Pennsylvania Real Estate Investment Trust (NYSE: PEI) CEO Joseph Coradino talked about his company’s efforts to rebalance its property portfolio in the latest edition of the NAREIT Podcast.
Coradino discussed some of the steps that PREIT has taken to streamline its holdings.
"We're making great progress," he said. "Our disposition strategy is really two-pronged. We're looking to improve the quality of our portfolio by disposing of some of our lower-quality malls. At the same time, as we look to reduce debt, we sold a few of our high-quality power centers, essentially non-core properties."
PREIT currently has four malls on the market, and management is "optimistic" that they will be sold, according to Coradino. The company is also trying to grow its platform by seeking out "quality" retail assets, he said.
"For the most part, we feel that at this point we can focus on adding some properties," Coradino said. "Certainly, those properties will need to have accretive characteristics."
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