PREIT Core shopping center sales increase 17% in July to kick off the back-to-school season
PREIT powers its communities with back-to-school activations and incentives
Tenants, communities and buyers are the beneficiaries
PHILADELPHIA CREAM, 23 Aug 2021 / PRNewswire / – PREIT Celebrates Its Different Constituencies With Its Back-To-School Campaign 2021. With sales set to break records by the National Retail Federation, PREIT malls are ready to welcome customers, while supporting their communities and stimulating business for their tenants.
Sales continue to be strong across the portfolio, with Core Mall sales in July increasing 17% from 2019. As part of its efforts to generate business with its tenants and reward their loyal customers, PREIT has implemented a seasonal reward program, Spend + Score. From now until September 6, for each $ 200 spent in PREIT shopping centers, customers will receive a 25 $ gift card of their choice from a list of more than 30 merchants, all PREIT tenants. To participate, customers must upload photos of their receipts to depensendscore.com in September 30, 2021.
The season starts off strong with base traffic in shopping malls for the week ended 08/15/21 up over 9% from the previous week. When purchasing school supplies, equipment, clothing, shoes, makeup, and plenty of hand sanitizer, back-to-school shoppers are encouraged to share their school pride on Spirit Day each year. mall, for a chance to win gift cards or other prizes from favorite retailers.
Timing is essential and PREIT properties are welcoming new tenants at a rapid pace. Across PREIT’s portfolio, more than 325,000 square feet of new tenants are expected to open until October.
Support our communities.
Each PREIT shopping center partnered with a local nonprofit organization throughout August to collect and distribute backpacks and school supplies to students in need.
Across its footprint, PREIT works with 10 nonprofits to ensure students in its communities have the resources they need to start a successful school year.
“We are proud to offer a comprehensive back-to-school program to engage our communities. As stewards of the best possible experience, we are happy to continue to welcome customers back into an environment where they are rewarded, sales are geared towards our tenant partners and we give back as the centerpieces of the community should. “, said Joseph F. Coradino, CEO of PREIT. “This is a unique back-to-school season and we are focused on creating new and scalable experiences and diverse tenant mixes that create value for all of our stakeholders. “
PREIT (NYSE: PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences across the built environment. PREIT’s strong portfolio of carefully selected retail and lifestyle offerings, blended with destination dining and entertainment experiences, is primarily located in densely populated and high-barrier-to-entry markets, offering a great 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”, “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 are seeking to transfer or our ability to obtain the prices we are seeking; 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 the PREIT:
Executive Vice President, Strategy and Communications
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