Exton Mall’s parent company, Pennsylvania Real Estate Investment Trust, trimmed its portfolio of eight properties during 2014, and launched the new year by announcing plans to sell five more Pennsylvania malls, including the nearby Springfield Park.

The other are the Palmer Park Mall in Easton, Uniontown Mall in Uniontown, Lycoming Mall in Williamsport and Washington Crown Center in Washington.

PREIT says during 2014 it sold eight properties for $191.7 million, including a 50 percent interest in The Galley in downtown Philadelphia.  That $106.5 million transaction is designed to maximize the company’s opportunities with the project.

“PREIT has an outstanding portfolio of premier assets, supported by a healthy and flexible balance sheet, and we continue to unlock the value inherent in the company for the benefit of our investors,” said Joseph F. Coradino, CEO of PREIT. “We continue to be extremely effective in executing on our ongoing disposition program as demonstrated by the number of dispositions we completed in 2014.”

Coradino said PREIT gave investors a more than 28 percent return during 2014 and its ongoing divestiture program will transform its portfolio and generate significant proceeds to upgrade its core properties.

You can get this story and others delivered right to your inbox by becoming a VISTA.Today subscriber here.