Happy Holidays from PREIT

2021 has been the year of TENACITY at PREIT. While we continued to navigate the challenges presented by the pandemic, we are confident we came out stronger and more resilient as people and as a business. We are immensely proud of the work our team has done and the progress we’ve made this year, setting up a strong outlook for the future. We set our intentions on meeting the changing needs of consumers and tenants by focusing on our three core pillars: COMMUNITY, CUSTOMIZATION and CULTIVATION.

Our top priority is to support our tenants and our COMMUNITIES. Toward this end, we commit our space to host initiatives including blood drives and our very own backpack and diaper drives to provide for local families in need. To promote healthy communities, our public spaces were also host to eight COVID testing locations and 4 vaccination sites.

As part of our commitment to being stronger stewards of sustainability principles across our portfolio and throughout our organization, we released our inaugural Sustainability Report. We have challenged our Leadership team to set goals that align our activities with thoughtful implementation of ESG principles as we all work for a better, brighter tomorrow.

Our team has driven the portfolio to success this year as our industry witnessed a strong comeback fueled by the consumer’s desire to engage in person. October and November sales for comparable tenants increased 9% and 6%, respectively, compared to 2019. and we’ve seen robust traffic reaching pre-pandemic levels throughout the holiday season. Through the dedication and hard work of our Leasing team, we’ve also had a record-breaking year for new transactions, executing more new transactions than for any of the past five years. Part of this success is driven by CULTIVATION efforts designed to create opportunities for local and diverse businesses. Our emphasis on attracting these businesses helps set our properties apart from the competition and has led to half of our properties being fully occupied this holiday season and many new business relationships. We also launched the Black-Owned Business 365 initiative as part of our ongoing efforts to spotlight Black-owned entrepreneurs and brands within the portfolio.

CUSTOMIZATION of our properties was a priority, allowing us to create high-quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. We are adding new and diverse uses best suited to our markets including self-storage at Mall at Prince George’s, a fulfillment center at Cumberland Mall, Aldi at Dartmouth Mall, as well as Cooper University Health Care joining Moorestown Mall in 2023. There has also been meaningful progress made on our multi-family developments across several properties and we look forward to closing on several transactions in 2022 that will bring new customers and green space to enhance our experiences.

As we LOOK AHEAD, we have several exciting openings on the horizon including sought-after Warby Parker and Amazon 4-star at Cherry Hill Mall, premium Phoenix Theater at Woodland Mall and Tilted 10 entertainment center at Willow Grove Park, to name a few.

We are so proud of the TENACITY of our team, always unmatched in focus and uncompromising on quality.

From our family to yours, we wish you a happy, healthy and prosperous 2022. We are grateful for your support!