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 to release its financial results for the quarter ending September 30, 2016 on November 2, 2016

PHILADELPHIA, 2016-Sep-23 — /EPR Retail News/ — Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) intends to release its financial results for the quarter ending September 30, 2016 after market trading closes on Wednesday, November 2, 2016.

Management has scheduled a conference call for 11:00 a.m. Eastern Time on Thursday, November 3, 2016, to review the Company’s results and future outlook.  To listen to the call, please dial 1-877-201-0168 (domestic toll free), or 1-647-788-4901 (international), and request to join the PREIT call, Conference ID 74250243, at least five minutes before the scheduled start time.  Investors can also access the call in a “listen only” mode via the internet at the Company’s website, preit.com.  Please allow extra time prior to the call to visit the site and download the necessary software to listen to the Internet broadcast.  Financial and statistical information expected to be discussed on the call will also be available on the Company’s website. For best results when listening to the webcast, the Company recommends using Flash Player.

For interested individuals unable to join the conference call, the online archive of the webcast will also be available for one year following the call.

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 over 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 preit.com, 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 our 2015 Term Loan; 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 which could be subject to delays or other risks and might not yield the returns we anticipate; 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
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 completes sale of Washington Crown Center in Washington, PA for $20 million

PHILADELPHIA, 2016-Aug-18 — /EPR Retail News/ — PREIT (NYSE: PEI) announced it has completed the sale of Washington Crown Center in Washington, PA.  The property was sold for $20.0 million.

“We remain committed to crafting a strong portfolio of assets that are well-positioned for the future,” said Joseph F. Coradino, CEO of PREIT. “This commitment has been evident in our disposition program as well as our remerchandising and redevelopment successes and has resulted in improved operating results including strong renewal spreads, margin improvement and same store NOI growth.”

Washington Crown Center, located in Washington, PA, is anchored by Bon-Ton, Macy’s, Gander Mountain and Sears.  As of June 30, 2016, the property generated sales per square foot of $313 and non-anchor occupancy of 87.4%.

PREIT, through continued execution of its robust transformation agenda, has generated proceeds in excess of $660 million and has driven sales to new levels, reaching $460 per square foot excluding Washington Crown Center.

The Company is currently marketing Beaver Valley Mall, in Monaca, PA, as part of its continued portfolio optimization and capital allocation prioritization plan.

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 over 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 preit.com, 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 our 2015 Term Loan; 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 which could be subject to delays or other risks and might not yield the returns we anticipate; 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
heather.crowell@preit.com

SOURCE PREIT

PREIT announces the grand opening of Primark at its Willow Grove Park Mall in Philadelphia

PHILADELPHIA, 2016-Jul-20 — /EPR Retail News/ — PREIT (NYSE: PEI) today announced the grand opening of Primark, a leading European fashion retailer, at its Willow Grove Park Mall in the Philadelphia suburb of Willow Grove, PA. This is the second Primark location in the Philadelphia region and the fifth in the Northeastern United States.

Primark is one of the largest clothing retailers in Europe, offering up-to-the-minute styles at value-for-money prices. This new location will occupy 58,300 square feet space previously occupied by Sears  on the second and third floors of the southwest side of the mall. Focused on fashion, value and customer service, the retailer’s newest store will feature 59 fitting rooms and 47 registers, recharge areas, as well as a trend room, elevating the shopper experience for PREIT’s Willow Grove Park customers with added convenience and innovative experiences.

With a range of fashion products – including womenswear, menswear, children’s apparel, home goods and beauty products – Primark Willow Grove is a leading example of PREIT’s commitment to diversifying its tenant mix and welcoming contemporary anchor stores to its portfolio.

“Retailers like Primark, delivering fashion and value that is limited to the brick-and-mortar format, are in high demand in today’s retail environment, meeting the evolving needs of consumers.  New anchors, along with a unique roster of retailers, diverse dining, entertainment and experiential offerings are the keys to success in today’s mall setting,” said Joseph F. Coradino, CEO of PREIT. “By capitalizing on our concentration in sought-after markets, like Philadelphia, our properties attract new and exciting merchants, of which Primark’s second Philadelphia location is a prime example.”

