PREIT Reports Minimal Disturbance to its Properties as a Result of Hurricane Sandy
Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) today announced the operating status of all of its properties following Hurricane Sandy.
All shopping centers with the exception of one, which is awaiting restoration of power, were fully operational as of Thursday, November 1, 2012. While many properties were closed for the day on Monday, October 29th, as of Tuesday afternoon only three properties, all located in the Lehigh Valley, remained closed due to a lack of power. Two of the three closed properties have since had power restored, while the remaining property, Palmer Park Mall in Easton, Pennsylvania, remains closed.
“We feel very fortunate to not have sustained significant property damage considering that approximately 85% of our portfolio was in the path of the storm,” said Joseph F. Coradino, CEO of PREIT. “Our thoughts go out to our customers and the communities we serve that may have been impacted by the storm.”
About Pennsylvania Real Estate Investment Trust
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. Currently, the Company's portfolio of 49 properties comprises 38 shopping malls, eight community and power centers, and three development properties. The Company's properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have approximately 33 million total square feet of space. PREIT, headquartered in Philadelphia, Pennsylvania, is publicly traded on the NYSE under the symbol PEI. The Company's website can be found at www.preit.com.
Pennsylvania Real Estate Investment Trust
Robert McCadden, 215-875-0735
EVP & CFO
Heather Crowell, 215-875-0735