|Over a month ago|
PREIT announces additions to Cherry Hill Mall » 06:5708/1808/18/22
PREIT announced additions…
PREIT announced additions to its flagship, Cherry Hill Mall. Joining recently-opened Warby Parker and Marc Cain, PREIT is pleased to share that first-to-portfolio leases have been executed with fashion brands - Psycho Bunny and Levi's for Cherry Hill Mall. Psycho Bunny, expected to open in mid-2023, is the brainchild of British fashion designer Robert Godley and American clothier Robert Goldman, both veterans in the menswear industry. The classic men's apparel brand prides itself on doing everything better than it's been done before and its logo. Levi's, expected to open this holiday season, will be the only full price store in the South Jersey market. As one of the world's largest apparel companies and a global leader in jeans, the brand has over 500 stores worldwide and products are available in more than 100 countries. The mall is also set to welcome one of two Rumi Life stores in the market. The mission of Rumi Life is to fill and satisfy all of life's desires, wants and needs at an affordable price. Eddie V's , a prime quality seafood restaurant, offering a fine dining experience, is expected to open its first South Jersey location and second in the state at the property in spring 2023. Even a 96.2% occupancy as of June 30, 2022, PREIT continues to generate interest from new retailers looking to expand in the market.
Cygnus to vote for Swann, Hart as Preferred Trustees of Pennsylvania REIT » 13:4007/0707/07/22
Cygnus Capital, a…
Cygnus Capital, a long-term shareholder of beneficial interests and preferred shares of Pennsylvania Real Estate Investment Trust, issued a statement regarding Cygnus' voting intentions with respect to the 2022 Annual Meeting of Shareholders, originally held on June 2, 2022, and adjourned to 11:00 a.m. Eastern Time on August 2, 2022. Holders of record as of the close of business on April 11, 2022, the record date for the Annual Meeting, of PEI's 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares, 7.20% Series C Cumulative Redeemable Perpetual Preferred Shares and 6.875% Series D Cumulative Redeemable Perpetual Preferred Shares have the right to elect two trustees to PEI's Board of Trustees since the Trust has not paid cash dividends on its outstanding preferred shares for six quarters. The only item on the agenda for the reconvened Annual Meeting is the election of the Preferred Trustees. Cygnus said, "Cygnus has nominated Christopher Swann, and Kenneth Hart has nominated himself, for election to serve as the Preferred Trustees at the Annual Meeting. Each of Messrs. Swann and Hart will be elected as Preferred Trustees by a plurality of the votes cast. Cygnus believes that a quorum, as defined in the Trust's governing documents, was achieved at the originally convened June 2, 2022 date of the Annual Meeting. Unfortunately, PEI has adopted a position which Cygnus believes is inconsistent with the plain language set forth in the Trust's governing documents, asserting that a majority of the outstanding Preferred Shares is needed to constitute a quorum before the proposal to elect Messrs. Swann and Hart as Preferred Trustees can be considered. Cygnus has repeatedly raised to the Trust's management that its interpretation of the quorum requirement has deprived holders of Preferred Shares of the Board representation to which they are entitled. Cygnus has also expressed grave concerns regarding the minimal effort being spent by the Trust to achieve this purported quorum requirement. While Cygnus disagrees with the Trust's position, Cygnus is nonetheless taking this opportunity to inform holders of Preferred Shares of their right to representation on the Board and to make clear its voting intentions with respect to the Annual Meeting. We intend to vote "FOR" the election of Messrs. Swann and Hart as Preferred Trustees because Cygnus believes PEI has a limited window to put its financial affairs in order and representation on the Board by holders of Preferred Shares is a necessary and important step in that process. PEI has significant near term debt maturities that must be addressed in order to protect the economic interests of shareholders. Specifically, progress must be made in meeting the debt covenants under the Fashion District Partnership Loan Agreement as well PEI's other credit agreements which have deadlines in January 2023 and December 2022, respectively. Holders of the Preferred Shares are entitled to representation as these deadlines loom. Cygnus believes the Preferred Trustees have the requisite skillsets and owner mindset to add significant value to the Board during these difficult times."
|Over a quarter ago|
FCPT announces $32.5M outparcel portfolio with PREIT » 16:0606/0906/09/22
Four Corners Property…
Four Corners Property Trust (FCPT) announced that it has signed a definitive agreement for the purchase of 11 outparcel properties from PREIT (PEI) for $32.5M. The transaction is priced at a 6.5% going-in cash cap rate, exclusive of transaction costs. The portfolio includes 8 single tenant restaurant properties and three non-restaurant retail properties. FCPT expects to acquire a majority of the portfolio in the second and third quarters of 2022, subject to customary closing conditions, seller's board approval, and regulatory approvals. Bill Lenehan, CEO of Four Corners Property Trust, stated: "We have previously executed multiple outparcel transactions with the PREIT team and they have been an exceptional partner for us. We are excited to announce this 11-property outparcel portfolio and to continue our strategy of identifying low-rent outparcel properties leased to strong credit operators."
