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PREIT Reaps Rewards from Redevelopment

PHILADELPHIA-Ongoing work to raise the quality of its portfolio pays off with a 4.4% rise in overall sales per sf and a 6.1% increase in net operating income for full year 2006.

By Marita Thomas | Updated on February 27, 2007

PHILADELPHIA-Pennsylvania Real Estate Investment Trust reported net operating income of $84.9 million for the fourth quarter of 2006, up 7.5% from the same quarter a year ago. Full-year 2006 NOI rose to $305.7 million, up 6.1% from $288.1 million in 2005.

“We’re at the tipping point in the transition of our portfolio,” said Joseph Coradino, EVP, during a conference call. Of the eight properties at which redevelopment was completed in 2006, he said NOI was already up 3.2%, sales per sf averaged $373 per sf, which is above the portfolio’s overall average of $354 per sf, and in-line occupancy at those centers is at 92%.

On the day of the release of fourth-quarter and full-year financials, Ron Rubin, chairman and CEO, announced that redevelopment construction was underway at three additional properties: Cherry Hill (NJ) Mall, Voorhees (NJ) Town Center, and Plymouth Meeting (PA) Mall. “This represents an important milestone in the execution of our plans to raise the quality of our portfolio,” he said.

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