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PREIT (NYSE: PEI) reported strong metrics in traffic, sales, and collections as it adapts to community needs. In September, traffic was 94% compared to 2019, with key properties like Woodland Mall consistently exceeding pre-pandemic levels. August sales were up 9% from 2019, with over 80% of properties showing growth. September collections hit 92%, the highest since the pandemic began, while cash collections reached 116%. Analysts predict a 7%-9% increase in holiday retail sales for 2021, supporting PREIT's optimistic outlook for recovery and tenant success.
PREIT (NYSE: PEI) announces the opening of Tilted 10 and Tilt Studio by Nickels and Dimes Incorporated at Willow Grove Park in 2022. This 104,000 sq. ft. indoor entertainment center will replace the former JCPenney site, featuring amenities like bowling, laser tag, and over 200 games. The aim is to revitalize Willow Grove Park as a community-centric hub, appealing particularly to families, given the strong local demand for entertainment. PREIT continues to evolve its properties by adding diverse tenants and enhancing retail offerings.
PREIT (NYSE: PEI) will present at the Shareholder Equity Conference on September 27, 2021, at 1:30 PM ET. This virtual event allows retail investors to engage with management through a fireside chat format, encouraging direct questions. Investors can access the live stream via the conference website or the company’s events section. An archived replay will be available for 90 days post-event.
PREIT has announced a successful start to the 2021 back-to-school season, with Core Mall July sales rising 17% compared to 2019. The company has launched a new reward program, Spend + Score, encouraging shoppers to spend $200 to earn a $25 gift card from over 30 participating tenants. Mall traffic saw a 9% week-over-week increase for the week ending August 15, 2021. Additionally, over 325,000 square feet of new retail space is set to open by October, and community support initiatives are in place to help students in need.
PREIT (NYSE: PEI) reported its financial results for Q2 2021, indicating a net loss of $31.4 million, or $0.40 per share, compared to a loss of $29.2 million or $0.38 per share in Q2 2020. Funds From Operations (FFO) rose to $0.10 per diluted share, from $(0.06) in the prior year. Same Store Net Operating Income (NOI) surged by 53.9%, driven by increased consumer demand and successful leasing efforts. Cash collections improved significantly, reaching 127% of billings, with plans for significant future openings, including multifamily units and entertainment venues.
PREIT (NYSE: PEI) announced that Phoenix Theatres will open a first-run movie theatre at Woodland Mall in West Michigan. The $4 million investment will refurbish the 14-screen venue, offering premium amenities like Dolby Atmos sound, 4K digital projection, and family-friendly pricing. This marks a significant post-pandemic investment, reflecting confidence in the regional economy. The addition of Phoenix Theatres aligns with PREIT's strategy to attract innovative tenants, joining an array of established retailers and dining options, thus enhancing the overall experience at Woodland Mall.
On July 13, 2021, PREIT (NYSE: PEI) announced its continued success in transforming retail spaces through its anchor repositioning program, having replaced 19 anchor stores over the last five years. With over 30 new tenants introduced, PREIT reported that May and June traffic levels reached 90% of 2019 figures, and comparable tenant sales rose 14% in May 2021 compared to May 2019. New tenants include Tilt Studios and Aldi, with upcoming openings enhancing the portfolio's appeal. CEO Joseph F. Coradino emphasized the company's proactive strategy in adapting to the retail landscape.
PREIT (NYSE: PEI) is set to release its financial results for the quarter ending June 30, 2021, before market trading on August 5, 2021. A conference call to discuss the results and future outlook is scheduled for the same day at 11:00 a.m. ET. Interested participants can join via phone or listen online at PREIT's website. The company focuses on managing retail properties in high-demand markets, continuing to navigate challenges posed by the COVID-19 pandemic.
PREIT (NYSE: PEI) has secured over $172 million in mortgage loans, enabling the refinancing of key properties including Viewmont Mall and Francis Scott Key Mall. Each financing has a 3-year term, with interest rates set at 3.6% over LIBOR. Additionally, Court at Oxford Valley and Red Rose Commons have loans of $27.5 million and $17 million, respectively, at fixed rates of 3.2% and 3.28%. This refinancing effort aims to improve PREIT's balance sheet and support its strategic plan for growth and debt reduction.
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