Fashion District Philadelphia

PREIT Completes Financial Restructuring and Implements Changes to Management and Board

Retrieved on: 
Monday, April 1, 2024
Management, Bankruptcy, Plan, Howard Hughes Corporation, JV, LPT, COVID-19, FDP, PREIT, Brookfield Properties, Vicinity Centres, The Rouse Company, International Council, Realty Income, VEREIT, GGP, ICSC, Fashion District Philadelphia, LP

Trade creditors and property level mortgage debt were unaffected by the restructuring.

Key Points: 
  • Trade creditors and property level mortgage debt were unaffected by the restructuring.
  • As a result of its corporate reorganization and consolidation of equity holders, PREIT is no longer an SEC reporting company.
  • In support of its go-forward business plan, PREIT is also announcing certain changes to its management and Board.
  • Mr. Coradino led PREIT through its comprehensive financial and corporate restructuring as discussed above, and now that such restructuring has been successfully completed, Mr. Coradino will no longer serve as Chief Executive Officer and trustee of PREIT, effective as of April 1, 2024.

PREIT Reports First Quarter 2023 Results

Retrieved on: 
Thursday, May 4, 2023
Springfield Town Center, Partnership, Plymouth, The Mall at Prince Georges, Cherry Hill Mall, Moorestown Mall, Internet, Financial result, Line of credit, Willow Grove Park, OP, Foot, Whole Foods Market, Primary Dealer Credit Facility, Sale, Plymouth Meeting Mall, FFO, Burlington, Prince George, Fashion District Philadelphia, Webcast, NOI, PREIT, Hawaii Children's Discovery Center, Three Months, Family, Conference, Waltham Watch Company, Video game, Commercial property, Bank, Cryptocurrency, MD, Mall

Tenant construction is underway for a new prototype, 32,000 square foot, LEGO® Discovery Center at Springfield Town Center with expected opening in third quarter 2023.

Key Points: 
  • Tenant construction is underway for a new prototype, 32,000 square foot, LEGO® Discovery Center at Springfield Town Center with expected opening in third quarter 2023.
  • Additional information regarding changes in operating results for the three months ended March 31, 2023 and 2022 is included on page 15.
  • The Company's Credit Facilities, with a balance of $995.8 million as of March 31, 2023, mature on December 10, 2023.
  • Management has scheduled a conference call for 11:00 a.m. Eastern Time on Thursday May 4, 2023, to review the Company's results and future outlook.

'World of Barbie' and 'The Dr. Seuss Experience' Among Latest Attractions to Choose Macerich's Regional Town Centers

Retrieved on: 
Thursday, April 6, 2023
Shift, Fever, Viva Las Vengeance, Army of the Dead, Business development, Partnership, Senior, Exhibition, Army, Tysons Corner Center, VR, MAC, Collection, Diana, Princess of Wales, Fashion District Philadelphia, Immersion, IMG, Illusion, Tysons, Virginia, Health, Netflix, NYSE, Amusement park, Tourism, Nightclub, Santa Monica Place, Macerich, Renaissance

SANTA MONICA, Calif., April 6, 2023 /PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets, continues to be a magnet for ticketed special attractions that draw experience-hungry consumers. The newest are The Dr. Seuss Experience, opening at Tysons Corner Center just outside Washington, D.C., in early April, and World of Barbie, making its U.S. debut at Santa Monica Place in mid-April.

Key Points: 
  • Kilburn Live generates elevated live content and attractions with the goal of creating truly memorable life experiences and partnering with the world's most recognizable brands to create unique immersive attractions.
  • IMG, a global sports, fashion and events leader is partnering with Kilburn Live on the World of Barbie experience.
  • Time-sensitive ticketed attractions are proven traffic generators for top-performing Macerich properties, and the above are only the latest examples.
  • In fall 2021, Tysons Corner Center hosted Viva Las Vengeance, an immersive, zombie-fighting VR experience based on the Netflix original film Army of the Dead.

PREIT Reports Fourth Quarter and Full Year 2022 Results

Retrieved on: 
Wednesday, March 22, 2023
Springfield Town Center, Partnership, Plymouth, Face, Moorestown Mall, Comparable, Internet, Financial result, Line of credit, Willow Grove Park, OP, Foot, Prince George's County, Maryland, Whole Foods Market, Prognosis, Primary Dealer Credit Facility, Sale, Pearl, Plymouth Meeting Mall, FFO, Burlington, Prince George, Fashion District Philadelphia, Webcast, NOI, PREIT, Valley View Mall, Same-store sales, Hawaii Children's Discovery Center, Three Months, Family, Conference, Bank, Cryptocurrency, Commercial property, Retail, Department store, MD, Mall, Cumberland Mall

PHILADELPHIA, March 22, 2023 /PRNewswire/ -- PREIT (OTC:PRET) today reported results for the three months and year ended December 31, 2022. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is provided in the tables accompanying this release.

Key Points: 
  • For the rolling 12 month period ended December 31, 2022, core mall comparable sales grew to $596 per square foot, compared to $539 in 2019.
  • Average renewal spreads for the three months and year ended December 31, 2022 were -5.6% and 1.1%, respectively.
  • Since the beginning of 2022, the Company sold assets generating just over $141 million in gross proceeds.
  • Additional information regarding changes in operating results for the three months and year ended December 31, 2022 and 2021 is included on page 15.

