PHILADELPHIA, Aug. 9 /PRNewswire/ --
Pennsylvania Real Estate Investment Trust (NYSE: PEI) today announced results
for the second quarter and six months ended June 30, 2001 in line with the
Company's May 2001 guidance.
2001 Second Quarter Highlights
* FFO for the 2001 second quarter totaled $10,454,000, or $0.67 per share,
on 15.6 million weighted average shares of beneficial interest/Operating
Partnership units (collectively, shares).
* Combined net operating income, excluding lease termination fees for both
periods, increased 11.2% to $22,198,000 in the second quarter of 2001
from $19,961,000 for the second quarter of 2000.
* Same store net operating income, excluding lease termination fees, for
the Company's shopping center portfolio increased 4.7% from the 2000
second quarter.
* Mall sales increased 8.6% to $391 per square foot and shopping center
occupancy increased 50 basis points to 92.7%.
Second Quarter Results
For the second quarter ended June 30, 2001 the Company's funds from
operations (FFO) totaled $10,454,000 compared with FFO of $14,880,000 for the
comparable three-month period in 2000. Second quarter 2001 FFO was $0.67 per
share on 15,576,261 weighted average shares. For the 2000 second quarter FFO
totaled $1.00 per share on 14,920,132 weighted average shares. This
differential is substantially due to reduced lease termination fees.
As calculated by NAREIT, FFO is defined as net income, excluding
extraordinary items, gain (or loss) on the sale of property, plus real estate
related depreciation and amortization.
Net operating income from wholly-owned properties and the Company's
proportionate share of partnerships and joint venture properties totaled
$23,043,000 for the 2001 second quarter compared with $25,803,000 for second
quarter of 2000. After eliminating lease termination revenues from both
periods, NOI increased by 11.2% to $22,198,000 in 2001 from $19,961,000 in
2000. This increase is due to the completion of development projects and
improved performance in the Company's shopping center portfolio.
Net income for the second quarter ended June 30, 2001 was $3,906,000, or
$0.29 per share, on 13,691,590 total weighted average shares outstanding
compared to $15,083,000 or $1.13 per share, on 13,384,774 total weighted
average shares outstanding for the comparable 2000 period. This decrease is
due, in part, to reduced lease termination revenue and reduced gains on sales
of real estate. Net income in the second quarter of 2001 included net gains
on the sale of land at Florence Commons Shopping Center in Florence, SC and
land at Paxton Towne Centre, PA totaling $0.3 million, or $0.02 per share.
Net income in the second quarter of 2000 included a gain on the sale of the
CVS Building in Alexandria, VA totaling $6.6 million, or $0.50 per share.
Six Month Results
FFO for the six months ended June 30, 2001 totaled $20,336,000 compared
with FFO of $24,404,000 for the prior comparable six-month period ended
June 30, 2000. FFO for the six-month period totaled $1.31 per share on
15,503,392 weighted average shares outstanding, compared to $1.64 per share on
14,900,420 weighted average shares for the six months ended June 30, 2000.
Net operating income from wholly-owned properties and the Company's
proportionate share of partnerships and joint venture properties totaled
$44,954,000 for the six months ended June 30, 2001, compared with $45,782,000
in the second quarter ended June 30, 2000. After eliminating lease
termination revenues from both periods, NOI increased 10.3% to $43,979,000 in
2001 from $39,860,000 in 2000.
Net income for the six months ended June 30, 2001 was $8,999,000, or $0.66
per share, on 13,680,329 total weighted average shares outstanding compared to
$21,473,000, or $1.61 per share on 13,362,324 total weighted average shares
outstanding for the six months ended June 30, 2000. Year-to-date net income
for 2001 includes $2.1 million, or $0.15 per share, from net gains on the sale
of land at Florence Commons Shopping Center, Florence, SC, and Paxton Towne
Centre, Harrisburg, PA and the sale of the Company's interest in Ingleside
Shopping Center, Thorndale, PA. Net income for the 2000 six-month period
includes gains on the sale of the CVS Building in Alexandria, VA and the
Company's interest in Park Plaza shopping center in Pinellas Park, FL totaling
$8.9 million or $0.67 per share.
