PHILADELPHIA, Feb. 8 /PRNewswire-FirstCall/ -- Pennsylvania Real Estate
Investment Trust (PREIT) (NYSE: PEI) announced today that its Board of
Trustees has approved a quarterly cash dividend of $0.51 per share. The
dividend distribution will be paid on March 15, 2002 to shareholders and
unitholders of record on February 28, 2002.
Today's declaration marks the 40th anniversary of the Company's first
dividend payment and represents PREIT's 100th consecutive distribution since
its initial dividend paid in August of 1962. In 1992, dividend distributions
were adjusted from a semi-annual distribution to a quarterly distribution.
Throughout its history the Company has never omitted or reduced a shareholder
dividend.
"This distribution to shareholders is a tremendous milestone for PREIT and
is a testament to our consistent performance, sound strategies for growth and
the clarity of our corporate philosophy," said Ronald Rubin, Chairman and
Chief Executive Officer of Pennsylvania Real Estate Investment Trust. "We are
very proud of the Company's ability to deliver increased shareholder value.
It is important to note that $10,000, or a 1,000 share investment in PREIT in
1960 with dividends reinvested was worth approximately $1.7 million at the end
of 2001. This represents an average annual return to shareholders of 13.04%.
When measured over a shorter two-year horizon PREIT has posted a total
shareholder return of 39.32%, clearly outperforming the broader indices. We
remain committed to building significant value for our shareholders."
Founded in 1960 as one of the first publicly held Real Estate Investment
Trust's, the Company has posted a record of stable dividend growth with 22
increases since its original dividend payment. The March 15, 2002 dividend
payment represents an annualized rate of $2.04 per share and reflects a 8.98%
yield based on Thursday's closing stock price.
Pennsylvania Real Estate Investment Trust offers a Distribution
Reinvestment and Share Purchase Plan (the "Plan") to all shareholders. The
Plan provides an economical and convenient way for current shareholders to
increase their investment in PREIT by automatically investing all or a portion
of quarterly cash dividends into additional shares at a discounted price. The
Plan also provides participants with the opportunity to make optional cash
payments, ranging from $250 to $5,000 per month, for the purchase of
additional shares at a discounted price. Inquiries regarding the Plan should
be directed to the Plan Administrator at American Stock & Transfer & Trust
Company, Attention: Dividend Reinvestment, 59 Maiden Lane, New York, NY 10038,
or call them toll free at (800) 278-4353.
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 shopping
centers (approximately 10.9 million square feet) and apartment communities
(approximately 7,242 units) located primarily in the eastern United States.
The Company's portfolio currently consists of 45 properties in 10 states. In
addition, there are 6 retail properties under development, which PREIT expects
will add approximately 1.8 million square feet to its portfolio. PREIT is
headquartered in Philadelphia, Pennsylvania.
To receive additional information on Pennsylvania Real Estate Investment
Trust please visit the Company's website at http://www.preit.com .
The matters discussed in this report, as well as news releases issued from
time to time by PREIT include use of forward-looking terminology such as
"may," "will," "should," "expect," "anticipate," "estimate," "plan," or
"continue" or the negative thereof or other variations thereon, or comparable
terminology which constitute "forward-looking statements." Such
forward- looking statements (including without limitation, information
concerning PREIT's continuing dividend levels, planned acquisition,
development and divestiture activities, short- and long-term liquidity
position, ability to raise capital through public and private offerings of
debt and/or equity securities, availability of adequate funds at reasonable
cost, revenues and operating expenses for some or all of the properties,
leasing activities, occupancy rates, changes in local market conditions or
other competitive factors) involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements
of PREIT's results to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. PREIT disclaims any obligation to update any such factors or to
publicly announce the result of any revisions to any of the forward-looking
statements contained herein to reflect future events or developments.
SOURCE Pennsylvania Real Estate Investment Trust
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Related links:
http://www.preit.com
CONTACT:
Edward A. Glickman, Executive Vice President
and CFO of Pennsylvania Real Estate Investment Trust,
+1-215-875-0700; General Info, Joe Calabrese, +1-212-445-8434,
Analysts, Georganne Palffy, +1-312-266-7800, or Media, Judith
Sylk-Siegel, +1-212-445-8431, all of FRB Weber Shandwick
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