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PREIT Signs Agreement with Township for Voorhees Town Hall at Voorhees Town Center

^{Published on 2010-10-28 10:06:19 - Market Wire}
 

PHILADELPHIA--([ BUSINESS WIRE ])--Pennsylvania Real Estate Investment Trust (NYSE:PEI) announced today a signed agreement with the Township of Voorhees. Under the agreement, Voorhees Town Hall, the municipal offices of Voorhees, New Jersey, will relocate to Voorhees Town Center. The township will own the 24,300 square foot space that is scheduled to open in spring 2011 on the second level of PREITa™s mall.

"This alternative use, coupled with the upscale residential component, differentiates Voorhees Town Center in a highly competitive marketplace."

Mayor of Voorhees, New Jersey, Michael R. Mignogna said, aMoving the Voorhees Town Hall to the Voorhees Town Center is another step in creating something that Voorhees has never had -- a adowntown.a™ It will be a place for families to eat, drink, shop, conduct business and share community events. The Voorhees Town Center will become the aheartbeat of our community.a™"

The municipal transaction marks another milestone in the $83 million smart-growth redevelopment project. Voorhees Town Center is located in Voorhees, New Jersey, 10 miles southeast of Philadelphia. The property has won numerous awards already including the Delaware Valley Smart Growth Alliance 2009 Smart Growth Award, the Delaware Valley Regional Planning Commission 2009 Regional Land Use of the Year, and the 2009 Building of America Award. The mixed-use project includes a renovated two-level mall, an award-winning office building, 425 luxury residential apartments and condominiums, and street retail, restaurants and services.

aThe addition of Voorhees Town Hall solidifies Voorhees Town Center as a true town center for the community,a said Joseph Coradino, President of PREIT Services, LLC and PREIT-RUBIN, Inc. aThis alternative use, coupled with the upscale residential component, differentiates Voorhees Town Center in a highly competitive marketplace.a

Voorhees Town Hall will enhance the blend of national, regional and local tenants at Voorhees Town Center. The Mall, anchored by Macya™s and Boscova™s, includes The Childrena™s Place, Bath & Body Works, Foot Locker, Bayada Nurses, and more that complement the shops on Town Center Boulevard. Rizzieri Studio Salon, Rizzieri Aveda School for Beauty & Wellness, and Intoxx Fitness along the boulevard, will be joined by local favorite Coffee Works Cafe in late 2010. Zagat-rated Firecreek Restaurant + Bar and Doghouse Gourmet Burgers, both first-to-market, will open in spring 2011.

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 is publicly traded on the NYSE under the symbol PEI.

Forward Looking Statements

This press release contains certain aforward-looking statementsa 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 PREITa™s current views about future events 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. Moreover, PREITa™s business might be affected by uncertainties affecting real estate businesses generally as well as the following, among other factors: PREITa™s substantial debt and high leverage ratio; constraining leverage, interest and tangible net worth covenants under the 2010 Credit Facility, as well as capital application provisions and limits on PREITa™s ability to pay distributions on its common shares; PREITa™s ability to refinance its existing indebtedness when it matures on favorable terms, or at all; PREITa™s 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; PREITa™s short- and long-term liquidity position; the effects on PREIT of dislocations and liquidity disruptions in the capital and credit markets; the current economic downturn and its effect on employment, consumer confidence and consumer spending; tenant business and solvency and leasing decisions and the value and potential impairment of PREITa™s properties; and PREITa™s ability to maintain and increase property occupancy, sales and rental rates, including at recently redeveloped properties. Additionally, there can be no assurance that PREITa™s actual results will not differ significantly from the estimates set forth in press releases or other disclosures. Investors are also directed to consider the risks and uncertainties discussed in documents PREIT has filed with the Securities and Exchange Commission and, in particular, PREIT's Annual Report on Form 10-K for the year ended December 31, 2009. PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.