As consumer shopping behaviors continue to fuel the evolution of the mall, PREIT is differentiating the shopper experience by bringing new, diversified tenants to its properties. Over the past several years, the company has focused on strategic anchor redevelopment, enhancing its portfolio quality with the addition of niche retailers and “retailtainment” offerings.  Earlier this year, PREIT executed a lease to bring DICK’s Sporting Goods and Field & Stream to its Viewmont Mall in Scranton, PA, as well as Round 1 Entertainment – offering billiards, ping pong and bowling – at its Exton Square Mall. Additionally, the company announced the development of a LEGOLAND Discovery Center at the Plymouth Meeting Mall, marking one of nine locations in the country and the only one in the state.

A grand opening for Willow Grove Park Mall’s Primark store will be held this morning. Primark currently has 312 stores in 11 countries.

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 over 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.

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

SOURCE: PREIT

PREIT: Beaver Valley Mall up for sale; Washington Crown Center in Washington, PA and office building at Voorhees Town Center sold

PHILADELPHIA, 2016-Jul-19 — /EPR Retail News/ — PREIT (NYSE: PEI) announced that it continues to drive the quality of its portfolio to new heights having executed agreements of sale and received non-refundable deposits for the sale of Washington Crown Center in Washington, PA and the office building it retained at Voorhees Town Center.  Details including pricing and proceeds will be made available upon closing.  The transactions are subject to customary closing conditions and are expected to close before the end of the third quarter of 2016.

The Company also continues to press forward with optimizing its property portfolio and has decided to market Beaver Valley Mall for sale.   In addition to this, PREIT continues its focus on remerchandising and redevelopment opportunities that maximize the appeal to shoppers.  This effort includes introducing sought after and new-to-portfolio tenants, proactively replacing department stores and capitalizing on opportunities to redevelop high quality assets to drive future growth.

“We are looking toward our future with optimism as we continue to transform our platform with our fourteenth lower-productivity mall now under contract,” said Joseph F. Coradino, CEO of PREIT. “It has been a top priority for PREIT to improve our portfolio so we can deliver strong operating results and allocate capital into our higher-quality assets that are expected to translate into superior risk-adjusted returns for our shareholders.”

Washington Crown Center, located in Washington, PA, is anchored by Bon-Ton, Macy’s, Gander Mountain and Sears.  As of March 31, 2016, the property generated sales per square foot of $318 and non-anchor occupancy of 87.9%.

The decision to market Beaver Valley Mall was made following the pivotal announcement from Shell Chemical that it is moving forward with development of a multi-billion dollar petrochemical complex just a mile and a half from the mall, which will bring several thousand jobs to the region.   This development presents an opportunity to maximize the value of the property upon sale while preserving capital for other investments.

PREIT, through continued execution of its robust transformation agenda, has generated proceeds in excess of $645 million and has driven over 20% sales growth since June 2012.

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 over 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.

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 our 2015 Term Loan; 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 which could be subject to delays or other risks and might not yield the returns we anticipate; 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
heather.crowell@preit.com

SOURCE: PREIT

PREIT launches shopper digital rewards program, PREIT Perks

PHILADELPHIA, 2016-Jun-22 — /EPR Retail News/ —  PREIT (NYSE: PEI) today announced the launch of a shopper digital rewards program, known as PREIT Perks, which will enable shoppers to earn credit on their purchases, as well as give retailers enhanced visibility into shopper behavior at PREIT malls. The program is debuting at the Cherry Hill Mall in Cherry Hill, NJ, and will be rolled out across PREIT’s portfolio over the next several months – reaching thousands of retailer locations.

