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06/24/2021

PREIT reports the leasing of 700K sq. ft. of space and mall traffic at 90% of 2019 levels

Al Urbanski
Real Estate Editor & Manager
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Finally, the sun shines bright for PREIT CEO Joe Coradino.

In the week that New York Gov. Andrew Cuomo told shoppers, diners, and workout fanatics they could leave their masks in their cars, the CEO of a super-regional mall operator released some numbers that may have made him tear his own mask off and sing.

“We're excited to welcome customers back to tactile, in-person experiences that have been largely unavailable to them over the last year and a half,” said PREIT chief Joe Coradino. “Seeing statistics outpacing 2019 numbers paints a telling picture for the future of this business."

Coradino’s stat list:

Traffic: May traffic across PREIT's 14 malls were above 90% of May 2019 numbers.  Five standout properties exceeded the traffic of the comparable 2019 period.

Sales:  Not as many shoppers as 2019, but they’re buying more. More than half of the company’s malls posted sales growth that exceeded the comparable periods in 2019.

Occupancy: PREIT malls have leased more than 700,000 sq. ft. of space, a 150% leap over 2019 representing a $8.3 million increase in annualized future revenue. New tenants extend over a wide range--traditional mall retailers, emerging brands, new-to-portfolio tenants, clicks-to-bricks brands, and non-traditional uses.  

Collections: Payment of rents deferred during the pandemic continued to be strong. In April and May, cash collected represented 149% and 119% of billed rents, respectively.

“Malls strategically reimagining them as lifestyle destinations for consumers seeking one stop for their daily needs should continue to strengthen our community hubs,” Coradino said.