PHILADELPHIA, Dec. 4, 2019 /PRNewswire/ -- PREIT (NYSE:
PEI) today announces robust results at its key redevelopment
projects to jumpstart the holiday shopping season. PREIT's
long-term transformation plan culminated with the opening this past
fall of three major projects: Fashion District Philadelphia,
Woodland Mall and Plymouth Meeting Mall. The multi-year plan
encompassed low-productivity asset dispositions, anchor
repositioning and high-impact redevelopment and remerchandising
initiatives, laying the groundwork for earnings growth and
portfolio strength in the new paradigm for retail.
Fashion District – Philadelphia,
PA
In just over two months since opening,
Fashion District has welcomed over 2 million
visitors, an achievement for a property marching toward
stabilization. Upcoming openings of key destination tenants,
including Round 1, Wonderspaces, Primark and Sephora are likely to
bolster these results. This project, situated in an unrivaled
location in Philadelphia,
represents the newest generation of retail experiences encompassing
dining, entertainment, immersive experiences and an array of retail
spanning the quality and pricing spectrum.
Woodland Mall – Grand Rapids,
MI
The opening of the highly-anticipated Woodland
Mall expansion wing has been a resounding success.
Recent openings include high-impact tenants, many of which are
exclusive and new-to-market such as Von
Maur, Urban Outfitters, The Cheesecake Factory, Tricho
Salon, Black Rock Bar & Grill. The new retailers further
establish Woodland Mall as a dominant consumer destination complete
with in-demand dining, high-quality retail and a blend of national
and local tenants. Traffic for the Black Friday weekend
was up 29% over last year with many retailers reporting sales in
excess of their goals.
Plymouth Meeting Mall – Plymouth
Meeting, PA
As part of its ongoing anchor
repositioning effort, PREIT welcomed new retail, dining and
experiential concepts for consumers at Plymouth Meeting Mall. Most
recently, Dick's Sporting Goods, Burlington, Miller's Ale House and Edge
Fitness have opened their doors in the former Macy's space.
Benefitting from a bullseye location in the Philadelphia suburbs, traffic was up
24% over last year's Black Friday weekend.
"The work we have done in strengthening our portfolio continues
to deliver exceptional results," said Joseph F. Coradino, CEO of PREIT. "We are
excited to offer a refreshed experience to shoppers throughout our
portfolio and are particularly pleased that they are intrigued by
our highest profile redevelopment projects. To experience
this notable upswing in traffic at the properties where we've made
significant investments is a testament to the strength of our
strategy and the potential for a sustained, long-term impact on
sales productivity and shareholder value."
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." 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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/preit-reports-significant-increase-in-traffic-at-recently-opened-redevelopments-over-thanksgiving-weekend-300969173.html
SOURCE PREIT