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High Yield REIT Shares & Debentures: PEI, etc

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REIT Shares & Debentures
Top, Highest REIT Yields : ValueForm.List :
Excerpt
High Yielding Stocks VF Member Classification Latest Stock Price Latest Dividend Declared Ex Dividend Date Annualized Dividend Annual Yield
Rait Fin'l Trust 7.75 Series A Cumu RAS.PRA Mortgage REITS 8.84 0.4844 Quarterly 03/22/18 1.9375 21.91%
Washington Prime Group Inc WPG REITs 5.22 0.25 Quarterly 03/01/19 1 19.16%
Arlington Asset Invest. Corp Cl.A AI Mortgage REITS 8.19 0.375 Quarterly 03/28/19 1.5 18.32%
Spirit Mta Reit Com Shs OF Benefic SMTA REITs 7.33 0.33 Quarterly 12/28/18 1.32 18.01%
Cbl & Associates Properties Inc CBL REITs 1.91 0.075 Quarterly 03/29/19 0.3 15.71%
Eagle Point Credit Company Inc ECC REITs 16.73 0.20 Monthly 03/11/19 2.4 14.35%
Orchid Island Capital Inc ORC REITs 6.75 0.08 Monthly 03/28/19 0.96 14.22%

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High Yield REIT stocks

PEI / Penn. REIT ... all-data: 10yr: 5yr : 2yr: 6mo /10d - Last:

IAE7JFC.gif

WPG / Wash.Prime ... all-data: 10yr: 5yr : 2yr: 6mo /10d - Last:

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Pfds : WPG.ph & WPG.pi / 4yr : 6mo / 10d : Last: pH:7.5%: $22.09 =8.49% / pI:6.875%: $19.90=8.64% ($25  Face?)

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Symbol    Company------  Last : Earns. PE-R: Div.pa Yield : BkVal: P/BV: MktCp: EntVal. Ebitda: EV/eb.: $Debt: Dt/eb.:
PEI  / Penn. REIT -------- : $5.88 (1.98) N/a : $0.84 14.2%: $6.25:  94.% $466M: $2.17b $197.M: r11.0: $1.66b: r8.43:
WPG/ Wash. Prime ----- : $5.22: 0.42: 12.3: $1.00 19.4%: $4.28: 122% $1.15b: $4.22b $409.M: r10.4: $2.94b: r7.19:
DMY / Dummy REIT ---- : $0.00: 0.00: 0.00: 00.00 0.00%: $0.00: 000% $0.00b: $0.00b $000.M: r0.00: $0.00b: r0.00:

===

Summary

The Washington Prime Group preferred stocks, WPG-H and WPG-I, are some of the most robust preferred stocks out there due to their relative small size on WPG's balance sheet.

They enjoy a dividend coverage of 25 times and an asset coverage of 10 times. The large PFF iShares US Preferred Stock ETF is going through a re-positioning of switching the index it tracks. It is selling WPG-H preferred stock holdings.

Both preferred shares are significantly undervalued today due to PFF selling shares. They offer income investors a 10% yield plus 30% to 40% upside potential. WPG-H and WPG-I offer an opportunity for income-focused investors to lock in a 10% yield for many years that enjoy an enormous coverage through both cash flow and assets.

> https://seekingalpha.com/article/4241072-washington-prime-group-top-preferred-stock-pick-10-percent-yield-40-percent-upside

 

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Pennsylvania REIT stock price target cut to $5 from $7 - at SunTrust RH
 
MARKETWATCH : 7:19 PM ET 03/19/19 - stock dropped in early 3/20 trading
==
(I wrote on 3/20):
I Sold the Oct.$7  Put  & Bought Apr.$4 Calls for  small debit, of less than 10 cents
I intend to exercise the Apr.$4 Calls, and collect the May Quarterly dividend
 
My cost to collect the $0.21 / Qtr. and $0.84 pa. dividend will be a little over $4.00 (ie, that is a Div. yield > 20%)
Until October,  when I will have to face possible exercise of the Puts. With luck, PEI may be above that level then.
If not, I can sell some of my PEI shares to cover buying back the $7 Put.
====

