PHILADELPHIA, Oct. 31,
2018 /PRNewswire/ -- PREIT (NYSE: PEI) today announced two
newly executed leases with Michaels and Miller's Ale House at
Plymouth Meeting Mall, completing its anchor replacement initiative
for the former Macy's space. Plymouth Meeting is one of
PREIT's many anchor replacement projects that span an array of uses
and expeditious re-tenanting. In a year where Bon Ton closed
212 stores and Sears announced an initial closing list of 142
additional stores, PREIT has completed its planned department store
repositioning effort. In the past 13 months, PREIT has opened
or executed leases with nearly 30 tenants in 10 former department
store spaces. The replacements span an array of uses
including dining, entertainment, off-price, fitness, sports &
leisure, arts & crafts, grocery and even traditional department
stores. As part of its proactive replacement strategy, PREIT
replaced 5 Sears stores and 1 Bon-Ton store.
"With the majority of our anchor replacement work behind us,
PREIT is once again ahead of the curve, as we were in our
low-productivity mall disposition effort," said Joseph F. Coradino, PREIT CEO. "Our
constituents are welcoming the new mall model we are delivering as
evidenced by our record sales levels and sharp improvement in
leasing spreads and new leasing activity."
The new tenants at Plymouth
Meeting underscore PREIT's continued foresight into evolving
consumer preferences and the need for diverse retail and dining
offerings, as it even further differentiates the tenancy model at
the property. Since its addition of Dave & Busters in 2009,
nearly a decade prior to the "retailtainment" boom sweeping
shopping centers nationwide, PREIT has continued to differentiate
the property in today's competitive retail environment and has set
the stage for densification of the property with the addition of
multifamily in the coming years.
Michaels will occupy 26,000 square feet of space,
offering arts, crafts, framing, floral, wall décor and seasonal
merchandise for do-it-yourselfers of all ages. Miller's Ale
House, a casual sports bar and restaurant offering freshly-made
food at an incredible value, will occupy 7,300 square feet of
space. The two new tenants will join retailers Burlington, DICK's Sporting Goods
and Edge Fitness in filling the anchor box – all of which
will open in Fall 2019. These new additions will not only further
attract shoppers to the mall, but also drive revenue at the
property, with sales from the anchor box projected to produce at
least three times what was previously generated.
"As the definition of a 'mall' evolves and expands, the Plymouth
Meeting Mall is unequivocally the prime example of what retail
experiences of the future will look and feel like," said
Joseph Coradino, CEO of PREIT.
"Through smart integration of entertainment, dining, grocery,
fitness and an array of retail segments, we continue to drive
traffic to the mall, creating an experience that keeps visitors
coming again and again."
About PREIT
PREIT (NYSE:PEI) is a publicly
traded real estate investment trust that owns and manages quality
properties in compelling markets. PREIT's robust portfolio of
carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in the densely-populated 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.
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 views about future
events, achievements or results and are subject to risks,
uncertainties and changes in circumstances that might cause future
events, achievements or results to differ materially from those
expressed or implied by the forward-looking statements. In
particular, 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 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; 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 our Annual Report on Form 10-K for the year ended December 31, 2017 in the section entitled "Item
1A. Risk Factors." We do not intend to update or revise any
forward-looking statements to reflect new information, future
events or otherwise.
CONTACT:
Heather
Crowell
SVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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