PHILADELPHIA, Aug. 18,
2022 /PRNewswire/ -- PREIT (NYSE: PEI), a
leading real estate investment trust, today announced exciting
additions to its flagship, Cherry Hill Mall, as the mall owner
continues to drive the quality of the tenant base, building off of
strong sales, traffic and new retailer introductions.
Joining recently-opened Warby
Parker and Marc Cain, PREIT
is pleased to share that first-to-portfolio leases have been
executed with popular fashion brands – Psycho Bunny and Levi's for
Cherry Hill Mall.
Psycho Bunny, expected to open in mid-2023, is the
brainchild of British fashion designer Robert Godley and American clothier Robert Goldman, both veterans in the menswear
industry. The classic men's apparel brand prides itself on doing
everything better than it's been done before and its logo.
Levi's, expected to open this holiday season, will be the
only full price store in the South Jersey market. As one
of the world's largest apparel companies and a global leader in
jeans, the brand has over 500 stores worldwide and products are
available in more than 100 countries.
The mall is also set to welcome one of two Rumi Life stores in the market. The
mission of Rumi Life is to fill and
satisfy all of life's desires, wants and needs at an affordable
price and, and to also provide these simple sparks of joy to life
everyday through all of the happy things their store has to
offer.
Eddie V's , a prime quality seafood restaurant, offering a fine
dining experience, is expected to open its first South Jersey
location and second in the state at the property in spring
2023. This high-quality offering adds to an already dynamic
full-service dining lineup comprised of The Capital Grille, Seasons
52, Maggiano's Little Italy and Bahama
Breeze.
The caliber and diversity of this tenancy authenticates Cherry
Hill Mall as the premier shopping and dining destination in
Philadelphia's eastern
suburbs. Even at an impressive 96.2% occupancy as of
June 30, 2022, PREIT continues to
generate interest from new retailers looking to expand in the
market at a top-tier location. A key barometer of underlying
value in brick and mortar retail, sales per square foot, stands
strong at $929.
"Cherry Hill Mall continues to attract leading retailers driving
it to the next level of super-regional, fashion destinations," said
Joseph F. Coradino, CEO of PREIT.
"Serving the densely-populated Philadelphia suburbs, our premier tenant mix
puts it squarely in the nation's top-tier malls. These highly
sought-after brands attract new customers and retail and dining
establishments that serve as a catalyst for value creation."
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 strategies we
may employ to address our liquidity and capital resources in the
future, 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 bankruptcies, consolidation and store
closings, particularly among anchor tenants; current economic
conditions, including consumer confidence and spending levels and
supply chain challenges and the impact of the COVID-19 pandemic and
the public health and governmental response as well as 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; social
unrest and acts of vandalism and violence at malls, including our
properties, or at other similar spaces, and the potential effect on
traffic and sales; the frequency, severity and impact of extreme
weather events at or near our properties; 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, 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