PHILADELPHIA, July 13, 2021 /PRNewswire/ -- PREIT (NYSE: PEI),
a leading real estate owner and developer, redefining the future of
the mall with mixed-use community-centric districts, continues to
lead the sector with the Company's anchor repositioning program.
PREIT has been one of the most successful operators in navigating
recent retail disruption by proactively addressing necessary
transitions of anchor space securing replacements
for 19 anchor stores in the past five years. In
these anchor spaces, PREIT has added over three dozen
new tenants spanning an array of uses including fitness,
grocery, healthcare, entertainment and dining, off-price merchants
and traditional open-air big box tenants. As a result of these, and
other transformative actions, traffic in the core portfolio
averaged 90% of 2019 volumes for May and June and sales for all
comparable reporting tenants were up 14% for May 2021 as compared to May 2019.
Latest Anchor Repositioning Transactions
- Tilt Studios will replace JCPenney at Magnolia Mall in
Florence, SC expected to open in
Q3 2021.
- Aldi, a first-to-portfolio grocery tenant, is set to
open at Dartmouth Mall in North
Dartmouth, MA in Q3 2021 in the former Sears space.
- Cooper University Health Care has executed a transaction
to bring a 165,000-sf outpatient facility to the former Sears space
at Moorestown Mall in Moorestown,
NJ in 2023.
- HomeGoods will replace the former Bed Bath & Beyond
space at Cumberland Mall; along with the recent addition of a
80,000-sf fulfillment center servicing Amazon, Walmart, Wish and
eBay.
- A lease has been fully executed to replace the former theater
at Woodland Mall in Grand Rapids,
MI.
These new transactions represent distinctly different uses,
highlighting the appeal of PREIT's unique portfolio to a variety of
tenants and venues.
"PREIT continues to lead the charge to proactively transform its
retail centers to create lively community centerpieces,
strengthening its portfolio with high quality, in-demand uses
serving a broad array of constituents," said Joseph F. Coradino, CEO of PREIT. "The recovery
of the business, generating strong sales and traffic, has amplified
our ability to attract high-quality tenants and add value for all
of our stakeholders."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment
trust that owns and manages innovative properties 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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