Same Store NOI Growth -- Retail and Multifamily Portfolios
Same store net operating income for the Company's retail portfolio,
excluding lease termination fees for both periods, increased 4.7% over the
2000 second quarter. Contributing to the Company's retail portfolio net
operating income growth was the successful completion, in the second quarter,
of 31 new, replacement and renewal leases representing 164,850 square feet at
an average rent of $18.62 per square foot. During the quarter, the Company
concluded 17 renewal and replacement leases at an average rent of $21.83 per
square foot, which was 38.8% higher than the previous levels. A significant
driver of the improved performance is Dartmouth Mall in Dartmouth, MA where
occupancy increased to 93.4% from 87.4% in the comparable period, primarily
the result of the mall's renovation completed in the fourth quarter of 2000.
Of note, occupancy rates in the 2001 second quarter averaged 92.7%, 50 basis
points higher than 92.2% reported in the 2000 second quarter. The Company's
power centers and enclosed malls were 98.6% and 92.6% occupied, respectively,
as of June 30, 2001.
The Company also reported that sales at its mall properties increased 8.6%
to $391 per square foot for the trailing twelve months from $360 per square
foot for the comparable period in 2000. During 2000 sales at the Company's
mall properties were $371 per square foot.
Same store net operating income for the Company's portfolio of multifamily
properties increased 1.8% over the comparable quarter in 2000. During the
2001 second quarter the Company's multifamily revenues increased 4.1%. This
growth was limited by a 7.6% increase in operating expenses due primarily to a
48.3% increase in insurance costs, a 32.3% increase in turnover expenses and a
16.8% increase in repairs and maintenance. The increase in turnover expenses
is due in large part to improvements at the Company's Emerald Point community
in Virginia Beach, VA where increased rents led to higher than normal
turnover. Generally, the Company expects to be impacted by higher insurance
costs throughout the balance of this year and is stringently managing its
exposure to utility expenses by implementing additional submetering to take
effect later in the year.
Comments from Management
Ronald Rubin, Chief Executive Officer of PREIT said, "We are pleased with
the overall performance of our core portfolio during the 2001 second quarter
especially given what has been recognized as a difficult retail environment.
We continue to closely monitor the real estate market and believe the
situation may be stabilizing, as indicated by our 3.3% increase in same store
traffic levels during the 2001 second quarter and our 5.4% increase in average
mall sales per square foot over the end of 2000. We are especially pleased
with our recent lease commitments. Looking forward, we remain committed to
maintaining a strong capital structure and enhancing FFO on a long-term basis
by focusing on driving internal growth, cost-containment and pursuing our
successful development, redevelopment and leasing programs."
2001 Third Quarter and Fiscal Year Forecast
The Company noted that it is currently estimating FFO to be approximately
$0.62 to $0.64 for the third quarter ending September 30, 2001 and $2.68 to
$2.72 per share for the calendar year ending December 31, 2001, reflecting the
Company's offering of 2.0 million shares in July, 2001, described below.
Strategic Update
PREIT is pursuing a broad range of internal and external growth strategies
in its primary markets and is focused on three strategic goals and initiatives
during 2001:
* Construction in Progress: To position the Company for future growth,
management intends, during 2001, to continuously have $50 to
$100 million of development projects on-line. As of June 30, 2001 the
Company's construction in progress amounted to $45.9 million.
* Built-in Development Backlog: Leveraging the Company's in-depth market
knowledge, strong tenant relationships and economies of scale,
management is focused on maintaining an active pipeline of new
properties in desirable locations to advance into the construction phase
as existing development projects are completed. The Company's current
backlog consists of 6 projects with approximately 1.6 million square
feet of GLA and a potential investment of approximately $115 million.
* Return on Investment: Focused on taking full advantage of the favorable
growth opportunities within its markets, the Company is committed to a
solid investment philosophy that emphasizes quality real estate and
transactions structured to protect return on investment. Accordingly,
management's goal is to achieve a minimum 11% return on investment on
its development portfolio.
