PHILADELPHIA, July 11 /PRNewswire/ -- Pennsylvania Real Estate Investment
Trust (PREIT) (NYSE: PEI) announced today the public offering of 2.0 million
shares of beneficial interest at a price of $23.00 per share. All of the
shares are being sold by PREIT and at the completion of the public offering
the Company will have 15.7 million shares outstanding. Delivery is scheduled
for Monday, July 16, 2001. The gross spread will be $0.75 per share with net
proceeds to PREIT of $22.25 per share, or approximately $44.5 million.
The sole underwriter for the transaction is Lehman Brothers. PREIT has
granted Lehman Brothers a 30-day option to purchase up to 300,000 additional
shares to cover over-allotments, if any. The offering of common shares is
being made only by means of a prospectus. Copies of the prospectus may be
obtained from Lehman Brothers at 200 Vesey Street, Three World Financial
Center, New York, New York, 10285.
This press release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities described above, nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state.
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
(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 1.6 million square feet to its portfolio. PREIT is
headquartered in Philadelphia, Pennsylvania.
This press release contains certain "forward-looking statements" within
the meaning of Section 21E of the Securities and Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements relate to expectations, beliefs, projections,
future plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. These
forward-looking statements reflect PREIT management's current views about
future events and are subject to risks, uncertainties, assumptions and changes
in circumstances that may cause PREIT's actual results to differ significantly
from those expressed in any forward-looking statement. Certain factors that
could cause actual results to differ materially from expected results include
changes in global economic, business, competitive market and regulatory
factors, many of which are outside PREIT's control. For more information
regarding risk factors relevant to PREIT that could cause such a difference,
please see PREIT's filings with the Securities and Exchange Commission,
including its most recent annual report on Form 10-K. PREIT does not intend
and disclaims any duty or obligation to update or revise any industry
information or forward-looking statements set forth in this press release to
reflect new information, future events or otherwise.
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.frbinc.com
CONTACT:
Edward A. Glickman, Executive Vice President
and CFO of Pennsylvania Real Estate Investment Trust,
215-875-0700; or General Info, Joe Calabrese, 212-445-8434, or
Media Info, Judith Sylk-Siegel, 212-445-8431, both of Financial
Relations Board-BSMG Worldwide, for Pennsylvania Real Estate
Investment Trust
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