- "Upon completion of these transactions, our evolution into a high-quality mall REIT is nearly complete," says CEO Joseph Coradino.
- The three malls under contract are New River Valley Mall, Wiregrass Commons Mall, and Gadsden Mall. All have sales per square foot of between $279 and $310 - all well below the average for the company which is north of $400. The three are expected to be sold in one deal for $95.4M, and would bring the company's disposition program up to a total of 10 malls.
- In addition, NYSE:PEI is near putting two more none-core malls under contract.
- After those sales (plus the closings of other sales under contract), company sales per square foot would rise to above $450 and same-store mall non-anchor occupancy would rise to 91.7% from 86.8%. The number of Sears stores in portfolio would drop to 16 from 29, and JC Penney's to 20 from 30.
- Source: Press release
- Previously: Pennsylvania REIT misses by $0.04, base rent in-line (July 28)