PREIT (NYSE: PEI), today, highlighted continued momentum in store openings and occupancy across its portfolio. As of June 30, 2022, PREIT increased total core mall occupancy by 480 basis points to 93.8% and 420,000 square feet of new leases were executed through the third quarter of 2022. New tenants will continue to open throughout this year and next, enhancing the value of the Company’s portfolio.
Among the new stores opened this year were four BoxLunches and two Lovisa stores, while four new Lovisas are set to open in 2023. New to portfolio leases executed this year were Eddie V’s, Psycho Bunny and Levi’s at Cherry Hill Mall, Banfield Pet Hospital at Moorestown Mall, Edgewood Outfitters at Patrick Henry Mall, Honeygrow at Plymouth Meeting Mall, The Inspiration Co. at Springfield Town Center and JD Sports at Mall at Prince George’s and Willow Grove Park.
“Our portfolio continues to show strength and momentum, attracting expanding tenants that create property value,” said Joseph F. Coradino, Chairman and CEO of PREIT. “Our portfolio of high-quality locations has provided us with a platform to create a uniquely compelling tenant mix that attracts customers, increases sales and enhance value for all of our stakeholders.”
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT’s robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.