PREIT Perks leverages innovative technology from Spring – the only platform that connects digital marketing with real-time payment data and in-store sales – to maximize benefits for both consumers and retailers. To enroll in PREIT Perks, shoppers can register up to 15 credit and debit cards to earn credit for purchases made at mall retailers. Enrollment is a quick, one-step process available at in-mall kiosks and on PREIT malls’ websites. For every $250 spent, consumers earn $10 back on their next transaction at the mall.

PREIT Perks also connects consumers to retailers, giving brands access to real-time payments data and other shopper insights. Through partnerships with MasterCard, Visa and American Express, the Spring platform can segment customers based on frequency, shopping habits and spending behavior. With this technology, retailers can engage shoppers while they are in the mall, offering incentives by spend amount, time frame or specific location.

“As technology continues to drive changes in consumer behavior, PREIT is committed to investing in new, innovative programs to better connect and incentivize shoppers and amplify the omnichannel experience,” said Joseph Coradino, CEO of PREIT. “PREIT Perks elevates the customer experience for shoppers by giving them an opportunity to be rewarded for their loyalty to our properties and optimizes the retailer-consumer relationship by providing our tenants with real-time insights into shopper behavior.”

“Mall owners are increasingly looking for ways to connect with shoppers; retailers, for a way to effectively push traffic in-store; and, consumers for a more innovative shopping experience – and the Spring platform meets all of those needs,” said Bruce Mitchell, CEO, Spring. “With this game-changing technology, shoppers will be rewarded and retailers will gain visibility into consumer behavior like they’ve never had before. We’re thrilled to partner with PREIT as they continue to enhance their mall properties.”

The addition of PREIT Perks is illustrative of the company’s ongoing commitment to technology and innovation to create a differentiated mall experience. Last year, PREIT announced a partnership with Mobiquity to provide beacon-based advertising throughout its portfolio, enabling retailers to use location-based data to deliver targeted promotions to mall shoppers. By connecting retailers and shoppers through customized offers and personal, real-time experiences, PREIT is increasing customer engagement and driving traffic and sales at its properties. In addition, the company is preparing to launch online gift card sales for the back-to-school season.

“The launch of PREIT Perks is another important milestone as we seek to drive portfolio quality,” said Coradino. “We’re focused on providing a high-quality, rewarding experience for our consumers and retail partners and creating value for our shareholders through improved traffic and sales productivity at our properties.”

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 over 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 Spring
Spring operates the Spring Network, which is immediately available to national and local merchants who want to grow revenue through performance-based marketing. Merchants simply opt-in to Spring and can immediately start running promotions – with no change to equipment or operations – adding the ability to track revenue and transactions delivered in real time and increasing consumer visits and spend per visit. Spring has partnerships with four of the nation’s largest shopping mall operators – including Simon Property Group, Starwood Retail Partners, Taubman Centers and PREIT – reaching a network of more than 300 malls across all 50 states. Learn more at www.springnetwork.com.

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:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
crowellh@preit.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 to release its financial results for the quarter ending June 30, 2016 on Tuesday, July 26, 2016

PHILADELPHIA, 2016-Jun-07 — /EPR Retail News/ — Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) intends to release its financial results for the quarter ending June 30, 2016 after market trading closes on Tuesday, July 26, 2016.

Management has scheduled a conference call for 11:00 a.m. Eastern Time on Wednesday, July 27, 2016, to review the Company’s results and future outlook.  To listen to the call, please dial 1-888-346-8835 (domestic toll free), 1-412-902-4271 (international), or 1-855-669-9657 (Canada toll free) and request to join the PREIT call at least five minutes before the scheduled start time.  Investors can also access the call in a “listen only” mode via the internet at the Company’s website, preit.com.  Please allow extra time prior to the call to visit the site and download the necessary software to listen to the Internet broadcast.  Financial and statistical information expected to be discussed on the call will also be available on the Company’s website. For best results when listening to the webcast, the Company recommends using Flash Player.

