UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 5)1

Pennsylvania Real Estate Investment Trust

(Name of Issuer)

Beneficial Interest, par value $1.00 per share

7.375% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share

7.20% Series C Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share

6.875% Series D Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share

(Title of Class of Securities)

709102107

709102503

709102602

709102701

(CUSIP Number)

 

CHRISTOPHER SWANN

CYGNUS CAPITAL, INC.

3060 Peachtree Road NW, Suite 1080

Atlanta, Georgia 30305

(404) 465-3685

 

ELIZABETH GONZALEZ- SUSSMAN, ESQ.,

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

June 29, 2022

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☒.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

  1   NAME OF REPORTING PERSON  
         
        Cygnus Opportunity Fund, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         54,590 shares of Beneficial Interest
74,398 shares of Series B Preferred Stock
111,416 shares of Series C Preferred Stock
136,744 shares of Series D Preferred Stock		  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          54,590 shares of Beneficial Interest
74,398 shares of Series B Preferred Stock
111,416 shares of Series C Preferred Stock
136,744 shares of Series D Preferred Stock		  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        54,590 shares of Beneficial Interest
74,398 shares of Series B Preferred Stock
111,416 shares of Series C Preferred Stock
136,744 shares of Series D Preferred Stock		  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.0% of the outstanding shares of Beneficial Interest
2.2% of the outstanding shares of Series B Preferred Stock
1.6% of the outstanding shares of Series C Preferred Stock
2.7% of the outstanding shares of Series D Preferred Stock		  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

2

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

 

  1   NAME OF REPORTING PERSON  
         
        Cygnus Property Fund IV, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         42,021 shares of Beneficial Interest
42,963 shares of Series B Preferred Stock
74,879 shares of Series C Preferred Stock
30,749 shares of Series D Preferred Stock		  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          42,021 shares of Beneficial Interest
42,963 shares of Series B Preferred Stock
74,879 shares of Series C Preferred Stock
30,749 shares of Series D Preferred Stock		  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        42,021 shares of Beneficial Interest
42,963 shares of Series B Preferred Stock
74,879 shares of Series C Preferred Stock
30,749 shares of Series D Preferred Stock		  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1% of the outstanding shares of Beneficial Interest
1.2% of the outstanding shares of Series B Preferred Stock
1.1% of the outstanding shares of Series C Preferred Stock
Less than 1% of the outstanding shares of Series D Preferred Stock		  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

3

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

  1   NAME OF REPORTING PERSON  
         
        Cygnus Property Fund V, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         147,802 shares of Series B Preferred Stock
210,479 shares of Series C Preferred Stock
166,000 shares of Series D Preferred Stock		  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          147,802 shares of Series B Preferred Stock
210,479 shares of Series C Preferred Stock
166,000 shares of Series D Preferred Stock		  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        147,802 shares of Series B Preferred Stock
210,479 shares of Series C Preferred Stock
166,000 shares of Series D Preferred Stock		  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        4.3% of the outstanding shares of Series B Preferred Stock
3.1% of the outstanding shares of Series C Preferred Stock
3.3% of the outstanding shares of Series D Preferred Stock		  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

4

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

 

  1   NAME OF REPORTING PERSON  
         
        Cygnus Property Fund VI, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Delaware  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         52,923 shares of Series B Preferred Stock
58,750 shares of Series C Preferred Stock
156,922 shares of Series D Preferred Stock		  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          52,923 shares of Series B Preferred Stock
58,750 shares of Series C Preferred Stock
156,922 shares of Series D Preferred Stock		  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        52,923 shares of Series B Preferred Stock
58,750 shares of Series C Preferred Stock
156,922 shares of Series D Preferred Stock		  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.5% of the outstanding shares of Series B Preferred Stock
Less than 1% of the outstanding shares of Series C Preferred Stock
3.1% of the outstanding shares of Series D Preferred Stock		  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

5

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

 

  1   NAME OF REPORTING PERSON  
         
        Cygnus Capital Advisers, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Wyoming  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         54,590 shares of Beneficial Interest
74,398 shares of Series B Preferred Stock
111,416 shares of Series C Preferred Stock
136,744 shares of Series D Preferred Stock		  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          54,590 shares of Beneficial Interest
74,398 shares of Series B Preferred Stock
111,416 shares of Series C Preferred Stock
136,744 shares of Series D Preferred Stock		  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        54,590 shares of Beneficial Interest
74,398 shares of Series B Preferred Stock
111,416 shares of Series C Preferred Stock
136,744 shares of Series D Preferred Stock		  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.0% of the outstanding shares of Beneficial Interest
2.2% of the outstanding shares of Series B Preferred Stock
1.6% of the outstanding shares of Series C Preferred Stock
2.7% of the outstanding shares of Series D Preferred Stock		  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

