PHILADELPHIA, Dec. 21, 2015 /PRNewswire/ -- PREIT (NYSE: PEI) today announced that Springfield Town Center in Springfield, Virginia, has recorded $505 PSF in sales for tenants less than 10,000 square feet open during the center's first full year of operation, 18% above the Company's portfolio average as of September 30, 2015. The newly-redeveloped 1.35 million square foot regional mall was acquired by PREIT on March 31, 2015 and celebrated its grand re-opening in October 2014 after undergoing a dramatic renovation and rebranding.
Since the beginning of 2015, over 30 new shops and restaurants in 87,000 square feet have opened their doors at Springfield Town Center, including Nordstrom RACK, Francesca's, Finish Line, New York & Co. and Wood Ranch BBQ among others. Additionally, Dave & Buster's is expected to open it's 34,000 square foot location today. Another 73,000 square feet of space is already committed for 2016 with more exciting announcements to come.
"Springfield Town Center continues to exceed our expectations and is a great representation of the new PREIT portfolio highlighted by high-quality assets in high barrier to entry markets," said PREIT CEO Joseph F. Coradino. "The center's robust sales of $505 per square foot and the tremendous leasing performance over the past year underscores the message that PREIT is transforming itself as well as its portfolio. We look forward to 2016 being another year of creating value at the property and throughout our portfolio."
Springfield Town Center is located in affluent Fairfax County, Virginia, one of the wealthiest and highest income counties in the U.S. The mall is located at the intersection of I-95, I-395 and Capital Beltway with average annual daily traffic exceeding 500,000 cars. Anchored by Macy's, Target and JCPenney, the shopping center boasts an incredible line up of tenants including Michael Kors, Forever 21, J. Crew, Sephora, H&M, Francesca's Collection, Maggiano's Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Nordstrom RACK, Dick's Sporting Goods and the Mid-Atlantic's only Topshop.
About Pennsylvania Real Estate Investment Trust PREIT (NYSE: PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pennsylvania, the company owns and operates approximately 27 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region's top MSAs. Since 2012, the company has seen a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Additional information is available online at preit.com, on Twitter or LinkedIn.
Forward-Looking Statements This press release contains certain "forward-looking statements" within the meaning of the federal securities laws. 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 stated value of preferred shares and our high leverage ratio; constraining leverage, unencumbered debt yield, interest and tangible net worth covenants under our 2013 Revolving Facility and our 2014 Term Loans; potential losses on impairment of certain long-lived assets, such as real estate, or of intangible assets, such as goodwill, including such losses that we might be required to record in connection with any dispositions of assets; changes in the retail industry, including consolidation and store closings, particularly among anchor tenants; our ability to sell properties that we seek to dispose of or our ability to obtain prices we seek; the effects of online shopping and other uses of technology on our retail tenants; risks related to development and redevelopment activities; current economic conditions and the state of employment growth and consumer confidence and spending, and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions and on our cash flows, and the value and potential impairment of our properties; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through joint ventures or other partnerships, through sales of properties or interests in properties, through the issuance of equity or equity-related securities if market conditions are favorable, or through other actions; our ability to identify and execute on suitable acquisition opportunities and to integrate acquired properties into our portfolio; our partnerships and joint ventures with third parties to acquire or develop properties; our short- and long-term liquidity position; general economic, financial and political conditions, including credit and capital market conditions, changes in interest rates or unemployment; our ability to maintain and increase property occupancy, sales and rental rates, in light of the relatively high number of leases that have expired or are expiring in the next two years; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; changes to our corporate management team and any resulting modifications to our business strategies; increases in operating costs that cannot be passed on to tenants; 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; and potential dilution from any capital raising transactions or other equity issuances. 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 most recent Annual Report on Form 10-K and in any subsequent Quarterly Report on Form 10-Q 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.
CONTACT: Heather Crowell VP, Corporate Communications and Investor Relations (215) 454-1241 firstname.lastname@example.org