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Crown Reports 3Q Rise in Rental Rates, Occupancy

PHILADELPHIA-The Johnstown, PA-based REIT's tenants' average sales per sf beat the national average. Meanwhile, net operating income increased 2% in third quarter, based on a 4.1%-rise in base rents compared with third-quarter 2001, and a 1% increase in mall shop occupancy.

By Marita Thomas | Updated on November 14, 2002

PHILADELPHIA-Despite a challenging retail economic climate, Johnstown, PA-based Crown American Realty Trust announced a 2% increase in net operating income for third-quarter 2002, compared with the same quarter a year ago, and a 1.9% net operating income increase for this year’s first nine months. Occupancy at the REIT’s mall shops was 87% at the end of this third quarter, up 1% since June 30.

Average mall shop base rent per sf rose to $20.74 per sf, up 4.1% from third-quarter 2001. This is the 36th consecutive quarter Crown has experienced a rise in base rent per sf.

Base rent on new leases over the first nine months of this year averaged $23.23 per sf, an increase of 24%, compared with an average of $18.77 per sf for prior rents on the same space.

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