PHILADELPHIA, May 19, 2020 /PRNewswire/ -- Pennsylvania
Real Estate Investment Trust (NYSE: PEI) announced that its Board
of Trustees has declared a quarterly cash dividend of $0.02 per common share. The dividend is
payable on June 15, 2020 to common
shareholders of record on June 1,
2020. The June 15th
dividend payment will be the Company's 173rd 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
June 15, 2020 to holders of record on
June 1, 2020.
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