PHILADELPHIA, May 10 /PRNewswire/ -- Pennsylvania Real Estate Investment
Trust (NYSE: PEI) announced today that its Board of Trustees has approved a
quarterly cash dividend of $0.51 per share. The dividend will be paid on
June 15, 2001 to shareholders and unitholders of record on May 31, 2001.
The June 15, 2001 dividend payment will be PREIT's 97th consecutive
distribution since its initial dividend paid in August of 1962. Throughout its
history, the Company has never omitted or reduced a shareholder dividend.
PREIT also has elected to fund its Distribution Reinvestment and Share
Purchase Plan using shares issued directly by the Company. The Company may
accept requests for waiver for optional cash purchases in excess of $5,000.
The specifics of the next month's threshold price and discount percentage will
be made available by calling 866-875-0700 ext. 767, or 215-875-0767 on
May 25, 2001.
A copy of the Plan prospectus, enrollment and other information regarding
the Plan is available by calling American Stock Transfer & Trust Company at
800-278-4353, or the Company at 215-875-0735. You should read the prospectus
carefully before making any investment.
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 10.6 million square feet) and apartment communities
(7,242 units) located primarily in the eastern United States. The Company's
portfolio currently consists of 46 properties in 10 states. In addition, there
are 6 retail properties under development, which will add approximately
1.6 million square feet to the portfolio. Pennsylvania Real Estate Investment
Trust is headquartered in Philadelphia, Pennsylvania.
To receive additional information on Pennsylvania Real Estate Investment
Trust via fax at no charge, please dial 1-800-PRO-INFO and enter the ticker
symbol PEI.
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,
215-875-0700; or General Info, Joe Calabrese, 212-661-8030,
Georganne Palffy, Analysts, 312-266-7800, or Media, Judith
Sylk-Siegel, 212-661-8030, of The Financial Relations Board BSMG
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