Press release from Business Wire
Grand Lux Cafe Opens at Cherry Hill Mall, PREIT Adds New Destinations to Dining Strategy
Thursday, July 12, 2012
PHILADELPHIA (Business Wire) -- Pennsylvania Real Estate Investment Trust (NYSE: PEI) announces the opening of Grand Lux Cafe at Cherry Hill Mall in Cherry Hill, New Jersey. The 8,700 square foot upscale restaurant from the creators of The Cheesecake Factory is the first in the Philadelphia metro region and one of only 13 nationally. It features innovative, international cuisine in an elegant yet casual, relaxed atmosphere.
The new Grand Lux Cafe enhances an already impressive list of restaurants at Cherry Hill Mall, including The Capital Grille, Bobby's Burger Palace by Chef Bobby Flay, Seasons 52, Maggiano's Little Italy, California Pizza Kitchen, and Bahama Breeze, furthering the mall's position as a leading super regional shopping and dining destination.
“PREIT is focused on a dining and entertainment strategy to enhance the shopping experience at a number of our properties. A strong, vibrant restaurant drives foot traffic, draws new customers, extends the length of shopping trips, and increases consumer spending,” said Joseph F. Coradino, CEO. “Dining establishments are a great complement to our shopping centers and we look forward to more additions throughout our portfolio in the future.”
At Valley Mall in Hagerstown, Maryland, Cafe Rio Mexican Grill, a leading quick-service restaurant with fresh Mexican Fare, and Tilted Kilt Pub & Eatery, a Celtic-themed sports bar with an Irish, Scottish, American, and English influenced menu are scheduled to open this winter.
At Uniontown Mall in Uniontown, Pennsylvania, Shogun Hibachi Steakhouse, a locally owned Japanese restaurant opened in March, and Olive Garden is set to open in November 2012.
At Voorhees Town Center in Voorhees, New Jersey, Iron Hill Brewery & Restaurant, along with Catelli Duo and Elena Wu are planned to open in 2012 and 2013. Iron Hill Brewery & Restaurant is a highly recognized, award winning brew pub with ten other locations in the Delaware Valley. Catelli Duo and Elana Wu are products of locally celebrated restaurateurs with previously established roots in Voorhees.
About Cherry Hill Mall
Cherry Hill Mall (www.cherryhillmall.com), eight miles from Philadelphia, is the dominant shopping center in densely populated suburban southern New Jersey, boasting the highest gross volume in the region. Anchored by Nordstrom, Macy's, and jcpenney, Cherry Hill Mall features several exclusive retailers including Apple, A/X Armani Exchange, Coach, Crate and Barrel, H&M, Hugo Boss, Michael Kors, The Container Store, Urban Outfitters, and Forever XXI. Henri Bendel and Essensuals London are set to open this summer, and Pottery Barn and The North Face are scheduled to join the property in the fall.
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; 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.
Pennsylvania Real Estate Investment Trust
Judy Trias, CMD, 215-875-0122
Vice President, Retail Marketing
Nurit Yaron, 215-875-0735
Vice President, Investor Relations