PREIT, parent company of the Exton Square Mall, said July 29 its net operating income improved by 3.1 percent during the second quarter of 2014 and that its funds from operations increased by 11.9 percent.

PREIT said its year-to-date leasing volume increased by 83 percent.  The full financial report is here.

PREIT and the Macerich Company also just announced a joint venture partnership to redevelop The Gallery in downtown Philadelphia. Under the terms of the agreement, Macerich will acquire a 50 percent common ownership interest in The Gallery on Market Street in Philadelphia for $106.8 million.  The firms will jointly handle development, leasing and management and will split future development costs 50/50.

“Today we took a major step in the transformation of PREIT with the announcement of our joint venture with Macerich to redevelop The Gallery,” said Joseph F. Coradino, PREIT CEO.  “We had strong operating results, continued improvement in portfolio quality and, with this announcement, we have further strengthened our balance sheet and mitigated execution risk on a key project.  We are energized by our accomplishments and remain resolutely focused on continuing to drive shareholder value.”

Macerich, based in Santa Monica, Ca., is one of the country’s leading retail property developers.  Its portfolio includes Tyson’s Corner Center in northern Virginia and Queens Center in New York City.

The Exton Square Mall’s web site has current information about sales, Kids Klub events and happenings such as a Fire Prevention and Emergency Preparedness day set for 11 a.m. to 2 p.m. Friday, Sept. 19, on the upper level north court in front of Macy’s at the mall.  Stop by for free safety information.