PHILADELPHIA, Sept. 21, 2020 /PRNewswire/ -- PREIT today
announced that it will modify its operating hours as more
experiential tenants ramp up operations throughout the
portfolio. Effective October 2,
2020, the Company's managed properties will extend hours on
Friday and Saturday evenings to close at 8
pm.
The Company also joins the ranks of several companies throughout
the retail vertical in closing on Thanksgiving Day to allow our
front line retail and property management teams a chance to spend
the holiday with their families.
"As consumer demands and priorities shift, we continue to be
responsive and are grateful to the associates running our
properties and the stores, entertainment venues and restaurants
within them," said Joseph F.
Coradino, Chairman and CEO of PREIT.
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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SOURCE PREIT