Jonathan B. Weller, PREIT's President and Chief Operating Officer
commented, "Consistent with our operating strategy, the Company continues to
focus on prudently growing the business through strategic investments in
quality real estate where we can leverage our development and management
expertise. We are committed to maintaining our disciplined investment
criteria where we concentrate solely on transactions structured to produce
stabilized rates of return that exceed our long-term cost of capital and
provide for strong FFO growth. Our development and redevelopment pipeline
currently consists of 7 power centers, one entertainment center and
one enclosed mall."
The Company ended the 2001 second quarter with investment in real estate
of $812 million, a net increase of $8 million over 2000's year-end level of
$804 million. As a result, on a cost basis, the Company's portfolio is now
34% multifamily, 59% retail, 6% retail development and less than 1%
industrial.
Development Pipeline
* Creekview Shopping Center (Warrington, PA) -- Construction of the
424,732 square foot shopping center is 62% complete as of June 30, 2001
and the center is 93% leased.
* Metroplex Shopping Center (Plymouth Meeting, PA) -- Construction of the
778,190 square foot power center is 100% complete as of June 30, 2001.
During the second quarter 52,000 square feet of new tenants opened
including Ulta III Cosmetics, Party City, David's Bridal and
Guitar Center.
* Paxton Towne Centre (Harrisburg, PA) -- Construction of the
711,471 square foot power center is 88% complete as of June 30, 2001 and
the center is 90% leased. During the second quarter two stores opened,
David's Bridal and Atlanta Breads. Additionally, a lease was executed
with Old Navy for a 22,000 square foot store, expected to open in
early 2002.
Leasing Update
* Prince George's Plaza (Hyattsville, MD) -- Six new and renewal leases
were executed covering 24,102 square feet of GLA, including a new lease
with Shoe City and an expansion with Gap/Gap Kids.
* Dartmouth Mall (Dartmouth, MA) -- Five new and renewal leases were
executed covering 17,356 square feet of GLA, including new leases with
Bath and Body Works, Nancy's Coffee Cafe and Regis Beauty.
* Willow Grove Park (Willow Grove, PA) -- Six new and renewal leases were
executed covering 20,647 square feet of GLA, including new leases with
Casual Corner, Rockport Shoes and Spencer Gifts and an expansion with
Gap.
* Mandarin Corners (Jacksonville, FL) -- Marshall's leased a 30,000 square
foot store, which is expected to open in the fourth quarter of 2001.
* Springfield Park (Springfield, PA) -- LA Fitness leased 27,000 square
feet and is expected to open in early 2002.
New Management Agreements
As previously announced, the Company recently entered into agreements to
take over the management and leasing operations at two retail properties and
one apartment complex with projected annual management and leasing fees of
approximately $0.2 million for the remainder of 2001, and approximately
$0.7 million in 2002. Starting July 15, 2001, PREIT is managing the
837,000 square-foot Harrisburg East Mall, located in Harrisburg, PA and owned
by The Prudential Insurance Company of America. Starting on January 1, 2002,
PREIT will also manage the 250,000 square foot Home Depot Plaza, located in
Clifton Heights, PA. The Home Depot Plaza is owned by a partnership in which
two trustees of PREIT have ownership interests. In addition, beginning on
January 1, 2002, PREIT will manage and lease a 233-unit apartment complex
located in West Chester, PA, which is owned by a partnership between PREIT and
another entity.
Additional Activity
* Countrywood Apartments (Tampa, FL) -- The Company also announced that it
has arranged a $15 million mortgage refinancing with a 10-year term for
Countrywood Apartments, a 536-unit community in which the Company owns a
50% interest. The newly placed financing carries an interest rate of
6.81% and was provided by the Federal Home Loan Bank. The new financing
replaced an 8.0% mortgage and generated proceeds of approximately
$4.3 million to the Company.
