Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today
that its Board of Trustees has declared a quarterly cash dividend of
$0.16 per common share, the Company’s 143rd consecutive distribution
since its initial dividend paid in August of 1962. The dividend is
payable on December 17, 2012 to common shareholders of record on
November 30, 2012.
The Company also announced today that its Board of Trustees declared
quarterly cash dividends of $0.515625 per share on its 8.25% Series A
Cumulative Redeemable Perpetual Preferred Shares and $0.327778 per share
on its 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares.
These dividends are payable on December 17, 2012 to holders of record on
November 30, 2012. The Series B dividend represents the dividend accrued
from the date of the original issuance of the Series B Preferred Shares,
October 11, 2012, to the dividend payment date.
About Pennsylvania Real Estate Investment Trust
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of
the first equity REITs in the U.S., has a primary investment focus on
retail shopping malls. Currently, the Company's portfolio of 49
properties comprises 38 shopping malls, eight community and power
centers, and three development properties. The Company’s properties are
located in 13 states in the eastern half of the United States, primarily
in the Mid-Atlantic region. The operating retail properties have
approximately 33 million total square feet of space. PREIT,
headquartered in Philadelphia, Pennsylvania, is publicly traded on the
NYSE under the symbol PEI. The Company's website can be found at
www.preit.com.
Forward Looking Statements
This press release contains certain “forward-looking statements” within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. 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 uncertainties
affecting real estate businesses generally as well as the following,
among other factors: our substantial debt and our high leverage ratio;
constraining leverage, interest and tangible net worth covenants under
our 2010 Credit Facility; potential losses on impairment of certain
long-lived assets, such as real estate, or of intangible assets, such as
goodwill; potential losses on impairment of assets that we might be
required to record in connection with any dispositions of assets; recent
changes to our corporate management team and any resulting modifications
to our business strategies; our ability to refinance our existing
indebtedness when it matures, on favorable terms or at all, due in part
to the effects on us of dislocations and liquidity disruptions in the
capital and credit markets; our ability to raise capital, including
through the issuance of equity or equity-related securities if market
conditions are favorable, through joint ventures or other partnerships,
through sales of properties or interests in properties, or through other
actions; our short- and long-term liquidity position; current economic
conditions and their effect on employment, 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; general economic,
financial and political conditions, including credit market conditions,
changes in interest rates or unemployment; changes in the retail
industry, 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; risks relating to
development and redevelopment activities; the effects of online shopping
and other uses of technology on our retail tenants; 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; potential dilution from any capital raising
transactions; possible environmental liabilities; our ability to obtain
insurance at a reasonable cost; and existence of complex regulations,
including those relating to our status as a REIT, and the adverse
consequences if we were to fail to qualify as a REIT. 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 in the section of our Annual Report
on Form 10-K in the section entitled “Item 1A. Risk Factors” and in our
Quarterly Reports on Form 10-Q. We do not intend to update or revise any
forward-looking statements to reflect new information, future events or
otherwise.