For interested individuals unable to join the conference call, a replay of the call will be available throughAugust 17, 2016 at 1-877-344-7529 (domestic toll free), 1-412-317-0088 (international), or 855-669-9658 (Canada toll free) using the replay code, 10087364.  The online archive of the webcast will also be available for 14 days following the call.

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: AT THE COMPANY
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 achieves near-completion of its non-core mall disposition effort with the sale of four more malls

  • Accentuates successful disposition program and underscores strength of new platform
  • Portfolio sales increase to $458 per square foot, increasing over 20% since 2012

PHILADELPHIA, 2016-Apr-02 — /EPR Retail News/ — PREIT (NYSE: PEI) today announced it has completed the sale of four additional non-core malls, a milestone achievement that signifies the near-completion of the Company’s non-core mall disposition effort with one remaining mall being marketed for sale. In November 2012, the Company communicated its plan to reshape its portfolio by disposing of non-core properties, including its lower-productivity malls, in order to reduce debt, dramatically improve portfolio quality and drive operating results. Since that time, the Company has successfully executed this plan, resulting in the sale of 13 lower-productivity malls as well as several power centers and land parcels, and has generated approximately $600 million in gross proceeds.

Highlights of the improved portfolio fundamentals include:

  • Average sales per square foot of the 13 malls sold were $267 compared to February 29, 2016 sales of$458 per square foot, excluding the properties subsequently sold;
  • Average Gross Rents for the 13 malls sold were$28.82 per square foot, nearly 50% lower than PREIT’s portfolio average of $54.56 per square foot excluding non-core malls;
  • Average non-anchor occupancy for the 13 malls sold at the time of sale was 82.1% which compares to a portfolio average of 92.9% at the end of 2015, excluding non-core malls;
  • The 13 malls that were sold were a drag on the Company’s performance, having generated a decrease in year-over-year Net Operating Income (NOI) of 10%, on average in the year before their respective dispositions.

Today, PREIT announces four, just completed, additional mall disposition transactions, including:

  • Lycoming Mall being sold for $26.35 million. Lycoming Mall in Pennsdale, Pa., is anchored by JC Penney, Sears, Bon-Ton and Macy’s.
  • A three mall package being sold for $66 million, inclusive of $17 million in seller financing. PREIT may also be entitled to $3.5 million of additional consideration for these malls if certain conditions are met in future years. The properties in this transaction are:
    • Gadsden Mall in Gadsden, Ala., which is anchored by Belk, JC Penney and Sears.
    • New River Valley Mall in Christiansburg, Va., which is anchored by Belk, Dick’s Sporting Goods, JC Penney and Kohl’s.
    • Wiregrass Commons Mall in Dothan, Ala., which is anchored by Belk, Burlington Coat Factory, Dillard’s and JC Penney.

The $600 million in gross proceeds has allowed the Company to reduce its overall indebtedness and fund value-creating redevelopment and remerchandising initiatives. Since 2011, PREIT has reduced its total debt by over $300 million and its Bank Leverage from 66.9% to approximately 50% as of December 31, 2015, with an outlined capital plan to drive this below 47% by 2018. The Company has also added one new Premier mall to its portfolio, Springfield Town Center in Springfield, Va., which has strengthened PREIT’s presence in the Washington, D.C., marketplace.

“PREIT has remained steadfastly committed to creating a high-quality portfolio that delivers outstanding results for our shareholders,” said Joseph Coradino, CEO of PREIT. “The disposition of these 13 malls redefines PREIT. With sales of $458 per square foot and remerchandising and redevelopment initiatives under way that provide a clear and realizable path to $500 per square foot, we are now a more compelling platform for retailers and investors, allowing us to continue to drive same-store NOI growth and strong shareholder returns.”

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 over 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.

