Another quarter has flown by and mall REITs have reported results. Not surprisingly, they're all still talking about the weather, which kept sales down (for the most part) and expenses up (across the board).
PREIT, for example, plowed its wholly owned centers 390 times, salted more than 700 times and saw the projects closed a total of 66 days, CFO Bob McCadden said at its first quarter conference call.
Funds from operations (FFO) rose 8.1% from the first quarter of 2013. Same store-malls saw occupancy rise to 90.3 percent, an increase of 10 basis points over previous year. Portfolio sales per square foot were $381, down 1.0 percent from the first quarter of 2013. Same-store net operating income (NOI) declined 5.7 percent, largely due to snow removal and energy costs.
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