PREIT Reports 1Q22 Results, Ahead of New Family Entertainment Center at Willow Grove Park
The Pennsylvania Real Estate Investment Trust (PREIT) has released its 1Q22 results, including performance stats for Willow Grove Park’s new family fun center.
“Our portfolio of assets continues to draw interest from investors and tenants interested in assets and parcels. We continue to focus on executing on the near-term plan to exercise our credit facility extension and our longer-term plan to improve our balance sheet through land and asset sales,” said Joseph F. Coradino, PREIT Chairman and CEO.
A lease has been executed with Tilted 10 and Tilt Studio, two arcade-type entertainment providers. They will provide an action-packed bi-level 104,000 square foot indoor family entertainment center to Willow Grove Park, adding family entertainment to this locally loved destination shopping experience. The local site is expected to open later this year.
“The team’s attention is on executing on our plan to improve our portfolio valuation through strong leasing and operating results and our capital position through asset sales. This quarter’s performance demonstrates the proficiency of our team, driving strong net operating income results and an increase in transactions in process to $275 million based on growing interest,” Coradino said.
Factors affecting results are strong leasing activity, which results in core mall leased space at 94 percent. Same-store net operating income, including lease terminations, increased by $6.8 million (18 percent).
The increase is primarily due to higher rent, percent sales, percentage rent and lease termination revenue, and decrease in credit losses as compared with the prior year.
More information on PREIT’s 1Q22 results are online.
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