PREIT Completes Sale of Whitehall Mall

Total Value of Assets Sold through PREIT's Ongoing Disposition Program Approaches $420 Million

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Dec 01, 2014, 04:30 ET

PHILADELPHIA, Dec. 1, 2014 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) announced today the successful completion of the sale of several properties including its 50% interest in Whitehall Mall in Allentown, PA, with an aggregate transaction value of $25.0 million.

The sale of these assets is part of the Company's strategic disposition program, and the completion of these transactions further underscores the Company's success in improving the quality of PREIT's portfolio and allocating capital to assets that represent the greatest value creation opportunities. PREIT commenced its disposition program in 2012 and has sold 15 assets to date, generating total proceeds of approximately $420 million.

"We remain on track in executing our ongoing disposition program and today's announcement demonstrates the progress we are making," said Joseph F. Coradino, CEO of PREIT. "Our selective disposition program has enabled us to generate proceeds to upgrade our core, high-quality properties, while maintaining solid operational performance and a strong balance sheet. Today, PREIT boasts a premier portfolio, supported by a healthy and flexible balance sheet, strategically positioning the Company for long-term success and continued value creation."

Whitehall Mall is located in the Lehigh Valley, previously owned in a joint venture with Washington Prime Group subsequent to its spin off from Simon Property Group. The other properties sold were outparcels adjacent to the Company's Magnolia and Francis Scott Key Malls.

About PREIT

PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates over 29 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at www.preit.com or on Twitter or LinkedIn.

CONTACTS:
Robert McCadden
EVP & CFO
(215) 875-0735

Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241

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SOURCE PREIT