18 lower-quality assets or 40% of the asset base |
resulting in nearly $900 million raised from dispositions, a | |
significant portion of which was invested via redevelopment in | |
the remaining assets. |
95%
Core Portfolio Total
Leased Space(1)
885k
Average Population
$426mm
Invested into the portfolio
since 2016
3%
YOY Foot traffic growth
$85k
Median Household Income
23 years
Average Management
tenure with the Company
Source: Company management, company filings. | 2 |
(1) As of June 30, 2022. |
Year-to-Date same store NOI, excluding lease termination revenue was up 3.6% driven by occupancy gains driving rental revenue.
Total liquidity of $127.6 million at end of Q2 2022; the Company has applied asset sale proceeds and excess cash from operations to pay down debt by $82 million during the six months ended June 30, 2022.
Over $200 million in capital-raising transactions underway.
FFO improved by $0.21/share to $1.72/share over Q2 2021.
3
Total Core Mall leased
space at 95.0%, driven by record new leasing activity in 2021
297,000 sq ft of leases
signed for future openings,
expected to contribute
annual gross rent of $5.9
million
Total Core Mall Occupancy
increased by 480 basis
points to 93.8%
YTD Average renewal spreads were 2.3%
4
Construction has started on a new self-storage facility in previously unused below grade space at Mall at Prince George's in Hyattsville, MD.
At Moorestown Mall, Cooper University Healthcare has started construction on its facility that is expected to open in the second half of 2023. The sale of land for multi-family development was completed in June 2022. Construction is expected to begin on this project in August 2022 with initial occupancy anticipated in fall 2024.
Landlord work is underway for a new prototype, 32,000 square foot, LEGO® Discovery Center at Springfield Town Center with expected opening in third quarter 2023.
Leases are executed for 10 stores within the portfolio with expanding retailers Rose & Remington, BoxLunch and Lovisa.
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
PREIT - Pennsylvania Real Estate Investment Trust published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 21:19:14 UTC.