AWESOME !
Remember THIS stock (Penn. REIT)?
PEI / Penn. REIT ... 4-yr : 10d / Last: $7.68 +0.63, +8.94%

m5E5MWW.png

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CHOSEN from the articles below

xx

xx

xx

9 REITs Yielding Up To 8% Set To Raise Dividends - Forbes

Oct 8, 2018 - List: xx
9 REITs Yielding Up To 8% Set To Raise Dividends. Iron Mountain. Dividend Yield: 6.9% Iron Mountain is the data-center REIT that's oh so much more than that. Kite Realty. Dividend Yield: 7.8% Kite Realty is the highest-yielding REIT on this list, at nearly 8%, but it has gotten to that ballooned yield the wrong way:
 
/ 2 /

5 REIT Dividends You Could Retire On Forever - Forbes

Sep 24, 2018 - Real estate investment trusts (REITs) and their typically high dividend yields are a key part of a payout-powered retirement portfolio that’s built to dish out higher and higher dividends every single year. The five REITs we’ll discuss today will pay you 4% to 7.3% per year in ...
 
/ 3 /

10 of The Highest Yielding REITs Analyzed in Detail - Sure Dividend ...

May 25, 2018 - In return, REITs typically do not pay corporate taxes. As a result, many of the 171 dividend-paying REITs we track offer high dividend yields of ...

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CBL / CBL & Associates Properties Inc. (NYSE) ... all data : 10d - Last: $1.89, yield: 15.87%. 12 mos. range: $1.785-6.26

J6BnRDS.gif

Symbol    Company-----  Last : Earns PE-R: Div.pa Yield: BkVal: P/BV: MktCp: EntVal. Ebitda: EV/eb: $Debt: Dt/eb.:
PEI  / Penn. REIT -------- : $5.88: (1.98) N/a : $0.84 14.2%: $6.25:  94.% $466M: $2.17b $197.M: r11.0: $1.66b: r8.43:
CBL / CBL &Assoc Prp : $1.89: (0.72) N/a : $0.68 15.7%: $5.58:  34.% $377M: $4.42b $544.M: r8.17: $4.04b: r10.7:
DMY / Dummy REIT ---- : $0.00: 0.00: 0.00: 00.00 0.00%: $0.00: 000% $0.00b: $0.00b $000.M: r0.00: $0.00b: r0.00:

====

CBL Owns & manages shopping centers in the Midwest, etc.

Debt/ Ebitda is over 10X @ r10.7.

CBL needs to urgently Sell Assets, and reduce its debts

> CBL website: https://www.cblproperties.com/

 

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PEI Dropped sharply, but then recovered quickly

PEI ... update

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The drop was awkward, because it came in the week of the options expiry

I rolled some calls into may and exercised some - in fact I increased my position slightly by adding 10% more calls.

So I was relieved to see the rapid price recovery

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PEI has Popped Up on strong earnings

PEI / Penn Reit ... 10d / Last: 7.34-0.34, -4.43% Yield: 11.44%  Volume: 2,688,292

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"2019 is a Breakthrough Year for PREIT"

Q1-2019 :  Earnings Call : Logged-in :

PREIT Reports First Quarter 2019 Results

Core Mall Sales Per Square Foot reached record high of $517. Completed $43 million in asset sales and improved liquidity position by over $70 million CoreMall Occupancy increased100 bps to 94.7% Full Year FFO as adjusted guidance reaffirmed

Philadelphia, PA, May 2, 2019

PREIT (NYSE: PEI) today reported results for the quarter ended March31, 2019. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located in the tables accompanying this release.

Quarter EndedMarch31,
(per share amounts)
———————————————:            2019 :  2018 :
Net loss -basic and diluted :        $(0.30): $(0.14)
FFO                                                    $0.17 :   $0.29 :
FFO, as adjusted                              $0.26 :  $0.29
FFO from assets sold in 2018.    :       —  : $(0.01)
FFO, as adjusted for assets sold:  $0.26 : $0.28

Same Store NOI, both including and excluding lease termination revenue, was up 2.2% for the quarter compared to March 31, 2018.

o Same Store NOI, excluding lease termination revenue,in PREIT’s wholly-owned portfolio was up 3.2% compared to March 31, 2018. Lower revenues from tenants that filed for bankruptcy protection in 2018and 2019reduced first quarter 2019Same Store NOI by $0.5million compared to last year’s first quarter.The impact of co-tenancy adjustments on same store NOI was not material. NOI-weighted sales at our core malls increased to $531 per square foot. Core Mall sales per square foot reached $517, a 2.8% increaseover the prior yearand a sequential increase of 1.4%. Average comparable sales per square foot increased 4.2% in PREIT’s top 6 properties to $621.Core Mall total occupancy was 94.7%, a 100 bps increase over March 31, 2018. Leased space continues to exceed 95%, when factoring in 613,000 square feet of executed new leases slated for future occupancy.

