PREIT Reports Robust Leasing Activity Growth as it Welcomes New Tenants to Diverse Portfolio
PREIT (NYSE: PEI) reported significant leasing growth in Q1 2021, securing nearly 600,000 square feet of new tenant space, a substantial increase compared to over 100,000 square feet in all of 2020, reflecting a 35% rise from 2019. Notable lease signings include Rose & Remington, Windsor Fashions, and Rue 21. CEO Joseph F. Coradino emphasized enhanced tenant attraction and improved in-person retail experiences, signifying strong brick-and-mortar performance in high barrier-to-entry markets.
- Leased nearly 600,000 square feet in Q1 2021, a significant increase from 2020 and 2019.
- Attraction of notable tenants like Rose & Remington, Windsor Fashions, and Rue 21 reinforces PREIT's market position.
- Improved retail experience is expected to drive long-term growth and market share.
- None.
PHILADELPHIA, April 28, 2021 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of distinctive real estate in high barrier-to-entry markets, today provided an update on robust demand for space in its evolving communities driven by their distinctive appeal and an improving in-person experience landscape.
During the first quarter of 2021, the Company executed transactions to occupy nearly 600,000 square feet of space. This figure compares to just over 100,000 square feet in all of 2020 and represents a
Since the end of the quarter, a number of key leases were signed including:
- Rose & Remington, an expanding first-to-portfolio tenant known for its romantic, boho-chic style, will open at Woodland Mall.
- Windsor Fashions, best known for its array of dresses, including popular formalwear, has signed 5 leases for 29,000 square feet. The new stores will be located across PREIT's portfolio.
- Rue 21, well-known for offering the latest trends at an affordable price, has signed three new transactions for over 18,000 square feet.
"We continue to make strong progress attracting new tenants to our compelling real estate portfolio signifying improved brick and mortar productivity," said Joseph F. Coradino, Chairman and CEO of PREIT. "Our ability to attract a wide array of uses to our communities, including expanding core retailers, is evident in our healthy and growing pipeline while demonstrating that quality retail and lifestyle experiences will continue to thrive long-term and gain increased market share."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages distinctive real estate in high barrier-to-entry markets 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, 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) 454-1241
heather.crowell@preit.com
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