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05/16/2012 - 03:36 PM
POST-REDEVELOPMENT CHERRY HILL MALL ATTRACTS HIGH-DEMAND RETAILERS
Philadelphia, Pennsylvania - May 16, 2012 – Pennsylvania Real Estate Investment Trust (PREIT) announced that leasing momentum continues at Cherry Hill Mall in Cherry Hill, New Jersey. The Company closed transactions with Pottery Barn for an 8,500 square foot store and with British hair salon Essensuals London for the East Coast’s first location. Henri Bendel and Grand Lux Café are opening this summer. The East Coast’s first retail-only Art of Shaving opened in the first quarter.
The transactions represent another tier of high-end retailers opening at Cherry Hill Mall after the transformative redevelopment highlighted by the arrival of Nordstrom in 2009. The enhancements set the property atop the list of vibrant fashion and dining destinations in the Greater Philadelphia region. More than 25 first-to-market retailers have opened at the center in the last 18 months, and comparable sales have increased to $623 per square foot as of March 2012.
“Cherry Hill Mall is one of few elite shopping centers in the country generating dramatic sales improvement,” said Joseph F. Coradino, President of PREIT Services LLC and PREIT-RUBIN, Inc. “In 2012, we are continuing a positive trajectory by ushering in a new level of exclusive retailers and restaurants that serve the style-conscious and affluent trade area.”
Cherry Hill Mall (www.cherryhillmall.com), only eight miles from Philadelphia, is the dominant shopping center in densely populated suburban southern New Jersey, boasting the highest gross volume in the region. Anchored by Nordstrom, Macy’s and jcpenney, Cherry Hill Mall features several exclusive retailers including 77kids by American Eagle, American Apparel, Apple, A/X Armani Exchange, Brighton Collectibles, Coach, Crate and Barrel, Guess by Marciano, H&M, Hugo Boss, J. Crew, MAC, Michael Kors, Pandora, Sephora, Swarovski, Teavana, The Container Store, True Religion, Urban Outfitters and Forever XXI. The mall’s destination restaurants rank among the most desirable in the region, including Bobby’s Burger Palace, California Pizza Kitchen, Maggiano’s Little Italy, Seasons 52, The Capital Grille and Bahama Breeze.
About Pennsylvania Real Estate Investment Trust
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. Currently, the Company’s portfolio consists of 49 properties, including 38 shopping malls, eight community and power centers, and three development properties. The Company’s properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have approximately 33 million total square feet of space. PREIT is headquartered in Philadelphia, Pennsylvania. The Company’s website can be found at www.preit.com. PREIT is publicly traded on the NYSE under the symbol PEI.
Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. In particular, our business might be materially and adversely affected by uncertainties affecting real estate businesses generally as well as the following, among other factors: our substantial debt and our high leverage ratio; constraining leverage, interest and tangible net worth covenants under our 2010 Credit Facility, as amended; our ability to refinance our existing indebtedness when it matures, on favorable terms, or at all; our ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties, or through other actions; our short- and long-term liquidity position; the effects on us of dislocations and liquidity disruptions in the capital and credit markets; current economic conditions and their effect on employment, consumer confidence and spending; tenant business performance, prospects, solvency and leasing decisions; the value and potential impairment of our properties; increases in operating costs that cannot be passed on to tenants; our ability to maintain and increase property occupancy, sales and rental rates, including at our redeveloped properties; risks relating to development and redevelopment activities; changes in the retail industry, including consolidation and store closings; the effects of online shopping and other uses of technology on our retail tenants; general economic, financial and political conditions, including credit market conditions, changes in interest rates or unemployment; concentration of our properties in the Mid-Atlantic region; changes in local market conditions, such as the supply of or demand for retail space, or other competitive factors; potential dilution from any capital raising transactions; possible environmental liabilities; our ability to obtain insurance at a reasonable cost; and the existence of complex regulations, including those relating to our status as a REIT, and the adverse consequences if we were to fail to qualify as a REIT. 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 in our Annual Report on Form 10-K for the year ended December 31, 2010 in the section entitled “Item 1A. Risk Factors.” We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
Additional information about PREIT is available on www.preit.com.