Macerich's A-Quality Portfolio Continues to Draw Large-Format Entertainment Tenants

Retrieved on: 
Tuesday, July 12, 2022
Metro New York, Family Entertainment, Pacific Northwest, Lists of video games, Friends, Danbury Fair, Multimedia, Senior, MAC, Sports complex, Arrowhead Towne Center, Asa, Broadway Plaza, Amusement, Lakewood Center, D, Fashion Fair, Pinstripes, Town, Central, Fashion, NYSE, Karaoke, Fashion District Philadelphia, NASDAQ, Deptford Mall, Amusement park, Amusement arcade, Deptford, Macerich, Vintage Faire Mall

SANTA MONICA, Calif., July 12, 2022 /PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets, today announced a major large-format entertainment company has selected two more Macerich properties for a new location.

Key Points: 
  • Round1 Bowling & Amusement is joining Macerich's high-performing Arrowhead Towne Center in fast-growing suburban Phoenix and Danbury Fair in Connecticut.
  • "More and more, people want physical places where they can be together and have fun.
  • Popular large-format entertainment concepts at Macerich properties include:
    Round1 Bowling & Amusement , a multi-entertainment center offering bowling, arcade games, billiards, karaoke, ping pong, darts and more.
  • XLanes FEC (Family Entertainment Center) features everything friends and families look forward to when going out, including bowling, billiards, restaurant, bar, arcade and more.

Macerich Welcomes Leading Retailer to Danbury Fair in Upscale Connecticut Suburb Outside NYC

Retrieved on: 
Tuesday, June 21, 2022
Metro New York, The Cheesecake Factory, Pacific Northwest, Green Acres Mall, Shake Shack, Dick's Sporting Goods, Chandler Fashion Center, Scheels All Sports, Pottery Barn, City, JCPenney, All Sports, Nordstrom, Hypergymnasia, L.L.Bean, Urban Outfitters, Apple, Tysons Corner Center, News, The Real Deal, MAC, Fashion District Philadelphia, Macy's, Golf, Multimedia, Kings Plaza, Restaurant, NYSE, Target, Danbury Fair, Sport, Retail, Macerich, Primark, Anthropologie

SANTA MONICA, Calif., June 21, 2022 /PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets, has announced it will welcome a new Target store to Danbury Fair, just 55 miles from New York City in upscale suburban Connecticut.

Key Points: 
  • The 126,000 square-foot2-level Target store will openin the former Sears site and will be the first in the City of Danbury.
  • Target recently opened a new, three-level store in the former JCPenney location at Macerich's high-performing Kings Plaza in Brooklyn.
  • Regarding the latest news about Danbury Fair, Macerich President Ed Coppola said, "Target coming to Danbury Fair is the latest anchor-replacement success for Macerich's A-quality portfolio of regional town centers.
  • The terrific merchandise mix and attractive demographics surrounding Danbury Fair make this property a great match for all that Target has to offer."

Macerich To Welcome Target As A New Tenant To Kings Plaza In Brooklyn

Retrieved on: 
Tuesday, November 2, 2021
Shoppers World, Kings Plaza, Sport, Nordstrom, Target, Century, Tysons Corner Center, NYSE, MAC, Century 21, Company, Multimedia, Metro New York, All Sports, Fashion District Philadelphia, Chandler, Acquisition, Primark, JCPenney, Green Acres Mall, Retail

The three-level, 90,000square-footTarget will openin the former JCPenney location at Kings Plaza, the largest enclosed retail shopping center in Brooklyn.

Key Points: 
  • The three-level, 90,000square-footTarget will openin the former JCPenney location at Kings Plaza, the largest enclosed retail shopping center in Brooklyn.
  • "We are exceptionally pleased to welcome a new Target to KingsPlaza, which is a dominant retail destination in this dynamic part of New York City," saidEd Coppola, President, Macerich.
  • We believe the attractive demographics surrounding Kings Plaza make this property amatchfor all that Target has to offer."
  • Thenew Target at Kings Plaza adds to the slate of anchor replacements announced recently for Macerich's major East Coast properties.

Fashion District Elevates Dining and Entertainment Offerings with Addition of New Flagship Round One

Retrieved on: 
Thursday, February 7, 2019
Shopping malls, Macerich, Pennsylvania Real Estate Investment Trust, Tourist attractions, Economy of Philadelphia, Fashion District Philadelphia, Market East, Philadelphia, AMC Theatres, Fashion District

PHILADELPHIA, Feb. 7, 2019 /PRNewswire/ -- Fashion District Philadelphia , a joint venture partnership between PREIT and Macerich, expands dining and entertainment concepts joining the roster including a new flagship location from entertainment leader Round One Entertainment.

Key Points: 
  • PHILADELPHIA, Feb. 7, 2019 /PRNewswire/ -- Fashion District Philadelphia , a joint venture partnership between PREIT and Macerich, expands dining and entertainment concepts joining the roster including a new flagship location from entertainment leader Round One Entertainment.
  • Fashion District will offer a variety of dynamic tenants and community programming across four key pillars Style, Dining, Entertainment, and Arts & Culture.
  • With growing consumer demand for social experiences, Fashion District will feature a dedicated third-floor entertainment zone with AMC Theatres and the newly signed Round 1.
  • "Round One Entertainment is proud and excited to announce its third store in Pennsylvania, following the Exton and Erie locations.