Zumiez and Skechers Add New Offerings to The
Curated Dominant Regional Mall
PHILADELPHIA, June 16,
2022 /PRNewswire/ -- PREIT (NYSE: PEI), today
announced new additions to Dartmouth Mall, a key property in
PREIT's "Winner Take All" segment — as nearby competing
malls have closed.
Comparable store sales continue to exceed the meaningful
$600 per square foot milestone, at
$604 per square foot, in April. The
continued performance of Dartmouth Mall fuels the center of a
dynamic tenant mix. The new additions include Zumiez and Skechers,
which join an already dynamic and diverse tenant mix including a
21,000-square-foot first-to-portfolio ALDI that opened last fall,
as well as Burlington and a
recently renovated AMC Theatres.
Zumiez, a leading specialty retailer of apparel and hard
goods for skate, snow, surf, and active young lifestyles, has
opened a new store at the North
Dartmouth, MA property.
Skechers, a lifestyle footwear brand for men, women and
kids is set to open a 10,000-square-foot location later this year,
marking the retailer's first location in the PREIT portfolio,
demonstrating the Company's ability to capitalize on the strength
of its assets to drive tenant interest.
These latest additions are the only locations for over 20 miles,
further solidifying the property's prominence in the trade area.
The property is now 95% leased, and year-to-date traffic through
May is up over 50% compared to 2021, further highlighting its
status as the dominant enclosed retail center in the region.
"The sales performance of Dartmouth mall and addition of these tenants is a
testament to the strategic steps we have taken the past few years
to position Dartmouth Mall as a shopping and entertainment
destination tailored to best serve the community," said
Joseph F. Coradino, CEO of
PREIT. "We've seen traffic continue to increase month over
month as consumer demand grows."
About Dartmouth Mall
Dartmouth Mall is a market dominant shopping mall that contains
over 60 popular stores like ALDI, Burlington, H&M, Hollister, Victoria's
Secret, PINK, Old Navy, Express, Francesca's, Bath & Body
Works, Macy's, JCPenney and many others. It's also an entertainment
and dining destination featuring a renovated AMC Theatres with
recliners and bar, along with four sit-down restaurants.
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, 2021. We do not intend to update or
revise any forward-looking statements to reflect new information,
future events or otherwise.
Contact:
Heather Crowell
heather@gregoryfca.com
preit@gregoryfca.com
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SOURCE PREIT