PHILADELPHIA, Feb. 8, 2019 /PRNewswire/ -- Pennsylvania
Real Estate Investment Trust (NYSE: PEI) announced that its Board
of Trustees has declared a quarterly cash dividend of $0.21 per common share. The dividend is
payable on March 15, 2019 to common
shareholders of record on March 1,
2019. The March
15th dividend payment will be the Company's
168th consecutive distribution since its initial
dividend paid in August of 1962.
The Company also announced today that its Board of Trustees has
declared quarterly cash dividends of $0.4609375 per share on
its 7.375% Series B Cumulative Redeemable Perpetual Preferred
Shares, $0.450000 per share to
holders of its 7.20% Series C Preferred Shares, and $0.4296875 per share to holders of its 6.875%
Series D Preferred Shares. These dividends are payable on
March 15, 2019 to holders of record
on March 1, 2019.
About PREIT
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,
2017 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.
CONTACT: AT THE COMPANY
Heather Crowell
SVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/preit-declares-quarterly-dividend-for-common-and-preferred-shares-300792001.html
SOURCE PREIT