PHILADELPHIA--()--Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) is proceeding with its strategic healthcare-retail leasing initiative with the scheduled opening of Mercy Health System’s ambulatory medical facility at Plymouth Meeting Mall in suburban Philadelphia. The 23,500-square-foot, two-level satellite location, operated by Mercy Suburban Hospital, is the Northeast’s first full-scale medical health and wellness center at an enclosed mall. The ribbon cutting takes place tonight, and the center is expected to open to the public on October 1, 2012.
“Plymouth Meeting Mall’s health and wellness addition is the premier example of PREIT’s healthcare concept”
“Bringing healthcare services to shopping malls is one of our innovative strategies for enhancing the shopping experience, enabling our shopping centers to become the hub of the community,” said Joseph F. Coradino, CEO of PREIT. “Mercy Health System’s center enables consumers to combine medical visits with shopping, dining, and other services of everyday living found at Plymouth Meeting Mall, creating a convenient community destination. Concurrently, it is expected to drive foot traffic, draw new customers, and increase shopping time as well as consumer spending.”
The facility provides primary care physician and specialist offices, physical therapy and non-invasive procedure suites, imaging facilities, and a walk-in clinic, and is accessible from both inside and outside the mall with free parking.
“Plymouth Meeting Mall’s health and wellness addition is the premier example of PREIT’s healthcare concept,” said Coradino. “The synergistic model has the potential to expand to additional strategic locations within the portfolio.”
About Plymouth Meeting Mall
Plymouth Meeting Mall (www.shopplymouthmeetingmall.com) is located in a highly populated suburban area northwest of Philadelphia, at the confluence of three major arteries, the Pennsylvania Turnpike (I-276), its Northeast Extension, and the Blue Route (I-476). The two-level mall is anchored by Macy’s, Boscov’s, and Whole Foods Market and Café, and features Redstone American Grill, P.F. Chang’s China Bistro, California Pizza Kitchen, Benihana, AMC Theater, Express, Dave & Buster’s, Victoria’s Secret, Charming Charlie, and Bath & Body Works.
About Pennsylvania Real Estate Investment Trust
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. Currently, the Company's portfolio consists of 49 properties, including 38 shopping malls, eight strip and power centers, and three development properties. The Company's properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have approximately 33 million total square feet of space. PREIT is headquartered in Philadelphia, Pennsylvania. The Company's website can be found at www.preit.com. PREIT’s common shares are publicly traded and are listed on the New York Stock Exchange under the symbol PEI. PEI’s Series A preferred shares are listed on the New York Stock Exchange under the symbol PEI-PRA.
Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 our high leverage ratio; constraining leverage, interest and tangible net worth covenants under our 2010 Credit Facility; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all, due in part to the effects on us of dislocations and liquidity disruptions in the capital and credit markets; our ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties or interests in properties, or through other actions; our short- and long-term liquidity position; current economic conditions and their effect on employment, 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; general economic, financial and political conditions, including credit market conditions, changes in interest rates or unemployment; changes in the retail industry, including consolidation and store closings, particularly among anchor tenants; 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; increases in operating costs that cannot be passed on to tenants; risks relating to development and redevelopment activities; the effects of online shopping and other uses of technology on our retail 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; potential dilution from any capital raising transactions; possible environmental liabilities; our ability to obtain insurance at a reasonable cost; and existence of complex regulations, including those relating to our status as a REIT, and the adverse consequences if we were to fail to qualify as a REIT. 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 the section of our Annual Report on Form 10-K 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.