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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pennsylvania Real Estate Investment Trust | NYSE:PEI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.39 | 0 | 01:00:00 |
PHILADELPHIA, May 8, 2017 /PRNewswire/ -- PREIT (NYSE: PEI) today discussed its effort to continue to improve its portfolio through its anchor replacement and tenant diversification program.
Since the beginning of 2017, PREIT has executed 5 new anchor leases with 5 different tenants.
A snapshot of PREIT's current anchor transition activity:
In 2016, PREIT replaced 2 former anchor locations:
Anchor spaces under construction for 2017 openings include:
"PREIT was an early mover in its proactive anchor repositioning program and has found much success in attracting a diverse mix of tenants, indicative of the quality portfolio we have created," said Joseph F. Coradino, CEO of PREIT. "As the retail format lines continue to blur, we are capitalizing on owning quality properties in the best locations in their markets, capturing a wide variety of tenant interest. At the same time, we are systematically reducing exposure to select department stores, driving increased Net Operating Income and enhancing the consumer experience thereby creating long term shareholder value and driving NAV."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's 23 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
CONTACT:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/preit-strengthens-portfolio-with-anchor-replacement-program-300452867.html
SOURCE PREIT
Copyright 2017 PR Newswire
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