PEI - PREIT sees all-time high for February core mall comparable sales

Pennsylvania Real Estate Investment Trust or PREIT (NYSE:PEI) reported February core mall comparable sales per sq. foot peaked to an all-time high at $618 with 60% of portfolio generating sales productivity in excess of $550/sq. foot. With existing tenants open across the portfolio, there are a few names which are all set to open soon - Eddie V's, Warby Parker, Deo Eyewear and M2O Burgers are slated to open at Cherry Hill Mall, Lego Discovery Center at Springfield Town Center, which will be the first of this brand new prototype in the entire country. Also, Phoenix Theatres is expected to open a new state-of-the art movie theatre in April at Woodland Mall, joining recent new-to-region additions Offline by aerie, Rose & Remington and Lovisa. "Our expectation is that improving fundamentals will lead to better valuations and debt reduction through increased opportunities to raise capital," Chairman and CEO Joseph F. Coradino commented.

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PREIT sees all-time high for February core mall comparable sales