Christopher Swann and Kenneth
Hart Elected by Preferred Shareholders at 2022 Annual Meeting of
Shareholders
PHILADELPHIA, Aug. 2, 2022
/PRNewswire/ -- PREIT (NYSE: PEI) (the "Company") today announced
that Christopher Swann and
Kenneth Hart have been elected by
preferred shareholders to its Board of Trustees.
Joseph F. Coradino, Chairman and
CEO of PREIT, said, "We are pleased to welcome two new independent
trustees to further enhance and diversify the Board of Trustees.
Both Christopher and Kenneth are experienced investors who bring
additional corporate finance and real estate investing expertise to
the boardroom. We look forward to their contribution in advancing
our strategic objectives by capitalizing on our exceptional
portfolio of assets."
Mr. Swann and Mr. Hart were elected in accordance with the
provisions of the designating amendments to the Company's Amended
and Restated Trust Agreement.
About Christopher
Swann
Christopher
Swann has over a decade of experience restructuring
distressed commercial real estate and real estate backed debt. He
also has extensive expertise in restructuring across multiple
disciplines, including balance sheet, asset management, operations,
construction, entitlements and property management. He currently
serves as President and Chief Executive Officer of Cygnus Capital,
a real estate and alternative asset investment management company.
Previously, Mr. Swann served as a Portfolio Manager at SAC Capital
Advisors LLC, an investment management company, and in a number of
roles at GMT Capital Corporation, an investment management company,
including serving as a senior analyst and then as a portfolio
manager overseeing investments in technology companies as well as
building out the firm's investments in Asia, including establishing its Hong Kong office.
Prior to that, Mr. Swann co-founded two software companies and
also worked as an Associate at McKinsey & Co. Earlier in his
career, Mr. Swann served in senior marketing and sales positions in
Germany and Russia for Millicom International Cellular SA,
an international telecommunications and media company, and for a
division of Merck & Co., Inc., a multinational pharmaceutical
company.
Mr. Swann received a Bachelor of Arts Degree in Political
Science and Public Policy from Duke
University and received a dual Masters in Business
Administration and Masters of Arts in International Studies degree
from The Wharton School of Business at the University of Pennsylvania.
About Kenneth
Hart
Kenneth Hart has
been the principal with Hart Capital Management, a value-oriented
investor focused mainly on real estate related entities, since
1990. Prior to that, he was a Vice President at GE Capital
Corporate Finance Group, specializing in the financing of leveraged
buyouts from 1987 to 1989. From 1983 to 1987 he served in
various capacities with Hambrecht & Quist (a technology-focused
investment bank) and as a general partner of Hambrecht & Quist
Venture Partners. After completing an MBA at the Haas School
of Business, UC Berkeley, he worked at IBM from 1978 to
1983. He holds a BS degree in Electrical Engineering and
Computer Science, also from UC Berkeley.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real
estate investment trust that owns and manages innovative properties
developed to be thoughtful, community-centric hubs. PREIT's robust
portfolio of carefully curated, ever-evolving properties generates
success for its tenants and meaningful impact for the communities
it serves by keenly focusing on five core areas of established and
emerging opportunity: multi-family & hotel, health & tech,
retail, essentials & grocery and experiential. Located
primarily in densely-populated regions, PREIT is a top operator of
high quality, purposeful places that serve as one-stop destinations
for customers to shop, dine, play and stay. Additional information
is available at www.preit.com or on Twitter, Instagram 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 expectations and assumptions regarding our
business, the economy and other future events and conditions and
are based on currently available financial, economic and
competitive data and our current business plans. Actual results
could vary materially depending on risks, uncertainties and changes
in circumstances that may affect our operations, markets, services,
prices and other factors as discussed in the Risk Factors section
of our other filings with the Securities and Exchange Commission.
While we believe our assumptions are reasonable, we caution you
against relying on any forward-looking statements as it is very
difficult to predict the impact of known factors, and it is
impossible for us to anticipate all factors that could affect our
actual results. Important factors that could cause actual results
to differ materially from those in the forward-looking statements
include, but are not limited to, the effectiveness of strategies we
may employ to address our liquidity and capital resources in the
future, our ability to achieve our forecasted revenue and pro forma
leverage ratio and generate free cash flow to further reduce our
indebtedness; our ability to manage our business through the
impacts of the COVID-19 pandemic, a weakening of global economic
and financial conditions, changes in governmental regulations and
related compliance and litigation costs and the other factors
listed in our SEC filings. Additionally, our business might be
materially and adversely affected by changes in the retail and real
estate industries, including bankruptcies, consolidation and store
closings, particularly among anchor tenants; current economic
conditions, including consumer confidence and spending levels and
supply chain challenges and the impact of the COVID-19 pandemic and
the public health and governmental response as well as 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; social
unrest and acts of vandalism and violence at malls, including our
properties, or at other similar spaces, and the potential effect on
traffic and sales; the frequency, severity and impact of extreme
weather events at or near our properties; 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, and
in the sections entitled "Item 1A. Risk Factors" in our Annual
Report on Form 10-K for the year ended December 31, 2021. We do not intend to update or
revise any forward-looking statements to reflect new information,
future events or otherwise.
Contact
Heather
Crowell
heather@gregoryfca.com
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SOURCE PREIT