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PREIT, otherwise known as the Pennsylvania Real Estate Investment Trust, has announced its sales report with a focus on traffic during the holiday season. They’ve also updated their strategic initiatives for the new year, reports Khyathi Dalal for Seeking Alpha.
After announcing a meaningful increase in shopper traffic over the holiday season last year, PREIT trades 1.7 percent higher premarket. This comes after building on strong sales during the shopping season in October and November, especially at the Plymouth Meeting Mall and Willow Grove Mall in Montgomery County.
Additionally, traffic during the holiday season grew by 25 percent over 2020 at certain important malls with over 8 million customers visiting PREIT malls during the October and November months.
The estimated mall comparable sales per square foot reached a record high of $590 for the holiday period and ended on November 30, 2021.
When it comes to the new year, the company’s capital plans involve raising over $350 million in several phases.
The first is intended to reduce debt and interest burden, the second includes contracts for land sales valued at another $60 million, and then there will be an additional phase of land sales estimated at $100 million in value.
Currently, the company is marketing several other land parcels for around $70 million. The capital that’s raised will be used to help reduce PREIT’s outstanding debt.
Read more about PREIT’s sales report and 2021 strategy at Seeking Alpha.
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