PEI - Pennsylvania REIT stock climbs after noting continued recovery in May

Tony Anderson/DigitalVision via Getty Images Pennsylvania Real Estate Investment Trust (PEI) highlights the strong recovery and continued optimism for its mall portfolio in May, as economies continue to ease pandemic restrictions. Shares of PEI surge 12% following the report. On average, traffic throughout PREIT's portfolio exceeds 90% of May 2019 levels; Over 50% of its managed properties generated sales growth over the comparable period prior to the mall closures; Over 700K square feet of new space was signed, representing over 150% of 2019 volumes and, Cash collections in April and May represented 149% and 119% of billed rents, respectively. Previously, (April 19) PREIT says rent collection improves.

For further details see:

Pennsylvania REIT stock climbs after noting continued recovery in May