PHILADELPHIA, May 8, 2017 /PRNewswire/ -- PREIT (NYSE: PEI)
today discussed its effort to continue to improve its portfolio
through its anchor replacement and tenant diversification
program.
Since the beginning of 2017, PREIT has executed 5 new anchor
leases with 5 different tenants.
A snapshot of PREIT's current anchor transition
activity:
- 9 anchors locations are currently in transition in the
portfolio
- 7 replacement tenants are under construction
- 5 of the replacement anchors will be paying rent before the end
of 2017
In 2016, PREIT replaced 2 former anchor locations:
- At Cumberland Mall in Vineland,
NJ, PREIT further differentiated this hybrid property by
adding a DICK's Sporting Goods to replace a JC Penney store.
- At Exton Mall in Exton, PA,
Round 1 Entertainment now operates in a former JC Penney
store. The entertainment facility has become the #2 entrance
into the mall since its opening.
Anchor spaces under construction for 2017 openings include:
- At Viewmont Mall in Scranton,
PA a combination DICK's Sporting Goods and Field &
Stream store is currently under construction along with
HomeGoods. All three stores will open in Q4 17 and will
replace a former Sears store that PREIT gained control of in
2016.
- At Capital City Mall in the Harrisburg, PA market, DICK's Sporting Goods
is under construction and will open in Q4 17, replacing a former
Sears store that the Company proactively recaptured.
- At Magnolia Mall in Florence,
SC, Burlington will open in
Q4 17, replacing another former Sears that was proactively
recaptured.
- At Valley View Mall, in Lacrosse, WI, Herberger's Department
Store will open in Q4 17 in a former Macy's store.
"PREIT was an early mover in its proactive anchor repositioning
program and has found much success in attracting a diverse mix of
tenants, indicative of the quality portfolio we have created," said
Joseph F. Coradino, CEO of PREIT.
"As the retail format lines continue to blur, we are capitalizing
on owning quality properties in the best locations in their
markets, capturing a wide variety of tenant interest.
At the same time, we are systematically reducing exposure to select
department stores, driving increased Net Operating Income and
enhancing the consumer experience thereby creating long term
shareholder value and driving NAV."
About PREIT
PREIT (NYSE:PEI) is a publicly
traded real estate investment trust that owns and manages quality
properties in compelling markets. PREIT's 23 million square
feet of carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in the eastern U.S. with concentrations in the
mid-Atlantic's top MSAs. Since 2012, the company has
driven a transformation guided by an emphasis on portfolio quality
and balance sheet strength driven by disciplined capital
expenditures. Additional information is available at www.preit.com
or on Twitter or LinkedIn.
CONTACT:
Heather
Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/preit-strengthens-portfolio-with-anchor-replacement-program-300452867.html
SOURCE PREIT