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PREIT (OTC: PRET) is a publicly traded real estate investment trust that excels in owning and managing distinctive real estate assets in high barrier-to-entry markets. With a primary focus on creating vibrant, multi-use destinations, PREIT's portfolio boasts a blend of retail, lifestyle offerings, destination dining, and entertainment experiences. These properties are strategically located in densely populated areas, allowing them to serve as community-centric hubs.
PREIT’s recent achievements highlight its commitment to innovation and excellence. For instance, the Cherry Hill Mall welcomed Eddie V's, a prime quality seafood restaurant, marking its first location in South Jersey. This addition complements an already rich dining lineup including The Capital Grille, Seasons 52, Maggiano's Little Italy, and Bahama Breeze. Other notable tenant additions include Psycho Bunny, IKEA pop-up shop, and remodeled stores like H&M, Garage, and Aldo, with Brooks Brothers, UNIQLO, and Oak & Fort slated for future openings. Cherry Hill Mall has demonstrated its prowess with sales reaching $940 per square foot.
Under the leadership of CEO Joseph F. Coradino, PREIT remains committed to providing best-in-class retail offerings, capitalizing on incredible retail demand by introducing new-to-market tenants to its powerful collection of properties. This strategy underscores the importance of brick-and-mortar as a crucial component of successful retail operations.
PREIT’s operational focus spans five core areas: multi-family & hotel, health & tech, retail, essentials & grocery, and experiential. This diversified approach ensures that the company remains at the forefront of enabling communities through the built environment. By generating meaningful impact for the communities it serves, PREIT continues to evolve its properties to meet the ever-changing demands of the modern consumer market.
For more information and the latest updates, visit www.preit.com or follow PREIT on Twitter, Instagram, or LinkedIn.
PREIT (NYSE: PEI) received a notice from the NYSE on February 4, 2022, indicating non-compliance with the minimum share price requirement of $1.00 over a 30-day trading period. The company has six months to comply, with the option of a reverse stock split to regain compliance. Despite this notice, PREIT's business operations remain unaffected, and it continues to meet other listing requirements. To address compliance, PREIT is considering various options.
PREIT (NYSE: PEI) has partnered with Merlin Entertainments to open a new LEGO® Discovery Center at Springfield Town Center in 2023. This 32,000 square foot indoor attraction aims to enhance the property's appeal, potentially attracting visitors from a broader area around Washington DC, which sees around 25 million visitors annually. The initiative aligns with PREIT's strategy to create community-centric places, expected to drive traffic and sales. The location is strategically positioned near key economic developments in Fairfax County, accessible to over 200 million cars each year.
PREIT (NYSE: PEI) reported that its core mall sales exceeded $600 per square foot, reaching $603 in 2021. This milestone is attributed to significant growth in properties like Cherry Hill Mall, which saw a 28% increase to $936. Additionally, nearly 100,000 square feet of new tenants were added, enhancing the tenant mix and driving occupancy rates. CEO Joseph F. Coradino highlighted that increased sales improve tenant productivity and appeal to new high-quality tenants, ultimately boosting asset values and positioning the company for enhanced financial performance.
PREIT (NYSE: PEI) reported a significant increase in shopper traffic over the holiday season, building on strong sales from October and November. In 2021, the company executed 1.2 million square feet of new leases, which is nearly three times more than 2019, projected to generate $4 million annually. Holiday traffic grew by 25% YoY, with 8 million visitors. The company is focused on raising over $350 million to reduce debt, including selling properties valued at over $120 million. PREIT is engaging advisors to explore options to strengthen its capital structure.
PREIT (NYSE: PEI) announced a significant step forward by extending its mortgage loan on Woodland Mall and receiving approval for multi-family development at Moorestown Mall. These developments highlight the value within PREIT's portfolio and its strategy to evolve properties into consumer-centric destinations. The enhancement of Woodland Mall with notable tenants and the planned multi-family units are expected to support capital-raising efforts and reduce leverage. PREIT aims to create value through innovative property management and community-focused development.
PREIT (NYSE: PEI) announced the addition of Warby Parker and Amazon 4-Star stores to its Cherry Hill Mall property, set to open in the first half of 2022. The introduction of these popular e-commerce brands signifies a growing consumer preference for physical retail experiences. Other recent additions to the mall include Purple and Peloton, contributing to almost 17% sales growth over a rolling 12-month period ending September 2021 compared to the same timeframe in 2019. With strong shopper return rates, the mall remains a leading retail destination.
PREIT (NYSE: PEI) reported a net loss of $44.6 million for Q3 2021, up from $35.7 million in Q3 2020, translating to a loss of $0.56 per share. Funds from Operations (FFO) was $(0.07) per share, down from $0.12 in the previous year. However, Same Store NOI increased by 36.0%, driven by a $7.8 million rise in real estate revenue and strong tenant sales. Cash collections reached 119% of billings, and total liquidity stood at $96.3 million. The company remains optimistic about the holiday season and ongoing leasing momentum.
PREIT (NYSE: PEI) has announced the launch of a new shareholder Q&A platform to enhance engagement ahead of its Q3 earnings call on November 4, 2021. The platform, in partnership with Say Technologies, allows shareholders to submit and upvote questions for management. It will be open until November 2, 2021. The earnings call can be accessed live on PREIT's Investor Relations website, with replays available afterward. This initiative reflects PREIT's commitment to transparency and communication with both retail and institutional investors.
PREIT (NYSE: PEI) will release its financial results for Q3 2021 on November 4, 2021, before market open. A conference call is scheduled for 11:00 a.m. ET on the same day to discuss results and outlook. Investors can participate by calling (844) 885-9139 domestically or (647) 689-4441 internationally, using Conference ID 3651629. Financial information will also be available on their website. PREIT focuses on owning and managing retail shopping malls in high barrier-to-entry markets, particularly in the Mid-Atlantic region.
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