Philadelphia, PA, August 3, 2017 – PREIT (NYSE: PEI) today announced record leasing activity demonstrating strong demand for its portfolio of high quality properties.
In the first half of 2017, PREIT leased more space than it did in all of 2016 by 20%.
The transactions executed this quarter demonstrate the variety of uses creating demand for mall space:
- 30,000 square feet of entertainment uses
- Five Below and an off-price home furnishings store, finalizing leasing of the Sears box at Magnolia Mall
- Intimissimi, a growing Italian lingerie retailer, for one of its first US locations at Cherry Hill Mall
- 11,500 square foot Fine Wine and Good Spirits to accompany DICK’s Sporting Goods, replacing a former Sears at Capital City Mall
- Belk replacing a recaptured Bon Ton at Valley Mall
The Company currently has over a million square feet of space leased for future commencements, which is more than twice the amount committed in its pipeline as of June 30, 2016. The aggregate annual rent from these tenants exceeds $16,500,000.
Leasing productivity is the lifeblood of our business. The volume, velocity and demand for space is a testament to the real fundamentals of the industry in contrast to current market perception. Our continued leasing accomplishments are illustrative of the quality of the portfolio and the team we have created.
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT’s 23 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the 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.
SVP, Corporate Communications and Investor Relations