PREIT Expands Operating Hours and Closes for Thanksgiving
PREIT announced changes to its operating hours, extending Friday and Saturday closing times to 8 pm, effective October 2, 2020. This adjustment accommodates the increasing operational capacity of experiential tenants. The company will also close on Thanksgiving Day to allow employees to spend time with family. CEO Joseph F. Coradino emphasized the importance of responding to shifting consumer demands. PREIT, a publicly traded real estate investment trust (NYSE: PEI), focuses on managing retail properties across 12 states, primarily in densely populated markets.
- Extended operating hours on weekends may boost foot traffic and sales.
- Closing on Thanksgiving Day aligns with employee welfare and company values.
- Potential risks related to the retail and real estate industries due to economic conditions and the COVID-19 pandemic.
- Increased competition from online shopping may affect tenant performance and occupancy rates.
PHILADELPHIA, Sept. 21, 2020 /PRNewswire/ -- PREIT today announced that it will modify its operating hours as more experiential tenants ramp up operations throughout the portfolio. Effective October 2, 2020, the Company's managed properties will extend hours on Friday and Saturday evenings to close at 8 pm.
The Company also joins the ranks of several companies throughout the retail vertical in closing on Thanksgiving Day to allow our front line retail and property management teams a chance to spend the holiday with their families.
"As consumer demands and priorities shift, we continue to be responsive and are grateful to the associates running our properties and the stores, entertainment venues and restaurants within them," said Joseph F. Coradino, Chairman and CEO of PREIT.
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 views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. In particular, 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 June 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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SOURCE PREIT
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