. . . Year-to-date, the Company has completed asset sales generating cash proceeds of $43 million and improved its liquidity position by over $70 million.The Company has no material debt maturities until 2021."

As catalystprojects are set to come online this Falland we progress on our densification initiatives,PREIT continues to lead the way in redefining the mall experience with results that validate our strategy,said Joseph F. Coradino, Chairman and Chief Executive Officerof PREIT.With sales per square foot approachingthe next milestone of $550, no unleased anchor space in our core mall portfolioandprogress on delivering over 5,000 apartment units, our portfolio is attractive to tenants and reflective ofthe future of our industry. Wecontinue to place a strong emphasis ondelivering new and differentiated customer experiences to our malls and have a strategy to generate proceeds to recapitalize the Company for sustainable growth in the future.

In April 2019, we closed on the sale of the Whole Foods parcel located at Exton Square Mall for $22.1 million. In April 2019, we sold an undeveloped land parcel located in New Garden Township, Pennsylvania, for total consideration of $11.0 million consisting of $8.25million in cash and $2.75million of preferred stock. Financing Activity. In March 2018, we repaid a $58.5 million mortgage loan including accrued interest, secured by Capital City Mall in Camp Hill,Pennsylvania using funds from our 2013 Revolving Facility and the balance from available working capital. We recorded aloss on debt extinguishmentof $4.8million in March 2019 in connection with this repayment.The addition of Capital City Malltoour unencumberedpoolis expected togenerate approximately $40million in incremental capacity under our Revolving Facility.

Leasing and Redevelopment

Excluding Fashion District Philadelphia, 613,000 square feet of leases are signed for future openings. This is comprised of 494,000 square feet of space expected to open in 2019 contributing annual gross rent of $10.4million and 119,000 square feet opening in 2020 contributing annual gross rent of $2.3 million.

At Fashion District Philadelphia, leases for over 85% of the leasable areaare signed or are in active negotiation. Noteworthy commitments joining Century 21and Burlington include H&M,Nike,Forever 21, AMC Theaters,Round One, City Winery, Ulta,Columbia Sportswearand Guess Factory. The first wave of tenants is expected to open in September 2019.

====

"We have Resident property land worth $150M that is non-performing as retail space.

This could recapitalize the company." / BkVal: $7.03 per sh

Shs OS ( 77.4M) x $7.34 = Mkt Cap: $ 582.8M > per Yahoo Finance

Compare with..................... Debt OS: $ 1.7 Bn     

 

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PREIT shorts cannot be happy

PEI / Penn Reit ... update : 10d / Last: $7.45

x

: 10d /

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Zacks Investment Research, Inc. upgrades PENNSYLVANIA REAL ESTATE INVESTMENT TRUST from STRONG SELL to HOLD.

(getting MORE expensive to borrow - are these overnight rates?)

Largest borrow rate increases among liquid names (TheFlyOnTheWall)

Latest data shows the largest indicative borrow rate increases among liquid option names include: Coty (COTY) 2.52% +2.00, New Age Beverages (NBEV) 77.71% +0.86, SPDR Gold Trust (GLD) 0.37% +0.11, Direxion S&P Biotech Bear 3X (LABD) 10.18% +0.10, Silica Holdings (SLCA) 0.49% +0.08, ABB (ABB) 2.11% +0.07, Pennsylvania REIT (PEI) 1.88% +0.06, Canadian Pacific (CP) 0.31% +0.04, Direxion Oil & Gas 3x Bull ETF (GUSH) 6.36% +0.02, and Lannett (LCI) 2.05% +0.01.

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PEI's correction may be over

PEI / Penn Reit ... 2yr : 6mo : 10d / Last: $6.83 +$0.14, +2.09%; Yield: 12.13%

L9GUbCo.gif

: 6mo :

9wX1Vyd.gif

==

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Back to Resistance levels - Can they break through it?

