PHILADELPHIA, Aug. 19, 2019 /PRNewswire/ -- PREIT (NYSE:
PEI) highlighted near-term events supporting future growth and
strengthening its portfolio.
Milestone 2019 Events:
- Fashion District Philadelphia – 900,000 square foot
dynamic project featuring tenancy and programming across style,
dining, entertainment, and arts & culture uses opens
9/19/19. Leases for
approximately 90% of the space are signed or are in active
negotiation. Noteworthy tenants joining the roster include H&M,
Nike, Forever 21, AMC Theaters, Round One, City Winery, Ulta,
Columbia Sportswear, Wonderspaces, American Eagle, Express Factory,
Journeys, Skechers and Guess Factory along with local incubator
spaces – REC Philly and Uniquely Philly, which features four
distinct local, small businesses.
- Plymouth Meeting Mall – Macy's replacements, DICK's
Sporting Goods, Burlington,
Miller's Ale House, Roll by Goodyear, opening in
September along with Edge Fitness opening in
October
- Woodland Mall – Von Maur
department store, Urban Outfitters, Tricho Salon, Williams-Sonoma,
Bath & Body Works, Black Rock Bar & Grill and The
Cheesecake Factory opening in October
More programmed for 2020:
- Moorestown Mall – Planet Fitness will open in the mall
in and Michaels will join HomeSense, Sierra and Five Below in the
former Macy's store in Spring 2020.
- Valley Mall – DICK's Sporting Goods will replace Sears
in Spring 2020
- Dartmouth Mall – Burlington will replace Sears in Spring
2020
PREIT's remerchandising and tenant diversification efforts have
driven results across the platform with sales and traffic growth
being reported at properties that have already received
remerchandising treatment. Examples of this include:
- At Capital City Mall, we replaced a Sears store with
DICK's Sporting Goods, PA Fine Wine and Premium Spirits and
Primanti Bros. as well as added the only Dave & Buster's in the
region. Comparable sales are up 8.2% compared to before we started
the development and traffic is up 9.4% on a year-to-date
basis.
- At Mall at Prince Georges, we overhauled the inline
tenant mix to bring in an assortment better aligned with the
customer base. New tenants included: ULTA, DSW, Chipotle, Five
Guys, & Pizza, H&M and Express Factory. Comparable sales
are up over 23% and NOI is up over 20%.
"Several years ago, we defined a strategic goal to improve the
quality of our portfolio and set upon a course which included
disposition of lower-quality assets, anchor replacements,
redevelopment and inline remerchandising. All of these steps
have had the desired result of increasing sales, traffic and
portfolio quality," said Joseph F.
Coradino, CEO of PREIT. "We are now at the precipice of
delivering earnings growth as major projects come online that will
serve to further strengthen our portfolio with two new trophy
assets."
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, 2017 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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