Pennsylvania

PREIT welcomes new tenants into its diverse portfolio and reports strong growth in leasing activities.Around the Web-Pennsylvania

Philadelphia, April 28, 2021 / PRNewswire /- PREIT (NYSE: PEI), a leading operator of unique real estate in markets with high barriers to entry, today has a lot of space in the evolving community, driven by its unique appeal and prospects for improved face-to-face experiences. Provided the latest information on demand.

In the first quarter of 2021, we executed a transaction that occupied nearly 600,000 square feet of space. This number is compared to just over 100,000 square feet. Everything in 2020 Represents a 35% increase compared to the new space leased in Everything in 2019 Tenants continue to work on a collection of communities with high barriers to entry for PREIT.

Since the end of the quarter, many major leases have been signed, including:

  • Rose & RemingtonThe first tenant in an expanding portfolio, known for its romantic, bohemian and chic style, will open at Woodland Mall.
  • Windsor fashionThe most well-known array of dresses containing the popular formal wear has signed five leases of 29,000 square feet. The new store will be placed throughout the PREIT portfolio.
  • Ru 21Is well known for offering the latest trends at affordable prices and has signed three new deals over 18,000 square feet.

“We continue to make strong progress to attract new tenants to our attractive real estate portfolio, which means increased productivity of bricks and mortar,” he said. Joseph F. Colladino, Chairman and Chief Executive Officer of PREIT. “Our ability to attract a wide range of uses to the community, including the expansion of core retailers, is evident in a healthy and growing pipeline, but quality retail and lifestyle experiences thrive in the long run and market share. Shows that it will continue to expand. “

About PREIT

PREIT (NYSE: PEI) is a listed real estate investment trust that owns and manages characteristic real estate in markets with high barriers to entry, at the forefront of shaping the consumer experience through a built environment. PREIT’s strong portfolio of carefully selected retail and lifestyle offerings combined with destination dining and entertainment experiences is primarily in densely populated, barrier-to-entry markets, creating vibrant multi-purpose destinations. There is a great opportunity to create. Additional information is available at. www.preit.com Or on Twitter or LinkedIn.

Description of future prospects

Specifics that can be identified in this press release using expressions such as “anticipate,” “believe,” “estimate,” “expect,” “plan,” “intend,” and “may.” Contains a description of the future outlook for. .. Forward-looking statements relate to expectations, beliefs, forecasts, future plans, strategies, expected events, trends, and other matters that are not historical facts. These forward-looking statements reflect current expectations and assumptions about our business, economy and other future events and circumstances, and are included in currently available financial, economic and competitive data and current business plans. Is based. Actual results are related to risks, uncertainties, and our businesses, markets, services, prices, and other factors, as explained in the Risk Factors section of other filings with the Securities and Exchange Commission. It can vary significantly due to changes in circumstances that may affect it. We believe our assumptions are reasonable, but it is very difficult to predict the impact of known factors and it is not possible to predict all the factors that may affect actual results. Be careful not to rely on forward-looking statements, as it is possible. Key factors that can cause actual results to differ materially from forward-looking statements include the ability to generate projected revenue and proformal leverage ratios and generate free cash flow to further reduce debt. However, it is not limited to these. Ability to manage our business through the impact of the COVID-19 pandemic, weakening global economic and financial conditions, changes in government regulations and related compliance and legal costs, and other factors listed in the SEC Filing. .. In addition, our business can be severely and adversely affected by changes in the retail and real estate industry, especially including consolidations and closures between anchor tenants. Current economic conditions, including the impact of the COVID-19 pandemic, measures taken by government authorities and other third parties to reduce its spread, and the corresponding impact on tenant performance, outlook, solvency and lease decisions. The rent cannot be collected due to the bankruptcy or bankruptcy of the tenant. Our ability to maintain and increase real estate occupancy, sales and rent. Increased operating costs that cannot be passed on to tenants. The impact of online shopping and the use of other technologies on retail tenants. Risks associated with development and redevelopment activities, such as delays, cost overruns, expected occupancy or inability to reach rent. Violence in malls, including our assets, or other similar spaces, and potential impacts on transportation and sales. The ability to sell the property you are about to dispose of, or to get the price you are looking for. Our ability to maintain high debt, preferred stock clearing priorities, high leverage ratios, and financial covenants based on our debt facilities. The ability to refinance existing debt on favorable terms or at all when it reaches maturity. Our ability to raise capital, including the sale of real estate or equity interests in real estate, and the issuance of shares or stock-related securities in favorable market conditions. Potential dilution through financing transactions or other issuance of shares.

Other factors that may cause future events, outcomes, or results to differ materially from those expressed or implied by our forward-looking statements include “Items” in this document and Form 10’s Annual Report. 1A. Includes those listed in the section entitled “Risk Factors”. K of the finished year December 31, 2020.. We do not intend to update or revise any forward-looking statement to reflect new information, future events, etc.

PREIT contacts:

Heather Crouwel

EVP, strategy and communication

(215) 454-1241

heather.crowell@preit.com

To download multimedia, view the original content.http://www./news-releases/preit-reports-robust-leasing-activity-growth-as-it-welcomes-new-tenants-to-diverse-portfolio-301278817.html

Saw split

PREIT welcomes new tenants into its diverse portfolio and reports strong growth in leasing activities.Around the Web-Pennsylvania

Source link PREIT welcomes new tenants into its diverse portfolio and reports strong growth in leasing activities.Around the Web-Pennsylvania

Related Articles

Back to top button