 

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

SOURCE PREIT

PREIT sold its ninth lower-productivity mall since it started divesting non-core properties in late 2012

PHILADELPHIA, 2016-Mar-09 — /EPR Retail News/ — PREIT (NYSE: PEI) today announced that its recent sale of Palmer Park Mall marked the ninth lower-productivity mall sold by PREIT since having announced its plans to divest non-core properties in late 2012.   These properties generated average sales psf of $254 at the time of sale.  The Company also has four additional malls under contract with significant non-refundable deposits.  Pro-formaJanuary 31, 2016 portfolio sales per square foot excluding the assets sold or under contract for sale are $451.

In total, including several other non-core properties sold, the program has generated  over half a billion dollars in gross proceeds, contributing to the Company’s impressive reduction in its Bank Leverage ratio from 64.1% as ofSeptember 30, 2012 to approximately 50% as ofDecember 31, 2015.  Balance Sheet strengthening, in addition to portfolio quality, has been at the core of PREIT’s efforts, having demonstrated a plan at its January 2016 investor day to reach below 47% leverage in 2018.  The Company has since repaid the mortgage loan on Valley Mall increasing the pool of unencumbered properties supporting our borrowing capacity under our line of credit.

These portfolio improvements are also changing the nature of the Company’s dialog with tenants.  The portfolio has a prime presence in two top 10 MSAs, which enables the Company to continue to add new retail and entertainment concepts to its expanding tenant roster, having recently signed key new additions:

  • Saks OFF 5th at Springfield Town Center, expanding the lineup of top fashion brands at great value;
  • Round 1 Bowling & Entertainment at Exton Square, an entertainment concept from Japan, that includes bowling, arcade games and billiards, representing a unique family entertainment offering that will bring new customers to the property; and
  • Dry Goods at Woodland Mall, a boutique-style retail store, created by Von Maur, offering trendy women’s apparel and accessories.

“PREIT is on track to achieve its goal of $500 per square foot in sales, advancing our progression along the mall REIT quality continuum intended to drive shareholder value through an improved multiple and share price,” saidJoseph Coradino, CEO of PREIT.

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 over 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 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.

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

SOURCE PREIT

Pennsylvania Real Estate Investment Trust declares quarterly cash dividend of $0.21 per common share

PHILADELPHIA, 2016-Feb-12 — /EPR Retail News/ — Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today that its Board of Trustees has declared a quarterly cash dividend of $0.21 per common share.  The dividend is payable on March 15, 2016 to common shareholders of record on March 1, 2016. The March 15th dividend payment will be the Company’s 156th consecutive distribution since its initial dividend paid in August of 1962.

The Company also announced today that its Board of Trustees has declared quarterly cash dividends of$0.515625 per share on its 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares and $0.460938per share on its 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares.  These dividends are payable on March 15, 2016 to holders of record on March 1, 2016.

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.  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: 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.

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

Ron Rubin to step down as PREIT’s Executive Chairman

Ron Rubin will remain as Chairman of the Board

PHILADELPHIA, 2016-1-6 — /EPR Retail News/ — PREIT (NYSE: PEI) announced that Ron Rubin will step down as the Company’s Executive Chairman, a role he’s held since 2012, effective June 7, 2016.  Mr. Rubin will continue in his role as Chairman of the Board.

Joe Coradino, PREIT’s CEO noted, “I have benefitted tremendously from Ron’s leadership, the invaluable relationships he has created and his real estate savvy.  The Company values the distinguished service, legacy and spirit established by Ron and will benefit from his continued leadership as Chairman of the Board.”

“All of the members of the Board wish to extend their gratitude to Mr. Rubin for his service to the Company as Executive Chairman, and for his years of remarkable dedication and leadership to the Company,” noted M. Walt D’Alessio, PREIT’s Lead Independent Trustee.

Ronald Rubin, is a highly accomplished and well-known leader in the real estate industry. He served as CEO of PREIT since 1997, when The Rubin Organization, which he founded, was acquired by PREIT. He became Chairman of PREIT’s Board of Trustees in 2001.  In addition to serving as a Trustee of the International Council of Shopping Centers, he is the co-Chairman of the National Museum of American Jewish History and a Director of PECO Energy Company, a subsidiary of Exelon Corporation.  He has also been actively involved with prominent local organizations in Philadelphia, including as a director of the Regional Performing Arts Center, the past chairman of Center City District, the former president of the Jewish Federation of Greater Pennsylvania, and a former director of The Franklin Institute, the Philadelphia Orchestra, and the United Jewish Appeal.

