PHILADELPHIA, May 10 /PRNewswire-FirstCall/ -- 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 17, 2002 to shareholders and unitholders of record on May 31,
2002.
The June 17, 2002 dividend payment will be PREIT's 101st 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 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
28, 2002.
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 12.0 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 3 retail properties under development, which will add approximately 1.0
million square feet to the 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 .
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, or General Info, Joe Calabrese, +1-212-445-8434,
Analyst Info, Georganne Palffy, +1-312-266-7800, or Media Info,
Judith Sylk-Siegel, +1-212-445-8431, all of FRB Weber Shandwick
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