Portfolio presence in key markets continues to attract
growing brands with four expanding retailers opening ten
stores
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
heather@gregoryfca.com
preit@gregoryfca.com
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SOURCE PREIT