PREIT announces its proactive efforts to replace Sears stores in Capital City, Magnolia and Woodland Malls

PHILADELPHIA, 2017-Jan-05 — /EPR Retail News/ — PREIT (NYSE: PEI) released comments today (Jan. 4, 2017) on its proactive effort to replace Sears and the anticipated closures of three stores in its portfolio in 2017 (Capital City, Magnolia and Woodland Malls):

“These store recaptures are an opportunity to continue to enhance the shopper experience, drive traffic and create value by executing on repositioning plans at these three market-dominant assets,” said PREIT CEO Joseph F. Coradino. “The Company has an executed lease with a fashion department store to replace Sears at Woodland Mall, providing a remarkable opportunity to enhance this premier property, and is finalizing lease documents with replacement tenants at Capital City and Magnolia Malls.  The transactions are part of PREIT’s plan to continue upgrading its properties following our aggressive portfolio disposition and repositioning program which has created a quality platform that is more compelling to retailers.”

Since 2012, PREIT has made a concerted effort to reduce its exposure to select department stores, understanding that department store rationalization is a net positive for our industry.  Through dispositions and store recaptures, PREIT has reduced the number of Sears and KMart stores in its portfolio from 27 to 11 following this announcement.

At Viewmont Mall, in Scranton, PA, construction is underway for DICK’S Sporting Goods, Field & Stream and HomeGoods to replace the former Sears store in 2017 and at Exton Square in Chester County, PA, construction continues on Whole Foods which will replace a former KMart.

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets.  PREIT’s 25 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic’s top MSAs.  Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.

Forward Looking Statements
This press release, together with other statements and information publicly disseminated by us, contain certain “forward-looking statements” within the meaning of the federal securities laws. 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 uncertainties affecting real estate businesses generally as well as the following, among other factors:

Changes in the retail industry, including consolidation and store closings, particularly among anchor tenants; our ability to maintain and increase property occupancy, sales and rental rates, in light of the relatively high number of leases that have expired or are expiring in the next two years; increases in operating costs that cannot be passed on to tenants; current economic conditions and the state of employment growth and consumer confidence and spending, and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions and on our cash flows, and the value and potential impairment of our properties; our ability to sell properties that we seek to dispose of or our ability to obtain estimated sale prices; potential losses on impairment of certain long-lived assets, such as real estate, or of intangible assets, such as goodwill, including such losses that we might be required to record in connection with any dispositions of assets; risks relating to development and redevelopment activities; our ability to identify and execute on suitable acquisition opportunities and to integrate acquired properties into our portfolio; our partnerships and joint ventures with third parties to acquire or develop properties; concentration of our properties in the Mid-Atlantic region; changes in local market conditions, such as the supply of or demand for retail space, or other competitive factors; changes to our corporate management team and any resulting modifications to our business strategies; the effects of online shopping and other uses of technology on our retail tenants; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; our substantial debt and stated value of preferred shares and our high leverage ratio; constraining leverage, unencumbered debt yield, interest and tangible net worth covenants under our Credit Agreements; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties or interests in properties, or through other actions; our short and long-term liquidity position; potential dilution from any capital raising transactions or other equity issuances; and general economic, financial and political conditions, including credit and capital market conditions, changes in interest rates or unemployment.

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, 2015 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.

CONTACT: 
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com

Source:  PREIT

PREIT announces ULTA Beauty and DSW stores at Mall at Prince Georges in suburban Washington, D.C.

Leases executed with beauty & footwear retailers to augment remerchandising efforts

PHILADELPHIA, 2016-Nov-16 — /EPR Retail News/ — PREIT (NYSE: PEI) announced it has executed leases with two exciting retailers- ULTA Beauty and DSW –as part of its $30 million remerchandising and renovation program at Mall at Prince Georges in suburban Washington, D.C.

An 11,000-square foot ULTA Beauty, the largest beauty retailer in the United States, and a 16,000-square foot DSW location are scheduled to open in the second quarter of 2018. The addition of these in-demand retailers will complement the redevelopment plans for the property, elevating the merchandise mix for shoppers in the region. Earlier this year, PREIT began the property’s remerchandising effort with an executed lease with H&M. The retailer, which will occupy 20,000 square feet, will open in December.

“The addition of these high-quality retailers will expand the mall’s appeal within the market and further diversify our tenant mix, driving shopper traffic and serving to attract other in-demand retail, dining and entertainment offerings to create a dynamic shopping experience for regional consumers,” said Joseph F. Coradino, CEO of PREIT. “The property has just begun its transformation into an elevated, vibrant shopping and dining destination commensurate with the development that has occurred in the surrounding area which creates a significant opportunity to densify the property in the future, enhancing the experience between the mall and surrounding developments.”

Updated exterior facades and entrances will enhance curb appeal, while interior finishes will be updated to create a bright, modern welcoming environment. Renovations are slated to begin early next year and be completed in advance of the 2017 holiday season. When the remerchandising is complete in 2018, 73 percent of non-anchor space will feature new storefronts, inclusive of new retail and dining options as well as upgraded new store prototypes for existing tenants.

