PHILADELPHIA, Feb. 12, 2018 /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 March 15, 2018 to common
shareholders of record on March 1,
2018. The March
15th dividend payment will be the Company's
164th 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
March 15, 2018 to holders of record
on March 1, 2018.
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,
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, 2016 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