PHILADELPHIA, Feb. 10, 2020 /PRNewswire/ -- PREIT (NYSE:
PEI) continues to build upon the early successes of its
redevelopment program with new tenants coming to its redeveloped
properties: Woodland Mall, Willow Grove
Park, Plymouth Meeting and
Valley Malls. Throughout the next six months, PREIT will welcome
more than a dozen new tenants, amounting to over 150,000 square
feet of new retail and dining across these four properties. With
repositioned anchors and new tenant openings, these projects will
continue to be transformed, further enhancing the shopper
experience and elevating the quality of PREIT's portfolio.
"In an ever-evolving retail environment, our redevelopments
continue to attract a unique tenant mix geared toward current
consumer preferences that both refresh our properties and improve
our portfolio," said Joseph F.
Coradino, CEO of PREIT. "PREIT has been at the forefront of
shaping the consumer experience, recently completing several
high-impact redevelopments that are expected to fuel growth and
create value within the portfolio demonstrated by the continuous
addition of high-quality, diverse tenants."
Woodland Mall opened its highly anticipated expansion
wing in October 2019, featuring a
vibrant lineup of tenants, resulting in double-digit traffic growth
over the recent holiday season. Further enriching the premier
consumer destination, a collection of sought-after retailers will
join Woodland Mall throughout the year including Sephora, White
House|Black Market, Windsor Fashion, Champs Sports and Aeropostale.
Specialty grab-and-go options, Auntie Anne's and Jamba will
also open this Spring. The new tenants will bring
20,000 square feet of new retail and dining for consumers in
the Grand Rapids, MI region.
A super-regional shopping center located just north of
Philadelphia, Willow Grove Park continues to provide a
unique entertainment destination for consumers. Newly-added Yard
House will be joined by new dining and snack options including
&Pizza, Häagen-Dazs, and Dunkin' – as well as
Studio Movie Grille, which will offer a top-notch moviegoing and
in-theater dining experience when it opens this Spring. LUSH will
also join the tenant roster, further strengthening the property's
retail line-up that includes one of two Bloomingdale's and Primark locations in the
Philadelphia metro.
Plymouth Meeting Mall continues its evolution with the
addition of more health and wellness tenants in this first half of
2020 – Sola Salon Studios, Ideal Image and restore Hyper Wellness
and Cryotherapy will complete the open air plaza connecting the
newly-added anchors, DICK's Sporting Goods and Burlington to the lifestyle wing anchored by
Whole Foods.
In Hagerstown, MD, Valley
Mall will welcome Dick's Sporting Goods this Spring, replacing
the former Sears space and completing PREIT's robust anchor
repositioning initiative at the property. Dick's Sporting Goods
will occupy 59,000 square feet and complement the property's other
new and diverse anchor tenants: Onelife Fitness, Belk and
Tilt. Regal Cinema will complete its full-scale renovation
this year as well.
About PREIT
PREIT (NYSE:PEI) is a publicly
traded real estate investment trust that owns and manages
innovative properties at the forefront of shaping consumer
experiences through the built environment. PREIT's robust portfolio
of carefully curated retail and lifestyle offerings mixed with
destination dining and entertainment experiences are located
primarily in densely-populated, high barrier-to-entry markets with
tremendous opportunity to create vibrant multi-use
destinations. 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." and our Quarterly Report on Form 10-Q for the
quarterly period ended September 30,
2019 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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SOURCE PREIT