PREIT Welcomes New Tenants Throughout its Portfolio
PREIT has announced new store openings in its portfolio, including an expanded Apple store at Cherry Hill Mall. The new retailers set to open include Jamba and Tempur-Pedic in Q4 2020, Sola Salon Studios, White House | Black Market, Windsor, Ardene, Blaze Pizza, and Planet Fitness. CEO Joseph F. Coradino emphasized the company's progress in rent collections and a diverse leasing pipeline, aiming to enhance consumer experiences ahead of the holiday season.
- New tenant openings indicating a diversified leasing strategy.
- Expanded Apple store expected to attract increased foot traffic.
- Plans for multiple new brands expected to enhance consumer experience.
- None.
PHILADELPHIA, Sept. 18, 2020 /PRNewswire/ -- PREIT today highlighted new stores opening throughout its portfolio highlighted by an expanded, new prototype Apple store at Cherry Hill Mall. The store features Apple's latest store design elements, an outdoor seating area and exterior and interior accessibility. Cherry Hill Mall will also welcome new tenants, Jamba and Tempur-Pedic, in the fourth quarter.
Elsewhere, PREIT continues to welcome new brands across its portfolio and is looking forward to the upcoming additions of:
- Sola Salon Studios, offering individual suites for full service salon offerings, opened at Plymouth Meeting Mall last week, joining Restore Cryotherapy and Red Rose Spa as part of its wellness cluster.
- White House | Black Market and Windsor at Woodland Mall in the fourth quarter of 2020
- Ardene opened its doors at Willow Grove Park this week, as its expansion across the region continues.
- Blaze Pizza, a first-to-portfolio tenant, will open at Capital City Mall in the coming weeks.
- Planet Fitness is set to open its 23,000 square foot facility at Moorestown Mall in the fourth quarter.
"As operations continue to re-build steam, PREIT is continuing to make strides in rent collections and building an even more diverse leasing pipeline," said Joseph F. Coradino, Chairman and CEO of PREIT. "We are thrilled to be welcoming new stores, that offer new experiences and create jobs, across our portfolio in time for the 2020 holiday season."
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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