PHILADELPHIA, PREIT (NYSE: PEI) (“Company”) today announced its intention to promote Mario C. Ventresca, Jr., Executive Vice President – Operations, to Executive Vice President and Chief Financial Officer. He will replace current Executive Vice President and Chief Financial Officer Bob McCadden who will leave the Company effective December 31, 2019. Mr. McCadden will transition his current responsibilities to Mr. Ventresca over the balance of the year.
Joe Coradino, CEO of PREIT said, “On behalf of the Board, the management team and our associates at PREIT, I want to thank Bob for his years of service to the Company as we transitioned into the Company we are today. We wish him success in any future endeavors. We have a strong successor in Mario, who has played a critical role in our transformation and execution of our strategic priorities over the past seven years. He is a highly accomplished executive and I look forward to his partnership.”
Mr. McCadden stated, “It has been a pleasure to work with such a talented management team during a dynamic period in our industry. PREIT has made significant progress in achieving its strategic goals and is well positioned for future success. I look forward to working with Mario in his new role and ensuring a seamless transition.”
A Temple University graduate, Mr. Ventresca spent the first ten years of his career in accounting and finance positions. He joined PREIT in 1994 and currently serves as Executive Vice President of Operations overseeing the Company’s Leasing, Asset and Property Management functions. He has developed a diverse skill set through his many roles within the Company, having served in Acquisitions and Asset Management capacities and managing the Company’s sector-leading disposition program.
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT’s robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely-populated eastern U.S. with concentrations in the mid-Atlantic’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
Forward Looking Statements
This press release contains certain forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “project,” “intend,” “may” or similar expressions. 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 changes in the retail and real estate industries, including consolidation and store closings, particularly among anchor tenants; current economic conditions and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions; our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increases in operating costs that cannot be passed on to tenants; the effects of online shopping and other uses of technology on our retail tenants; risks related to our development and redevelopment activities, including delays, cost overruns and our inability to reach projected occupancy or rental rates; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; our ability to sell properties that we seek to dispose of or our ability to obtain prices we seek; our substantial debt and the liquidation preference of our preferred shares and our high leverage ratio; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through sales of properties or interests in properties and through the issuance of equity or equity-related securities if market conditions are favorable; and potential dilution from any capital raising transactions or other equity issuances. 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 herein and in our Annual Report on Form 10-K for the year ended December 31, 2018 in the section entitled “Item 1A. Risk Factors” and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019 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.