Did shedding Cumberland Mall improve finances for owner of Cherry Hill, Moorestown malls?
PHILADELPHIA - The owner of two South Jersey malls has reported an annual net loss of $175.7 million, continuing an eight-year string of deficits.
But PREIT pointed to new tenants coming to Cherry Hill Mall, diversification at Moorestown Mall and its recent sale of Cumberland Mall as signs of hope for improvement.
CEO Joseph Coradino asserted he was "proud of what the team has accomplished despite mounting economic headwinds."
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What's happening at South Jersey malls?
In a conference call with investment analysts on March 22, Coradino noted the sale of several South Jersey properties as part of an effort to reduce PREIT's debt.
The company sold Cumberland Mall in Vineland for $44.6 million and its interest in Gloucester Premium Outlets in Gloucester Township for $35.4 million.
As part of a diversification effort. the firm sold part of the parking lot at Moorestown Mall for $11.5 million. That's intended to make way for a 375-unit apartment complex. PREIT also sold a vacant Sears auto center — expected to become a liquor store — for $3.5 million.
Diversification efforts include the ongoing construction of a Cooper University Healthcare facility in a former Sears store at the Route 38 mall.
Coradino also noted Eddie V's Prime Seafood is expected to open at Cherry Hill Mall sometime this spring.
Also taking leases are two apparel chains, Japan-based Uniqlo and Psycho Bunny, a New York firm, Coradino said.
Bigger annual deficit
PREIT operates 19 shopping malls, primarily in mid-Atlantic states.
It posted an annual net loss per common shareholder of $175.7 million, up from $160.1 million. The loss per share rose from $30.56 to $33.06
Annual revenue was unchanged at $296 million.
PREIT reported a fourth-quarter net loss of $41.5 million, or $7.81 per share. That compared to a year-before deficit of $34.5 million, or $6.52 per share.
Quarterly revenue fell to $80.6 million, down from $85.1 million in the 2021 period.
The company is not issuing guidance for its 2023 performance.
Jim Walsh is a senior reporter with the Courier-Post, Burlington County Times and The Daily Journal.
This article originally appeared on Cherry Hill Courier-Post: PREIT malls: Changes coming to Cherry Hill, Moorestown locations