Preit - PREIT Delivers Expanding Retailers to New Markets
PHILADELPHIA, July 19, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today announced that a list of growing retailers are set to join the lineup at key properties in dynamic markets.
Part of the allure of PREIT’s portfolio is its presence in and around the Philadelphia and Washington DC suburban markets as well as its "Winner Take All" properties in smaller markets that have eliminated local competition. As tenants expand their brick-and-mortar presence, densely populated East Coast markets are attractive for gaining market share. At the same time, bringing new tenants to markets enhances repeat visits from customers seeking an evolving fresh tenant mix.
PREIT has a history of bringing new tenants to these key markets. Among the new tenants it has attracted for their first locations in the Philadelphia suburbs are: Legoland Discovery Center at Plymouth Meeting Mall, HomeSense at Moorestown Mall, Zara’s first suburban Philadelphia location and A|X’s only market location at Cherry Hill Mall, one of two Bloomingdale’s stores in the market and the only Tilted 10 family entertainment experience at Willow Grove Park (opening Fall 2022).
Today PREIT highlights three retailers choosing to expand within its strong portfolio.
Rose & Remington, a contemporary and affordable lifestyle brand founded by a mother-daughter duo with a goal to create a fun and vibrant atmosphere where mother and daughter can shop together, will open three new locations in PREIT’s portfolio after opening its first location with PREIT at Woodland Mall last year. These stores will mark the popular retailer’s foray into greater Philadelphia. The retailer is expected to open at Willow Grove Park, Capital City, and Cherry Hill Malls later this year.
Lovisa describes itself as a fashion-forward jewelry brand that caters to every woman, with 150 new styles being delivered to stores each week. The retailer opened its first store with PREIT last year at Woodland Mall, last week at Springfield Town Center and is expected to open another location at Capital City Mall this fall.
BoxLunch, a division of Hot Topic, is a civic-minded specialty retailer offering a curated collection of licensed and non-licensed merchandise. The retailer will open new stores throughout PREITs portfolio at Capital City Mall, Patrick Henry Mall and Springfield Town Center this summer and Willow Grove Park this fall.
"As we look forward to welcoming new Rose & Remington, BoxLunch, Lovisa and Tilt locations throughout our footprint, it is clear that our presence in top markets in the densely populated mid-Atlantic provides PREIT with an opportunity to attract top tenants to our entire portfolio leveraging our strong portfolio allowing for synergistic regional retailer rollouts," said Joseph F. Coradino, Chairman and CEO of PREIT. "As we continue to strengthen our portfolio with additional dining, entertainment, apartments, hotels and fitness options, our tenants should benefit from improved sales and traffic and our investors should benefit from improving valuations in a one-of-a-kind setting with everything our customers need."
About PREIT
PREIT (NYSE: PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT’s robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.
Forward Looking Statements
This press release contains certain forward-looking statements that can be identified by the use of words such as "anticipate," "believe," "estimate," "expect," "project," "intend," "may" or similar expressions. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current expectations and assumptions regarding our business, the economy and other future events and conditions and are based on currently available financial, economic and competitive data and our current business plans. Actual results could vary materially depending on risks, uncertainties and changes in circumstances that may affect our operations, markets, services, prices and other factors as discussed in the Risk Factors section of our other filings with the Securities and Exchange Commission. While we believe our assumptions are reasonable, we caution you against relying on any forward-looking statements as it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the effectiveness of our financial restructuring and any additional strategies that we may employ to address our liquidity and capital resources in the future; our ability to achieve forecasted revenue and pro forma leverage ratio and generate free cash flow to further reduce indebtedness; the COVID-19 global pandemic and the public health and governmental response, which have created periods of significant economic disruption and also have and may continue to exacerbate many of the risks listed herein; changes in the retail and real estate industries, including bankruptcies, consolidation and store closings, particularly among anchor tenants; changes in economic conditions, including unemployment rates and its effects on consumer confidence and spending, supply chain challenges, the current inflationary environment, and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions; our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increases in operating costs that cannot be passed on to tenants, which may be exacerbated in the current inflationary environment; the effects of online shopping and other uses of technology on our retail tenants; risks related to our development and redevelopment activities, including delays, cost overruns and our inability to reach projected occupancy or rental rates; social unrest and acts of vandalism or violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; our ability to sell properties that we seek to dispose of, which may be delayed by, among other things, the failure to obtain zoning, occupancy and other governmental approvals and permits or, to the extent required, approvals of other third parties; potential losses on impairment of certain long-lived assets, such as real estate, including losses that we might be required to record in connection with any disposition of assets; our substantial debt and our ability to remain in compliance with our financial covenants under our debt facilities; our ability to raise capital, including through sales of properties or interests in properties, subject to the terms of our credit agreements; and potential dilution from any capital raising transactions or other equity issuances.
Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed herein, and in the sections entitled "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021. We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
Contact:
Heather Crowell
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SOURCE PREIT
Pennsylvania Real Estate Investment Trust, Inc.
Symbol: PEI
CIK: 77281
Exchange: OTC
Founded: 1960 (64 years)
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Micro-Cap
REIT Sector: Retail
Last updated: 2024-11-21 - v1.3