"We're going through a realignment, and we like to think that PREIT is further along that continuum because we sold off 40 percent of our malls for that reason," he said. "The world is telling us that retail is over-stored and department stores are declining in importance at malls — we agreed on both and moved on. We got 12 departments stores back and 11 have been repurposed, with the final one being negotiated.