6

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

 

  1   NAME OF REPORTING PERSON  
         
        Cygnus General Partners, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Wyoming  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         54,590 shares of Beneficial Interest
74,398 shares of Series B Preferred Stock
111,416 shares of Series C Preferred Stock
136,744 shares of Series D Preferred Stock		  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          54,590 shares of Beneficial Interest
74,398 shares of Series B Preferred Stock
111,416 shares of Series C Preferred Stock
136,744 shares of Series D Preferred Stock		  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        54,590 shares of Beneficial Interest
74,398 shares of Series B Preferred Stock
111,416 shares of Series C Preferred Stock
136,744 shares of Series D Preferred Stock		  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.0% of the outstanding shares of Beneficial Interest
2.2% of the outstanding shares of Series B Preferred Stock
1.6% of the outstanding shares of Series C Preferred Stock
2.7% of the outstanding shares of Series D Preferred Stock		  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

7

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

  

  1   NAME OF REPORTING PERSON  
         
        Cygnus Capital Real Estate Advisors II, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Wyoming  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         42,021 shares of Beneficial Interest
243,688 shares of Series B Preferred Stock
344,108 shares of Series C Preferred Stock
353,671 shares of Series D Preferred Stock		  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          42,021 shares of Beneficial Interest
243,688 shares of Series B Preferred Stock
344,108 shares of Series C Preferred Stock
353,671 shares of Series D Preferred Stock		  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        42,021 shares of Beneficial Interest
243,688 shares of Series B Preferred Stock
344,108 shares of Series C Preferred Stock
353,671 shares of Series D Preferred Stock		  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1% of the outstanding shares of Beneficial Interest
7.1% of the outstanding shares of Series B Preferred Stock
5.0% of the outstanding shares of Series C Preferred Stock
7.1% of the outstanding shares of Series D Preferred Stock		  
  14   TYPE OF REPORTING PERSON  
         
        OO  

   

8

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

 

  1   NAME OF REPORTING PERSON  
         
        Cygnus Capital, Inc.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        Wyoming  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         96,611 shares of Beneficial Interest
318,086 shares of Series B Preferred Stock
455,524 shares of Series C Preferred Stock
490,415 shares of Series D Preferred Stock		  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          96,611 shares of Beneficial Interest
318,086 shares of Series B Preferred Stock
455,524 shares of Series C Preferred Stock
490,415 shares of Series D Preferred Stock		  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        96,611 shares of Beneficial Interest
318,086 shares of Series B Preferred Stock
455,524 shares of Series C Preferred Stock
490,415 shares of Series D Preferred Stock		  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.8% of the outstanding shares of Beneficial Interest
9.2% of the outstanding shares of Series B Preferred Stock
6.6% of the outstanding shares of Series C Preferred Stock
9.8% of the outstanding shares of Series D Preferred Stock		  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

9

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

 

  1   NAME OF REPORTING PERSON  
         
        Christopher Swann  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF, PF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         66 shares of Beneficial Interest
4,000 shares of Series D Preferred Stock		  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         12,666 shares of Beneficial Interest
96,611 shares of Beneficial Interest
318,086 shares of Series B Preferred Stock
455,524 shares of Series C Preferred Stock
490,415 shares of Series D Preferred Stock		  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          66 shares of Beneficial Interest
4,000 shares of Series D Preferred Stock		  
    10   SHARED DISPOSITIVE POWER  
           
          12,666 shares of Beneficial Interest
96,611 shares of Beneficial Interest
318,086 shares of Series B Preferred Stock
455,524 shares of Series C Preferred Stock
490,415 shares of Series D Preferred Stock		  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        109,343 shares of Beneficial Interest
318,086 shares of Series B Preferred Stock
455,524 shares of Series C Preferred Stock
494,415 shares of Series D Preferred Stock		  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        2.0% of the outstanding shares of Beneficial Interest
9.2% of the outstanding shares of Series B Preferred Stock
6.6% of the outstanding shares of Series C Preferred Stock
8.9% of the outstanding shares of Series D Preferred Stock		  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

10

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

 

The following constitutes Amendment No. 5 to the Schedule 13D filed by the undersigned (“Amendment No. 5”). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein.

