PHILADELPHIA, April 28, 2021 /PRNewswire/ -- PREIT
(NYSE: PEI), a leading operator of distinctive real estate in
high barrier-to-entry markets, today provided an update on robust
demand for space in its evolving communities driven by their
distinctive appeal and an improving in-person experience
landscape.
During the first quarter of 2021, the Company executed
transactions to occupy nearly 600,000 square feet of
space. This figure compares to just over 100,000 square feet
in all of 2020 and represents a 35% increase over new space
leased in all of 2019 as tenants continue to commit to
PREIT's collection of high barrier-to-entry communities.
Since the end of the quarter, a number of key leases were signed
including:
- Rose & Remington, an expanding first-to-portfolio
tenant known for its romantic, boho-chic style, will open at
Woodland Mall.
- Windsor Fashions, best known for its array of dresses,
including popular formalwear, has signed 5 leases for 29,000 square
feet. The new stores will be located across PREIT's portfolio.
- Rue 21, well-known for offering the latest trends at an
affordable price, has signed three new transactions for over 18,000
square feet.
"We continue to make strong progress attracting new tenants to
our compelling real estate portfolio signifying improved brick and
mortar productivity," said Joseph F.
Coradino, Chairman and CEO of PREIT. "Our ability to
attract a wide array of uses to our communities, including
expanding core retailers, is evident in our healthy and growing
pipeline while demonstrating that quality retail and lifestyle
experiences will continue to thrive long-term and gain increased
market share."
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. 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) 454-1241
heather.crowell@preit.com
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SOURCE PREIT