PREIT Announces Main Line Health Ambulatory Facility Coming to Exton Square Mall in Exton, PA
PHILADELPHIA--(BUSINESS WIRE)-- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) is moving forward with the selective introduction of ambulatory health care facilities in retail space as a novel way to create greater access for customers to their physicians and other health care services.
Main Line Health will open an approximately 32,000 square foot facility on the lower level of Exton Square Mall, one of PREIT's suburban Philadelphia assets. The facility will include a broad range of diagnostic and treatment services, including Main Line Health family medicine physicians, obstetric and gynecology specialists, oncologists, pediatricians and other specialty physician practices, as well as physical therapy, imaging services, an infusion center and blood draw capabilities. The facility is scheduled to open late 2013.
"With our patients in mind, we are excited for Main Line Health to offer our high quality health care in a retail setting," said Jack Lynch, President and CEO of Main Line Health. "The Exton Square Mall's convenient location and extended hours, coupled with Main Line Health's nationally recognized physicians, staff and services, will ensure our community has easy access to superior health care with personalized treatment in an innovative environment."
"We continue to believe in the synergies between health care and retail," said Joseph F. Coradino, CEO of PREIT, "We are pleased to offer a convenient and pleasant environment for our shoppers as well as Main Line Heath patients and employees."
In the past year, PREIT has added several catalyst tenants to Exton Square Mall including Chico's, White House/Black Market, Cotton On, and Learning Express.
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 of 46 properties comprises 36 shopping malls, seven 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 31.0 million total square feet of space. PREIT, headquartered in Philadelphia, Pennsylvania, is publicly traded on the NYSE under the symbol PEI. The Company's website can be found at www.preit.com.
About Main Line Health
Founded in 1985, Main Line Health is a non-profit health system serving portions of Philadelphia and its western suburbs. At its core are four of the region's respected acute care hospitals — Lankenau Medical Center, Bryn Mawr Hospital, Paoli Hospital and Riddle Hospital — as well as one of the nation's premier facilities for rehabilitative medicine, Bryn Mawr Rehab Hospital; Mirmont Treatment Center for drug and alcohol recovery; and the Home Care Network, a home health service. Main Line Health hospitals, with more than 10,000 employees and 2,000 physicians, are the recipients of numerous awards for quality care and service, including recognition among Truven Health Analytics' list of Top 100 Hospitals and Magnet®, the nation's highest honor for nursing excellence. Main Line Health is among the area's leaders in medicine, providing advanced patient-centered care, education and research to help our community stay healthy.
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; potential losses on impairment of certain long-lived assets, such as real estate, or of intangible assets, such as goodwill; potential losses on impairment of assets that we might be required to record in connection with any dispositions of assets; recent changes to our corporate management team and any resulting modifications to our business strategies; 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" and in our Quarterly Reports on Form 10-Q. 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
Robert McCadden, 215-875-0735
EVP & CFO
Heather Crowell, 215-875-0735
VP, Corporate Communications and Investor Relations
KEYWORDS: United States North America Pennsylvania
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