Pennsylvania Real Estate Investment Trust (PREIT), the owner of Exton Square Mall, closed 2021 on a high note with core mall rolling 12-month sales traversing the $600-per-square-foot milestone at $603.
PREIT properties emerged as winners for the last year thanks to new anchors and a strong mix of existing tenants. Cherry Hill Mall had the highest growth regionally, going up by close to 28 percent to $936.
“Sales per square foot is a meaningful metric that influences a number of aspects of our business,” said Joseph F. Coradino, Chairman and CEO of PREIT. “As sales grow, our tenants are more productive, improving our ability to drive rents.”
Also, thanks to comparable sales of more than $600 across its portfolio, “the door to an expanded base of interested tenants opens, allowing us to drive occupancy and improve the quality of the experience offered at our centers,” said Coradino.
PREIT added nearly 100,000 square feet of new tenants last year.
The continuous improvement in PREIT’s portfolio “is expected to lead to cap rate compression and improved asset values,” said Coradino.
