PHILADELPHIA, May 21, 2018 /PRNewswire/ --PREIT (NYSE: PEI) today highlighted value in its high-quality portfolio concentrated in top markets. This is the next step in the evolution of the Company's strategy to create remarkable and innovative environments, with retail at the core, tailored to the dynamic communities they serve. Over the past several years, the Company has continued to improve the quality of its portfolio through the disposition of low-productivity malls as well as an active remerchandising, redevelopment and anchor repositioning program. The result of this effort is a portfolio that boasts 10 of 22 properties in Top 10 MSAs and strong demographic profiles.
These great locations in high barrier-to-entry markets pave the way for the opportunity to revolutionize PREIT's platform through densification opportunities inclusive of 5,000 – 7,000 residential units in the Philadelphia and Washington DC markets and 1,500-3,000 hotel units across a dozen properties.
"The densification of PREIT's assets is a great opportunity to continue to evolve our model, adding value and customers, while enhancing our capital position and diversifying our income stream," said PREIT CEO Joseph F. Coradino. "This is a natural next step in our continuous portfolio improvement and value creation endeavor, as we fortify our properties with new anchors and a compelling mix of first-to-market retail and experiential concepts offering new discoveries for consumers within our markets."
About PREIT PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely-populated eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
Forward Looking Statements This press release contains certain forward-looking statements that can be identified by the use of words such as "anticipate," "believe," "estimate," "expect," "project," "intend," "may" or similar expressions. 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 changes in the retail and real estate industries, including consolidation and store closings, particularly among anchor tenants; current economic conditions and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions; our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increases in operating costs that cannot be passed on to tenants; the effects of online shopping and other uses of technology on our retail tenants; risks related to our development and redevelopment activities, including delays, cost overruns and our inability to reach projected occupancy or rental rates; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; our ability to sell properties that we seek to dispose of or our ability to obtain prices we seek; our substantial debt and the liquidation preference of our preferred shares and our high leverage ratio; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through sales of properties or interests in properties and through the issuance of equity or equity-related securities if market conditions are favorable; 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 herein and in our Annual Report on Form 10-K for the year ended December 31, 2017 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.