PHILADELPHIA, July 22, 2019 /PRNewswire/
-- PREIT (NYSE: PEI) today reiterated its successful
track record of replacing department stores amid tumult in the
sector:
"PREIT has been steadfast and deliberate in delivering results
through its anchor replacement initiatives and is proud of its
track record, having no unleased department stores in its core
portfolio," said Joseph F. Coradino,
CEO of PREIT. "With no anticipated JC Penney closings on the horizon
and among the lowest exposure to Sears in the sector, we are
uniquely positioned to execute on our strategy and capitalize on
the opportunity to strengthen our earnings growth as material
projects come on line this Fall."
As further validation of our strategy, traffic at our recently
remerchandised properties continues to be strong. Year to
date through June 30, 2019, the
following recently remerchandised properties saw the following
increases in foot traffic compared to the six months ended
June 30, 2018:
- Capital City Mall: +9.4%
- Moorestown Mall: +5.7%
- Mall at Prince George's: +2.3%
- Valley Mall: +2.1%
Comparable Sales in the Company's core portfolio were up 5.3% to
$530 per square foot for the rolling
12 month period ended May 31,
2019.
With no unleased department stores in its core mall portfolio,
PREIT is leading the way in reshaping the national shopping
experience having replaced 13 department stores in 3 years in an
active core portfolio of 18 properties, defining the Company as the
most successful landlord in navigating recent retail
disruption. In these 13 stores, PREIT welcomes over 30 new
tenants spanning a variety of consumer categories: off-price,
sports & leisure, fitness, arts & crafts, dining &
entertainment, home décor as well as traditional department
stores.
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." 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
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SOURCE PREIT