Core Mall Comparable Sales Reach Record-High
$618 per square foot
PHILADELPHIA, March 29,
2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the
"Company"), a leading real estate investment trust focused on
creating thoughtful, community-centric properties, provided an
update on key activities continuing to signal consumer and tenant
demand.
February Core Mall Comparable Sales per square foot hit an
all-time high at $618. Over
60% of the portfolio is generating sales productivity in excess of
$550 per square foot, a clear
indicator of the success tenants are finding in PREIT's
portfolio. Leading the growth over January results are: Mall
at Prince George's, Springfield Town Center, Moorestown, Jacksonville and Capital City Malls.
Key tenants continue to open across the portfolio,
resulting from this success.
Recently, Marc Cain, an elite
women's ready-to-wear brand hailing from Germany, opened at
Cherry Hill Mall and HomeGoods opened their store at Cumberland
Mall last week.
Looking ahead, exciting things are on the horizon across the
portfolio:
Eddie V's, Warby Parker, Deo
Eyewear and M2O Burgers are slated to open at Cherry Hill
Mall. Cherry Hill Mall will now boast one of the best
restaurant lineups on the east coast.
Lego Discovery Center at Springfield Town Center, which
will be the first of this brand new prototype in the entire
country. This addition helps fulfill the vision for STC –
differentiating it among other DC-area retail properties and
becoming a trophy in its own right.
Tilted 10 is expected to replace JC Penney at Willow Grove
Park, joining expanding local businesses and filling an
entertainment void at the property. BBQ Unlimited, a
family-owned business regularly recognized as one of the best
barbecue locales in the region, joined the lineup earlier this year
and Slime Time Entertainment, an interactive slime lab for
families, plans to open soon.
Phoenix Theatres is expected to open a new state-of-the art
movie theatre in April at Woodland Mall, joining recent
new-to-region additions Offline by aerie, Rose & Remington and
Lovisa. This Theatre replaces a 2nd run theater and matches
the quality of the upgrades we have made at the property including
the region's only Apple, Cheesecake Factory and Von Maur.
"Delivering new tenants to our communities and creating these
refreshed environments has continued to drive consumer interest
leading to impressive sales growth for our tenants, allowing us to
continue to attract unique-to-market destinations," said
Joseph F. Coradino, Chairman and CEO
of PREIT. "Our expectation is that improving fundamentals will lead
to better valuations and debt reduction through increased
opportunities to raise capital."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment
trust that owns and manages innovative properties developed to be
thoughtful, community-centric hubs. PREIT's robust portfolio of
carefully curated, ever-evolving properties generates success for
its tenants and meaningful impact for the communities it serves by
keenly focusing on five core areas of established and emerging
opportunity: multi-family & hotel, health & tech, retail,
essentials & grocery and experiential. Located primarily in
densely-populated regions, PREIT is a top operator of high quality,
purposeful places that serve as one-stop destinations for customers
to shop, dine, play and stay. Additional information is available
at www.preit.com or on Twitter, Instagram 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 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, the effectiveness of strategies we may
employ to address our liquidity and capital resources in the
future, 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 bankruptcies, consolidation and store
closings, particularly among anchor tenants; current economic
conditions, including consumer confidence and spending levels and
supply chain challenges and the impact of the COVID-19 pandemic and
the public health and governmental response as well as 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; social
unrest and acts of vandalism and violence at malls, including our
properties, or at other similar spaces, and the potential effect on
traffic and sales; the frequency, severity and impact of extreme
weather events at or near our properties; 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.
Contact:
Heather
Crowell
EVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT