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PREIT Adds ULTA Beauty and DSW at Mall at Prince Georges

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Pennsylvania Real Estate Investment Trust (PEI - Free Report) , 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.

Some other stocks in the same space include Seritage Growth Properties (SRG - Free Report) , Alexandria Real Estate Equities, Inc. (ARE - Free Report) and DCT Industrial Trust Inc. (DCT - Free Report) . While Seritage Growth Properties sports a Zacks Rank #1 (Strong Buy), both Alexandria Real Estate Equities and DCT Industrial Trust carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Seritage Growth Properties’ current quarter estimates have moved up 1.7% over the past one month to 59 cents.

Current quarter estimates for Alexandria Real Estate Equities and DCT Industrial Trust remained unchanged at $1.43 and 56 cents, respectively, over the past month.

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.

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