CBL & PEI ... update : PEI-CBL : $1.12 +0.07, $6.50 -0.02, WPG: $3.90, +0.05

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: PEI-CBL :

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10d- w/WPG : WPG: $3.90, +0.05

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==

 

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Colony : "Go Long the Common stock; this thing yields about 10%... is worth $11"

CLNY / Colony Capital ... update : Log : vs.PEI, CBL / Last: $5.21 ; yield: 8.45%

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: vs.PEI, CBL / Last: $5.21 : $6.30 (r-82.7%), $1.02

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Ratio: 82.7% : CLNY to PEI

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Unlocking Value in a Beaten-Down REIT (w/ John Jannarone)

 

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Pennsylvania REIT Posts Narrower Q2 Loss, as Expected; Revises 2019 Targets; Sheds 6% Pre-Bell

07/31/2019 (MT Newswires) -- Pennsylvania REIT (PEI), a REIT focused on investing in shopping centers, reported late Tuesday Q2 net loss of $0.17 per diluted share, significantly narrower than last year's $0.50. That result was in line with the Street view of three analysts.

Funds from operations (FFO) were $0.22 per diluted share versus $0.39 for the year-earlier period. Analysts at Capital IQ were expecting FFO of $0.29.

The REIT had revenue of $81.4 million in the quarter, down from $92 million for the year-earlier period. Analysts polled by Capital IQ were expecting $88.3 million.

For 2019, the company now expects net loss of between $0.59 and $0.46 per diluted share and adjusted FFO of $1.20 to $1.30 per share. It originally guided for net loss of between $0.63 and $0.46 per diluted share and adjusted FFO of $1.20 to $1.34 per share.

The stock fell 6.6% in Wednesday pre-market activity.

Price: 6.24, Change: -0.42, Percent Change: -6.31%

  • American Eagle, Hollister among new stores announced for Fashion District, the former Gallery mall [The Philadelphia Inquirer]
     
  • BRIEF-PREIT Posts Q2 FFO Per Share Of $0.24
  • BRIEF-PREIT Posts Q2 FFO Per Share Of $0.24

    July 30 (Reuters) - Pennsylvania Real Estate Investment Trust (PEI😞

    * PREIT REPORTS SECOND QUARTER 2019 RESULTS AND UPDATES FULL YEAR EXPECTATIONS

    * SEES FY 2019 ADJUSTED FFO PER SHARE $1.20 TO $1.30

    * SEES FY FFO PER SHARE $1.16 TO $1.27

    * Q2 FFO PER SHARE $0.24

    * PREIT QTRLY COMPARABLE STORE SALES PER SQUARE FOOT GREW 5.7% TO $531

    * PREIT - EXPECTS A GAAP NET LOSS OF BETWEEN $0.59 AND $0.46 PER DILUTED SHARE FOR YEAR ENDING DECEMBER 31, 2019

    * PREIT - 2019 SAME STORE NOI, EXCLUDING TERMINATION REVENUE, IS EXPECTED TO CHANGE BETWEEN -1.0% AND 0.5%

    * Q2 FFO PER SHARE VIEW $0.29 -- REFINITIV IBES DATA Source text for Eikon: Further company coverage:

  • Penn Real Estate Sees FY Adj Loss/Shr 46c-Adj Loss/Shr 59c >PEI

/ 2 /

“VALUATION GAP” at about 20-21 minutes
Est. Valuation = $12-$16 + Fashion Mall
+ 5 CORE ASSETS : $10-12.00, after debt
+ DENSIFICATION  : $ 2-$4.00
= Quick Valuation  : $12- $16.00, before Fashion District

Note: Micro Cap ($419.42M MktCap @ $5.42, 8/9/2019)

Lost tenants for 150k sqft Net, due to bankruptcies

Q2 / Conference Call: / after 22 minutes: Q's on MISSED GUIDANCE, Debt Capacity, Lack of "reserve for Recession"

"we think next year in 2020 we will cover the dividend from reoccurring operations"

https://investors.preit.com/investors/events-and-presentations/event-details/2019/PREIT-Second-Quarter-2019-Earnings-Call-/default.aspx

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Fashion District Philadelphia: Everything that’ll be open at launch of the former Gallery Mall

Fashion District: “We expect the Mall to stabiliize at $700 per sqft” - 44 minutes, Q2 Call

Total retail floor area‎: ‎1,080,002 sq ft > wiki: https://en.wikipedia.org/wiki/Fashion_District_Philadelphia

More than 50 vendors are in the lineup, including a handful of locals.

fashiondistrict-exterior-768x497.jpg

Updated July 31

It’s taken $400 million and four years of patience, but Fashion District Philadelphia is now visible on the horizon. The long-awaited Gallery Mall replacement, first approved back in the Nutter era, will open its doors on Sept. 19.

