PHILADELPHIA, Oct. 30 /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 December 16, 2002 to shareholders and unitholders of record on
November 29, 2002. The December 16, 2002 dividend payment will be PREIT's
103rd 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
November 25, 2002. For information on the Distribution Reinvestment and Share
Purchase Plan and to invest on line securely and conveniently, please visit
the 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.
Management has scheduled a conference call for 11:00 am Eastern Standard
Time on October 31, 2002 to review the Company's third quarter results, market
trends and future outlook. To listen to the call, please dial (800) 219-6110
or (303) 262-2075 at least five minutes before the scheduled start time.
Investors can also access the call in a "listen only" mode via the Internet at
the Company website at http://www.preit.com or at http://www.vcall.com . Please allow extra
time prior to the call to visit the site and download the necessary software
to listen to the Internet broadcast. For interested individuals unable to join
the conference call, a replay of the call will be available through November
7, 2002 at (303) 590-3000 (Passcode 504073). The online archive of the webcast
will be available for 14 days following the call.
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 11.8 million square feet) and apartment communities
(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 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, Joe Calabrese, +1-212-445-8434, or
Analysts, Georganne Palffy, +1-312-266-7800, both of FRB Weber
Shandwick
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