Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today that The Cheesecake Factory will open to the public at Willow Grove Park for dinner on Thursday, September 20, 2007 at 5:00 p.m. A ribbon cutting ceremony will be held at the main entrance to the restaurant on Tuesday, September 18, 2007 at 11:00 a.m. The new 10,300 square foot restaurant is located in the upper portion of the former Strawbridge’s space.
“We are pleased to add The Cheesecake Factory and a great collection of retailers to Willow Grove Park to further enhance the experience of area shoppers,” said Joseph Coradino, President of PREIT Services, LLC and PREIT-RUBIN, Inc.
A new 194,000 square foot Boscov’s is scheduled to open Spring 2008. Several new retailers have recently opened in the mall, including Bachrach, a two-level H&M, and White House/Black Market. Also, Sephora’s grand opening is scheduled for September 21, 2007.
Willow Grove Park is a three level, 1.2 million square foot mall in Willow Grove, Pennsylvania. The mall, anchored by Bloomingdale’s, Macy’s and Sears, boasts more than 130 leading distinctive specialty stores including abercrombie, Abercrombie & Fitch, Ann Taylor, Banana Republic, Coach, J. Crew, J. Jill, Lucky Brand Jeans, and Williams Sonoma. The mall’s magnificent carousel ride attraction and elegant Victorian-inspired décor reflect its rich heritage as a development on the site of a famed amusement park.
About Pennsylvania Real Estate Investment Trust
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the United States, has a primary investment focus on retail shopping malls and power centers. Currently, PREIT’s retail portfolio is approximately 34 million square feet and consists of 57 properties, including 38 shopping malls, 11 strip and power centers and eight properties under development. PREIT’s properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. PREIT is headquartered in Philadelphia, Pennsylvania and its website can be found at www.preit.com. PREIT is publicly traded on the NYSE under the symbol PEI.
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 PREIT’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. More specifically, PREIT’s business might be affected by uncertainties affecting real estate businesses generally as well as the following, among other factors: general economic, financial and political conditions, including changes in interest rates or the possibility of war or terrorist attacks; changes in local market conditions or other competitive or retail industry factors in the regions where our properties are concentrated; PREIT’s ability to maintain and increase property occupancy and rental rates, and risks relating to development or redevelopment activities, including construction, obtaining entitlements and managing multiple projects simultaneously. Additionally, there can be no assurance that PREIT’s actual results will not differ significantly from the estimates set forth above, or that PREIT’s returns on its developments, redevelopments or acquisitions will be consistent with the estimates outlined 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, 2006. PREIT does 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 **
Contacts:
Joseph Coradino,
215-875-0735
President PREIT Services LLC
and PREIT-RUBIN Inc.
or
Nurit
Yaron, 215-875-0735
VP, Investor Relations