The ambitious renovation — which exploded construction in all directions in its quest to revitalize the area (including into the below ground commuter concourse) — was initially projected to launch in November 2018. As that date came and went, Gallery 2.0 started to seem like more of a fever dream than actual impending reality.

But lo and behold, we’re now just a few months out. PREIT, which also operates malls in Cherry Hill, Springfield, Plymouth Meeting and other locations, told the Inquirer it hopes the project will eventually rival Rittenhouse Row as a shopping destination. To bolster the claim, the company released a list of 50-plus incoming vendors set to liven up East Market Street.

Spanning everything from retail to restaurant to interactive art display, the majority of storefronts are national chains, plus several local shops in a “Uniquely Philly” section. The entertainment portion of the space won’t be ready until a few months later, with additional storefronts also promised over the next few years.

Here’s everything you’ll find at “The District” when it launches this fall.

> https://billypenn.com/2019/07/30/fashion-district-philadelphia-everything-thatll-be-open-at-launch-of-the-former-gallery-mall/

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The opening date is set on Philadelphia’s newest mall

hadas_kuznits.jpg?Jku2Ira_GZLpEL1urdYgFX
Hadas Kuznits
August 03, 2019 - 4:00 am
Photo of Philadelphia's newest mall "The Fashion District"

Hadas Kuznits/KYW Newsradio

PHILADELPHIA (KYW Newsradio) — The mall on Market Street known as "The Fashion District" is preparing to open its doors next month. 

 

Erika Joy Erb, director of marketing with the Fashion District Philadelphia says their official opening date of September 19 is set.

"We've been under construction for about three years now, since 2015 and we're really excited to introduce all the fun things we have coming up on September 19," she said.

'The District' as she calls it, will be a mall across three blocks of Market Street near 10th Street, where The Gallery used to be.

Some of the stores, Erb says, include Nike, H&M, Samsonite, Sunglass Hut, Columbia, Levis, Ulta Beauty.

Photo of Philadelphia's newest mall "The Fashion District"
Hadas Kuznits/KYW Newsradio
There will also be a food court, entertainment, and some of the entertainment establishments and other business, she says, will open separately after the official opening.

"AMC and Round One, they're slated to open in November,” she explained. “Wonder Spaces is slated to open in December of this year. Then there will be a year-long series of additional tenants that will come on board in 2019 and 2020."

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PEI :

5.175 +0.225
2019-08-19 06:55 U:PEI News Release PREIT Spotlights Near-Term Activity Driving Future Growth and Portfolio Strength

PHILADELPHIA, Aug. 19, 2019 /PRNewswire/ -- PREIT (NYSE: PEI) highlighted near-term events supporting future growth and strengthening its portfolio.

Milestone 2019 Events:

  • Fashion District Philadelphia – 900,000 square foot dynamic project featuring tenancy and programming across style, dining, entertainment, and arts & culture uses opens 9/19/19. Leases for approximately 90% of the space are signed or are in active negotiation. Noteworthy tenants joining the roster include H&M, Nike, Forever 21, AMC Theaters, Round One, City Winery, Ulta, Columbia Sportswear, Wonderspaces, American Eagle, Express Factory, Journeys, Skechers and Guess Factory along with local incubator spaces – REC Philly and Uniquely Philly, which features four distinct local, small businesses.
  • Plymouth Meeting Mall – Macy's replacements, DICK's Sporting Goods, Burlington, Miller's Ale House, Roll by Goodyear, opening in September along with Edge Fitness opening in October
  • Woodland Mall – Von Maur department store, Urban Outfitters, Tricho Salon, Williams-Sonoma, Bath & Body Works, Black Rock Bar & Grill and The Cheesecake Factoryopening in October

More programmed for 2020:

  • Moorestown Mall – Planet Fitness will open in the mall in and Michaels will join HomeSense, Sierra and Five Below in the former Macy's store in Spring 2020.
  • Valley Mall – DICK's Sporting Goods will replace Sears in Spring 2020
  • Dartmouth Mall – Burlington will replace Sears in Spring 2020

==

At Moorestown Mall, results have been strong:

  • Rent generated in the former Macy's store is 19 times the prior revenue. 
  • Traffic has improved by 5.7% through June 30, 2019 compared to the first six months of 2018.

