PHILADELPHIA, Jul. 27, 2021 / PRNewswire / – PREIT (NYSE: PEI), a leading property owner and developer redefining the future of the mall with mixed-use, community-centered neighborhoods, announced today that Phoenix Theaters has signed a lease agreement signed to bring the first movies back to the Woodland Mall, including the first West Michigan movie theater with Dolby Atmos® sound. This is the first West Michigan location for Phoenix Theaters, which is expected to welcome moviegoers in late 2021. The 21-year-old independent cinema company plans to invest $ 4 million to renovate the 14-screen theater to create a new premiere film -Experience in the greater Grand Rapids area. Renovation plans include brand new premium heated lounge chairs, 4K digital projection with Dolby Atmos, movie premieres, and family-friendly awards. Phoenix Theaters on Woodland Mall marks West Michigan’s first major theater investment after a pandemic – and one of the first in the country to show confidence in the property’s strength and the local economy. This expansion supports PREIT’s strategic efforts to attract innovative tenants and to redefine the company’s portfolio with a high barrier to entry with a unique mix of uses that serves its communities. Phoenix Theaters joins other top tier experiences from The Cheesecake Factory and Black Rock Bar & Grill, as well as a great existing retail offering that includes: Sephora, Lush, Williams-Sonoma, Pottery Barn, Von Maur, Urban Outfitters, Altar ‘ d State and Apple. The property continues to attract new and exciting tenants, with plans to welcome Rue21 this year and new tenants to the portfolio, Rose & Remington, known for its romantic, boho-chic style, and Lovisa, which offers affordable trendy jewelry “We are pleased that Phoenix Theaters is bringing films back in an improved format to one of our premier assets, the Woodland Mall,” said Joseph F. Coradino, Chairman and CEO of PREIT. “The successful redevelopment of the property continues to attract world-class retail and hospitality offerings such as Von Maur, Urban Outfitters and The Cheesecake Factory to West Michigan, and this addition underscores the strength of the property. The focus of Phoenix Theaters is on delivering a premium guest experience making it the perfect complement to the experience options in the Woodland Mall. The planned theater upgrades ensure that the property continues to be a real destination for all moviegoers in the area. We look forward to seeing all of these new renters later this year. “About PREITPREIT (NYSE: PEI) is a publicly traded real estate fund that owns and manages innovative properties that are at the forefront of creating consumer experiences through the built environment PREIT’s robust portfolio of carefully curated retail and lifestyle offerings mixed with culinary and entertainment experiences is primarily located in densely populated markets with high barriers to entry with tremendous opportunities to create vibrant multi-purpose destinations. For more information, visit www.preit. com or on Twitter or LinkedIn.About Phoenix Theaters Founded in 2000, Michigan-based Phoenix Theaters has three Michigan theaters in Wayne, Monroe, and Livonia. Two theaters are located out of state in Dubuque, Iowa and Pittsfield, Massachusetts. Kentwood becomes the company’s 50th big screen hmens and its fourth location in Michigan. Forward-Looking Statements This press release contains certain forward-looking statements that can be identified by the use of words such as “look ahead,” “believe,” “estimate,” “expect”, “,” project, “” intend “,” may “or similar expressions. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, expected events, trends and other matters that are not historical facts. These forward-looking statements reflect our current expectations and assumptions about our business, the economy and other future events and conditions and are based on currently available financial, economic and competitive data and our current business plans. Actual results could vary materially depending on the risks, uncertainties, and changes in circumstances that could affect our business, markets, services, prices, and other factors, as detailed in the Risk Factors section of our other filings with the United States Securities and Exchange Commission. While we believe that our assumptions are reasonable, we caution you not to place undue reliance on forward-looking statements because it is very difficult to predict the effects of known factors and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from those in the forward-looking statements include our ability to meet our forecast sales and pro forma leverage ratio and to generate free cash flow to continue our indebtedness to reduce; our ability to run our business in the face of the impact of the COVID-19 pandemic, a slowdown in global economic and financial conditions, changes in government regulations and associated compliance and litigation costs, and the other factors listed in our SEC filings, respectively. In addition, changes in the retail and real estate industries, including consolidations and store closures, particularly among anchor tenants, could materially and adversely affect our business; current economic conditions, including the impact of the COVID-19 pandemic and measures taken by government agencies and other third parties to reduce its spread, and the corresponding impact on tenants’ business development, prospects, solvency and rental decisions; our inability to collect rent due to bankruptcy or bankruptcy of tenants or any other reason; our ability to maintain and increase property occupancy, sales and rental prices; Increases in operating costs that cannot be passed on to tenants; the impact of online shopping and other technology uses on our retail tenants; Risks associated with our development and remediation activities, including delays, cost overruns and our inability to meet forecast occupancy or rental rates; Violence in shopping malls, including our property, or in other similar locations and the potential impact on traffic and sales; our ability to sell properties we wish to sell or our ability to achieve the prices we seek; our substantial indebtedness and liquidation preference of our preferred stock and our high leverage ratio and ability to meet our financial covenants under our credit facilities; our ability to refinance our existing debt when due, on favorable terms or at all; our ability to raise capital, including through the sale of real estate or interests in real estate and by issuing shares or equity related securities when market conditions are favorable; and potential dilution from fundraising transactions or other equity issues. Other factors that could cause future events, successes or results to differ materially from those expressed or implied in our forward-looking statements include those herein and the sections headed “Item 1A. Risk Factors ”in our Annual Report on Form 10. K for the year ended December 31, 2020. We do not intend to update or revise any forward-looking statements to reflect new information, future events, or otherwise. PREIT Contact: Heather Crowell EVP, Strategy and Communications (215) 454-1241heather.crowell @ preit.com View original content to download multimedia: https://www.prnewswire.com/news-releases/preits-woodland-mall-to-relaunch-movie-theatre-with-phoenix-theatres-301342545.htmlSOURCE PREIT
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