PHILADELPHIA CREAM, April 28, 2021 /PRNewswire/ — PREIT (NYSE: PEI), a leading operator of distinctive real estate in high barrier-to-entry markets, today provided an update on strong demand for space in its evolving communities, driven by their distinctive appeal and improving the landscape of the in-person experience.
During the first quarter of 2021, the Company executed transactions to occupy nearly 600,000 square feet of space. This number compares to just over 100,000 square feet in all year 2020 and represents a 35% increase over new leased space in all year 2019 as tenants continue to engage with PREIT’s collection of high barrier-to-entry communities.
Since the end of the quarter, a number of key leases have been signed, including:
- Rose and Remington, an expanding first tenant known for its romantic and boho-chic style, will open at Woodland Mall.
- Windsor Fashions, best known for its range of dresses, including popular formal wear, signed 5 leases for 29,000 square feet. The new stores will be located across the entire PREIT portfolio.
- Street 21, recognized for offering the latest trends at an affordable price, signed three new transactions for more than 18,000 square feet.
“We continue to make great progress in attracting new tenants to our attractive property portfolio, which means improved physical productivity,” said Joseph F. Coradino, Chairman and Chief Executive Officer of PREIT. “Our ability to attract a wide range of uses to our communities, including the expansion of major retailers, is evident in our healthy and growing pipeline while demonstrating that quality retail and lifestyle experiences will continue. to thrive in the long term and gain increased market share.”
PREIT (NYSE: PEI) is a publicly traded real estate investment trust that owns and manages distinctive real estate in high barrier-to-entry markets, at the forefront of training consumer experiences through the built environment. PREIT’s strong portfolio of carefully curated retail and lifestyle offerings blended with destination dining and entertainment experiences are primarily located in densely populated, high barrier to entry markets with tremendous opportunity to create dynamic multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.
This press release contains certain forward-looking statements which can be identified by the use of words such as “anticipate”, “believe”, “estimate”, “expect”, “project”, “intend”. , “power” or similar expressions. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current expectations and assumptions regarding our business, the economy and other future events and conditions and are based on currently available financial, economic and competitive data and our current business plans. Actual results could vary materially depending on the risks, uncertainties and changes in circumstances that may affect our operations, markets, services, prices and other factors, as discussed in the Risk Factors section of our other documents filed with the Securities and Exchange Commission. Although we believe our assumptions to be reasonable, we caution you against relying on any forward-looking statements as it is very difficult to predict the impact of known factors and it is impossible for us to anticipate all factors that could affect our results. real. Important factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to, our ability to achieve our revenue forecasts and our pro forma leverage ratio and to generate available cash to further reduce our indebtedness; our ability to manage our business through the impacts of the COVID-19 pandemic, weakening global economic and financial conditions, changes in government regulations and related compliance and litigation costs and the other factors listed in our filings filed with the SEC. In addition, our business could be materially and adversely affected by changes in the retail and real estate industries, including consolidation and store closures, particularly among anchor tenants; current economic conditions, including the impact of the COVID-19 pandemic and actions taken by governmental authorities and other third parties to reduce its spread, and the corresponding effects on tenants’ business performance, prospects, creditworthiness and leasing decisions; our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increases in operating expenses that cannot be passed on to tenants; the effects of online shopping and other uses of technology on our retail tenants; risks relating to our development and redevelopment activities, including delays, cost overruns and our inability to achieve anticipated occupancy or rental rates; acts of violence in shopping malls, including our properties, or other similar spaces, and the potential effect on traffic and sales; our ability to sell the properties we seek to dispose of or our ability to obtain the prices we seek; our substantial indebtedness and preferred stock liquidation preference and our high debt-to-equity ratio and our ability to remain in compliance with our financial covenants under our credit facilities; our ability to refinance our existing debt when due, on favorable terms or not at all; our ability to raise capital, including through the sale of properties or interests in properties and the issuance of equity or equity-linked securities if market conditions are favourable; and the potential dilution of any capital raising transactions or other equity issues.
Other factors that could cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed herein and in the sections titled “Item 1A. Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2020. We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
Executive Vice President, Strategy and Communications