Posted: October 13, 2021 at 4:55 am MDT|Update: 32 minutes ago

PHILADELPHIA CREAM, October 13, 2021 / PRNewswire / – PREIT (NYSE: PEI), a leading real estate investment trust focused on building thoughtful, community-centric properties, today announced continued strong traffic, sales metrics and collections. By analyzing the needs of each community and developing personalized solutions across its portfolio, PREIT properties have emerged from the pandemic with resilience driven by new anchors and a diverse tenant base.

PREIT’s primary focus is on owning and managing differentiated retail shopping malls designed to adapt to the vibrant communities they serve. The Company operates properties in 12 states in the eastern United States with a concentration in the Mid-Atlantic and Greater Philadelphia region. The company is headquartered in Philadelphia, Pennsylvania. You can find more information about PREIT at www.preit.com or on Twitter or LinkedIn. (PRNewsFoto / PREIT) (PRNewsFoto /)

The results obtained by PREIT thanks to this personalized approach bear witness to its success:

Traffic – On average during the month of September, traffic in the entire PREIT core portfolio recorded its highest level compared to 2019 at almost 94%, with five properties continuing to generate traffic at or above the levels of 2019 for the month.

Woodland Mall exemplifies one of PREIT’s remarkable properties – consistently exceeding 2019 traffic on a monthly basis since the widespread availability of vaccines in April. The redevelopment of this property in 2019 brought exciting new tenants to the market including The Cheesecake Factory and Black Rock Bar & Grill, joining a formidable lineup of existing retail stores: REI, Sephora, Lush, Williams-Sonoma, Pottery Barn, Von Maur, Urban Outfitters, Altar’d State and Apple.

Sales – For the month of August, the comparable tenants of the PREIT Core shopping center generated a 9% increase in sales compared to the same month in 2019. More than 80% of the properties managed by PREIT generated sales growth during of the comparable period before the shopping center closed.

Collections – As tenant businesses continue to thrive, September recorded the highest collection rate in the current month since the start of the pandemic, at 92%. For the month of September, receipts, which include the previous month’s payment and deferred rents, amounted to 116%.

Looking ahead, experts predict a strong 2021 holiday season:

  • Deloitte notes that “Holiday retail sales are expected to grow between 7% and 9% in 2021, according to Deloitte’s annual holiday retail forecast.”
  • According to Chain Store Age, “JLL’s annual vacation survey found that 58% of shoppers plan to shop in stores or make purchases in a physical store that day. “
  • And while consumers would have shopped earlier this year, according to the KPMG Consumer Pulse Survey for the 2021 holiday season, of more than 1,000 consumers, 32% plan to shop in person. Black Friday this year, up from 16% last year.

“By listening to our clients, we have leveraged our exceptional portfolio of real estate and industrial expertise to meet the needs of the communities we serve, attract new consumers and create continued success for our tenants,” said Joseph F. Coradino, CEO of PREIT. “We remain optimistic about the pace of the recovery and consumer sentiment and will continue to look for ways to create value for our stakeholders.”

About PREIT

PREIT (NYSE: PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of crafting personalized consumer experiences. PREIT’s strong portfolio of carefully selected retail and lifestyle offerings, blended with destination dining and entertainment experiences, is primarily located in densely populated areas, with a tremendous opportunity to create multi-destination destinations. -dynamic uses. Additional information is available at www.preit.com or on Twitter or LinkedIn.

Forward-looking statements

This press release contains certain forward-looking statements which can be identified by the use of words such as “anticipate”, “believe”, “estimate”, “expect”, “plan”, “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 about 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 significantly depending on the risks, uncertainties and changes in circumstances that may affect our operations, markets, services, prices and other factors, as indicated in the Risk Factors section of our other documents filed with the Company. Securities and Exchange Commission. Although we believe that our assumptions are reasonable, we recommend that you do not rely on forward-looking statements because it is very difficult to predict the impact of known factors and it is impossible for us to anticipate all the factors that could affect our actual results. . Important factors that could cause actual results to differ materially from those shown in forward-looking statements include, but are not limited to, our ability to achieve our expected revenues and our pro forma leverage ratio and to generate cash flow. available to further reduce our debt; our ability to run 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 other factors listed in our documents with the SEC. In addition, our business could be significantly and negatively affected by changes in the retail and real estate industries, including consolidation and store closings, particularly among key tenants; current economic conditions, including the impact of the COVID-19 pandemic and measures taken by government authorities and other third parties to reduce its spread, and the corresponding effects on tenants’ business performance, outlook, creditworthiness and rental decisions; our inability to collect rent due to tenant bankruptcy or insolvency or otherwise; our ability to maintain and increase the occupancy, sale and rental rates of properties; increases in operating expenses that cannot be passed on to tenants; the effects of online shopping and other uses of technology on our tenant retailers; risks associated with our development and redevelopment activities, including delays, cost overruns and our inability to meet expected occupancy or rental rates; acts of violence in shopping centers, including our properties, or other similar spaces, and the potential effect on traffic and sales; our ability to sell the properties we seek to transfer or our ability to obtain the prices we seek; our substantial debt and liquidation preference of our preferred shares and our high leverage ratio and our ability to remain in compliance with our financial covenants under our credit facilities; our ability to refinance our existing debt when it falls due, on favorable terms or not at all; our ability to raise capital, including through the sale of properties or interests in properties and through the issuance of shares or equity-linked securities if market conditions are favorable; and the potential dilution of any capital raising transaction or other share issuance.

Additional 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 in this document and in the sections entitled “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 forward-looking statements to reflect new information, future events or otherwise.

Contact:
Heather crowell
Executive Vice President, Strategy and Communications
(215) 454-1241
[email protected]

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SOURCE PREIT

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