PREIT Unveils "Park and Play" Event Series to Safely Engage Customers Throughout its Portfolio

Rhea-AI Summary

PREIT announced its "Park and Play" summer and fall event series aimed at community engagement while ensuring social distancing. The initiative features nearly two dozen outdoor events, including drive-in movies and various festivals, running through mid-September. Successful events have included a drive-in movie experience and a food truck drive-thru. Upcoming events include a Dinner and a Movie at Willow Grove Park on 9.19.2020 and the Parking Lot Social starting 9.23.2020, which offers diverse entertainment options. This initiative aims to strengthen community ties and support local businesses.

Positive

• Engagement with community through nearly two dozen outdoor events.
• Successful examples of events contributing to local businesses.
• Support for family-friendly activities improving mall traffic.

Negative

• None.

PHILADELPHIA, Sept. 10, 2020 /PRNewswire/ -- PREIT today highlighted a series of "Park and Play" summer and fall events encouraging its communities to be social while prioritizing social distancing and celebrating each property's array of tenant offerings.

Across its portfolio of properties, PREIT has and continues to host nearly two dozen community events.  The outdoor event series spans a variety of activities ranging from drive-in movies to virtual concerts to a unique crab and seafood festival and more.  Events are being held from now through mid-September.  PREIT is partnering with on-site dining options and tenants to create added value options for consumers to encourage visits to shops and restaurants while on property for these specially curated pop-up events. 

To date, successful examples of this program include drive-in movie experience hosted at Magnolia, Francis Scott Key and Patrick Henry Malls, a food truck drive thru event at Cherry Hill and a Summer Play Day featuring live music and fitness for children at Plymouth Meeting.

Among others, upcoming events include:

• Dinner and a Movie at Willow Grove Park on 9.19.2020
• Carnival Food Drive Thru at Woodland Mall 9.10-9.13.2020
• Super Hero Saturday at Moorestown Mall on 9.26.2020
• The Parking Lot Social for two weekends beginning 9.23.2020
• This event represents the next evolution in the 'drive-in' experience and offers multiple nights and forms of entertainment with the emphasis on having a fantastic night out while maintaining social distancing recommendations.   Events include comedy experiences, movies, car-a-oke, and plenty of family fun.

PREIT properties are working to re-build their respective communities with engaging activations that support the community and the thousands of jobs housed within our walls. 

"As we continue to support the recovery in the various communities we serve, the many stakeholders that enjoy the experiences we create are top of mind," said Joseph F. Coradino, CEO of PREIT. "These events encourage families and friends to safely engage, strengthening the bond we have with our shoppers."

Events specifics will be listed on each mall's website.  For a list of PREIT's properties, please click here.

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

FAQ

What events are part of PREIT's "Park and Play" series?

The "Park and Play" series includes drive-in movies, virtual concerts, a crab and seafood festival, and various family-friendly activities.

When does the "Park and Play" event series take place?

The events are scheduled from now through mid-September 2020.

What is the significance of the events for PREIT (PEI)?

These events are designed to enhance community engagement and drive traffic to PREIT's properties, supporting local businesses.

What are some upcoming events in PREIT's portfolio?

Upcoming events include Dinner and a Movie at Willow Grove Park on 9.19.2020 and Super Hero Saturday at Moorestown Mall on 9.26.2020.

How does PREIT (PEI) support local businesses through events?

PREIT partners with on-site dining options and tenants to create value for consumers and encourage visits to shops and restaurants during events.