PREIT Enhances Appeal of Dartmouth Mall with the Addition of Aldi
PREIT (NYSE: PEI) has executed a lease with Aldi for a 21,000 square foot grocery store at Dartmouth Mall, set to open in Q4 2021. This addition is aimed at diversifying the mall's offerings and strengthening its retail position, following the earlier introduction of Burlington. The mall serves as a key retail destination within a 30-mile radius in Southeast Massachusetts. The company is focused on reinventing its properties into multi-use destinations, enhancing tenant performance and consumer experiences.
- Executed a lease with Aldi for a 21,000 square foot grocery store.
- Aldi's opening in Q4 2021 will diversify the retail offerings at Dartmouth Mall.
- Enhances tenant roster alongside existing tenants like Burlington and Old Navy.
- None.
PHILADELPHIA, Jan. 7, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of distinctive real estate in high barrier-to-entry markets, today announced that the Company Has executed a lease with Aldi for a 21,000 square foot grocery store, further delivering on its promise to solidify the region's retail node and diversify the mall's retail offering. This new-to-portfolio grocer will open in fourth quarter of 2021, joining Burlington who opened in the first quarter of 2020 in the space formerly occupied by Sears that had been proactively recaptured by the Company.
Dartmouth Mall is the dominant enclosed retail destination within a 30-mile radius in Southeast Massachusetts – well-located near popular vacation destinations of Cape Code, MA and Newport, RI.
Aldi joins a dynamic roster of tenants including Burlington, Old Navy, Hollister, H&M, Five Below, Carter's and Francesca's.
PREIT is focused on reinventing its platform by creating a distinctive multi-use destinations, marked by a healthy mix of multifamily housing, hotels, entertainment, dining, health/wellness, green space, working space, and local small business retail, capitalizing on bullseye locations to produce a broader consumer base, create stronger business models and provide greater market flexibility.
Over the course of the past decade, as an initial step in this transformation, PREIT has reinvented its properties through the introduction of a variety of uses including entertainment venues, extensive dining programs, off-price and value purveyors, fitness centers and others. The addition of Aldi marks the third grocer addition to PREITs portfolio.
"The addition of Aldi to Dartmouth epitomizes PREIT's go-forward strategy to redefine our assets to serve a multitude of purposes," said Joseph F. Coradino, CEO of PREIT. "As part of this strategic approach to strengthen its region-leading asset pool, PREIT intends to complement Dartmouth Mall's strong tenant performance with the addition of best in class tenants to satisfy our customers from day to night."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. 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 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, 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 consolidation and store closings, particularly among anchor tenants; current economic conditions, including the impact of the COVID-19 pandemic and the steps taken by governmental authorities and other third parties to reduce its spread, 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 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, 2019 and in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020. We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
PREIT Contact:
Heather Crowell
EVP, Strategy and Communications
(215) 316-6271
heather.crowell@preit.com
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FAQ
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