PREIT Receives Non-Refundable Deposit on Two Non-Core Properties
PHILADELPHIA, Aug. 13, 2014 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) announced today that the buyer of Nittany and North Hanover Malls has made a non-refundable deposit in connection with the previously announced agreement of sale as the Company continues to make demonstrable progress on its portfolio quality improvement initiative. Details including pricing and proceeds will be made available upon closing. The transaction is expected to close before the end of the third quarter.
Nittany Mall is a 534,000 square foot mall located in State College, PA, anchored by jcpenney, Sears, Bon Ton and Macy's. Sales at Nittany Mall were $243 per square foot and non-anchor occupancy was 70.0% as of June 30, 2014. North Hanover Mall is a 452,000 square foot mall located in Hanover, PA, anchored by jcpenney, Sears, Dick's Sporting Goods and a new Burlington Coat Factory. Sales at North Hanover Mall were $275 per square foot and non-anchor occupancy was 72.8% as of June 30, 2014. These compare to PREIT's portfolio averages of $378 per square foot in sales and mall non-anchor occupancy of 89.5% as of June 30, 2014.
"We are pleased with the progress we continue to make on the disposition of our non-core properties," said Joseph F. Coradino, CEO of PREIT. "Transforming our portfolio has been a top priority for PREIT as we focus on delivering strong operating results and creating value at our higher-quality assets that is expected to translate into superior returns for our shareholders."
About Pennsylvania Real Estate Investment Trust
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates over 30 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at preit.com or on Twitter or LinkedIn.
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