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05/18/2012 - 11:01 AM
PREIT ANNOUNCES WILLOW GROVE PARK MALL ANCHOR STORE TRANSFORMATION TO BE COMPLETE IN 2012
Philadelphia, Pennsylvania -
May 17, 2012 – The opening of a 41,000 square foot Nordstrom Rack at Willow Grove Park last week followed several other recent openings including a two-story Forever 21 and family restaurant Bravo Cucina Italiana. These additions, joined by a 114,000 square foot prototype jcpenney opening this fall, complete the transformation of a former Strawbridge’s department store at the suburban Philadelphia mall owned by Pennsylvania Real Estate Investment Trust (PREIT/NYSE:PEI).
The redefined anchor space along with recently signed leases with Francesca’s Collections and Laila Rowe, both scheduled to open this year, reinforce Willow Grove Park’s reputation as a premier shopping destination that appeals to a wide range of shopping and dining tastes.
The highly anticipated new retailers join a strong selection of distinctive specialty stores including Abercrombie & Fitch, Banana Republic, bebe, Coach, H&M, J. Crew, Jos. A. Bank, Lucky Brand Jeans, Sephora, White House/Black Market, and Williams-Sonoma.
The Cheesecake Factory, Willow Grove Park boasts more than 130 leading distinctive specialty stores. The mall’s magnificent Carousel ride attraction and elegant Victorian-inspired décor reflect its rich heritage as a development on the site of a famed amusement park. For more information, visit www.willowgroveparkmall.com.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 strip 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.