PHILADELPHIA, Oct. 4, 2021 /PRNewswire/ -- PREIT (NYSE:
PEI), a leading real estate investment trust focused on creating
thoughtful, community-centric properties, today announced Tilted 10
and Tilt Studio by Nickels and Dimes Incorporated, an action-packed
bi-level 104,000 square foot indoor family entertainment center,
will join the lineup at Willow Grove Park in 2022. Tilted 10 will
occupy the former JCPenney site – the latest step in PREIT's
strategy to expand the offerings at Willow Grove Park to meet the
changing needs of today's consumer.
Its first location in the Philadelphia region, Tilted 10 and Tilt Studio
by Nickels and Dimes Incorporated will feature: a restaurant with
chef-inspired menu; premier bowling lanes; multi-level laser tag
arena; black light mini golf; bumper cars; virtual reality; Pinball
Alley; over 200 games and attractions; and a redemption center with
hundreds of prizes worth winning. Kids of all ages will love the
fully charged fun and games atmosphere with over 200 games and
attractions for all skill levels, including Pinball Alley, home to
current and classic pinball games.
Given the property's history as a former amusement park, it is
no surprise that area residents, including 335,000 families, spend
15 percent more time playing arcade and video games than the
average American. As Willow Grove Park returns to its roots, it now
brings a new entertainment destination for evenings and weekends
that appeals to families. PREIT is focused on taking Willow
Grove Park into the next phase of its evolution, which is set to
include new dimensions, including entertainment, enhanced retail
and apartments, creating a true central hub for the community.
With Fun Centers across the country, Tilted 10 and Tilt Studio
by Nickels and Dimes Incorporated has a well-known reputation
for its unique birthday party and celebration experiences. "Our
team really knows how to entertain and amaze," says Tilt Studio
President Ron Kostelny. "We throw a
great party, and we believe that the region is going to respond
very positively. Our party experts will lead you down a path of
non-stop smiles. We are thrilled to expand the Tilt Studios
footprint to yet another PREIT property and create great family
memories at Willow Grove."
This latest addition is part of PREIT's continued, strategic
effort to curate customized, ever-evolving properties that drive
success for its tenants and meaningfully impact their communities.
Replacing department stores and introducing new uses have been key
parts of PREIT's forward-thinking strategy at Willow Grove Park for
years, including several thoughtful moves designed to meet the
needs of today's consumer, including the additions of The
Cheesecake Factory, Apple, Yard House, Nordstrom Rack and Primark, among others. These
tenants join one of only two Bloomingdale's stores in the region.
"PREIT continues to lead the charge in proactively transforming
our properties to create sought-after community centerpieces that
serve a multitude of purposes," said Joseph
F. Coradino, CEO of PREIT. "Tilt is a trusted partner across
our portfolio, and we're excited to bring this unique entertainment
experience to the Philadelphia
region."
Tilted 10 and Tilt Studio by Nickels and Dimes
Incorporated will host a Grand Opening celebration with a
Golden Ticket Contest and a Grand Prize winner. Golden Ticket
Winners will automatically be entered to win the Golden Ticket
Grand Prize.
About Willow Grove Park
Willow Grove Park is a premier regional shopping and
entertainment destination in Montgomery
County, PA offering a broad array of affordable and high-end
clothing, home decor, jewelry, and children's clothing. The
property boasts over 130 top brands, along with delicious eateries,
including Apple, Bloomingdales, Primark, Macy's, American Eagle,
H&M, Express, Hollister, LOFT, Nordstrom Rack, Pandora, Macy's, Lush, Sephora,
Bath & Body Works, and many more.
About PREIT
PREIT (NYSE: PEI) is a publicly traded real estate investment
trust that owns and manages innovative properties at the forefront
of shaping tailored consumer experiences. PREIT's robust portfolio
of carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in densely-populated, with tremendous opportunity to
create vibrant multi-use destinations. Additional information is
available at www.preit.com or on Twitter or LinkedIn.
About Tilted 10/Tilt Studio
Tilted 10/Tilt Studio is part of the fast-growing Dallas-based company Nickels and Dimes
Incorporated, founded in 1972. The company's high energy
facilities, currently located in ten states, host a variety of
games and attractions that appeal to people of all ages. The
company is headquartered in Celina,
TX.
In addition to the Tilted 10/Tilt Studio in Willow Grove, PA, Nickels and Dimes
Incorporated currently has family entertainment centers open in the
following locations: Newport News,
VA; Indianapolis, IN;
Joplin, MO; Rockford, IL; Katy,
TX; Beaumont, TX;
St. Clairsville, OH; Altoona, PA; Hagerstown, MD; Monroe, LA; and Tempe, AZ.
For more information about this family-friendly fun center,
please visit the Tilt Studio or Tilted10 website at
www.tilted10.com or www.tiltstudio.com. Be sure to visit
Facebook at Tilted10 Willow Grove
for updates and details, party packages, game information, and
special events.
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 expectations and assumptions regarding our business, the
economy and other future events and conditions and are based on
currently available financial, economic and competitive data and
our current business plans. Actual results could vary materially
depending on risks, uncertainties and changes in circumstances that
may affect our operations, markets, services, prices and other
factors as discussed in the Risk Factors section of our other
filings with the Securities and Exchange Commission. While we
believe our assumptions are reasonable, we caution you against
relying on any forward-looking statements as it is very difficult
to predict the impact of known factors, and it is impossible for us
to anticipate all factors that could affect our actual results.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, our ability to achieve our forecasted
revenue and pro forma leverage ratio and generate free cash flow to
further reduce our indebtedness; our ability to manage our business
through the impacts of the COVID-19 pandemic, a weakening of global
economic and financial conditions, changes in governmental
regulations and related compliance and litigation costs and the
other factors listed in our SEC filings. Additionally, 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, 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)
454-1241
heather.crowell@preit.com
|
Tilt
Contact
Vicky Peek, Director
of Marketing
Tilt Studio – Katy
Mills Mall
5000 Katy Mills
Circle, Suite #100
Katy, TX
77494
281-644-2340
vpeek@tiltstudio.com
|
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