PHILADELPHIA, May 19, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a
leading operator of diverse retail and experiential destinations,
today announced the finalization of transactions associated with
bringing Cooper University Health Care to Moorestown Mall, one of
the Company's key High Barrier-to-Entry market
properties.
This addition represents a continued, strategic shift in PREIT's
mix of tenancy across its properties, curating diverse and
expansive environments marked by a healthy mix of multifamily
housing, hotels, entertainment, dining, health & wellness,
working space, and local small business retail.
Cooper University Health Care, a leading academic health system
in the southern New Jersey and
Philadelphia region, will open a
specialty care facility in the former Sears location at Moorestown
Mall occupying over 165,000 square feet. With this addition and the
apartments and hotel planned for the site, the property will
further evolve its mix to create a one-stop hub, including dining,
entertainment, fitness, a broad array of retail options and now, a
premier outpatient healthcare facility.
"This addition furthers PREIT's strategic efforts to attract
innovative tenants and redefine our high barrier-to-entry portfolio
with a unique mix of uses that serves our communities," said
Joseph F. Coradino, CEO of PREIT.
"With a solid retail core, the Moorestown community will benefit from the
addition of a variety of new uses producing a broader customer base
and a stronger business model. We're thrilled to work with our
partners at Cooper University Health Care to make high-quality
healthcare services accessible and convenient for patients and
their families at this new location."
PREIT's high barrier-to-entry market portfolio is comprised of
its Philadelphia and DC suburban
properties. These markets are characterized by dense
population and a scarcity of well-located land. PREIT
properties are well situated with ample parking and access to
millions of customers through major road networks, making them
attractive to an array of uses. As these locations evolve to become
micro-communities, the uses attracted to the portfolio include life
sciences, medical and other office uses, grocers, big box and other
open-air tenancy, fulfillment, fitness and storage in addition to
apartments, senior housing and hotels. This initiative capitalizes
on bullseye locations to produce a broader consumer base, create
stronger business models and provide greater market
flexibility.
Over the course of the past decade the Company has made steady
progress towards this transformation, reimagining its mall
properties through the introduction of a variety of uses including
entertainment venues, extensive dining programs, off-price and
value purveyors, fitness centers and traditional open-air tenancy.
Cooper will join other unique tenancy at Moorestown, including leading off-price retail
purveyors, traditional retail, dining and entertainment options,
creating a one-stop hub fulfilling customer needs from convenience
to fun.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment
trust that owns and manages distinctive real estate in high
barrier-to-entry markets at the forefront of shaping consumer
experiences through the built environment. PREIT's robust portfolio
of carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in densely-populated, high barrier-to-entry markets with
tremendous opportunity to create vibrant multi-use destinations.
Additional information is available at www.preit.com or on Twitter
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, our ability to achieve our forecasted
revenue and pro forma leverage ratio and generate free cash flow to
further reduce our indebtedness; our ability to manage our business
through the impacts of the COVID-19 pandemic, a weakening of global
economic and financial conditions, changes in governmental
regulations and related compliance and litigation costs and the
other factors listed in our SEC filings. Additionally, our business
might be materially and adversely affected by changes in the retail
and real estate industries, including consolidation and store
closings, particularly among anchor tenants; current economic
conditions, including the impact of the COVID-19 pandemic and the
steps taken by governmental authorities and other third parties to
reduce its spread, 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; 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; acts of 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 or
our ability to obtain prices we seek; our substantial debt and the
liquidation preference of our preferred shares and our high
leverage ratio and our ability to remain in compliance with our
financial covenants under our debt facilities; our ability to
refinance our existing indebtedness when it matures, on favorable
terms or at all; our ability to raise capital, including through
sales of properties or interests in properties and through the
issuance of equity or equity-related securities if market
conditions are favorable; 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, 2020 and in our Quarterly Report on
Form 10-Q for the quarterly period ended March 31, 2021. We do not intend to update or
revise any forward-looking statements to reflect new information,
future events or otherwise.
PREIT Contact:
Heather
Crowell
EVP, Strategy and Communications
(215) 316-6271
heather.crowell@preit.com
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