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets.  PREIT’s 25 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic’s top MSAs.   Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.

CONTACT: 
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com

SOURCE: PREIT

PREIT brings fashion retailer Zara to Cherry Hill Mall, Philadelphia

PHILADELPHIA, 2016-Nov-02 — /EPR Retail News/ — PREIT (NYSE: PEI) today (Nov. 1, 2016) announced a newly executed lease with Zara, one of the largest international fashion retailers, at Cherry Hill Mall. This is a first-to-portfolio retailer for PREIT and Zara’s first location in suburban Philadelphia.

Zara will occupy approximately 26,000 square feet of space between Macy’s and Nordstrom. The retailer – which is tentatively slated to open in November, 2017, will offer apparel and accessories for men, women and children. This development follows the recent addition of another first-to-portfolio addition at the property, Alex & Ani – an eco-conscious jewelry and accessories retailer. The addition of these in-demand retailers further improves the merchandise mix of the 1.3 million square foot mall for shoppers in the region.

“Bringing Zara, a global fashion retailer, to our portfolio underscores our high-quality, high-performance portfolio and the strength of our positioning in Philadelphia and D.C.,” said Joseph F. Coradino, CEO of PREIT. “As we continue to improve our portfolio through repositioning and redevelopment, our ability to add top-quality retailers to our portfolio improves which will continue to drive traffic and sales and create value in our portfolio.”

Over the past several months, PREIT has welcomed a number of new retailers to its portfolio across the Mid-Atlantic region. The company celebrated the grand opening of two first-to-portfolio tenants, including Primark at Willow Grove Park in July and Saks Fifth Avenue OFF 5th at Springfield Town Center in September. PREIT also recently announced the opening of DICK’s Sporting Goods at Cumberland Mall, as well as the signing of HomeGoods at Viewmont Mall.

Cherry Hill Mall is located in South Jersey, about eight miles from Center City Philadelphia. The premier mall offers a variety of luxury stores and exclusive retailers, including Nordstrom, Apple, Henri Bendel, Hugo Boss, The Lego Store, The North Face, and more, as well as an array of dining options.

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets.  PREIT’s 25 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic’s top MSAs.   Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.

CONTACT:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com

SOURCE: PREIT

PREIT announces the grand opening of Saks Fifth Avenue OFF 5TH at Springfield Town Center in Springfield, VA

PREIT announces the grand opening of Saks Fifth Avenue OFF 5TH at Springfield Town Center in Springfield, VA
PREIT announces the grand opening of Saks Fifth Avenue OFF 5TH at Springfield Town Center in Springfield, VA

 

PHILADELPHIA, 2016-Sep-16 — /EPR Retail News/ — PREIT (NYSE: PEI) today (Sept. 15, 2016) announced the grand opening of Saks Fifth Avenue OFF 5TH at Springfield Town Center in Springfield, VA. The luxury-value retailer occupies 30,000 square feet with a grand presence on two levels, marking the retailer’s first mall location in Northern Virginia and a first in PREIT’s portfolio.

Saks Fifth Avenue OFF 5TH, a perfect complement to a diverse tenant mix at Springfield Town Center, offers high-quality, on-trend products and exclusives as well as exceptional service at remarkable savings. The retailer, a leader in the value-luxury segment, offers a lineup of more than 800 sought-after brands at up to 70 percent off. With new arrivals shipped to the store nearly every day, customers can discover fresh and on-trend merchandise on every visit.

“The addition of Saks Fifth Avenue OFF 5TH underscores our commitment to strengthening a key Premier property, Springfield Town Center, and also improving quality through the addition of in-demand retailers throughout our portfolio,” said PREIT CEO Joseph F. Coradino. “Premium off-price retailers are growing market share with consumers and the Saks OFF 5TH brand is a leader in this category, offering our shoppers an accessible luxury off-price retail experience.”

“The opening of Saks OFF 5TH at Springfield Town Center is an exciting step as we continue to grow our footprint across the United States,” commented Jonathan Greller, President, Gilt and Saks OFF 5TH. “We look forward to bringing Springfield shoppers the Saks OFF 5TH ‘thrill-of-the-hunt’ experience we are known for, delivering on-trend, premium fashion finds at the best value.”

Since its October 2014 grand re-opening, Springfield Town Center has experienced a revitalization with new, high-quality tenants and increased shopper traffic. The mall offers offers a dynamic retail, dining and entertainment experience including Macy’s, JC Penney, Target, Michael Kors, J. Crew, Forever 21, H&M, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, LA Fitness, Regal Cinema, Nordstrom RACK, and the Mid-Atlantic’s only Topshop, among other tenants. It is located in Fairfax County, one of the wealthiest and highest income counties in the U.S.

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pa., the company owns and operates approximately 25 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Additional information is available at www.preit.com, on Twitter or LinkedIn.

ABOUT SAKS FIFTH AVENUE OFF 5TH
As part of the Hudson’s Bay Company brand portfolio, Saks Fifth Avenue OFF 5TH is a world-class destination for top designer brands at extraordinary value. The retailer’s 106 stores and e-commerce division, saksoff5th.com, combine the two great joys of shopping: the delight of discovering the best in luxury and the thrill of finding a deal. A modern shopping experience of carefully curated off-the-runway trends, exceptional service, and savings on the biggest names in fashion, Saks Fifth Avenue OFF 5TH leads the market as the premier luxury-value destination.

Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the federal securities laws. 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 PREIT’s 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.  Important factors that might cause future events, achievements or results to differ materially from those expressed or implied by PREIT’s forward-looking statements include those discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 in the section entitled “Item 1A. Risk Factors.”  PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

CONTACTS:
Heather Crowell
SVP, Corporate Communications and Investor Relations, PREIT
(215) 454-1241
heather.crowell@preit.com

Meghan Biango
Senior Manager, Public Relations, Saks OFF 5TH
(646) 802-8806
Meghan_Biango@s5a.com

SOURCE: PREIT

###

PREIT closes sale of two street-level retail properties in downtown Philadelphia for approximately $20 million

PHILADELPHIA, 2016-Jun-07 — /EPR Retail News/ — PREIT (NYSE: PEI) has completed the transactions for the sale of two street-level retail properties 1501 – 05 Walnut Street and 1520 – 22 Chestnut Street  in downtown Philadelphia, representing a gain on sale of approximately $20 million and a blended 3.9% cap rate. PREIT acquired the properties in 2014 after recognizing there was sufficient tenant demand to create significant value.

“This transaction illustrates our acute knowledge of the Philadelphiamarket and our capital allocation approach,” said Joseph F. Coradino, CEO of PREIT.  “We are pleased to have recognized an opportunity to add value to these properties and use the sale proceeds to reduce debt and continue our balance sheet improvement efforts.”

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls.  Headquartered in Philadelphia, Pennsylvania, the company owns and operates approximately 26 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has seen a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures.  Information about the Company can be found at www.preit.com or on Twitter or LinkedIn.

Forward Looking Statements
This press release, together with other statements and information publicly disseminated by us, contain certain “forward-looking statements” within the meaning of the federal securities laws. 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 uncertainties affecting real estate businesses generally as well as the following, among other factors:

Changes in the retail industry, including consolidation and store closings, particularly among anchor tenants; our ability to maintain and increase property occupancy, sales and rental rates, in light of the relatively high number of leases that have expired or are expiring in the next two years; increases in operating costs that cannot be passed on to tenants; current economic conditions and the state of employment growth and consumer confidence and spending, and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions and on our cash flows, and the value and potential impairment of our properties; our ability to sell properties that we seek to dispose of or our ability to obtain estimated sale prices; potential losses on impairment of certain long-lived assets, such as real estate, or of intangible assets, such as goodwill, including such losses that we might be required to record in connection with any dispositions of assets; risks relating to development and redevelopment activities; our ability to identify and execute on suitable acquisition opportunities and to integrate acquired properties into our portfolio; our partnerships and joint ventures with third parties to acquire or develop properties; concentration of our properties in the Mid-Atlantic region; changes in local market conditions, such as the supply of or demand for retail space, or other competitive factors; changes to our corporate management team and any resulting modifications to our business strategies; the effects of online shopping and other uses of technology on our retail tenants; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; our substantial debt and stated value of preferred shares and our high leverage ratio; constraining leverage, unencumbered debt yield, interest and tangible net worth covenants under our Credit Agreements; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties or interests in properties, or through other actions; our short and long-term liquidity position; potential dilution from any capital raising transactions or other equity issuances; and general economic, financial and political conditions, including credit and capital market conditions, changes in interest rates or unemployment.

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, 2015 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.

CONTACT:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com

SOURCE PREIT

PREIT refinanced the mortgage loan secured by Woodland Mall

Company to recognize significant savings

PHILADELPHIA, 2016-Apr-21 — /EPR Retail News/ — PREIT (NYSE: PEI) has completed the refinancing of the mortgage loan secured by Woodland Mall and extended and modified the terms of the existing mortgage loan secured by Viewmont Mall.  The LIBOR-based loans total $187.0 million and carry a fixed weighted average interest rate of 3.16% after giving effect to interest rate swaps.  The new debt instruments will result in future annual interest expense savings of approximately $3.7 million.

Terms of the transactions follow:

Prior Loan Terms New Loan Terms
Amount  Amount  Term
Property (in
millions)
Interest
Rate
(in millions) Interest
Rate
(in years)
Woodland Mall $ 140.5 5.58% $ 130.0 3.02% 5
Viewmont Mall 48.0 3.72% 57.0 3.48% 5
$ 188.5 5.11% $ 187.0 3.16%

 

Of note, the revised terms for Viewmont Mall include the ability to borrow up to $12.5 million of additional funds upon the opening of new tenants opening in the existing Sears store where PREIT has executed a previously announced replacement lease with DICK’S Sporting Goods and Field & Stream.

“We are thrilled to continue to strengthen our balance sheet with this announced satisfaction of all debt maturities until June of 2017 at improved interest rates,” said Joseph F. Coradino, CEO of PREIT.  “Consistent with our balance sheet objectives, following these transactions we will recognize significant interest rate expense savings having reduced our average interest rate to 3.94% and extend the average time to maturity of our mortgage loans to 6.0 years.”

