Successful Redevelopments Create Momentum for PREIT’s Portfolio
More than 150,000 square feet of new tenants will open in the next six months in four key redevelopment projects
Philadelphia, PA, February 10, 2020 – PREIT (NYSE: PEI) continues to build upon the early successes of its redevelopment program with new tenants coming to its redeveloped properties: Woodland Mall, Willow Grove Park, Plymouth Meeting and Valley Malls. Throughout the next six months, PREIT will welcome more than a dozen new tenants, amounting to over 150,000 square feet of new retail and dining across these four properties. With repositioned anchors and new tenant openings, these projects will continue to be transformed, further enhancing the shopper experience and elevating the quality of PREIT’s portfolio.
“In an ever-evolving retail environment, our redevelopments continue to attract a unique tenant mix geared toward current consumer preferences that both refresh our properties and improve our portfolio,” said Joseph F. Coradino, CEO of PREIT. “PREIT has been at the forefront of shaping the consumer experience, recently completing several high-impact redevelopments that are expected to fuel growth and create value within the portfolio demonstrated by the continuous addition of high-quality, diverse tenants.”
Woodland Mall opened its highly anticipated expansion wing in October 2019, featuring a vibrant lineup of tenants, resulting in double-digit traffic growth over the recent holiday season. Further enriching the premier consumer destination, a collection of sought-after retailers will join Woodland Mall throughout the year including Sephora, White House|Black Market, Windsor Fashion, Champs Sports and Aeropostale. Specialty grab-and-go options, Auntie Anne’s and Jamba will also open this Spring. The new tenants will bring 20,000 square feet of new retail and dining for consumers in the Grand Rapids, MI region.
A super-regional shopping center located just north of Philadelphia, Willow Grove Park continues to provide a unique entertainment destination for consumers. Newly-added Yard House will be joined by new dining and snack options including &Pizza, Häagen-Dazs, and Dunkin’ – as well as Studio Movie Grille, which will offer a top-notch moviegoing and in-theater dining experience when it opens this Spring. LUSH will also join the tenant roster, further strengthening the property’s retail line-up that includes one of two Bloomingdale’s and Primark locations in the Philadelphia metro.
Plymouth Meeting Mall continues its evolution with the addition of more health and wellness tenants in this first half of 2020 – Sola Salon Studios, Ideal Image and restore Hyper Wellness and Cryotherapy will complete the open air plaza connecting the newly-added anchors, DICK’s Sporting Goods and Burlington to the lifestyle wing anchored by Whole Foods.
In Hagerstown, MD, Valley Mall will welcome Dick’s Sporting Goods this Spring, replacing the former Sears space and completing PREIT’s robust anchor repositioning initiative at the property. Dick’s Sporting Goods will occupy 59,000 square feet and complement the property’s other new and diverse anchor tenants: Onelife Fitness, Belk and Tilt. Regal Cinema will complete its full-scale renovation this year as well.
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 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; 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 our Annual Report on Form 10-K for the year ended December 31, 2018 in the section entitled “Item 1A. Risk Factors.” and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019 in the section entitled “Item 1A. Risk Factors.” We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
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