PHILADELPHIA, July 27, 2021 /PRNewswire/ -- PREIT (NYSE:
PEI), a leading real estate owner and developer, redefining the
future of the mall with mixed-use community-centric districts,
today announced that Phoenix Theatres has signed a lease to bring
first-run movies back to Woodland Mall, including West Michigan's first theatre with Dolby
Atmos® sound. This is the first location in West Michigan for Phoenix Theatres, which
expects to welcome moviegoers in late 2021.
The 21-year-old independently owned movie theatre company plans
to invest $4 million to refurbish the
14-screen theatre, creating a new premiere movie-going experience
in the greater Grand Rapids-area.
Renovation plans include all-new premium reclining heated seating,
4K digital projection with Dolby
Atmos, first-run movies, and family-friendly pricing. Phoenix
Theatres at Woodland Mall is the first major post-pandemic theatre
investment in West Michigan – and
one of the first in the country, signaling confidence in the
strength of the property and the regional economy.
This addition furthers PREIT's strategic efforts to attract
innovative tenants and redefine the Company's high barrier-to-entry
portfolio with a unique mix of uses that serves its communities.
Phoenix Theatres joins other top-tier experiences from The
Cheesecake Factory and Black Rock Bar & Grill and a tremendous
existing retail lineup which includes: Sephora, Lush,
Williams-Sonoma, Pottery Barn, Von
Maur, Urban Outfitters, Altar'd State and Apple. The
property continues to attract new and exciting tenants, with
plans to also welcome Rue21 and new-to-portfolio tenants, Rose
& Remington, known for its romantic, boho-chic
style, and Lovisa, offering affordable on-trend
jewelry, this year.
"We are delighted that Phoenix Theatres is bringing movies in an
upgraded format back to one of our premier assets, Woodland Mall,"
said Joseph F. Coradino, Chairman
and CEO of PREIT. "The successful redevelopment of the property
continues to attract first-to-market retail and dining options
including Von Maur, Urban Outfitters
and The Cheesecake Factory to West
Michigan, and this addition highlights the strength of this
property. Phoenix Theatres' focus on providing a premium guest
experience makes it the perfect fit for extending the experiential
options at Woodland Mall. The planned theatre upgrades ensure the
property will continue to be a true destination for all moviegoers
in the region. We look forward to welcoming all of these new
tenants later this year."
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.
About Phoenix Theatres
The Michigan based Phoenix Theatres was founded in
2000 and has three Michigan
theatres in Wayne, Monroe and Livonia. Two theatres are
located out of state in Dubuque,
Iowa and Pittsfield,
Massachusetts. Kentwood
will mark the company's 50th theatre screen and fourth location in
Michigan.
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 expectations and assumptions regarding our business, the
economy and other future events and conditions and are based on
currently available financial, economic and competitive data and
our current business plans. Actual results could vary materially
depending on risks, uncertainties and changes in circumstances that
may affect our operations, markets, services, prices and other
factors as discussed in the Risk Factors section of our other
filings with the Securities and Exchange Commission. While we
believe our assumptions are reasonable, we caution you against
relying on any forward-looking statements as it is very difficult
to predict the impact of known factors, and it is impossible for us
to anticipate all factors that could affect our actual results.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, our ability to achieve our forecasted
revenue and pro forma leverage ratio and generate free cash flow to
further reduce our indebtedness; our ability to manage our business
through the impacts of the COVID-19 pandemic, a weakening of global
economic and financial conditions, changes in governmental
regulations and related compliance and litigation costs and the
other factors listed in our SEC filings. Additionally, 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, including the impact of the COVID-19 pandemic and the
steps taken by governmental authorities and other third parties to
reduce its spread, 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 and our ability to remain in compliance with our
financial covenants under our debt facilities; 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 the sections entitled "Item 1A. Risk Factors" in our Annual
Report on Form 10-K for the year ended December 31, 2020. We do not intend to update or
revise any forward-looking statements to reflect new information,
future events or otherwise.
PREIT Contact:
Heather
Crowell
EVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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