Pennsylvania REIT highlights continued sales, traffic, leasing momentum » 07:0206/0906/09/22
PREIT highlighted continued sales, traffic and leasing momentum across its portfolio. Traffic, sales and leasing activity at Cherry Hill Mall, Springfield Town Center and Woodland Mall demonstrate the strength of PREIT's portfolio despite continued inflationary pressure on consumers. Across these three properties, traffic through May was up nearly 10% over last year, rolling 12-month comparable sales grew by over 3% since the end of 2021 and leasing volume represents nearly 50% of portfolio new leasing activity year-to-date. These results are indicative of the momentum-building strategies, centered around a strong and relevant tenant mix, the PREIT team employs. At Cherry Hill Mall, PREIT's crown jewel where many new tenants enter the Philadelphia market, sales have improved to $944 per square foot, up from $936 as of December 31, 2021. To date, PREIT has executed new leases with nearly 45,000 square feet of tenants yet to open on the heels of the opening of new-to-portfolio additions, Warby Parker and Marc Cain, earlier this year. At Springfield Town Center, PREIT continues the transformation of the property into a vibrant multi-use hub and entertainment destination complete with amenities to complement top-notch restaurants, entertainment destinations that include the Regal Cinema, Dave & Buster's and the region's only Lego Discovery Center expected to open in 2023. Sales per square foot are up to $580 compared to just $558 at year end 2021. Leasing activity has been robust accounting for one third of the portfolio activity. Woodland Mall underwent a transformative redevelopment that was completed in 2019 and has experienced tremendous demand from consumers and tenants, with sales up 5.6% over year end to $667 per square foot. In 2021, the mall welcomed many new-to-portfolio tenants including Rose and Remington, Lovisa and Offline by aerie. This past April, Phoenix Theatres reinvented the moviegoing experience at the property.
Pennsylvania REIT executes purchase and sale agreement, expects $32M in proceeds » 06:5805/3105/31/22
Pennsylvania REIT announced execution of a purchase and sale agreement for 11 outparcels that will generate gross proceeds in excess of $32M. The company also executed an agreement of sale for a vacant parcel at Springfield Town Center set to be developed into a hotel site for $2.5M as the company executes on its vision of delivering one-stop destinations for the communities it serves. These transactions represent a portion of the asset sale pipeline referenced in conjunction with the company's first quarter earnings release dated May 5 with $275M of transactions in process.
PREIT receives NYSE continued listing standard notice » 16:4502/1002/10/22
PREIT announced that on…
PREIT announced that on February 4, 2022 it received formal notice from the New York Stock Exchange of non-compliance with the NYSE's continued listing standards, which require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading day period. PREIT intends to regain compliance with the NYSE's listing standards and as required by the NYSE, to respond to the NYSE within ten business days of its receipt of the NYSE Notice with respect to its intent to cure the deficiency. Under the NYSE's rules, PREIT has a period of six months from the date of the NYSE Notice to regain compliance with the minimum share price criteria by bringing its share price and 30-trading day average share price above $1.00. Alternatively, PREIT can regain compliance at any time during the six-month cure period if its common shares have a closing price of at least $1.00 per share on the last trading day of any calendar month during the cure period and an average closing price of at least $1.00 per share over the 30-trading day period ending on the last trading day of that month.
Pennsylvania REIT announces Springfield Town Center to launch Lego Center » 07:0102/0402/04/22
PREIT announced that…
PREIT announced that Springfield Town Center has executed an agreement with Merlin Entertainments to launch the next generation of Lego Discovery Center in 2023. The 32,000 square foot indoor attraction has been co-created by Merlin & the Lego Group and will be accessible on one level right off the main entrance to the property.
Pennsylvania REIT announces 2021 sales eclipsed $600 per square foot » 07:0001/3101/31/22
PREIT announced that 2021…
PREIT announced that 2021 closed with core mall rolling 12 month sales eclipsing $600 per square foot at $603.