Woodland Mall, one of PREIT’s premier properties, is a high-quality dominant regional mall located in Grand Rapids, MI anchored by Macy’s, Sears, and JC Penney with sales per square foot of $537 and 99.6% occupancy as ofDecember 31, 2015.

Viewmont Mall is located in Scranton, PA, has recently undergone a thorough remerchandising and is currently anchored by Macy’s, JC Penney and Sears.  As of December 31, 2015 sales per square foot were $445 with occupancy of 99.3%.

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls.  Headquartered in Philadelphia, Pennsylvania, the company owns and operates approximately 27 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has seen a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures.  Information about the Company can be found at www.preit.com or on Twitter or LinkedIn.

Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the federal securities laws. 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 uncertainties affecting real estate businesses generally as well as the following, among other factors: our substantial debt, stated value of preferred shares and our high leverage ratio; constraining leverage, interest and tangible net worth covenants under our 2013 Revolving Facility, our 2014 Term Loans and Letter of Credit; potential losses on impairment of certain long-lived assets, such as real estate, or of intangible assets, such as goodwill, including such losses that we might be required to record in connection with any dispositions of assets; changes to our corporate management team and any resulting modifications to our business strategies; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties or interests in properties, or through other actions; our ability to identify and execute on suitable acquisition opportunities and to integrate acquired properties into our portfolio; our partnerships and joint ventures with third parties to acquire or develop properties; our short- and long-term liquidity position; current economic conditions and their effect on employment, consumer confidence and spending and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions and on our cash flows, and the value and potential impairment of our properties;  general economic, financial and political conditions, including credit market conditions, changes in interest rates or unemployment; changes in the retail industry, including consolidation and store closings, particularly among anchor tenants; the effects of online shopping and other uses of technology on our retail tenants;  our ability to sell properties that we seek to dispose of or our ability to obtain estimated sale prices; our ability to maintain and increase property occupancy, sales and rental rates, in light of the relatively high number of leases that have expired or are expiring in the next two years; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales;  increases in operating costs that cannot be passed on to tenants; risks relating to development and redevelopment activities; concentration of our properties in the Mid-Atlantic region; changes in local market conditions, such as the supply of or demand for retail space, or other competitive factors; and potential dilution from any capital raising transactions.  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 in our most recent Annual Report on Form 10-K and in any subsequent Quarterly Report on Form 10-Q 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.

CONTACT:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
crowellh@preit.com

SOURCE: SOURCE PREIT

PREIT announces DICK’S Sporting Goods and Field & Stream to open at Viewmont Mall in Scranton, PA

Transaction reinforces PREIT’s proficiency in proactively replacing anchors

PHILADELPHIA, 2016-Apr-12 — /EPR Retail News/ — PREIT (NYSE: PEI) today announced a lease has been executed that will bring DICK’S Sporting Goods and Field & Stream to Viewmont Mall in Scranton, PA. The dual store format concept will replace the existing Sears at the property in 90,000 square feet of space. Sears will close this July, with DICK’s Sporting Goods and Field & Stream scheduled to open for business for Holiday 2017.

Over the past several years, Viewmont Mall has been a main focus in PREIT’s strategy to upgrade the quality of its tenant mix within its portfolio. Viewmont’s remerchandising, which include the recent addition of national tenants Ulta, Buffalo Wild Wings, Forever 21 and Yankee Candle, set the stage for a second phase of redevelopment to join DICK’s Sporting Goods and Field & Stream in the near future.

The addition of DICK’S Sporting Goods and Field & Stream as a replacement for Sears also underscores PREIT’s ability to proactively replace vacant anchors. As the Company recasts its anchor mix, it continues to add value to its repositioned portfolio, expanding its dialog with key tenants and adding dynamic retail concepts to its roster.

“We are pleased to continue the trend of improving our portfolio quality and mitigating our anchor risk,” said PREIT CEO Joseph F. Coradino. “As we strengthen the core of our portfolio, as we’ve done at Viewmont, we can see the path to achieving sales of $500 per square foot is well within our reach.”

DICK’S Sporting Goods is the largest U.S.-based full-line omni-channel sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel and footwear in a specialty store environment.Field & Stream is a specialty retail concept carrying the best brands to meet the evolving needs of hunters, anglers and outdoor enthusiasts. Both retailers will serve the needs of Northeastern PA shoppers traveling through the area on their way to the nearby Pocono resorts, a top destination for sporting, hunting and fishing enthusiasts.

Viewmont Mall features over 90 specialty shops and stores. As of December 31, 2015, the center’s sales per square foot were $445 and its total occupancy rate was over 99%, classifying it in the top segment of PREIT’s core growth malls.

About DICK’S Sporting Goods, Inc.
Founded in 1948, DICK’S Sporting Goods, Inc. is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As ofOctober 31, 2015, the Company operated 645 DICK’S Sporting Goods locations, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a blend of dedicated associates, in-store services and unique specialty shop-in-shops.  Headquartered in Pittsburgh, PA, DICK’S also owns and operates Golf Galaxy, Field & Stream, True Runner and Chelsea Collective specialty stores. For more information, visit the Press Room at DICKS.com.

