PHILADELPHIA, July 19 /PRNewswire-FirstCall/ --
Pennsylvania Real Estate Investment Trust (NYSE: PEI), announced today that it
has engaged the services of KPMG LLP as its independent auditor, effective
immediately. KPMG replaces Arthur Andersen LLP as the independent auditor for
the Company.
The Company said that its decision to change independent auditors was not
the result of any disagreement between PREIT and Arthur Andersen on any matter
of accounting principles or practice, financial statement disclosure, or
auditing scope or procedure.
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
(approximately 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 PREIT expects
will add approximately 1.0 million square feet to its portfolio. PREIT is
headquartered in Philadelphia, Pennsylvania.
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.
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
& CFO of Pennsylvania Real Estate Investment Trust,
+1-215-875-0700; 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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