Monday, January 5, 2015

PREIT Rolls Strategic Disposition Program into 2015

Pennsylvania Real Estate Investment Trust completed the sale of eight properties in 2014 for $191.7 million and plans to continue its strategic disposition program this year and has identified five properties to sell.

PREIT has been divesting non-core properties to improve overall portfolio quality and focus resources on value-creating opportunities.

PREIT commenced its disposition program in 2012 and has sold its interests in 16 assets to date, including six non-core enclosed malls which generated average sales per square foot of less than $250. The interests sold had a total value of $424.1 million.

The five properties that it will seek to divest in 2015 are as follows.
Palmer Park Mall in Easton, PA
Uniontown Mall in Uniontown, PA
Lycoming Mall in Williamsport, PA
Washington Crown Center in Washington, PA
Springfield Park in Springfield, PA

"By proactively marketing additional assets for sale in 2015, we are confident that we are taking the right steps to continue a portfolio transformation that will set us apart from our peers while generating significant proceeds to further upgrade our core, high-quality properties" said Joseph F. Coradino, CEO of PREIT.

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