The owner of three South Jersey malls has reported a multi-million-dollar loss for a fourth year running.
But Philadelphia-based PREIT said last year’s deficit narrowed to $160.1 million, compared to a $286.8 million net loss attributable to shareholders in 2020.
And company executives, while acknowledging the need to reduce debt through property sales, pointed to Cherry Hill Mall as a bright spot in PREIT’s operations.
The Route 38 mall has become the firm’s top performer after “tremendous sales growth” in the past year, said Heather Crowell, a PREIT spokesperson.
Cherry Hill Mall led all PREIT properties with sales of almost $1,000 per square foot in January, noted Joseph Coradino, the firm’s chairman and CEO.
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