PREIT releases 2022 Q1 results as well as news for Willow Grove Park’s new family fun center with Tilt Studio and Tilted 10, reports PREIT.
“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, Chairman and CEO of PREIT.
A lease has been executed with Tilted 10 and Tilt Studio, an action-packed bi-level 104,000 square foot indoor family entertainment center at Willow Grove Park, adding family entertainment to this locally-loved destination shopping experience, and is expected to open later this year in Montgomery County.
“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.”
Factors affecting results are strong leasing activity which results in core mall leased space at 94.0%, same Store NOI, including lease terminations, increased by $6.8 million, or 18.0%.
The increase is primarily due to higher rent, percent sales, percentage rent and lease termination revenue, and decrease in credit losses as compared to the prior year.
Find more information on PREIT’s Q1 results click here.