PREIT Announces Exciting New Retail and Completion of Dining Court at Moorestown Mall

PHILADELPHIA, Nov. 12, 2015 /PRNewswire/ -- PREIT (NYSE: PEI) today announced the the execution of over 40,000 square feet of new leases for this key property located in a southern New Jersey suburb of Philadelphia.  An extensive remerchandising of the property has been underway since 2012. The company also marked the completion of the planned overhaul of the Dining Court, redesigned to offer an upgraded environment and amenities.

Yard House (9,972 sf) is the modern American gathering place where food and beer lovers unite; featuring great food, classic rock and an endless fleet of tap handles featuring the best American craft beers and imports. Starbucks Coffee (283 sf), passionate purveyors of coffee and everything else that goes with a full and rewarding coffeehouse experience,  including premium teas, fine pastries and other delectable treats. Liberty Supply Co. (1,447 sf), the newest addition to Boutique Row, is a new retail concept based on the heritage of our country's manufacturing past featuring the best US-made apparel, footwear, bags and accessories for men and women. New Jersey-based Toy Genius (3,000 sf) offers the best selection of quality toys, games, puzzles and ride-ons, for shoppers age 0 – 99. Eye Deals (1,298 sf) carries thousands of unique and modern frames, from budget styles to designer products and offers one-hour service.  Yankee Candle (1,195 sf) is America's favorite brand of premium scented candles and home fragrance products. Verizon Wireless (1,869 sf) is home to the newest cellular phones and accessories and is a hub for wireless customer service and repairs.  The momentum is expected to continue into 2016, highlighted by a recently executed lease for an 18,355 sf H&M.

Additionally, this fall patrons will find an expanded selection of food options with the opening of Moon Dog Cafe (574 sf), Brooklyn Pizza (827 sf), Suki Hana Japan (710 sf) and Suki Hana Sushi (314 sf) along with existing tenants currently open.  Diners will enjoy the upscale environment complete with a mix of upgraded seating and experiences including mobile device charging stations, a media wall, enhanced lighting & wayfinding and new restroom facilities complete with a family restroom.

"I'm pleased to mark these accomplishments and to see the continued evolution of Moorestown Mall," said PREIT CEO Joseph F. Coradino.  "Through forward-thinking strategic development and leasing, we are unlocking the value of the asset while giving shoppers an enhanced shopping experience.  This project is yet another example of PREIT's success in improving the quality of our portfolio and strengthening asset value through targeted property-level remerchandising strategies."

Moorestown Mall has undergone a transformation that has delivered to South Jersey a high-quality movie going experience at the region's only Regal RPX cinema, a robust lineup of dining destinations including celebrity chef-inspired restaurants such as Distrito by Jose Garces and Dave Magrogan's Harvest Seasonal Grill and Wine Bar. Additionally, the mall's "Boutique Row" concept caught the attention of the renowned South Jersey beauty mecca Rizzieri Salon and Spa, which moved their flagship location to Moorestown Mall last year. Joining Rizzieri on Boutique Row are upscale fashion boutiques Erdon, Zeyzani and Never Too Spoiled, as well Orangetheory Fitness, the New York Times-acclaimed fitness studio and voted "Best One-Hour Workout in the Country".

About PREIT
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 at www.preit.com, on Twitter or LinkedIn

CONTACT: AT THE COMPANY
Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
[email protected]

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