Item 3.Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated as follows:

The Securities purchased by each of Cygnus Opportunity, Cygnus IV, Cygnus V and Cygnus VI were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 54,590 shares of Beneficial Interest, 74,398 shares of Series B Preferred Stock, 111,416 shares of Series C Preferred Stock and 136,744 shares of Series D Preferred Stock beneficially owned by Cygnus Opportunity is approximately $1,473,688, $694,972, $915,350 and $986,270, respectively, excluding brokerage commissions. The aggregate purchase price of the 42,021 shares of Beneficial Interest, 42,963 shares of Series B Preferred Stock, 74,879 shares of Series C Preferred Stock and 30,749 shares of Series D Preferred Stock beneficially owned by Cygnus IV is approximately $774,733, $394,220, $639,625 and $246,268, respectively, excluding brokerage commissions. The aggregate purchase price of the 147,802 shares of Series B Preferred Stock, 210,479 shares of Series C Preferred Stock and 166,000 shares of Series D Preferred Stock beneficially owned by Cygnus V is approximately $951,262, $1,326,313 and $1,142,528, respectively, excluding brokerage commissions. The aggregate purchase price of the 52,923 shares of Series B Preferred Stock, 58,750 shares of Series C Preferred Stock and 156,922 shares of Series D Preferred Stock beneficially owned by Cygnus VI is approximately $356,294, $152,358 and $773,252, respectively, excluding brokerage commissions.

The Securities purchased by Mr. Swann personally, including Securities held in an account by his spouse, which Mr. Swann shares voting and dispositive power over, and an individual retirement account in Mr. Swann’s name, were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 12,732 shares of Beneficial Interest and 4,000 shares of Series D Preferred Stock beneficially owned by Mr. Swann is approximately $195,167 and $31,666, respectively, excluding brokerage commissions.

Item 5.Interest in Securities of the Issuer.

Items 5(a) – (c) are hereby amended and restated as follows:

(a)(b) See rows (11) and (13) of the cover page to this Schedule 13D for the aggregate number of Securities, and percentage of the outstanding Securities, beneficially owned by each of the Reporting Persons as of the close of business on July 11, 2022, respectively. See rows (7) through (10) of the cover page to this Schedule 13D for the number of Securities as to which the Reporting Persons have the sole or shared power to vote or direct the vote of and sole or shared power to dispose or to direct the disposition of.

The aggregate percentage of Securities reported owned by each Reporting Person is based upon (i) 5,374,162 shares of Beneficial Interest (after giving effect to the 1-for-15 reverse share split of the shares of Beneficial Interest effectuated by the Issuer on June 15, 2022, as disclosed in the Issuer’s Current Report on Form 8-K filed with the SEC on June 22, 2022), (ii) 3,450,000 shares of Series B Preferred Stock outstanding, (iii) 6,900,000 shares of Series C Preferred Stock outstanding and (iv) 5,000,000 shares of Series D Preferred Stock outstanding as of May 4, 2022 as set forth on the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on May 6, 2022.

(c) The transactions in the Securities since the filing of Amendment No. 4 to the Schedule 13D by certain of the Reporting Persons are set forth on Schedule A attached hereto and are incorporated herein by reference.

11

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: July 12, 2022

  Cygnus Opportunity Fund, LLC
   
  By: Cygnus General Partners, LLC, its general partner
     
  By: Cygnus Capital, Inc., its managing member
     
  By:

/s/ Christopher Swann

    Name: Christopher Swann
    Title: President and CEO

 

 

  Cygnus Property Fund IV, LLC
   
  By: Cygnus Capital Real Estate Advisors II, LLC, its general partner
     
  By: Cygnus Capital, Inc., its managing member
     
  By:

/s/ Christopher Swann

    Name: Christopher Swann
    Title: President and CEO

 

 

  Cygnus Property Fund V, LLC
   
  By: Cygnus Capital Real Estate Advisors II, LLC, its general partner
     
  By: Cygnus Capital, Inc., its managing member
     
  By:

/s/ Christopher Swann

    Name: Christopher Swann
    Title: President and CEO

 

12

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

 

  Cygnus Property Fund VI, LLC
   
  By: Cygnus Capital Real Estate Advisors II, LLC, its general partner
     
  By: Cygnus Capital, Inc., its managing member
     
  By:

/s/ Christopher Swann

    Name: Christopher Swann
    Title: President and CEO

 

 

  Cygnus Capital Advisers, LLC
   
  By: Cygnus Capital, Inc., its managing member
     
  By:

/s/ Christopher Swann

    Name: Christopher Swann
    Title: President and CEO

 

 

  Cygnus General Partners, LLC
   
  By: Cygnus Capital, Inc., its managing member
     
  By:

/s/ Christopher Swann

    Name: Christopher Swann
    Title: President and CEO

 

 

  Cygnus Capital Real Estate Advisors II, LLC
   
  By: Cygnus Capital, Inc., its managing member
     
  By:

/s/ Christopher Swann

    Name: Christopher Swann
    Title: President and CEO

 

 

  Cygnus Capital, Inc.
   
