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July 30, 2015 9:27 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of Pennsylvania Real Estate Investment Trust

Company Overview

Pennsylvania Real Estate Investment Trust (PREIT) is a publicly owned equity real estate investment trust. The firm manages owns, manages, develops, acquires, and leases mall and power and strip centers primarily in the Eastern United States. It also provides management, leasing, and development services to affiliate and third party property owners. Pennsylvania Real Estate Investment Trust was founded in 1960 and is based in Philadelphia, Pennsylvania.

The Bellevue

200 South Broad Street

Philadelphia, PA 19102

United States

Founded in 1960

429 Employees

Phone:

215-875-0700

Fax:

215-546-7311

Key Executives for Pennsylvania Real Estate Investment Trust

Chief Executive Officer and Trustee
Age: 63
Total Annual Compensation: $812.0K
Executive Chairman
Age: 83
Total Annual Compensation: $600.0K
Chief Financial Officer and Executive Vice President
Age: 57
Total Annual Compensation: $528.8K
Executive Vice President, General Counsel and Secretary
Age: 56
Total Annual Compensation: $413.9K
Compensation as of Fiscal Year 2014.

Pennsylvania Real Estate Investment Trust Key Developments

Pennsylvania Real Estate Investment Trust Declares Quarterly Cash Dividend, Payable on September 15, 2015; Declares Quarterly Cash Dividend on its 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares and 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares, Payable on September 15, 2015

Pennsylvania Real Estate Investment Trust announced that its Board of Trustees has declared a quarterly cash dividend of $0.21 per common share. The dividend is payable on September 15, 2015 to common shareholders of record on September 1, 2015. The company also announced that its Board of Trustees has declared quarterly cash dividends of $0.515625 per share on its 8.25% Series A Cumulative Redeemable Perpetual Preferred Shares and $0.460938 per share on its 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares. These dividends are payable on September 15, 2015 to holders of record on September 1, 2015.

Pennsylvania Real Estate Investment Trust, PREIT Associates, L.P. and PREIT-Rubin, Inc. Enter into an Amendment to the 2013 Revolving Facility

On June 26, 2015, Pennsylvania Real Estate Investment Trust, PREIT Associates, L.P. and PREIT-RUBIN Inc. entered into an Amendment to the 2013 Revolving Facility with Wells Fargo Bank, National Association, and the other financial institutions signatory thereto, a $400.0 million senior unsecured revolving credit facility. Among other things, the Amendment lowered the interest rates in the applicable pricing grid and extended the Termination Date to June 26, 2018. All capitalized terms used in this Current Report on Form 8-K and not otherwise defined herein have the meanings ascribed to such terms in the 2013 Revolving Facility, as amended by the Amendment. Pursuant to the Amendment, amounts borrowed under the 2013 Revolving Facility bear interest at a rate between 1.20% and 1.55% per annum, depending on PREIT's leverage, in excess of LIBOR. The rate in effect at the closing of the Amendment was 1.25% per annum in excess of LIBOR. As of June 26, 2015, there was $120.0 million outstanding under the 2013 Revolving Facility. The 2013 Revolving Facility contains affirmative and negative covenants customarily found in facilities of this type. Under the Amendment, the only modification to an existing covenant was a change to the requirement that PREIT maintain, on a consolidated basis, minimum Unencumbered Debt Yield of 11.0%, versus 12.0% previously.

Pennsylvania Real Estate Investment Trust to Report Q2, 2015 Results on Jul 28, 2015

Pennsylvania Real Estate Investment Trust announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Jul 28, 2015

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
April 29, 2015
Palmer Park Mall and Uniontown Mall
Merger/Acquisition
December 1, 2014
Whitehall Mall in Allentown
Merger/Acquisition
October 3, 2014
Remaining Parcel at Plaza at Magnolia
 

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