PHILADELPHIA, PA—Pennsylvania Real Estate Investment Trust will continue its asset sales program in 2015, by getting rid of five Pennsylvania retail malls.
The five are:
- Palmer Park Mall in Easton, PA
- Uniontown Mall in Uniontown, PA
- Lycoming Mall in Williamsport, PA
- Washington Crown Center in Washington, PA
- Springfield Park in Springfield, PA
"PREIT has an outstanding portfolio of premier assets, supported by a healthy and flexible balance sheet, and we continue to unlock the value inherent in the Company for the benefit of our investors," says Joseph F. Coradino, CEO of PREIT. "We continue to be extremely effective in executing on our ongoing disposition program as demonstrated by the number of dispositions we completed in 2014. Through our disciplined and strategic disposition program, we are transforming our portfolio and enhancing value for shareholders as evidenced by the more than 28% return our investors enjoyed in 2014. By proactively marketing additional assets for sale in 2015, we are confident that we are taking the right steps to continue a portfolio transformation that will set us apart from our peers while generating significant proceeds to further upgrade our core, high-quality properties."
In 2014 PREIT sold eight properties for $191.7 million. The real estate investment trust has been selling non-core properties to improve its portfolio quality and focus resources on assets that represent the greatest value creation opportunities.
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