  By:

/s/ Christopher Swann

    Name: Christopher Swann
    Title: President and CEO

 

 

 

/s/ Christopher Swann

  Christopher Swann

 

13

CUSIP No. 709102107

                    709102503

                    709102602

                    709102701

 

SCHEDULE A

Transactions in the Securities Since the Filing of Amendment No. 4 to the Schedule 13D

Nature of Transaction Amount of Securities Purchased/(Sold) Price per Share ($) Date of Purchase/Sale

 

Cygnus Opportunity Fund, LLC

Purchase of Series D Preferred Stock 3,500 2.4200 06/24/2022
Purchase of Series D Preferred Stock 5,000 2.4200 06/24/2022
Sale of Beneficial Interest (100) 3.4800 07/06/2022

 

Cygnus Property Fund V, LLC

Purchase of Series D Preferred Stock 1,000 2.5010 06/29/2022

 

Cygnus Property Fund VI, LLC

Purchase of Series B Preferred Stock 1,638 2.7336 06/24/2022
Purchase of Series B Preferred Stock 400 2.7650 06/24/2022
Purchase of Series C Preferred Stock 4,000 2.6090 06/24/2022
Purchase of Series C Preferred Stock 700 2.2882 06/24/2022
Purchase of Series C Preferred Stock 500 2.4040 06/24/2022
Purchase of Series C Preferred Stock 400 2.3925 06/24/2022
Purchase of Series C Preferred Stock 1,000 2.4981 06/24/2022
Purchase of Series C Preferred Stock 400 2.5000 06/24/2022
Purchase of Series C Preferred Stock 2,000 2.6089 06/24/2022
Purchase of Series C Preferred Stock 201 2.4350 06/24/2022
Purchase of Series C Preferred Stock 300 2.5033 06/24/2022
Purchase of Series C Preferred Stock 1,020 2.5551 06/24/2022
Purchase of Series C Preferred Stock 1,000 2.7435 06/24/2022
Purchase of Series D Preferred Stock 4,000 2.6076 06/24/2022
Purchase of Series D Preferred Stock 1,000 2.4228 06/24/2022
Purchase of Series D Preferred Stock 4,100 2.5561 06/24/2022
Purchase of Series D Preferred Stock 300 2.5000 06/24/2022
Purchase of Series D Preferred Stock 100 2.3800 06/24/2022
Purchase of Series D Preferred Stock 5,000 2.4200 06/24/2022
Purchase of Series D Preferred Stock 5,000 2.4182 06/24/2022
Purchase of Series D Preferred Stock 5,000 2.4383 06/24/2022
Purchase of Series D Preferred Stock 1,280 2.4834 06/24/2022
Purchase of Series D Preferred Stock 2,000 2.5000 06/24/2022
Purchase of Series D Preferred Stock 419 2.5024 06/24/2022
Purchase of Series B Preferred Stock 500 3.1160 06/27/2022
Purchase of Series C Preferred Stock 1,000 2.9180 06/27/2022
Purchase of Series D Preferred Stock 600 2.9183 06/27/2022
Purchase of Series C Preferred Stock 5,000 2.8200 06/28/2022
Purchase of Series C Preferred Stock 1,349 2.6311 06/28/2022
Purchase of Series C Preferred Stock 1,000 2.7306 06/28/2022
Purchase of Series C Preferred Stock 3,000 2.7877 06/28/2022
Purchase of Series D Preferred Stock 5,000 2.5568 06/28/2022
Purchase of Series D Preferred Stock 5,000 2.5000 06/28/2022
Purchase of Series D Preferred Stock 2,400 2.5700 06/28/2022
Purchase of Series D Preferred Stock 5,000 2.4300 06/28/2022
Purchase of Series D Preferred Stock 5,000 2.4000 06/29/2022
Purchase of Series B Preferred Stock 3,000 2.7600 06/30/2022
Purchase of Series C Preferred Stock 5,000 2.5000 06/30/2022
Purchase of Series C Preferred Stock 324 2.2500 06/30/2022
Purchase of Series C Preferred Stock 9,160 2.3498 06/30/2022
Purchase of Series D Preferred Stock 5,000 2.1700 06/30/2022
Purchase of Series C Preferred Stock 525 2.3500 07/01/2022
Purchase of Series D Preferred Stock 5,000 2.1476 07/05/2022
Purchase of Series C Preferred Stock 44 2.3500 07/06/2022
Purchase of Series C Preferred Stock 2,000 2.7485 07/07/2022

 

 

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