About Field & Stream Specialty Store
Named for the iconic brand that for more than 140 years has been synonymous with outdoor experiences, the Field & Stream store offers a vast assortment of outdoor equipment, accessories and services in hunting, fishing, archery, camping and more.  The store carries a wide variety of top national outdoor brands, including Remington, Sitka, Sage, Shimano and Yeti and provides top of the line in-store services. The Field & Stream trademark is owned by American Sports Licensing Inc., and is not associated with Field & Stream Magazine.  For more information, visit FieldandStreamShop.com.

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls.  Headquartered in Philadelphia, Pennsylvania, the company owns and operates approximately 27 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has seen a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures.  Information about the Company can be found at www.preit.com or on Twitter or LinkedIn.

Forward Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the federal securities laws. 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 PREIT’s 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. Important factors that might cause future events, achievements or results to differ materially from those expressed or implied by PREIT’s forward-looking statements include those discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 in the section entitled “Item 1A. Risk Factors.” PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

CONTACT: AT THE COMPANY
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
crowellh@preit.com

SOURCE PREIT

PREIT and ChargeItSpot provide consumers with free phone charging in secure lockers while shopping

  • Consumers from Michigan to Virginia Now Enjoying “Stress-Free” Shopping at PREIT Malls
  • More than 8,400 shoppers used the free service during its initial deployment in December 2015

PHILADELPHIA, 2016-1-12 — /EPR Retail News/ — Two Philadelphia-based companies have teamed up to offer mall-goers a better shopping experience. PREIT (www.preit.com), a publicly traded REIT specializing in the ownership and management of differentiated shopping malls, and ChargeItSpot (www.chargeitspot.com), a four year-old mobile tech company, are providing consumers with free phone charging in secure lockers while they continue their shopping.

Shoppers at 10 PREIT malls from Michigan to Virginia will experience “stress-free” shopping in 2016 thanks to the installation of ChargeItSpot mobile phone charging stations.

As the Philadelphia area’s dominant mall landlord, PREIT now has the largest mall footprint of ChargeItSpot phone charging stations in the country with charging kiosks installed in 10 malls extending beyond its Philadelphia portfolio. Mall locations now equipped with the ChargeItSpot units are Cherry Hill Mall (Cherry Hill, N.J.), Viewmont Mall (Scranton, Pa.), Woodland Mall (Grand Rapids, Mich.), Willow Grove Park Mall (Willow Grove, Pa.), Valley Mall (Hagerstown, Md.), Springfield Town Center (Springfield, Va.), Mall at Prince Georges (Hyattsville, Md.), Logan Valley Mall (Altoona, Pa.), Exton Square Mall (Exton, Pa.) and Dartmouth Mall (Dartmouth, Mass.).

The ChargeItSpot charging kiosks are fully customizable and offer multiple opportunities for PREIT to engage with consumers in their mall locations. During the kiosks’ test period in December, PREIT used the customizable screens to tie into its holiday sweepstakes “Best Gift Ever” promotion, which offered shoppers a chance to win a $10,000 shopping spree along with other prizes when they scanned and uploaded shopping receipts into a PREIT mobile app.  On the charging station touchscreen, the kiosk asked shoppers “which prize do you like best” and displayed each of the available prizes. This helped stimulate awareness and adoption of the prize giveaway while also gathering information on consumer preferences which could be used for future mall giveaways and contests.

In December, more than 8,400 shoppers charged their phones with an average charge time of 53.1 minutes.

“By offering ChargeItSpot phone charging stations at 10 of our properties, we are providing an important convenience for our shoppers, allowing them to stay charged and engage more fully with our retailers, both of which have become increasingly important as mobile use as part of the omnichannel shopping experience continues to rise,” said Joseph F. Coradino, CEO of PREIT. “This initial installation is part of a company-wide initiative to connect more closely and frequently with our shoppers through mobile communications and state-of-the-art technology and amenities including free WiFi.”

ChargeItSpot’s free mobile app, available to PREIT shoppers, notifies users when their phone’s battery is low and directs them to the nearest ChargeItSpot kiosks so they can power up in secure charging lockers. The charging stations come equipped with eight charging bays, each containing three different charging cables for iPhone and Android phones. Shoppers simply enter their mobile phone number and select a security image in order to begin the user-friendly charging process. When consumers retrieve their phone, they receive an opt-in SMS message thanking them for charging their phones and inviting them to download the PREIT Malls app.

ChargeItSpot founder and CEO Douglas Baldasare added: “PREIT is a technological leader in its space. We are excited that they have identified and embraced the needs of their shoppers with a strong first phase of deployment of ChargeItSpot across 10 of their shopping malls. Their investment reflects a commitment to making their consumers’ shopping visits a truly enjoyable and social experience.”