* Swansea Mall (Swansea Mall, MA) -- Since 1997, the Company has managed
this 686,000 square foot mall. After the close of the quarter the
property was sold to a partnership of private investors. The Company
entered into a new management and leasing agreement with the new owners
and invested $0.75 million to purchase rights to manage and lease the
property and to be eligible to receive incentive compensation. The
Company expects to earn management and leasing fees of approximately
$0.4 million per year and annual incentive compensation of $0.1 million.
Raised Gross Proceeds of $44.5 Million
In July 2001, the Company completed a public offering of 2.0 million
shares of common stock at $23.00 per share, generating total gross proceeds of
$44.5 million. The sole underwriter of the offering was Lehman Brothers.
Edward Glickman, Chief Financial Officer of PREIT, commented, "We are pleased
by the success of the offering in light of current capital market conditions.
The proceeds from the offering along with our $250 million combined revolving
credit and construction facility provides us with ample flexibility and
borrowing capacity to complete our development and redevelopment pipeline as
well as pursue other strategic opportunities that may arise."
As of June 30, 2001, the Company had approximately $109 million
outstanding under the $175 million revolving portion of its bank credit
facility.
Conference Call Information
The Company will conduct a conference call that will be broadcast
simultaneously over the Internet at 11:00 ET on Thursday, August 9, 2001 to
review the Company's quarterly results, market trends and future outlook. The
webcast will be available to the public, on a listen-only basis, via the
Internet at http://www.streetevents.com or the Company's website at http://www.preit.com .
Please allow extra time prior to the webcast to visit the site and download
the streaming media software required to listen to the Internet broadcast.
The online archive of the webcast will be available for 30 days.
About Pennsylvania Real Estate Investment Trust
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 10.7 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.
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.
** A supplemental quarterly financial package **
is available on the Company's web site at http://www.preit.com .
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
Selected Financial Data
FUNDS FROM
OPERATIONS Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
Income before
minority interest
in operating
partnership $4,449,000 $16,815,000 $10,198,000 $23,944,000
Less: Gains on
sales of interests
in real estate (301,000) (6,648,000) (2,107,000) (8,911,000)
Add: Depreciation
and amortization:
Wholly owned &
consolidated
partnership,
net 4,386,000(a) 3,594,000(a) 8,729,000(a) 7,182,000(a)
Unconsolidated
partnerships &
joint
ventures 1,745,000 1,137,000 3,348,000 2,258,000
Excess purchase
price over net
asset
acquired 106,000 92,000 211,000 146,000
Prepayment fee 255,000(b) -- 255,000(b) --
Less: Depreciation
of non-real estate
assets (65,000) (65,000) (130,000) (130,000)
Amortization
of deferred
financing
costs (121,000)(c) (45,000)(c) (168,000)(c) (85,000)(c)
FUNDS FROM
OPERATIONS $10,454,000(d) $14,880,000(d) $20,336,000(d) $24,404,000(d)
FUNDS FROM
OPERATIONS PER
SHARE AND OP
UNITS $0.67 $1.00 $1.31 $1.64
Weighted average
number shares
outstanding 13,691,590 13,384,774 13,680,329 13,362,324
Weighted average
effect of full
conversion of
OP units 1,884,671 1,535,358 1,823,063 1,538,096
Total weighted
average shares
of outstanding
including OP
units 15,576,261 14,920,132 15,503,392 14,900,420
(a) Amortization of deferred financing costs on the Company's Credit
Facility was reclassified to interest expense.
(b) Prepayment fee for the refinancing of the mortgage on Countrywood
Apartments in Tampa, FL.
(c) Amortization of deferred financing costs for property mortgages. Does
not include amortization of amounts relating to the Company's Credit
Facility.
(d) Includes the non-cash effect of straight-line rents of $273,000 and
$183,000 for the 2nd quarter 2001 and 2000 and $599,000 and $478,000
for year to date 2001 and 2000, respectively.
