PHILADELPHIA, Sept. 10, 2020 /PRNewswire/ -- PREIT today
highlighted a series of "Park and Play" summer and fall events
encouraging its communities to be social while prioritizing social
distancing and celebrating each property's array of tenant
offerings.
Across its portfolio of properties, PREIT has and continues to
host nearly two dozen community events. The outdoor event
series spans a variety of activities ranging from drive-in movies
to virtual concerts to a unique crab and seafood festival and
more. Events are being held from now through
mid-September. PREIT is partnering with on-site dining
options and tenants to create added value options for consumers to
encourage visits to shops and restaurants while on property for
these specially curated pop-up events.
To date, successful examples of this program include drive-in
movie experience hosted at Magnolia, Francis Scott Key and Patrick Henry Malls, a
food truck drive thru event at Cherry
Hill and a Summer Play Day featuring live music and fitness
for children at Plymouth
Meeting.
Among others, upcoming events include:
- Dinner and a Movie at Willow Grove Park on 9.19.2020
- Carnival Food Drive Thru at Woodland Mall 9.10-9.13.2020
- Super Hero Saturday at Moorestown Mall on 9.26.2020
- The Parking Lot Social for two weekends beginning 9.23.2020
-
- This event represents the next evolution in the 'drive-in'
experience and offers multiple nights and forms of entertainment
with the emphasis on having a fantastic night out while maintaining
social distancing recommendations. Events include
comedy experiences, movies, car-a-oke, and plenty of family
fun.
PREIT properties are working to re-build their respective
communities with engaging activations that support the community
and the thousands of jobs housed within our walls.
"As we continue to support the recovery in the various
communities we serve, the many stakeholders that enjoy the
experiences we create are top of mind," said Joseph F. Coradino, CEO of PREIT. "These events
encourage families and friends to safely engage, strengthening the
bond we have with our shoppers."
Events specifics will be listed on each mall's website.
For a list of PREIT's properties, please click here.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real
estate investment trust that owns and manages innovative properties
at the forefront of shaping consumer experiences through the built
environment. PREIT's robust portfolio of carefully curated retail
and lifestyle offerings mixed with destination dining and
entertainment experiences are located primarily in
densely-populated, high barrier-to-entry markets with tremendous
opportunity to create vibrant multi-use destinations.
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, including the impact of the
COVID-19 pandemic and the steps taken by governmental authorities
and other third parties to reduce its spread, 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 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, 2019 and in our Quarterly Report on
Form 10-Q for the quarterly period ended June 30, 2020. We do not intend to update or
revise any forward-looking statements to reflect new information,
future events or otherwise.
PREIT contact:
Heather
Crowell
EVP, Strategy and Communications
(215) 316-6271
heather.crowell@preit.com
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