PHILADELPHIA, Aug. 21, 2019 /PRNewswire/ -- As
PREIT (NYSE: PEI) furthers its strategic approach in
bolstering health and wellness segments at its properties, the
company today announced the addition of Planet Fitness at the
Moorestown Mall. Slated to open in Spring 2020, Planet Fitness,
occupying more than 23,000 square feet, will represent another key
addition to the PREIT roster – which now has increased the square
footage dedicated to health and wellness tenancy by five times
since 2012.
Planet Fitness is a full-service, high-quality fitness
experience for all gym-goers. Ranging from free weights, to cardio,
to personalized exercise programs and small group trainings, Planet
Fitness creates an environment unique to all its members, and one
that complements Moorestown Mall's Orangetheory Fitness, and other
health and wellness-centric offerings.
The International Health, Racquet & Sportsclub Association
(IHRSA) reports that gym membership is up 2.6% from 2017, and up
26% since 2009. As the industry continues to boom, PREIT has
identified opportunities to meet the needs of its consumers through
traditional and up-and-coming health and wellness options.
"Gym-goers today are focused on the fitness journey – they're
not just going to the gym, but buying attire that suits their
athletic style and seeking healthier eating alternatives," said
Joseph F. Coradino, CEO of PREIT.
"We want to provide local consumers with more reasons to choose the
mall as their go-to destination for activities that suit their
lifestyle. With the addition of Planet Fitness, we're continuing to
add health and wellness tenants supporting the all-encompassing
experience offered by our properties as consumer interests expand
well beyond soft goods."
At Moorestown Mall, results have been strong:
- Rent generated in the former Macy's store is 19 times the prior
revenue.
- Traffic has improved by 5.7% through June 30, 2019 compared to the first six months of
2018.
Since 2008, fitness center leasing in malls has tripled on a
square footage basis, according to research firm CoStar Group.
PREIT has recognized the growing demand in this segment and
strengthened its portfolio to include a variety of health-oriented
concepts, most recently incorporating Onelife Fitness at
Valley Mall, Peloton at Cherry Hill Mall and Edge
Fitness opening this Fall at Plymouth Meeting Mall.
As the mall offerings evolve, Moorestown Mall is an interesting
case study that has recently enhanced its tenant mix to include new
restaurants to complement a productive Harvest Seasonal Grill,
YardHouse and Regal Cinema, rounding out a dining and entertainment
component as well as a blend of new-to-market off price venues
offering branded merchandise at a discount in the former Macy's
location – HomeSense, Sierra and Five Below with Michaels Arts and
Crafts joining the roster in 2020.
Moorestown Mall is home to a unique mix of tenants including
award-winning Rizzieri salon and spa, over $25 million in dining and entertainment sales and
popular retail brands including H&M, Express, Foot Locker,
Hollister, Victoria's Secret and many others.
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
EVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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