PREIT Adds ULTA Beauty And DSW At Mall At Prince Georges
Zacks Investment Research | Nov 16, 2016 09:30PM ET
Pennsylvania Real Estate Investment Trust (NYSE:PEI) , commonly known as PREIT executed two leases at Mall at Prince Georges in suburban Washington, D.C. As part of its $30 million remerchandising and renovation program, the Philadelphia, PA-based retail real estate investment trust (“REIT”) has roped in ULTA Beauty and DSW. It is likely that the addition of these retailers will enhance the attraction of the mall and will further diversify its tenant mix.
PREIT is engaged in acquiring and holding investment interests in real estate. The 16,000-square foot DSW location and the 11,000-square foot ULTA Beauty will start operating in the mall in second-quarter 2018. The entry of these two retailers is in sync with the redevelopment plans of the company and will add to the merchandise mix. Notably, PREIT started the remerchandising initiatives in the mall through a lease with H&M.
Currently, PREIT has a Zacks Rank #2 (Buy). Over the past seven days, its current-quarter funds from operations (“FFO”) estimates remained unchanged at 55 cents.
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