PREIT Portfolio Continues to Attract a Broad Range of New Tenants

Rhea-AI Summary

PREIT (NYSE: PEI) announced strong leasing momentum with new tenants signing agreements across its portfolio, contributing to nearly 5% year-over-year occupancy growth. Year-to-date leasing volume has surpassed 2019 levels by 23%, showcasing the company's recovery and appeal to retailers. Significant new leases include Daily Thread, Uniqlo, and Carter's, enhancing PREIT’s community-centric shopping experience. Chairman Joseph F. Coradino emphasized the company's commitment to generating incremental revenue and creating stakeholder value.

Positive

• New leasing activity exceeds 2019 levels by 23%.
• Nearly 5% year-over-year occupancy growth.
• New tenants include well-known brands like Uniqlo and Carter's.

Negative

• None.

Attractive Properties Build on Momentum of 2021 Record New Leasing and nearly 5% YOY Occupancy Growth

PHILADELPHIA, Dec. 14, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today announced execution of leases with new tenants throughout its portfolio, highlighting the compelling nature of its footprint to expanding retailers.

Year-to-date through September, leasing volume has exceeded 2019 by 23%, building upon last year's phenomenal new leasing activity that has driven substantial increases in occupancy. 

Recent leases signed for new tenants joining the portfolio include:

• Daily Thread in 9 locations
• Uniqlo at Cherry Hill Mall
• Carter's at Springfield Town Center
• Lovisa at 5 additional locations
• Windsor Fashions in 3 locations

"We continue to elevate the experience across our portfolio, attracting new tenants to new markets," said Joseph F. Coradino, Chairman and CEO of PREIT. "Our talented team has worked relentlessly to build an exceptional portfolio that will continue to serve our communities for years to come, building incremental revenue and creating value for 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 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022. 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 are the recent leasing milestones for PREIT (PEI) as of December 2022?

PREIT reported that year-to-date leasing volume has surpassed 2019 levels by 23% with new leases signed for brands like Uniqlo and Carter's.

How much has PREIT's occupancy increased year-over-year?

PREIT has achieved nearly 5% year-over-year occupancy growth as of December 2022.

What new tenants joined PREIT's portfolio recently?

Recent tenants joining PREIT's portfolio include Daily Thread, Uniqlo, Carter's, Lovisa, and Windsor Fashions.

What is the significance of PREIT's leasing activity in 2022?

The leasing activity signifies a robust recovery and renewed interest from retailers in PREIT's properties, enhancing its competitive edge.