PHILADELPHIA, May 19, 2020 /PRNewswire/ -- Pennsylvania
Real Estate Investment Trust (PREIT/NYSE: PEI) intends to release
its financial results for the quarter ending March 31, 2020 before market trading commences on
Thursday, May 21, 2020.
Management has updated the timing of its First Quarter 2020
Earnings Conference Call. The call will now be held at
1:00 p.m. Eastern Time on Thursday,
May 21, 2020, to review the Company's results and future
outlook. To listen to the call, please dial 1-844-885-9139
(domestic toll free), or 1-647-689-4441 (international), and
request to join the PREIT call, Conference ID 6664627, at
least five minutes before the scheduled start time. Investors
can also access the call in a "listen only" mode via the internet
at the Company's website, preit.com. Please allow extra time
prior to the call to visit the site and download the necessary
software to listen to the Internet broadcast. Financial and
statistical information expected to be discussed on the call will
also be available on the Company's website.
For interested individuals unable to join the conference call,
the online archive of the webcast will also be available for one
year following the call.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment
trust that owns and manages innovative properties at the forefront
of shaping consumer experiences through the built environment.
PREIT's robust portfolio of carefully curated retail and lifestyle
offerings mixed with destination dining and entertainment
experiences are located primarily in densely-populated, high
barrier-to-entry markets with tremendous opportunity to create
vibrant multi-use destinations. 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,
including the impact of the COVID-19 pandemic and the steps taken
by governmental authorities and other third parties to reduce its
spread, 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 and our ability to remain in compliance with our
financial covenants under our debt facilities; 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, in
our Annual Report on Form 10-K for the year ended December 31, 2019 in the section entitled "Item
1A. Risk Factors" and in our Current Report on Form 8-K filed on
May 11, 2020. 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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SOURCE PREIT