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PREIT: North Hanover, Chambersburg malls under contract

Philadelphia-based Pennsylvania Real Estate Investment Trust said this week as part of its quarterly earnings statement that mall properties in Franklin and York counties are under contract for sale.

The sales of the North Hanover Mall in York County and the Chambersburg Mall in Franklin County are subject to customary closing conditions and due diligence, according to a news release.
The company said in 2012 it had put the North Hanover Mall up for sale among five properties as it sought to deleverage.
For the third quarter, the company reported funds from operations of about $31.2 million compared with about $20.1 million in the quarter last year.
Shares of the real estate investment trust are traded on the New York Stock Exchange under the ticker symbol PEI.

Brent Burkey

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