75,000 Square Feet of Retail and Entertainment
Space Set to Open in 2023
Occupancy to Reach Record 95.5% Upon Opening
of LEGO Discovery Center and Burlington
Approvals Recently Obtained for 460 Apartments
and 165 Room Hotel
PHILADELPHIA, Jan. 5, 2023
/PRNewswire/ -- PREIT , today, announced that it has signed a lease
with Burlington Stores for a new 30,000 square foot store at
Springfield Town Center in Fairfax
County, VA, expected to open in 2023. It will join the new
LEGO ® Discovery Center and several other new additions including
Lovisa, BoxLunch, Daily Thread and Carters among others. The
opening of these new tenants will drive occupancy at Springfield
Town Center to a record 95.5%
PREIT's overall vision is to transform Springfield Town Center
into a vibrant, multi-use hub and take advantage of its unrivaled
location to create the preeminent family entertainment destination
in the Washington, DC
market. As part of this transformation, unanimous
approval from the Fairfax County
Board of Supervisors was recently obtained for the development of
460 apartments and a 165-room hotel, paving the way for the sale of
land parcels to developers.
The mall's highly diversified tenant mix includes traditional
retail, top-tier full service dining destinations, entertainment,
fitness and other value retail offerings – Nordstrom Rack, Five Below and Target. The
addition of Burlington builds on
the plan to offer more options to a wide array of customers and
highlights the attractiveness of the site to retailers. In
2022, over 20,000 square feet of stores opened their doors for
operation at Springfield Town Center.
"We are pleased to welcome Burlington Stores to Springfield Town
Center, another milestone in our mission to create a diverse tenant
mix including non-traditional mall retailers," said Joseph F. Coradino, Chairman & CEO of PREIT.
"The addition of Burlington Stores, the upcoming opening of LEGO ®
Discovery Center, and the planned apartment and hotel developments
will strengthen the property's appeal to customers and prospective
tenants."
Located in the third wealthiest county in the United States, Springfield Town Center is
a premier shopping destination well-positioned to attract quality
retailers and thrive as a premier shopping destination.
About PREIT
PREIT (OTC: PRET) is a 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 sell properties that we seek to dispose of, which may be
delayed by, among other things, the failure to obtain zoning,
occupancy and other governmental approvals and permits or, to the
extent required, approvals of other third parties or our ability to
obtain prices we seek; 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 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 and in our Quarterly Report on
Form 10-Q for the quarter ended September
30, 2022. 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
