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PREIT's 4% gain leads mall names higher

  • The company closed on the sale of its interest in the 801 Market Street office condo, with net proceeds of $30.75M. Earlier this month was the sale of Logan Valley Mall for proceeds of $33.2M, There was also a $120M preferred share series D issue this month, with funds used to redeem series A preferred, saving $1.58M annually in dividends.
  • Other transactions are in negotiation and expected to be completed in coming months, raising another $250M. NYSE:PEI +4%
  • Meanwhile, JPMorgan advises rotating out the hot industrial REIT sector and into retail REITs, malls in particular. The team upgrades Macerich (MAC +4.3%), GGP (GGP +2.8%), and Kimco (KIM +3.3%) to Overweight from Neutral. Alongside, they downgrade Taubman (TCO +3%) to Neutral from Overweight.
  • Source: Bloomberg

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