Zumiez and SKECHERS curated dominant regional malls with new services
Philadelphia, June 16, 2022 / PRNewswire /-PREIT (NYSE: PEI) today announced the addition of PREIT to Dartmouth Mall, a major property in the “Winner Take All” segment. — — A nearby competing mall was closed.
Same-store sales continue to exceed what makes sense $ 600 Milestone per square foot, $ 604 Per square foot in April. The continuous performance of Dirt Mass Mall inspires the heart of a dynamic tenant mix. New additions are Zumiez and SKECHERS. These have already joined the dynamic and diverse tenant mix, including the portfolio ALDI from the beginning of 21,000 sq ft, which opened last fall. Burlington Recently refurbished AMC Theaters.
ZumiezA leading retailer of apparel and hard goods for skating, snow, surfing and the active young lifestyle has opened a new store in. North Dartmouth, Massachusetts property.
SkechersThe lifestyle footwear brand for men, women and children will open a 10,000-square-foot store later this year, becoming the first retailer’s store in the PREIT portfolio and leveraging its asset strengths to drive it. We are demonstrating our capabilities. Tenant interest.
These latest additions are the only location over 20 miles and further enhance the property’s excellence in the trade area. The property is currently 95% rented, with annual traffic volume increasing by more than 50% compared to 2021 until May, furthering its position as the dominant closed retail center in the region. I’m emphasizing.
“Sales record of Dartmouth The addition of malls and these tenants is evidence of the strategic steps taken in the last few years to position Dartmouth Mall as a shopping and entertainment destination tailored to provide optimal service to the community. ” I am saying. Joseph F. Colladino, CEO of PREIT. “Traffic continues to grow monthly as consumer demand grows.”
About Dirt Mass Mall
Dartmouth Mall is the dominant shopping mall in the market with over 60 popular stores like ALDI. Burlington, H & M, Hollister, Victoria’s Secret, PINK, Old Navy, Express, Francesca’s, Bath & Body Works, Macy’s, JCPenney and many more. It is also an entertainment and dining destination with refurbished AMC Theaters with reclining chairs and bars and four seated restaurants.
PREIT (NYSE: PEI) is a publicly traded real estate investment trust that owns and manages innovative real estate that has been thoughtfully developed as a community-centric hub. PREIT’s strong portfolio of carefully selected and evolving properties provides tenants with a keen focus on the five core areas of established new opportunities: apartments and hotels, health and technology, retail and essentials. It will bring success and have a meaningful impact on the communities that serve it. & Grocery and experience. Located primarily in densely populated areas, PREIT is a top operator of high quality and purposeful locations that serve as a one-stop destination for customers to shop, dine, play and stay. Additional information is available at the following URL: www.preit.com or twitter, Instagram Also LinkedIn..
Description of future prospects
This press release contains specific expressions that can be identified using expressions such as “anticipate,” “believe,” “estimate,” “expect,” “plan,” “intention,” 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 non-historical facts. These forward-looking statements reflect current expectations and assumptions about our business, economy and other future events and conditions, and are currently available financial, economic and competitive data and current. Based on the business plan. Actual results are related to risk, uncertainty, and our business, 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 may cause actual results to differ materially from forward-looking statements are the effectiveness of strategies that may be adopted to address future liquidity and capital resources, and the ability to achieve forecasts. Includes, but is not limited to. Generate revenue and proformal leverage ratios, and free cash flow to further reduce your debt. Manage our business through the effects 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. ability. In addition, our business can be severely and adversely affected by changes in the retail and real estate industry, including bankruptcy, consolidation and closure, especially among anchor tenants. Current economy, including consumer confidence and spending levels, supply chain challenges, the impact of the COVID-19 pandemic and public health and government response, and the corresponding impact on tenant performance, outlook, solvency, and lease decisions. situation. Rent cannot be collected due to tenant bankruptcy or bankruptcy. 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. Social unrest and vandalism and violence in malls and other similar spaces, including our assets, as well as potential impacts on transportation and sales. The frequency, severity, and impact of extreme weather events in or near our facilities. The ability to sell the property we are about to dispose of, or to get the price we are looking for. Our ability to continue to comply with our large debt, preferred stock clearing priority, high leverage ratios, and financial covenants based on our debt facility. 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 in our forward-looking statements include “Items” in this document and Form 10’s annual report. 1A. Includes what is described in the section entitled “Risk Factors”. K of the finished year December 31, 2021.. We do not plan to update or revise any forward-looking statement to reflect new information, future events, etc.
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