Since its founding in 2011, ChargeItSpot has set out to solve the problem faced by millions of mobile phone-toting consumers every day – running out of “juice” and no place to get a charge. Today, with kiosks installations across the nation and in Canada, ChargeItSpot has quickly become the leading provider of secure phone charging stations for national retail stores, specialty retailers, shopping centers, casinos, hospitals, universities, stadiums and other indoor public venues. An innovative omnichannel marketing tool that delights and engages customers all while driving foot traffic and sales, ChargeItSpot charging kiosks are poised to become the next must-have retail tech amenity.

ABOUT PREIT
PREIT (NYSE: PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pennsylvania, the company owns and operates approximately 27 million square feet of retail space in the Eastern half of the United Stated with concentration in the Mid-Atlantic region’s MSAs.  Since 2012 the company has seen a transformation guided by an emphasis on balance sheet strength, high quality merchandising and disciplined capital expenditures.  Additional information is available at www.preit.com, on Twitter or LinkedIn.

About ChargeItSpot 
Based in Philadelphia, and founded by Wharton graduate Douglas Baldasare, ChargeItSpot creates elegantly designed, fully customizable mobile phone charging kiosks. Built for retail, the stations feature an intuitive, user-friendly touchscreen interface, highly secure locking capability, promotional opportunities, customizable on-screen messages, and robust data tracking and reporting. ChargeItSpot also offers a mobile app that alerts users when their cell phone battery is running low and points them to the nearest ChargeItSpot kiosk. Retail partners include Neiman Marcus, Nordstrom, Bloomingdale’s, Under Armour, Century Casinos, AT&T, PREIT malls and others. Visit the ChargeItSpot Press Room for more info or download the mobile app for kiosk locations.

SOURCE ChargeItSpot
RELATED LINKS
http://www.chargeitspot.com

LEGOLAND Discovery Centers to open at PREIT’s Plymouth Meeting Mall in Spring 2017

Pennsylvania’s popular family attraction to open in Spring 2017

PLYMOUTH MEETING, Pa., 2015-12-8 — /EPR Retail News/ — LEGOLAND Discovery Centers, unique indoor attractions based on the popular LEGO® brick, will begin construction next summer on LEGOLAND® Discovery Center Philadelphia at PREIT’s Plymouth Meeting Mall. The 33,000 square foot attraction will be a premier destination for adults and children when it opens at the center in Spring 2017.

Specifically designed for families with children aged 3-10, LEGOLAND Discovery Center Philadelphia will offer a fun, highly interactive and educational two – three hour indoor experience.  The attraction will offer a range of exciting LEGO play areas, master classes from the LEGO Master Model Builder, special party rooms for birthdays and other celebrations, a 4D cinema and, of course, the popular MINILAND area found in every LEGOLAND Discovery Center. Unique to every attraction, MINILAND reflects the iconic buildings of each individual attraction’s location, and the local community will have a chance to nominatePhiladelphia-area landmarks in a contest to be announced at a later date.

Owned and operated by global leisure giant Merlin Entertainments plc (Merlin), LEGOLAND Discovery Center Philadelphia will be Merlin’s ninth Discovery Center to open in the United States.  The LEGOLAND Discovery Center Philadelphia will be the state’s only location, and will represent Merlin’s seventeenth Discovery Center globally.

“The LEGOLAND Discovery Centers have been a huge success across the globe, particularly as an opportunity for adults and children to spend fun, quality time together,” said John Jakobsen, Chief New Openings Officer,Merlin Entertainments plc. “Plymouth Meeting Mall is the ideal location for the attraction as the mall is already a favored destination for Pennsylvania families and tourists from the region.”

“We are so excited to add the LEGOLAND Discovery Center, one of only nine in the country, to the Plymouth Meeting Mall experience,” said Joseph F. Coradino, CEO of PREIT. “The throngs of customers who will visit the attraction annually will catalyze an interior remerchandising effort that will further complement the existing experience which combines great shopping with destination entertainment, high quality dining and a gourmet grocer, attracting nearly every demographic.”

Once completed, LEGOLAND Discovery Center Philadelphia will be located on the south side of the property facing the Pennsylvania Turnpike and AMC Theatre.

With unsurpassed visibility and accessibility, Plymouth Meeting Mall offers a truly unique tenant roster and sits at the confluence of some of the busiest roadways in suburban Philadelphia where over 90 million cars pass by annually.

About Merlin Entertainments plc
MERLIN ENTERTAINMENTS plc is the leading name in location-based, family entertainment. Europe’s Number 1 and the world’s second-largest visitor attraction operator, Merlin now operates 111 attractions, 12 hotels/4 holiday villages in 23 countries and across 4 continents. The company aims to deliver memorable and rewarding experiences to its almost 63 million visitors worldwide, through its iconic global and local brands, and the commitment and passion of its managers and  c26,000 employees (peak season).

Merlin has twenty five attractions and two hotels in North America  – including two stunning LEGOLAND Resorts – LEGOLAND Florida with its theme park, water park and hotel; and LEGOLAND California theme park with water park and the SEA LIFE aquarium and themed hotel; Orlando Eye; Madame Tussauds celebrity wax attractions inNew York; Washington DC; Las Vegas; Hollywood; Orlando and San Francisco; LEGOLAND Discovery Centers inChicago; Dallas/Fort Worth; Kansas City Missouri; Atlanta, Georgia; Boston; Westchester, New York; Toronto, Canada; a Dungeon in San Francisco; and SEA LIFE aquariums in Phoenix, Arizona; Kansas City, Missouri;Michigan; Dallas/Fort Worth; the Mall of America in Minneapolis; Orlando, Florida and Charlotte – Concord, N Carolina – underlining the company’s position as the world’s biggest global aquarium operator.  Visit www.merlinentertainments.biz for more information.

