Springfield Town Center

PREIT Reports Third Quarter 2023 Results

Retrieved on: 
Tuesday, November 14, 2023

PHILADELPHIA, Nov. 14, 2023 /PRNewswire/ -- PREIT (OTCQB:PRET) today reported results for the three and nine months ended September 30, 2023. 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: 
  • Core Mall Total Occupancy decreased by 70 basis points to 93.6% compared to the third quarter 2022.
  • Average renewal spreads for the three and nine months ended September 30, 2023 were 8.5% and 5.5%, respectively.
  • Additional information regarding changes in operating results for the three and nine months ended September 30, 2023 and 2022 is included on page 14.
  • The Company's Credit Facilities, with a balance of $1,118.8 million as of September 30, 2023, mature on December 10, 2023.

Over a Dozen Diverse and Impactful Tenants in 575,000 Square Feet Opening Throughout PREIT Portfolio, Strengthening Core Assets

Retrieved on: 
Monday, August 14, 2023

Adding to the plan to create a vibrant multi-use destination, PREIT is planning to incorporate apartments and a hotel on the property, expanding its appeal.

Key Points: 
  • Adding to the plan to create a vibrant multi-use destination, PREIT is planning to incorporate apartments and a hotel on the property, expanding its appeal.
  • DICK's House of Sport at Viewmont Mall opened in 90,000 square feet on August 11, 2023.
  • "Creating a diverse tenant mix is a key ingredient in today's rapidly-evolving retail climate," said Joseph F. Coradino, CEO of PREIT.
  • "We are well positioned with a high-quality portfolio in desirable markets to capture tenants that create a compelling consumer experience.

PREIT Reports Second Quarter 2023 Results

Retrieved on: 
Thursday, August 3, 2023

PHILADELPHIA, Aug. 3, 2023 /PRNewswire/ -- PREIT (OTCQB:PRET) today reported results for the three and six months ended June 30, 2023. 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: 
  • Robust leasing activity is driving increased occupancy with Core Mall Total Occupancy increasing by 40 basis points to 94.2% compared to the second quarter 2022.
  • Core Mall non-anchor Occupancy improved 70 basis points to 91.2% compared to the second quarter 2022.
  • Additional information regarding changes in operating results for the three and six months ended June 30, 2023 and 2022 is included on page 15.
  • The Company's Credit Facilities, with a balance of $1,023.1 million as of June 30, 2023, mature on December 10, 2023.

PREIT Reports First Quarter 2023 Results

Retrieved on: 
Thursday, May 4, 2023

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

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 Announces Burlington as One of Many New Additions Joining Springfield Town Center

Retrieved on: 
Thursday, January 5, 2023

PHILADELPHIA, Jan. 5, 2023 /PRNewswire/ -- PREIT , today, announced that it has signed a lease with Burlington Stores for a new 30,000 square foot store at Springfield Town Center in Fairfax County, VA, expected to open in 2023. It will join the new LEGO ® Discovery Center and several other new additions including Lovisa, BoxLunch, Daily Thread and Carters among others. The opening of these new tenants will drive occupancy at Springfield Town Center to a record 95.5%

Key Points: 
  • It will join the new LEGO ® Discovery Center and several other new additions including Lovisa, BoxLunch, Daily Thread and Carters among others.
  • The opening of these new tenants will drive occupancy at Springfield Town Center to a record 95.5%
    PREIT's overall vision is to transform Springfield Town Center into a vibrant, multi-use hub and take advantage of its unrivaled location to create the preeminent family entertainment destination in the Washington, DC market.
  • In 2022, over 20,000 square feet of stores opened their doors for operation at Springfield Town Center.
  • "We are pleased to welcome Burlington Stores to Springfield Town Center, another milestone in our mission to create a diverse tenant mix including non-traditional mall retailers," said Joseph F. Coradino, Chairman & CEO of PREIT.

PREIT Announces Plan to Commence Trading on OTC Markets

Retrieved on: 
Friday, December 16, 2022

PHILADELPHIA, Dec. 15, 2022 /PRNewswire/ -- PREIT announced today that it intends to transfer the trading of its shares to the OTC Markets, operated by the OTC Markets Group, Inc., under the symbols PRET, PRETL, PRETM, and PRETN, where PREIT has applied to be traded on the OTCQX®. The transition to the over-the-counter market will not affect the Company's business operations and PREIT will continue to create the compelling experiences our shoppers and tenants seek, adding new tenants and experiences to its properties.  The Company remains focused on improving its balance sheet, having recently extended its Credit Facilities and obtained approvals for multi-family and hotel land sales at Springfield Town Center.  PREIT will continue to file its required periodic reports and other filings with the SEC.

Key Points: 
  • PHILADELPHIA, Dec. 15, 2022 /PRNewswire/ --PREIT announced today that it intends to transfer the trading of its shares to the OTC Markets, operated by the OTC Markets Group, Inc., under the symbols PRET, PRETL, PRETM, and PRETN, where PREIT has applied to be traded on the OTCQX.
  • PREIT will continue to file its required periodic reports and other filings with the SEC.
  • Until such time, PREIT expects that the Trust Securities will be quoted on the OTC Pink Market under the symbols PRET, PRETL, PRETM, and PRETN.
  • On December 15, 2022, the NYSE announced that it had determined to commence delisting of the Trust Securities and that it had suspended trading of the Trust Securities.

PREIT Receives Approvals for 460 Apartments and 165 Room Hotel at Springfield Town Center

Retrieved on: 
Tuesday, December 13, 2022

The Company expects to close on these sales at Springfield Town Center in Q2 2023 and has another $120 million of asset sales in the pipeline.

Key Points: 
  • The Company expects to close on these sales at Springfield Town Center in Q2 2023 and has another $120 million of asset sales in the pipeline.
  • First, they help to create thoughtful spaces that enhance the property and surrounding community while supporting a more sustainable future.
  • As part of this transformation, LEGO Discovery Center has officially broken ground with an opening planned for summer 2023.
  • Located in the third wealthiest county in the United States, Springfield Town Center is well-positioned to attract quality retailers and continue to be a premier shopping destination.

Expect New Stores and Many Shoppers at PREIT Malls This Holiday Season

Retrieved on: 
Thursday, December 1, 2022

PHILADELPHIA, Dec. 1, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, highlighted what droves of shoppers are experiencing this holiday season at its properties.

Key Points: 
  • 2021 Record New Leasing Activity Leads to 450,000 square feet of new stores since last holiday season, representing nearly 5% YOY occupancy growth
    PHILADELPHIA, Dec. 1, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, highlighted what droves of shoppers are experiencing this holiday season at its properties.
  • Since last holiday season began, over 450,000 square feet of new stores have opened.
  • As a product of this successful effort, half of PREIT's properties are fully leased this holiday season!
  • "With NRF predicting strong sales holiday growth again this year, we are pleased to offer our customers a distinctive, fun and community-focused holiday season," said Joseph Coradino, Chairman & CEO of PREIT.

PREIT Delivers Expanding Retailers to New Markets

Retrieved on: 
Tuesday, July 19, 2022

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.