Opening of Region's Newest Eddie V's Shines Spotlight on
Continued Strong Demand
PHILADELPHIA, June 29,
2023 /PRNewswire/ -- Cherry Hill Mall, a PREIT
(OTCQB: PRET) shopping center, continues to attract top-tier
tenants and shoppers. Earlier this month, the property
welcomed Eddie V's, a prime quality seafood restaurant, offering a
fine dining experience. Its first location in south Jersey,
Eddie V's high-quality offering adds to an already dynamic
full-service dining lineup comprising The Capital Grille, Seasons
52, Maggiano's Little Italy and Bahama
Breeze.
"The interest of these coveted brands and experiences
demonstrates our commitment to providing best-in-class retail
offerings," said Joseph F. Coradino,
CEO of PREIT. "Cherry Hill Mall continues to be a beacon for
new-to-portfolio tenants elevating the region's shopping, dining,
and entertainment needs."
The recently opened Eddie V's, Psycho Bunny and the IKEA pop-up
shop and remodeled H&M, Garage and Aldo stores build upon an
existing robust tenant roster and will be fortified by upcoming
additions of Brooks Brothers and UNIQLO this summer, and Oak &
Fort later this year, among others. At $940 per square foot, sales at Cherry Hill Mall
are a standout performer and serves to attract new tenants across
PREIT's portfolio.
"Throughout our portfolio, capitalizing on incredible retail
demand to introduce new-to-market tenants to our powerful
collection of properties is a priority and highlights
brick-and-mortar as a key component of a successful retail
strategy," added Coradino.
About PREIT
PREIT (OTC:PRET) is a publicly traded real estate investment
trust that owns and manages innovative properties developed to be
thoughtful, community-centric hubs. PREIT's robust portfolio of
carefully curated, ever-evolving properties generates success for
its tenants and meaningful impact for the communities it serves by
keenly focusing on five core areas of established and emerging
opportunity: multi-family & hotel, health & tech, retail,
essentials & grocery and experiential. Located primarily in
densely-populated regions, PREIT is a top operator of high quality,
purposeful places that serve as one-stop destinations for customers
to shop, dine, play and stay. Additional information is available
at www.preit.com or on Twitter, Instagram or LinkedIn.
Forward Looking Statements
This press release contains certain forward-looking statements
that can be identified by the use of words such as "anticipate,"
"believe," "estimate," "expect," "project," "intend," "may" or
similar expressions. Forward-looking statements relate to
expectations, beliefs, projections, future plans, strategies,
anticipated events, trends and other matters that are not
historical facts. These forward-looking statements reflect our
current 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 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
filings with the Securities and Exchange Commission. While we
believe our assumptions are 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 actual results.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, the effectiveness of strategies we may
employ to address our liquidity and capital resources in the
future, our ability to achieve our forecasted revenue and pro forma
leverage ratio and generate free cash flow to further reduce our
indebtedness; our ability to manage our business through the
impacts of the COVID-19 pandemic, a weakening of global economic
and financial conditions, changes in governmental regulations and
related compliance and litigation costs and the other factors
listed in our SEC filings. Additionally, our business might be
materially and adversely affected by changes in the retail and real
estate industries, including bankruptcies, consolidation and store
closings, particularly among anchor tenants; current economic
conditions, including consumer confidence and spending levels and
supply chain challenges and the impact of the COVID-19 pandemic and
the public health and governmental response as well as the
corresponding effects on tenant business performance, prospects,
solvency and leasing decisions; our inability to collect rent due
to the bankruptcy or insolvency of tenants or otherwise; our
ability to sell properties that we seek to dispose of, which may be
delayed by, among other things, the failure to obtain zoning,
occupancy and other governmental approvals and permits or, to the
extent required, approvals of other third parties or our ability to
obtain prices we seek; our ability to maintain and increase
property occupancy, sales and rental rates; increases in operating
costs that cannot be passed on to tenants; the effects of online
shopping and other uses of technology on our retail tenants; risks
related to our development and redevelopment activities, including
delays, cost overruns and our inability to reach projected
occupancy or rental rates; social unrest and acts of vandalism and
violence at malls, including our properties, or at other similar
spaces, and the potential effect on traffic and sales; the
frequency, severity and impact of extreme weather events at or near
our properties; our substantial debt and the liquidation preference
of our preferred shares and our high leverage ratio and our ability
to remain in compliance with our financial covenants under our debt
facilities; our ability to refinance our existing indebtedness when
it matures, on favorable terms or at all; our ability to raise
capital, including through sales of properties or interests in
properties and through the issuance of equity or equity-related
securities if market conditions are favorable; and potential
dilution from any capital raising transactions or other equity
issuances.
Additional factors that might cause future events, achievements
or results to differ materially from those expressed or implied by
our forward-looking statements include those discussed herein, and
in the sections entitled "Item 1A. Risk Factors" in our Annual
Report on Form 10-K for the year ended December 31, 2022. We do not intend to update or
revise any forward-looking statements to reflect new information,
future events or otherwise.
Contact:
Heather Crowell
heather@gregoryfca.com
preit@gregoryfca.com
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SOURCE PREIT