About PREIT (Pennsylvania Real Estate Investment Trust)
PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls.  Headquartered in Philadelphia, Pennsylvania, the company owns and operates approximately 27 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has seen a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures.  Additional information is available at www.preit.com, on Twitter or LinkedIn.

CONTACT: AT THE COMPANY
Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 499-6019
crowellh@preit.com

CONTACT: AT MERLIN ENTERTAINMENTS PLC
Sally Ann Wilkinson
The Firm
Tel: 00 44 (0) 20 8899 6110
Email: saw@thefirmcomms.com

SOURCE PREIT

PREIT completed the refinancings of Willow Grove Park and Springfield Mall

PHILADELPHIA, PA,  2015-9-25 — /EPR Retail News/ — PREIT (NYSE: PEI) has completed the refinancings of Willow Grove Park and Springfield Mall.  The loans total $202.5 million, at PREIT’s share, and carry a weighted average interest rate of 3.97%, generating proceeds of $38.1 million and future annual interest expense savings of approximately $2.5  million on the prior loan balances.  The Company will use proceeds to repay amounts outstanding under its 2013 Revolving Facility.

Terms of the transactions follow:

Prior Loan Terms New Loan Terms
Amount Amount Term
Property (in millions) Interest Rate (in millions) Interest Rate (in years)
Willow Grove
Park
$          133.5 5.65% $          170.0 3.88% 10
Springfield Mall 30.8 4.77% 32.5 4.45% 10
$          164.4 5.49% $          202.5 3.97%

“We are pleased to complete the refinancing of our remaining 2015 maturities at favorable terms,” said Joseph F. Coradino, CEO of PREIT.  “We have reduced our interest rates, generated proceeds and extended our debt maturities, which improve our balance sheet and contribute to future earnings.”

Willow Grove Park is a dominant super-regional mall located in the suburbs of Philadelphia anchored byBloomingdale’s, Macy’s, Sears, JC Penney and Nordstrom Rack.  Primark will open one of its first US locations at the center in 2016.  One of PREIT’s Premier Malls, the property boasted sales PSF of $569 and non-anchor occupancy of 94.4% as of June 30, 2015.

Springfield Mall is a regional mall also located in the suburbs of Philadelphia anchored by Target and Macy’s and is owned in a joint venture. As of June 301, 2015, the property was generating sales of $402 PSF with non-anchor occupancy of 93.4%.

About Pennsylvania Real Estate Investment Trust
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve.  Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates 28.2 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia.  PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI.  Information about the Company can be found at preit.com or on Twitter or LinkedIn.

CONTACT:
AT THE COMPANY
Robert McCadden
EVP & CFO
(215) 875-0735

Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
crowellh@preit.com

Pennsylvania Real Estate Investment Trust completes the sale of Uniontown Mall in Uniontown, PA for $23.0 million

Sale marks the 7th non-core mall sold by PREIT

PHILADELPHIA, PA, 2015-8-6— /EPR Retail News/ — Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today that it has completed the sale of Uniontown Mall in Uniontown, PA for $23.0 million.  The buyer also separately acquired the fee interest in the ground underlying the mall from an unaffiliated party. The completion of the sale represents continued progress on the Company’s commitment to elevating its portfolio by allocating capital toward high-quality enclosed malls.

Uniontown Mall is located in Uniontown, PA and is anchored by JC Penney, Sears, Bon-Ton, Burlington Coat Factory and Teletech Customer Care.  Comparable sales per square foot as of June 30, 2015 were $282compared to PREIT’s portfolio average of $418.

“Finalizing this transaction is another step in PREIT’s transformation,” said Joseph F. Coradino, CEO of PREIT. “Our transformed platform, which we anticipate will generate sales exceeding $450 per square foot, is expected to provide earnings stability and meaningful organic growth.”

About PREIT
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve.  Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates over 27 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia.  PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI.  Information about the Company can be found at preit.com or on Twitter or LinkedIn.

