PREIT Continues to Drive Portfolio Occupancy

Rhea-AI Summary

PREIT (NYSE: PEI) reported a strong uptick in portfolio occupancy and tenant activity as of June 30, 2022. Total core mall occupancy rose by 480 basis points to 93.8%, with 420,000 square feet of new leases signed in 2022. Notable new openings included stores like BoxLunch and Lovisa, with expansions planned for 2023. CEO Joseph F. Coradino emphasized the strength of their tenant mix, which enhances customer attraction and overall property value, fostering growth potential for stakeholders.

Positive

• Core mall occupancy increased to 93.8%, up 480 basis points.
• 420,000 square feet of new leases were signed in 2022.
• New tenants include Eddie V's, Psycho Bunny, and JD Sports.

Negative

• None.

370,000 Square Feet of Tenants Opened 

420,000 Square Feet of New Leases Signed in 2022

PHILADELPHIA, Oct. 12, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, highlighted continued momentum in store openings and occupancy across its portfolio. As of June 30, 2022, PREIT increased total core mall occupancy by 480 basis points to 93.8% and 420,000 square feet of new leases were executed through the third quarter of 2022. New tenants will continue to open throughout this year and next, enhancing the value of the Company's portfolio.

Among the new stores opened this year were four BoxLunches and two Lovisa stores, while four new Lovisas are set to open in 2023. New to portfolio leases executed this year were Eddie V's, Psycho Bunny and Levi's at Cherry Hill Mall, Banfield Pet Hospital at Moorestown Mall, Edgewood Outfitters at Patrick Henry Mall, Honeygrow at Plymouth Meeting Mall, The Inspiration Co. at Springfield Town Center and JD Sports at Mall at Prince George's and Willow Grove Park.

"Our portfolio continues to show strength and momentum, attracting expanding tenants that create property value," said Joseph F. Coradino, Chairman and CEO of PREIT. "Our portfolio of high-quality locations has provided us with a platform to create a uniquely compelling tenant mix that attracts customers, increases sales and enhance value for all of our stakeholders."

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 is the latest occupancy rate for PREIT (PEI)?

PREIT's core mall occupancy increased to 93.8% as of June 30, 2022.

How many new leases did PREIT (PEI) sign in 2022?

PREIT signed 420,000 square feet of new leases in 2022.

Which new tenants have opened at PREIT properties in 2022?

New tenants include Eddie V's, Psycho Bunny, Levi's, and JD Sports.

What are PREIT's plans for new store openings in 2023?

PREIT plans to open four Lovisa stores in 2023 as part of its ongoing expansion.