PHILADELPHIA, Nov. 12, 2018 /PRNewswire/ -- PREIT (NYSE:
PEI) completed the sale of a 4-acre parcel at Exton Square to
Hanover Company, generating gross proceeds of $10.3 million. The sale will give rise to
over 300-unit luxury apartments on the site of Exton Square Mall,
where a new Whole Foods opened earlier this year as a preliminary
step in reimagining this property.
This transaction marks a critical step in PREIT's high-priority
densification program, designed to transform its properties into
remarkable and innovative environments, with retail at the
core.
In May, the Company announced that its portfolio comprised of
well-located properties in high barrier-to-entry markets pave the
way for the opportunity to revolutionize PREIT's platform through
densification opportunities inclusive of 5,000 – 7,000 residential
units in the Philadelphia and
Washington DC markets and
1,500-3,000 hotel units across a dozen properties. Toward
this end, the Company is in active discussions on three additional
multifamily opportunities and three hotel opportunities.
"We are pleased to have completed this transaction as part of
our densification program, which serves to improve the value of our
assets and our liquidity position to strengthen our balance sheet,"
said Joseph F. Coradino, CEO of
PREIT. "We will continue to redeploy the capital we raise into our
successful anchor replacement program to drive traffic, sales and
NOI and create value for shareholders."
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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/preit-completes-sale-of-land-parcel-at-exton-square-representing-meaningful-step-in-multifamily-densification-strategy-300747828.html
SOURCE PREIT