PHILADELPHIA, Oct. 28, 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 December 16, 2019 to
common shareholders of record on December 2,
2019. The December
16th dividend payment will be the Company's
171st 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
December 16, 2019 to holders of
record on December 2, 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 presentation,
together with other statements and information publicly
disseminated by us, contain certain "forward-looking statements"
within the meaning of the federal securities laws. Forward-looking
statements relate to expectations, beliefs, projections, future
plans, strategies, anticipated events, trends and other matters
that are not historical facts. When used, the words "anticipate,"
"believe," "estimate," "target," "goal," "expect," "intend," "may,"
"plan," "project," "result," "should," "will," and similar
expressions, which do not relate solely to historical matters, are
intended to identify forward looking statements. We
caution investors that any forward-looking statements presented in
this presentation and the documents that we may incorporate by
reference into this document are based on management's beliefs and
assumptions made by, and currently available to management. 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 uncertainties affecting real estate businesses generally as well
as the following, among other factors:
Changes in the retail and real estate industries, including
consolidation and store closings, particularly among anchor
tenants; our ability to maintain and increase property occupancy,
sales and rental rates, in light of the relatively high number of
leases that have expired or are expiring in the next two years;
increases in operating costs that cannot be passed on to
tenants; current economic conditions and the state of employment
growth and consumer confidence and spending, and the corresponding
effects on tenant business performance, prospects, solvency and
leasing decisions and on our cash flows, and the value and
potential impairment of our properties; the effects of online
shopping and other uses of technology on our retail tenants;
risks related to our development and redevelopment
activities; acts of violence at malls, including our properties, or
at other similar spaces, and the potential effect on traffic and
sales; our ability to identify and execute on suitable acquisition
opportunities and to integrate acquired properties into our
portfolio; our partnerships and joint ventures with third parties
to acquire or develop properties concentration of our properties in
the Mid-Atlantic region; changes in local market conditions, such
as the supply of or demand for retail space, or other competitive
factors; changes to our corporate management team and any resulting
modifications to our business strategies; our ability to sell
properties that we seek to dispose of or our ability to obtain
prices we seek; potential losses on impairment of certain
long-lived assets, such as real estate, or of intangible assets,
such as goodwill, including such losses that we might be required
to record in connection with any dispositions of assets; our
substantial debt and liquidation preference of our preferred shares
and our high leverage ratio; constraining leverage, unencumbered
debt yield, interest and tangible net worth covenants under our
principal credit agreements; our ability to refinance our existing
indebtedness when it matures, on favorable terms or at all; our
ability to raise capital, including through joint ventures or other
partnerships, through sales of properties or interests in
properties, through the issuance of equity or equity-related
securities if market conditions are favorable, or through other
actions; our short- and long-term liquidity position; potential
dilution from any capital raising transactions or other equity
issuances; and general economic, financial and political
conditions, including credit and capital market conditions, changes
in interest rates or unemployment.
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 in 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.
CONTACT: AT THE COMPANY
Heather Crowell
EVP, Strategy and Communications
(215) 454-1241
heather.crowell@preit.com
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