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PREIT Posts Profit Increase for 2002

PHILADELPHIA-Prior to its shift to a retail-only portfolio this year, the

By Marita Thomas | Updated on April 02, 2003

PHILADELPHIA-The acquisition of a 30%-interest in Willow Grove Mall in Willow Grove Park, PA, and the purchase of Beaver Valley Mall, Monaca, PA, are chief among the reasons locally based Pennsylvania Real Estate Investment Trust ended 2002 with $51.2 million in funds from operations, a 14.5% increase over the previous year.

Both transactions occurred in fourth quarter, in which FFO rose 11.5% to $15.6 million. PREIT’s net operating income rose 16.2% in 2002.

Redevelopment of The Commons at Magnolia in Florence, SC also contributed to profits, according to Jonathan B. Weller, president and COO. The property is 99% leased, and PREIT is now redeveloping the adjoining Magnolia Mall, which nabbed Best Buy as an anchor last November. “Redevelopment activities will be a key driver for future performance as PREIT transforms its strategic focus to the retail market,” Weller said.

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