PHILADELPHIA, Sept. 4, 2019 /PRNewswire/ -- PREIT (NYSE:
PEI) Following a multi-year remerchandising effort, PREIT's Mall at
Prince George's ("MPG") emerges as
a marker of success in the Company's redevelopment efforts.
Located just outside of Washington
DC, the property is perfectly situated to benefit from
growth in the region, along the Metro line and approximately 15
miles from Amazon HQ2 in Crystal City. In densely populated
Hyattsville, MD, MPG is surrounded
by a growing trade area where household incomes exceed the US
average by over 15 percent. Nearly $1
billion has been invested in the region over the past
several years on high quality housing and office development,
underscoring the immense potential for a growing shopper community.
With strong demographics and high demand for retail, the
renovations will ultimately further differentiate MPG in the market
and solidify its position as a vibrant retail and dining
destination in the region.
Over the remerchandising period, notable improvements in
operating metrics include:
- Over a dozen new tenants joined the roster including H&M,
Ulta, DSW, Express Factory Outlet, Five Below, Flight 23, Grand
Jewelers featuring Alex and Ani and Pandora, White Barn Candle and
Pink by Victoria's Secret along with several new dining options:
Chipotle, Five Guys, Mezeh Mediterranean Grill and &Pizza.
- Sales have increased over $100
per square foot or 23% since December
2016 to $557 per square foot,
outpacing our portfolio growth rate of 15% over the same
period.
- Traffic has improved over 20% for the rolling 12 month period
ended 7/31/19 compared to the prior
12 month period.
- NOI has also grown by over 20% since the beginning of the
redevelopment and occupancy has been steady at 98%.
Looking forward, changes on the horizon include additional
new-to-market dining options: Hook & Reel and Miller's Ale
House.
"The work we have done in creating value at Mall at Prince George's is indicative of the
anticipated results throughout PREIT's portfolio," said
Joseph F. Coradino, CEO of PREIT.
"Curating diverse offerings across multiple categories is key to
success as this business evolves. Having moved quickly to replace
department stores and repositioning our portfolio of well-located
assets in dense, growing markets, PREIT is well-positioned to
increase value to our shoppers, tenants and shareholders as our
redevelopments are completed."
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
EVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/preit-quantifies-success-of-remerchandising-effort-with-mall-at-prince-georges-review-300911158.html
SOURCE PREIT