PHILADELPHIA, Nov. 8 /PRNewswire/ -- Pennsylvania Real Estate Investment
Trust (PREIT) (NYSE: PEI) announced today that its Board of Trustees has
approved a quarterly cash dividend of $0.51 per share, an 8.5% increase
compared to the $0.47 per share for the previous 27 consecutive quarters.
The dividend will be paid on December 15, 2000 to shareholders of record on
November 30, 2000.
Ronald Rubin, Chief Executive Officer of PREIT, commented, "We are pleased
that the continued strong performance of our portfolio allows us to increase
our quarterly dividend to an annualized rate of $2.04 per share and a 11.9%
dividend yield based upon Tuesday's closing stock price. This dividend
increase is the product of consistent growth in our operating results,
significant gains in 2000 from implementing our strategy of selling non-core
assets and the anticipated impact of the completion in 2001 of three shopping
centers currently under development."
The December15, 2000 dividend payment will be PREIT's 95th 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 intends to release its financial results for the third quarter and
nine months ended September 30, 2000 before the market opens on Thursday
November 9, 2000. Management will conduct a conference call that will be
broadcast simultaneously over the Internet at 11:00 EST on November 9, 2000 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.vcall.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.
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 9.5 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 7 retail properties under development, which will add approximately
3.0 million square feet to the portfolio. Pennsylvania Real Estate Investment
Trust 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 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.preit.com
CONTACT:
Edward A. Glickman, Executive Vice President
and CFO of Pennsylvania Real Estate Investment Trust,
215-875-0700; General Info, Joe Calabrese, 212-661-8030, Analyst
Info, Georganne Palffy, 312-266-7800, or Media Info, Judith
Sylk-Siegel, 212-661-8030, all of The Financial Relations Board
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