PHILADELPHIA, July 25, 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 September 17, 2019 to
common shareholders of record on September
3, 2019. The September
17th dividend payment will be the Company's
170th 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
September 17, 2019 to holders of
record on September 3, 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,
2018 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
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SOURCE PREIT