PREIT Announces Main Line Health Ambulatory Facility Coming to Exton Square Mall in Exton, PA

Fri Feb 22, 2013 7:55am EST

* Reuters is not responsible for the content in this press release.

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

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 

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

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

Pennsylvania Real Estate Investment Trust
Robert McCadden, 215-875-0735
Heather Crowell, 215-875-0735
VP, Corporate Communications and Investor Relations 

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