PREIT Achieves Core Mall Sales of $603 Per-Square-Foot

PHILADELPHIA, PA – Publically-traded REIT, PREIT closed 2021 with core mall rolling 12-month sales totaling $603 per-square-foot.

PREIT’s properties emerged with new anchors and a strong, existing tenant mix, while many companies struggled following lockdowns.

The REIT’s Patrick Henry Mall, Capital City Mall, Valley Mall and Viewmont Mall all experienced more than 20% growth in sales, compared to pre-pandemic levels. In terms of growth and absolute sales per square foot, PREIT’s premier super-regional property, Cherry Hill Mall achieved nearly 28% growth to $936.

At these properties, nearly 100,000 square feet of new tenants opened during 2021. This includes the additions of Aerie, Cinnabon, rue21 and Windsor Fashions at Capital City Mall; Papaya, Windsor Fashions, the Twisted Crab and Kidz Play at Patrick Henry Mall; and Amazon 4-star, Warby Parker, DEO Eyewear, Miniso, Aerie and Purple at Cherry Hill Mall.

The properties that are established as the dominant enclosed retail destination within their respective market achieved the most pronounced per-square-foot growth.

“Sales per-square-foot is a meaningful metric that influences a number of aspects of our business,” says Joseph F. Coradino, chairman and CEO of PREIT. “As sales grow, our tenants are more productive, improving our ability to drive rents. Additionally, with portfolio-wide comparable sales over $600, the door to an expanded base of interested tenants opens, allowing us to drive occupancy and improve the quality of the experience offered at our centers.”

Coradino adds, “As our tenants reach new levels of performance and we attract a new caliber of tenancy, the quality of our portfolio continuously improves, which is expected to lead to cap-rate compression and improved asset values.  As we continue our efforts to proactively raise capital to reduce debt and exercise our credit facility extension, we anticipate this improved value will propel the effort and create value for stakeholders.”