Cherry Hill Mall Continues to Attract New-to-Market Trailblazing Tenants

Rhea-AI Summary

PREIT (NYSE: PEI) announced new retail leases at Cherry Hill Mall, enhancing its tenant mix with brands like Psycho Bunny and Levi's. Psycho Bunny, a menswear brand, is set to open in mid-2023, while Levi's will be the only full-price store in South Jersey, opening this holiday season. The mall maintains a strong 96.2% occupancy rate, with sales per square foot at $929. CEO Joseph F. Coradino emphasized the mall's attraction for leading retailers in Philadelphia's suburbs, positioning it among top-tier shopping destinations.

Positive

• New leases with Psycho Bunny and Levi's expand the tenant mix at Cherry Hill Mall.
• Levi's will be the only full-price store in South Jersey, potentially boosting foot traffic.
• Cherry Hill Mall maintains a 96.2% occupancy rate as of June 30, 2022.
• High sales per square foot at $929 indicate strong retail performance.

Negative

• None.

PHILADELPHIA, Aug. 18, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), a leading real estate investment trust, today announced exciting additions to its flagship, Cherry Hill Mall, as the mall owner continues to drive the quality of the tenant base, building off of strong sales, traffic and new retailer introductions.

Joining recently-opened Warby Parker and Marc Cain, PREIT is pleased to share that first-to-portfolio leases have been executed with popular fashion brands – Psycho Bunny and Levi's for Cherry Hill Mall. 

Psycho Bunny, expected to open in mid-2023, is the brainchild of British fashion designer Robert Godley and American clothier Robert Goldman, both veterans in the menswear industry. The classic men's apparel brand prides itself on doing everything better than it's been done before and its logo.

Levi's, expected to open this holiday season, will be the only full price store in the South Jersey market.  As one of the world's largest apparel companies and a global leader in jeans, the brand has over 500 stores worldwide and products are available in more than 100 countries.

The mall is also set to welcome one of two Rumi Life stores in the market.  The mission of Rumi Life is to fill and satisfy all of life's desires, wants and needs at an affordable price and, and to also provide these simple sparks of joy to life everyday through all of the happy things their store has to offer.

Eddie V's , a prime quality seafood restaurant, offering a fine dining experience, is expected to open its first South Jersey location and second in the state at the property in spring 2023.  This high-quality offering adds to an already dynamic full-service dining lineup comprised of The Capital Grille, Seasons 52, Maggiano's Little Italy and Bahama Breeze.

The caliber and diversity of this tenancy authenticates Cherry Hill Mall as the premier shopping and dining destination in Philadelphia's eastern suburbs.  Even at an impressive 96.2% occupancy as of June 30, 2022, PREIT continues to generate interest from new retailers looking to expand in the market at a top-tier location.  A key barometer of underlying value in brick and mortar retail, sales per square foot, stands strong at $929. 

"Cherry Hill Mall continues to attract leading retailers driving it to the next level of super-regional, fashion destinations," said Joseph F. Coradino, CEO of PREIT. "Serving the densely-populated Philadelphia suburbs, our premier tenant mix puts it squarely in the nation's top-tier malls. These highly sought-after brands attract new customers and retail and dining establishments that serve as a catalyst for value creation."

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

FAQ

What new tenants are coming to Cherry Hill Mall (PEI)?

Cherry Hill Mall will welcome Psycho Bunny and Levi's as new tenants.

When will Levi's open at Cherry Hill Mall (PEI)?

Levi's is expected to open this holiday season.

What is the current occupancy rate of Cherry Hill Mall (PEI)?

As of June 30, 2022, Cherry Hill Mall has a 96.2% occupancy rate.

What is the sales per square foot at Cherry Hill Mall (PEI)?

The sales per square foot at Cherry Hill Mall is $929.