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Crown American Reports Rising Occupancy, Revenue

PHILADELPHIA-First-half data from the Johnstown, PA-based retail REIT shows

By Marita Thomas | Updated on July 24, 2002

PHILADELPHIA-Encouraging signs in the retail sector appear in second-quarter results from Johnstown, PA-based Crown American Realty Trust, despite what Mark E. Pasquerilla, chairman, chief executive officer and president, acknowledges is a “difficult economic environment.” The average mall shop base rent in the company’s 27-property portfolio was $20.29 per sf on June 30, up 3.5% from $19.60 per sf in June 30, 2001.

The net effective rent for new leases signed in the second quarter of 2002 was $20.59 per sf, up 35%, compared to $15.23 per sf for second-quarter 2001. Net effective rent is annual gross rent, minus the annual amortization of tenant allowances and leasing costs. For the first half of 2002, the net effective rent among all Crown American properties was $21.88 per sf, an increase of 3% over $21.29 per sf for the same period a year ago.

Aggregate mall shop occupancy was 86% at the end of this June, compared with 84% for the first six months of the previous year. “Looking ahead, we believe year-end occupancy to be flat or marginally down, compared to last year,” Pasquerilla predicts, saying he expects it to finish 2002 at between 86% and 87%.

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