PHILADELPHIA, Sept. 6, 2017 /PRNewswire/ -- PREIT (NYSE: PEI) today announced it has completed the sale of Logan Valley Mall in Altoona, PA for $33.2 million, net of credits issued to the buyer. Since January 2013, the Company has executed methodically on the sale of 17 lower productivity malls as well as other non-core properties, generating over $750 million in gross proceeds.
Logan Valley Mall is anchored by Macy's, JC Penney and Sears and generated sales of $324 per square foot compared to PREIT's portfolio average (excluding this property) of $475 per square foot as of June 30, 2016.
"This transaction marks another key step in our capital and portfolio improvement plans," said Joseph Coradino, CEO of PREIT. "We are intently focused on being in tune with the future of retailing by curating a portfolio that continues to lead the way with a new and diversified tenant mix leading to earnings growth and driving shareholder value."
PREIT expects to close on the announced sale of its interest in the 801 Market Street office condominium later this month.
About PREIT
PREIT (NYSE: PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect PREIT's current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. Important factors that might cause future events, achievements or results to differ materially from those expressed or implied by PREIT's forward-looking statements include those discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 in the section entitled "Item 1A. Risk Factors." PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
CONTACT:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT