The sale of roughly half of PREIT’s (NYSE: PEI) portfolio of shopping malls, combined with the replacement of unproductive department stores with better performing assets, positions the company well for the future and makes a compelling case for investors, says Chairman and CEO Joe Coradino.
Speaking on the Nareit REIT Report, Coradino also commented on how PREIT is evolving its properties into community hubs.
“With assets in Philadelphia and Washington, D.C. that are well located, and with opportunities to do upwards of 4,000 apartments, [as well as] medical facilities and life sciences technology, our ability to attract either buyers or joint venture partners is pretty profound. It gives us a way to harvest capital and create value in these properties,” Coradino said.
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