Plymouth Meeting Mall

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.

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.

PREIT Sells Whole Foods Parcel for $27 Million

Retrieved on: 
Monday, February 13, 2023
Sale, Plymouth Meeting Mall, Plymouth, PREIT, Whole Foods Market, Commercial property

PHILADELPHIA, February 13, 2023 /PRNewswire/ --  PREIT, today, announced the sale of its Whole Foods parcel at Plymouth Meeting Mall for $27 million as part of its capital raising initiative. The proceeds from the transaction will be used to reduce debt and improve PREIT's balance sheet. 

Key Points: 
  • PHILADELPHIA, February 13, 2023 /PRNewswire/ -- PREIT, today, announced the sale of its Whole Foods parcel at Plymouth Meeting Mall for $27 million as part of its capital raising initiative.
  • The proceeds from the transaction will be used to reduce debt and improve PREIT's balance sheet.
  • The sale of the Whole Foods parcel is part of PREIT's multi-faceted strategy to harvest value efficiently from its portfolio.
  • Since the beginning of 2022, the Company sold assets generating just over $141 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $184 million through December 31, 2022.

PREIT Delivers Expanding Retailers to New Markets

Retrieved on: 
Tuesday, July 19, 2022
Public health, History, CEO, Security (finance), LinkedIn, Risk, U.S. Securities and Exchange Commission, Plymouth, Capital City Mall, Cherry Hill Mall, Johnson Health Tech, Time, Springfield Town Center, Winner takes all, Failure, Forward-looking statement, NYSE, Bankruptcy, Technology, Twitter, Unemployment, Tilt, Collection, PEI, Moorestown Mall, COVID-19, Hot Topic, PREIT, Woodland Mall, Instagram, Zara (retailer), Annual report, HomeSense, Legoland Discovery Centre, Tenant, Plymouth Meeting Mall, Compliance, Bloomingdale's, Violence, Bloomingdale, Renewable energy, Commercial property, Capital City, Willow Grove Park

PHILADELPHIA, July 19, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today announced that a list of growing retailers are set to join the lineup at key properties in dynamic markets.

Key Points: 
  • PHILADELPHIA, July 19, 2022 /PRNewswire/ --PREIT (NYSE: PEI), today announced that a list of growing retailers are set to join the lineup at key properties in dynamic markets.
  • At the same time, bringing new tenants to markets enhances repeat visits from customers seeking an evolving fresh tenant mix.
  • PREIT has a history of bringing new tenants to these key markets.
  • Today PREIT highlights three retailers choosing to expand within its strong portfolio.

PREIT Highlights New Portfolio Following Opening of Three Catalyst Projects within the Past 60 Days

Retrieved on: 
Tuesday, November 12, 2019
Pennsylvania Real Estate Investment Trust, Plymouth Meeting Mall, Tourist attractions, PENNSYLVANIA

"This was a monumental two months for PREIT as three very distinct and exciting projects came to fruition," said Joseph F. Coradino, CEO of PREIT.

Key Points: 
  • "This was a monumental two months for PREIT as three very distinct and exciting projects came to fruition," said Joseph F. Coradino, CEO of PREIT.
  • This marks a new era of transforming malls into destinations and driving growth out of PREIT's stronger portfolio."
  • As part of its ongoing portfolio enhancement initiatives, PREIT is welcoming over 200,000 square feet of new retail, dining and experiential concepts for consumers at Plymouth Meeting Mall .
  • PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets.