The Philadelphia region’s first health and wellness facility at an enclosed shopping mall
PHILADELPHIA--(BUSINESS WIRE)-- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) today announced an agreement to introduce a Mercy Health System consumer health and wellness satellite aligned with Mercy Suburban Hospital. The 23,500 square foot two-level outpatient ambulatory healthcare facility is scheduled to open at Plymouth Meeting Mall in suburban Philadelphia in September 2012.
The facility will include primary care physician and specialist offices, physical therapy and non-invasive procedure suites, imaging facilities and a walk-in clinic. The space will be accessible from both inside and outside the mall.
“Shopping centers and healthcare are synergistic,” said Joseph F. Coradino, President of PREIT Services LLC and PREIT-RUBIN, Inc. “We are pleased to bring the first full-scale medical health and wellness center to an enclosed mall in the Northeast.”
In the fourth quarter of 2011, PREIT leased 50,000 square feet at Plymouth Meeting Mall, including Charming Charlie, Strawberry, Bolton’s, Ukazoo Books, Main Line Hobbies, Best Buy Mobile, Auntie Anne’s, the expansion of Dave & Buster’s and this Mercy Health System facility.
Plymouth Meeting Mall (www.shopplymouthmeetingmall.com) is located in the greater Philadelphia area in a highly populated suburban area northwest of the city, 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, Whole Foods Market and Café, and features Redstone American Grill, P.F. Chang’s China Bistro, California Pizza Kitchen, Benihana, AMC Theater, Express, Victoria’s Secret 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 community 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 is publicly traded on the NYSE under the symbol PEI.
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, as amended; our ability to refinance our existing indebtedness when it matures, on favorable terms, or at all; 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 through other actions; our short- and long-term liquidity position; the effects on us of dislocations and liquidity disruptions in the capital and credit markets; current economic conditions and their effect on employment, consumer confidence and spending; tenant business performance, prospects, solvency and leasing decisions; the value and potential impairment of our properties; increases in operating costs that cannot be passed on to tenants; our ability to maintain and increase property occupancy, sales and rental rates, including at our redeveloped properties; risks relating to development and redevelopment activities; changes in the retail industry, including consolidation and store closings; the effects of online shopping and other uses of technology on our retail tenants; general economic, financial and political conditions, including credit market conditions, changes in interest rates or unemployment; 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 the 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 our Annual Report on Form 10-K for the year ended December 31, 2010 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.
Additional information about PREIT is available on www.preit.com.
PREIT Services, LLC and PREIT-RUBIN, Inc.
Joseph F. Coradino, President, 215-875-0742
Judy Trias, CMD, 215-875-0122
Vice President, Retail Marketing
KEYWORDS: United States North America Pennsylvania
INDUSTRY KEYWORDS: Department Stores Health Hospitals REIT Retail Specialty Construction & Property Commercial Building & Real Estate Other Construction & Property Other Retail Managed Care