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 over 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 driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures.  Additional information is available online at preit.com, on Twitter or LinkedIn.

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

SOURCE PREIT

PREIT to release its financial results for the quarter ending December 31, 2015 on February 23, 2016

PHILADELPHIA, 2015-12-17 — /EPR Retail News/ — Pennsylvania Real Estate Investment Trust (PREIT / NYSE: PEI) intends to release its financial results for the quarter ending December 31, 2015 after market trading closes onTuesday, February 23, 2016.

Management has scheduled a conference call for 11:00 a.m. Eastern Time on Wednesday, February 24, 2016, to review the Company’s results and future outlook.  To listen to the call, please dial 1-888-346-8835 (domestic toll free), 1-412-902-4271 (international), or 1-855-669-9657 (Canada toll free) and request to join the PREIT call at least five minutes before the scheduled start time.  Investors can also access the call in a “listen only” mode via the internet at the Company’s website, preit.com.  Please allow extra time prior to the call to visit the site and download the necessary software to listen to the Internet broadcast.  Financial and statistical information expected to be discussed on the call will also be available on the Company’s website. For best results when listening to the webcast, the Company recommends using Flash Player.

For interested individuals unable to join the conference call, a replay of the call will be available through March 9, 2016 at 1-877-344-7529 (domestic toll free), 1-412-317-0088 (international), or 855-669-9658 (Canada toll free) using the replay code, 10077672.  The online archive of the webcast will also be available for 14 days following the call.

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.

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.

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

SOURCE PREIT

PREIT: Dick’s Sporting Goods to open at Cumberland Mall in Vineland, New Jersey

Store will backfill former JC Penney location

PHILADELPHIA, 2015-12-17 — /EPR Retail News/ — PREIT  (NYSE: PEI) announces its plans to open a Dick’s Sporting Goods at Cumberland Mall in Vineland, New Jersey. The sports and fitness retailer, which offers brand name, high-quality sporting equipment, accessories, apparel and footwear at competitive prices, will occupy the former JCPenney Department Store space in a 50,000 square foot location.

PREIT CEO Joseph F. Coradino says this transaction demonstrates PREIT’s continued success in replacing anchors with in-demand retailers. “The addition of Dick’s Sporting Goods will improve the merchandise mix and solidify the tenant roster at Cumberland Mall. This transactions cements Cumberland Mall’s position as a dominant retail hub in the area and adds to its appeal catering to a wide variety of consumers.”

Cumberland Mall, currently anchored by Boscov’s, Burlington Coat Factory, Marshalls, ULTA and Regal Cinemas, features more than 90 specialty retailers and dining establishments including Applebee’s, American Eagle Outfitters, Bath & Body Works, Chick-Fil-A, Kay Jewelers, Old Navy, Red Lobster, Red Robin, Rue21, Starbucks, and Victoria’s Secret.  The property is also home to several big box retailers including BJ’s Wholesale Club, The Home Depot,  Toys ‘R’ US/Babies ‘R’ US and Michaels.

About 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

About DICK’S Sporting Goods
DICK’S Sporting Goods, Inc. is an authentic full-line sports and fitness specialty omni-channel retailer offering a broad assortment of high quality, competitively-priced brand name sporting goods equipment, apparel and footwear in a specialty store environment. For more information, visit dickssportinggoods.com

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

SOURCE PREIT

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

Pennsylvania Real Estate Investment Trust (PREIT) declared $0.21 quarterly cash dividend per common share

PHILADELPHIA, 2015-10-26 — /EPR Retail News/ — Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today that its Board of Trustees has declared a quarterly cash dividend of $0.21 per common share.  The dividend is payable on December 15, 2015 to common shareholders of record on December 1, 2015. The December 15thdividend payment will be the Company’s 155th consecutive distribution since its initial dividend paid in August of 1962.

