PHILADELPHIA, Sept. 16, 2019 /PRNewswire/ -- PREIT (NYSE:
PEI) ("Company") today announced its intention to promote
Mario C. Ventresca, Jr., Executive
Vice President – Operations, to Executive Vice President and Chief
Financial Officer. He will replace current Executive Vice
President and Chief Financial Officer Bob
McCadden who will leave the Company effective December 31, 2019. Mr. McCadden will
transition his current responsibilities to Mr. Ventresca over the
balance of the year.
Joe Coradino, CEO of PREIT said,
"On behalf of the Board, the management team and our associates at
PREIT, I want to thank Bob for his years of service to the Company
as we transitioned into the Company we are today. We wish him
success in any future endeavors. We have a strong successor
in Mario, who has played a critical role in our transformation and
execution of our strategic priorities over the past seven
years. He is a highly accomplished executive and I look
forward to his partnership."
Mr. McCadden stated, "It has been a pleasure to work with such a
talented management team during a dynamic period in our
industry. PREIT has made significant progress in achieving
its strategic goals and is well positioned for future
success. I look forward to working with Mario in his new role
and ensuring a seamless transition."
A Temple University graduate, Mr.
Ventresca spent the first ten years of his career in accounting and
finance positions. He joined PREIT in 1994 and currently
serves as Executive Vice President of Operations overseeing the
Company's Leasing, Asset and Property Management functions.
He has developed a diverse skill set through his many roles within
the Company, having served in Acquisitions and Asset Management
capacities and managing the Company's sector-leading disposition
program.
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,
2018 in the section entitled "Item 1A. Risk Factors" and our
Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 2019 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
EVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT