The combination of two words: Appreciate & It, but spelled as it is spoken, as if made up of four words:
Pre she ate it.
Commonly used by African
Americans to thank someone after helping or providing a beneficial service to them; replacing the phrase "I appreciate your help."
The term is often used sarcastically as
well.
Example
Dude: Hey man, where dat cheap ass licka
store at?
Bro:
Yo, it's down on da cona brah.
Dude: Presheateit man.