The Company also announced today that its Board of Trustees has declared quarterly cash dividends of$0.515625 per share on its 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares and $0.460938per share on its 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares.  These dividends are payable on December 15, 2015 to holders of record onDecember 1, 2015.

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 over 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 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.

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.

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

Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241

SOURCE: PREIT

PREIT Declares Quarterly Dividend for Common and Preferred Shares
(373 KB)

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

Mobiquity Networks to provide beacon-based advertising services throughout PREIT’s portfolio of shopping centers in attractive U.S. markets

Introduction into PREIT’s portfolio of premier retail properties enhances Mobiquity Networks’ position as leader in beacon-based advertising services

GARDEN CITY, N.Y., 2015-8-27— /EPR Retail News/ — Mobiquity Networks, a wholly owned subsidiary of Mobiquity Technologies, Inc. (OTCQB:  MOBQ), which powers a leading national location‐based mobile advertising and app engagement network, has partnered with Pennsylvania Real Estate Investment Trust (NYSE:PEI) to be the provider of beacon-based advertising services throughout PREIT’s high-quality portfolio of shopping centers in attractive U.S. markets.

For Mobiquity Networks, the deal represents another significant footprint expansion, and further establishes the company’s position as the definitive leader in mall-based retail beacon networks. For PREIT, becoming part of the Mobiquity Networks’ ecosystem symbolizes its commitment to enhancing customer gratification and retailer success by connecting retailers, brands and shoppers at all of its properties through customized offers, tailored information and personalized, real-time experiences.  This portfolio-wide program demonstrates PREIT’s commitment to delivering a highly-differentiated mall experience to its shoppers, and the latest in consumer engagement technology services to its retailers.

PREIT is one of the country’s leading owners and manager of retail shopping malls, and focuses on properties that are tailored to fit the dynamic communities they serve.  Founded in 1960, the Company owns and operates over 28 million square feet of space in properties in 12 states in the eastern half of the United States, concentrated primarily in the Mid-Atlantic region and Greater Philadelphia.

Mobiquity Networks owns and operates the largest shopping mall‐based beacon advertising network in the U.S. . This network already includes nearly 300 premier shopping malls. With this agreement, PREIT granted Mobiquity Networks rights to its desirable collection of mall properties, which will grow Mobiquity Networks footprint to more than 320 malls hosting over 7,500 unique retailers found in nearly 40,000 storefronts. Mobiquity Networks is scheduled to complete the installation during the first quarter of 2016.

According to Mobiquity Networks’ Chairman, Thomas M. Arnost, “Adding PREIT’s portfolio of malls to our rapidly growing network is yet another significant milestone for Mobiquity Networks. PREIT’s portfolio of properties delivers a highly desirable young and affluent demographic and adds significant scale to our already dominant national retail footprint.”

Mobiquity Networks now gives marketers the ability to potentially reach out to an estimated 262 million monthly real-time shoppers who spend on average more than $26 billion a month and over $310 billion annually.

Mobiquity Networks’ beacon technology utilizes valuable location-based data from common areas in-mall and provides advertisers with the totally unprecedented opportunity to deliver targeted advertising to mall shoppers at precisely the right place and time — just as they are deciding which retailers to visit and what brands to buy. Through Mobiquity Networks platform, advertisers have the potential to influence over 3 billion annual shopping visits.

“We’re pleased to be able to bring this world-class location-based technology to our properties.  Mobiquity Networks offers un-matched national scale, adds to the shopper experience at our properties, and delivers proximity-based marketing services to our retail and brand partners,” said Joseph F. Coradino, CEO of PREIT. “This agreement is a significant step toward ensuring that our properties are leveraging technology to increase consumer engagement, driving traffic and sales to our properties.”

The advantage that Mobiquity Networks has over other beacon providers is that the company’s existing traction in the space already provides the ability to deliver national scale for beacon-based consumer engagement, which is essential for mall retail tenants and the brands in their stores to run large-scale mobile campaigns. Mobiquity Networks also has a rapidly growing pipeline of mobile app publishing partners and is known for its commitment to protecting the in-mall shopper experience.

About Mobiquity Technologies
Mobiquity Technologies, Inc. (OTCQB: MOBQ) (“Mobiquity”), parent company of Mobiquity Networks, operates a national location‐based mobile advertising network that has developed a consumer‐focused proximity network which we believe is unlike any other in the United States. Mobiquity’s integrated suite of leading‐edge location based mobile advertising technologies allows our clients to execute more personalized and contextually relevant experiences, driving brand awareness and incremental revenue. Mobiquity Technologies will continue to attempt to expand its location‐based mobile advertising solutions to create “smart malls” in retail destinations across the U.S. using Bluetooth‐enabled iBeacon technology. Please visit the Company’s corporate websites at: www.mobiquitytechnologies.com and www.mobiquitynetworks.com.

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 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 www.preit.com or on Twitter or LinkedIn.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
Certain statements in this press release constitute “forward‐looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements express or implied by such forward‐looking statements. The forward‐looking statements are subject to risks and uncertainties including, without limitation, changes of competition, possible loss of customers, and the company’s ability to attract and retain key personnel.

Contact:

For media inquiries:
Mobiquity Technologies
Jim Meckley, CMO
(516) 256-7766 x222
jim@mobiquitynetworks.com

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

PREIT announces new lease with Whole Foods Market to open at Exton Square Mall in Exton, PA

Addition will provide an extraordinary shopping experience

PHILADELPHIA, PA, 2015-8-6— /EPR Retail News/ — PREIT (NYSE: PEI) announced a new lease with Whole Foods Market to open at Exton Square Mall in Exton, PA.

The 55,000-square foot store will complement the plans to redevelop the property, bringing a unique and engaging shopping experience this part of Chester County. Located on a site consisting of approximately 10 acres along Route 100, customers will gain improved access to the new addition as the existing mall, which will be remerchandised.

“The redevelopment of Exton Square Mall, with Whole Foods Market as a catalyst, will draw other distinctive and high quality retailers, restaurants and entertainment venues,” said Joseph Coradino, CEO of PREIT. “This project will better serve the region’s customers by offering a new experience and differentiated environment.”

Whole Foods Market currently has 424 stores worldwide, with 46 in the Mid-Atlantic region. As a leading natural and organic foods grocer, the company is committed to transparency and maintaining the industry’s highest quality standards, which don’t allow artificial flavors, colors, sweeteners, preservatives or hydrogenated fats in any of the food it sells.

“Satisfying, delighting and nourishing customers is a core value of Whole Foods Market, and this Exton location will provide us with yet another opportunity to do just that in the greater Philadelphia area,” said Whole Foods Market Regional President Scott Allshouse. “We strive to provide the highest quality products and handcrafted food and drink, including locally-grown and made items, as we live up to the name ‘America’s Healthiest Grocery Store.'”

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.

About Whole Foods Market®
Founded in 1980 in Austin, Texas, Whole Foods Market (wholefoodsmarket.com), is the leading natural and organic food retailer. As America’s first national certified organic grocer, Whole Foods Market was named “America’s Healthiest Grocery Store” by Health magazine. The company’s motto, “Whole Foods, Whole People, Whole Planet”™ captures its mission to ensure customer satisfaction and health, Team Member excellence and happiness, enhanced shareholder value, community support and environmental improvement. Thanks to the company’s more than 88,000 team members, Whole Foods Market has been ranked as one of the “100 Best Companies to Work For” in America by FORTUNE magazine for 17 consecutive years. In fiscal year 2014, the company had sales of more than $14 billion and currently has more than 405 stores in the United States, Canadaand the United Kingdom.

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