PREIT Expands Capital Plan Sources by Offering Additional Malls for Sale
Logan Valley and Valley View Malls to be Offered for Sale
Philadelphia, PA, May 21, 2017 – PREIT (NYSE: PEI) today announced the offering of two malls for sale in non-core markets – Logan Valley in Altoona, PA and Valley View Mall in LaCrosse, WI. PREIT is pursuing these dispositions, where it has received unsolicited interest, to further enhance the quality of its portfolio and position the Company for growth and value creation. Proceeds from any dispositions will be used to fund PREIT’s value-creating redevelopment pipeline. Following the sale of these properties, the Company expects portfolio sales to increase by approximately $10 per square foot.
PREIT has a demonstrated record of transforming and revitalizing the traditional mall model to capitalize on new opportunities and evolving trends in the market. To date, we have successfully sold 16 lower-productivity malls as part of our non-core property disposition program. With these additional dispositions, we are taking further action to strengthen our portfolio amid a challenging retail climate. Anticipated proceeds will position us to continue strategically investing in the most value-enhancing assets to create more compelling and productive environments. PREIT will also continue to engage in discussions with third parties as we seek to further optimize our portfolio and drive shareholder value.
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.