PHILADELPHIA, July 12 /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 September 16, 2002 to shareholders and unitholders of record on August
30, 2002.
The September 16, 2002 dividend payment will be PREIT's 102nd 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 June
24, 2002.
For information on our Distribution Reinvestment and Share Purchase Plan
and to invest on line securely and conveniently, please visit our web site at
http://www.preit.com. Click on Investor Information, then click on
DRIP/StockPurchase -- or just click on the 100th dividend logo. A copy of the
Plan prospectus, enrollment and other information regarding the Plan is also
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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