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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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
