PHILADELPHIA, Feb. 3, 2016 /PRNewswire/ -- PREIT (NYSE: PEI) today announced that comparable sales per square foot for the twelve months ended December 31, 2015 grew by approximately 10% in its mall portfolio, compared to the prior year, to $432 per square foot. Sales growth was reported across all properties in the portfolio. Excluding non-core malls being marketed for sale and including Springfield Town Center, sales per square foot were $451, marking another milestone for the Company.
Sales at the Company's newest asset, Springfield Town Center (excluded from same store results) continue to exceed $500 per square foot in just over a year of operation. Sales growth in the Company's Core Growth – Market Dominant category were most pronounced driven by the manifestation of PREIT's remerchandising initiatives that brought improved merchandise and dining offerings to many of its properties.
"We are well on our way to our new goal of $500 per square foot and are pleased with enhanced retailer performance in our portfolio. Improved merchandising and incorporation of dining and entertainment experiences are largely responsible for this impressive growth," said Joseph F. Coradino, CEO of PREIT. "We have crafted a highly productive portfolio with significant potential to continue to improve rental rates and attract retailers."
About PREIT PREIT (NYSE: PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pennsylvania, the company owns and operates approximately 27 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region's top MSAs. Since 2012, the company has seen a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
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