Since 2008, fitness center leasing in malls has tripled on a square footage basis, according to research firm CoStar Group. PREIT has recognized the growing demand in this segment and strengthened its portfolio to include a variety of health-oriented concepts, most recently incorporating Onelife Fitness at Valley Mall, Peloton at Cherry Hill Mall and Edge Fitness opening this Fall at Plymouth Meeting Mall.

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CLNY -vs-PEI ... update / Last:

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PEI ... update - Resistance at $6

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Improved tenant mix and physical enhancements drive improved results

PHILADELPHIA, Sept. 4, 2019 /PRNewswire/ -- PREIT (PEI) Following a multi-year remerchandising effort, PREIT's Mall at Prince George's ("MPG") emerges as a marker of success in the Company's redevelopment efforts.

View photos
 

Located just outside of Washington DC, the property is perfectly situated to benefit from growth in the region, along the Metro line and approximately 15 miles from Amazon HQ2 in Crystal City.  In densely populated Hyattsville, MD, MPG is surrounded by a growing trade area where household incomes exceed the US average by over 15 percent. Nearly $1 billion has been invested in the region over the past several years on high quality housing and office development, underscoring the immense potential for a growing shopper community. With strong demographics and high demand for retail, the renovations will ultimately further differentiate MPG in the market and solidify its position as a vibrant retail and dining destination in the region.

Over the remerchandising period, notable improvements in operating metrics include:

  • Over a dozen new tenants joined the roster including H&M, Ulta, DSW, Express Factory Outlet, Five Below, Flight 23, Grand Jewelers featuring Alex and Ani and Pandora, White Barn Candle and Pink by Victoria's Secret along with several new dining options: Chipotle, Five Guys, Mezeh Mediterranean Grill and &Pizza.
  • Sales have increased over $100 per square foot or 23% since December 2016 to $557 per square foot, outpacing our portfolio growth rate of 15% over the same period.
  • Traffic has improved over 20% for the rolling 12 month period ended 7/31/19 compared to the prior 12 month period.
  • NOI has also grown by over 20% since the beginning of the redevelopment and occupancy has been steady at 98%.

Looking forward, changes on the horizon include additional new-to-market dining options: Hook & Reel and Miller's Ale House.

"The work we have done in creating value at Mall at Prince George's is indicative of the anticipated results throughout PREIT's portfolio," said Joseph F. Coradino, CEO of PREIT. "Curating diverse offerings across multiple categories is key to success as this business evolves. Having moved quickly to replace department stores and repositioning our portfolio of well-located assets in dense, growing markets, PREIT is well-positioned to increase value to our shoppers, tenants and shareholders as our redevelopments are completed."

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How Mall Operator Pennsylvania REIT Has Weathered the Retail Apocalypse

Pennsylvania Real Estate Investment Trust (NYSE: PEI) or PREIT, has been hit particularly hard by the wave of retail bankruptcies commonly referred to as the retail apocalypse. It's a shopping mall operator with ownership interests in properties across the United States, and significant exposure to chains including Sears Holdings, Macy's, and J.C. Penney. As such, it's had to use creative means to adjust for the current retail reality.

Selling lower-quality real estate

Shareholders may have caught a lucky break. Back in 2012, a new management team took control and had the foresight to divest its lower-value mall assets. The idea was to focus on properties with higher sales per square foot, which are more attractive to retailers and can garner better rental rates.

When this divestment process started in 2013, PREIT managed 38 malls with average sales per square foot of $379. After years of selling properties, the company now manages 21 properties with average sales per square foot of $525.

It still lists three malls as "noncore" and could also sell these assets in part or whole. It owns the Valley View Mall and the Wyoming Valley Mall in Wilkes-Barre, Pennsylvania, which both have significant vacancies that it has been unable to fill, and the Exton Square Mall in Exton, Pennsylvania, where it was able to sell a land parcel to be developed into an apartment complex. Given the poor state of these three malls, it is also possible that they will just be written off or abandoned entirely.

Pennsylvania REIT has actively managed its portfolio to adjust to where it sees the most value accruing. Shareholders should continue to expect the company to monetize its assets through a sale where it can.

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