OPERATING
RESULTS Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2001 2000 (5) 2001 2000(5)
REAL ESTATE
REVENUES
Base Rent $20,919,000 $19,494,000 $41,482,000 $39,380,000
Percent Rent 238,000 147,000 571,000 424,000
Expense
Reimbursement 2,278,000 2,035,000 5,074,000 4,240,000
Lease
Termination 845,000 5,557,000 975,000 5,637,000
Other Real
Estate Revenue 854,000 888,000 1,715,000 1,661,000
Total Real
Estate
Revenue 25,134,000 28,121,000 49,817,000 51,342,000
Management
company
revenue 2,313,000 -- 4,465,000 --
Interest and
other income 91,000 325,000 253,000 556,000
27,538,000 28,446,000 54,535,000 51,898,000
EXPENSES
Property
Payroll and
benefits 1,702,000 1,568,000 3,481,000 3,333,000
Real Estate
and Other
Taxes 1,884,000 1,823,000 3,799,000 3,575,000
Utilities 991,000 979,000 2,234,000 2,138,000
Other
Operating
Expenses 3,493,000 3,055,000 6,925,000 6,558,000
Total
Property
Operating
Expenses 8,070,000 7,425,000 16,439,000 15,604,000
Depreciation
and
amortization 4,386,000 3,594,000 8,729,000 7,182,000
Corporate
payroll and
benefits 3,186,000 706,000 6,403,000 1,166,000
Other
general and
administrative
expenses 2,460,000 699,000 4,442,000 1,275,000
Total General
& Administrative
Expenses 5,646,000 1,405,000 10,845,000 2,441,000
Interest
expense 6,658,000 5,765,000 13,246,000 11,731,000
24,760,000 18,189,000 49,259,000 36,958,000
Income
before equity
in unconsolidated
entities, gains on
sales of interests
in real estate and
minority interest in
operating
partnership 2,778,000 10,257,000 5,276,000 14,940,000
Equity in loss
of PREIT-RUBIN,
Inc. -- (1,898,000) -- (3,387,000)
Equity in income of
partnerships
and joint
ventures 1,370,000 1,808,000 2,815,000 3,480,000
Gains on sales
of interests
in real estate 301,000(1) 6,648,000(2) 2,107,000(3) 8,911,000(4)
Income before
minority
interest in
operating
partnership 4,449,000 16,815,000 10,198,000 23,944,000
Minority
interest in
operating
partnership (543,000) (1,732,000) (1,199,000) (2,471,000)
NET INCOME $3,906,000 $15,083,000 $8,999,000 $21,473,000
PER SHARE DATA
Net income
before gains
on sales $0.27 $0.63 $0.51 $0.94
Gains on sales
of interests in
real estate $0.02(1) $0.50(2) $0.15(3) $0.67(4)
BASIC INCOME
PER SHARE $0.29 $1.13 $0.66 $1.61
DILUTED INCOME
PER SHARE $0.29 $1.13 $0.66 $1.61
Weighted average
number shares
outstanding 13,691,590 13,384,774 13,680,329 13,362,324
(1) 2nd qtr 2001 includes net gains on sales of land at Florence Commons
Shopping Center in Florence, SC and land at Paxton Towne Centre,
Harrisburg, PA.
(2) 2nd qtr 2000 includes gain on sale of CVS Building, Alexandria, VA.
(3) Year to date 2001 includes net gains on sales of land at Florence
Commons Shopping Center in Florence, SC, land at Paxton Towne Centre,
Harrisburg, PA and sale of interest in Ingleside Shopping Center,
Thorndale, PA.
(4) Year to date 2000 includes gain on sale of CVS Building,
Alexandria, VA and gain on sale of interest in Park Plaza shopping
center in Pinellas Park, Florida.
(5) Certain prior period amounts have been reclassified to conform with
the current period presentation.