Forward Looking Statements
This press release, together with other statements and information publicly disseminated by us, contain certain “forward-looking statements” within the meaning of the federal  securities laws. 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 uncertainties affecting real estate businesses generally as well as the following, among other factors: our substantial debt and stated value of preferred shares and our high leverage ratio; constraining leverage, unencumbered debt yield, interest and tangible net worth covenants under our 2013 Revolving Facility and our Term Loans; potential losses on impairment of certain long-lived assets, such as real estate, or of intangible assets, such as goodwill, including such losses that we might be required to record in connection with any dispositions of assets; changes in the retail industry, including consolidation and store closings, particularly among anchor tenants; our ability to sell properties that we seek to dispose of or our ability to obtain estimated sale prices; the effects of online shopping and other uses of technology on our retail tenants; risks relating to development and redevelopment activities; current economic conditions and the state of employment growth and consumer confidence and spending, and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions and on our cash flows, and the value and potential impairment of our properties; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties or interests in properties, or through other actions; our ability to identify and execute on suitable acquisition opportunities and to integrate acquired properties into our portfolio; our partnerships and joint ventures with third parties to acquire or develop properties; our short and long-term liquidity position; general economic, financial and political conditions, including credit and capital market conditions, changes in interest rates or unemployment; our ability to maintain and increase property occupancy, sales and rental rates, in light of the relatively high number of leases that have expired or are expiring in the next two years; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; changes to our corporate management team and any resulting modifications to our business strategies; increases in operating costs that cannot be passed on to tenants; concentration of our properties in the Mid-Atlantic region; changes in local market conditions, such as the supply of or demand for retail space, or other competitive factors; 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 in our Annual Report on Form 10-K for the year ended December 31, 2014 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.

CONTACTS:
Robert McCadden
EVP & CFO
(215) 875-0735

Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
crowellh@preit.com

Pennsylvania Real Estate Investment Trust to sell three malls to an institutional buyer

PHILADELPHIA, 2015-7-30 — /EPR Retail News/ — Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today that it has entered into an Agreement of Sale for three malls to an institutional buyer.  The assets under agreement of sale, which are subject to customary closing conditions, are: Gadsden Mall in Gadsden, AL, Wiregrass Commons Mall in Dothan, AL and New River Valley Mall in Christiansburg, VA.

Sales per square foot for the assets under agreement of sale follow:

  • New River Valley Mall: $279
  • Wiregrass Commons Mall: $297
  • Gadsden Mall: $310

Excluding these properties, and Uniontown Mall, the sale of which is expected imminently,  sales per square foot as of June 30, 2015 were $431.

The three assets are expected to be sold in one transaction for $95.4 million.  This would constitute a total of 10 malls sold under the Company’s disposition program.  Total funds raised through assets sales including malls, power centers and various parcels would total over $560 million.

In addition to these transactions, the Company is also negotiating agreements of sale on two additional non-core malls, which it hopes to execute within the next several weeks. Upon completion of these transactions and assuming the sale of Palmer Park Mall,  the portfolio composition would be modified as follows:

June 30, 2012 Post Disposition
Sales PSF $378 > $450
Occupancy Costs 12.2% 12.9%
Same Store Mall Non-anchor occupancy 86.8% 91.7%
Percentage of properties in Top 10 MSAs 30% 50%
# of Sears stores in Portfolio 29 16
# of JC Penney stores in Portfolio 30 20
CAM Recovery Ratio 56.0% 65.8%

“Upon completion of these transactions, our evolution into a high-quality mall REIT is nearly complete,” said Joseph F. Coradino, CEO of PREIT. “Our methodic and efficient disposition program, coupled with our disciplined capital allocation strategy, has transformed our platform into one which is expected to generate sales exceeding $450per square foot resulting in an enhanced relationship with retailers, a cultural shift within the Company and opportunity to drive future growth and enhance shareholder value.”

About PREIT
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates approximately 28 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia.  PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI.  Information about the Company can be found at preit.com or on Twitter or LinkedIn.

Forward Looking Statements
This press release, together with other statements and information publicly disseminated by us, contain certain “forward-looking statements” within the meaning of the federal securities laws. 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 uncertainties affecting real estate businesses generally as well as the following, among other factors: our substantial debt and stated value of preferred shares and our high leverage ratio; constraining leverage, unencumbered debt yield, interest and tangible net worth covenants under our 2013 Revolving Facility and our Term Loans; potential losses on impairment of certain long-lived assets, such as real estate, or of intangible assets, such as goodwill, including such losses that we might be required to record in connection with any dispositions of assets; changes in the retail industry, including consolidation and store closings, particularly among anchor tenants; our ability to sell properties that we seek to dispose of or our ability to obtain estimated sale prices; the effects of online shopping and other uses of technology on our retail tenants; risks relating to development and redevelopment activities; current economic conditions and the state of employment growth and consumer confidence and spending, and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions and on our cash flows, and the value and potential impairment of our properties; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties or interests in properties, or through other actions; our ability to identify and execute on suitable acquisition opportunities and to integrate acquired properties into our portfolio; our partnerships and joint ventures with third parties to acquire or develop properties; our short and long-term liquidity position; general economic, financial and political conditions, including credit and capital market conditions, changes in interest rates or unemployment; our ability to maintain and increase property occupancy, sales and rental rates, in light of the relatively high number of leases that have expired or are expiring in the next two years; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; changes to our corporate management team and any resulting modifications to our business strategies; increases in operating costs that cannot be passed on to tenants; concentration of our properties in the Mid-Atlantic region; changes in local market conditions, such as the supply of or demand for retail space, or other competitive factors; 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 in our Annual Report on Form 10-K for the year ended December 31, 2014 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.

CONTACTS:

Robert McCadden
EVP & CFO
(215) 875-0735

Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
crowellh@preit.com