PHILADELPHIA—Pennsylvania Real Estate Investment Trust (PREIT) is giving its shareholders a 20-cent dividend per common share after having a very busy second quarter. The news comes as the major mall REIT is releasing its Q2 results, for the period which ended June 30, after the market closes on July 29.
PREIT, which owns and operates 30 million square feet of retail space, most of it enclosed malls, has made a lot of news during its second quarter, the bulk of it dealing with existing assets.
Just last week, the REIT announced that is singed on new tenants at its Moorsetown [NJ] Mall, including fashion designers Erdon and Zeyzani, as well as the first Orangetheory Fitness in the area. PREIT management calls this collection of new stores part of its "Boutique Row" under development.
Prior to that, on June 26, PREIT announced the expansion of medical-office tenant Health Partners Plans Inc. in its Gallery development, in Philadephia, from 140,000 square feet to an additional 70,000 square feet, adding an additional floor to that mixed-use retail facility in the city center.
Meanwhile, on June 19, the mall owner announced that it has an agreement with the Retail Group of America to bring the firm's tenant's, such as F&F, Flomar and Suite Blanco to Patrick Henry Mall, in Newport News, VA, among other assets.
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