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
Selected Financial Data
EQUITY IN INCOME
OF PARTNERSHIPS Three Months Ended Six Months Ended
AND JOINT
VENTURES June 30, June 30, June 30, June 30,
Gross revenues 2001 2000 2001 2000
from real
estate $23,082,000 $19,343,000 $45,145,000 $35,767,000
Expenses:
Property operating
expenses 8,050,000 6,255,000 16,035,000 11,723,000
Mortgage and
bank loan
interest 7,404,000 6,503,000 14,689,000 11,617,000
Prepayment fee 510,000(a) -- 510,000(a) --
Depreciation
and
amortization 4,480,000 3,217,000 8,627,000 5,713,000
20,444,000 15,975,000 39,861,000 29,053,000
2,638,000 3,368,000 5,284,000 6,714,000
Partner's Share (1,268,000) (1,560,000) (2,469,000) (3,234,000)
EQUITY IN INCOME
OF PARTNERSHIPS
AND JOINT
VENTURES $ 1,370,000 $ 1,808,000 $ 2,815,000 $ 3,480,000
a) Prepayment fee at 100% for the refinancing of the mortgage on
Countrywood Apartments in Tampa, FL.
Supplemental Information for Wholly Owned Properties
and the Company's Proportionate Share of Partnerships and Joint Ventures
EARNINGS BEFORE INTEREST,
TAXES, DEPRECIATION Three Months Ended Six Months Ended
AND AMORTIZATIONS
("EBITDA") June 30, June 30, June 30, June 30,
2001 2000 2001 2000
Gross Revenues $25,134,000 $28,121,000 $49,817,000 $51,342,000
Operating
expenses (8,070,000) (7,425,000) (16,439,000) (15,604,000)
Net operating income:
Wholly-owned
properties 17,064,000 20,696,000 33,378,000 35,738,000
Company's proportionate
share of partnerships
and joint ventures
net operating
income 5,979,000 5,107,000 11,576,000 10,044,000
Combined net
operating
income 23,043,000(2) 25,803,000(2) 44,954,000(2) 45,782,000(2)
Interest income 91,000 325,000 253,000 556,000
Company's proportionate share
of PREIT-RUBIN, Inc. net
operating income
(loss) -- (1,437,000) -- (2,567,000)
Management company
revenue 2,313,000 -- 4,465,000 --
Total General &
Administrative
Expenses (5,646,000)(1)(1,405,000) (10,845,000)(1)(2,441,000)
EBITDA $19,801,000 $23,286,000 $38,827,000 $41,330,000
1) Total General & Administrative Expenses for 2001 includes
PREIT-RUBIN, Inc. expenses.
2) Net operating income includes lease termination income of $845,000 and
$5,557,000, for the quarters ending June 30, 2001 and 2000
respectively, and $975,000 and $5,637,000 for the six-month periods
ending June 30, 2001 and 2000 respectively. NOI in the quarter and
six-month periods ending June 30, 2000 also includes recovery of
receivables previously reserved of $285,000, received in connection
with a lease termination. Net operating income, net of these amounts,
is $22,198,000 and $19,961,000 for the quarters ended June 30, 2001
and 2000, and $43,979,000 and $39,860,000 for the six-month periods
ended June 30, 2001 and 2000, respectively.
MORTGAGE NOTES, BANK AND CONSTRUCTION LOANS PAYABLE
Wholly-Owned Properties June 30, 2001 December 31, 2000
Mortgage notes payable $260,209,000 $247,449,000
Bank Loans payable 103,000,000 110,300,000
Construction Loan Payable 24,717,000 24,647,000
387,926,000 382,396,000
Company's Proportionate Share of
Partnerships and Joint Ventures
Mortgage notes payable 114,199,000 111,457,000
Bank loans payable 31,200,000 30,929,000
Total mortgage notes and bank loans
payable $533,325,000 $524,782,000
SOURCE Pennsylvania Real Estate Investment Trust
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Related links:
http://www.preit.com
http://www.streetevents.com
CONTACT:
Edward A. Glickman, Executive Vice President
and CFO of PREIT, +1-215-875-0700; or general info, Joe
Calabrese, +1-212-445-8434, or analyst info, Leslie Loyet,
+1-312-266-7800, or media info, Judith Sylk-Siegel,
+1-212-445-8431, all of The Financial Relations Board BSMG
Worldwide, for PREIT
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