In sync with its strategy of disposing non-core assets and recycling the proceeds for enhancing its portfolio, Pennsylvania Real Estate Investment TrustPEI closed the sale of its 50% interest in Springfield Park for $20.2 million. Disposition of this 287,000-square foot, open-air center, situated in Springfield, PA, takes the gross proceeds raised through the ongoing disposition program to around $440 million for PREIT.
Based in Philadelphia, PA, PREIT is a retail real estate investment trust ("REIT") engaged in ownership and management of differentiated retail shopping malls across 12 states in the eastern U.S. The latest transaction is part of PREIT's portfolio-transformation strategy, aimed at adding value to its high-quality mall portfolio. This also corresponds with the company's plans to improve its balance sheet and opportunistically dispose non-core assets.
Notably, on Jun 30, 2015, PREIT entered into an amendment and extension of its unsecured revolving credit facility, as well as introduced a new term-loan facility. With these actions, the company intends to improve its financial flexibility so as to fund growth plans.
PREIT currently has a Zacks Rank #2 (Buy).
Investors interested in the retail REIT industry may also consider stocks like Agree Realty Corp. ADC , American Assets Trust, Inc. AAT and EPR Properties EPR . All these stocks hold the same Zacks Rank as PREIT.