PHILADELPHIA, Nov. 15 /PRNewswire/ -- Pennsylvania Real Estate Investment
Trust (NYSE: PEI) announced today that it has been selected to co-develop,
with Comcast-Spectacor, ancillary retail and recreational structures in
association with an expanded South Philadelphia sports complex. As announced
at a press conference earlier this week by Philadelphia Mayor John Street, the
South Philadelphia sports complex, which currently includes the city's
professional basketball and hockey arenas, will be expanded to include new
baseball and football stadiums. The football stadium is slated to open in
August 2003 and the baseball stadium in the spring of 2004. The scope of
Pennsylvania Real Estate Investment Trust's involvement in the development
work as well as its ownership interest and financial obligations have yet to
be determined.
Ron Rubin, Chief Executive Officer of PREIT, commented, "While the extent
of the project is still preliminary, we are very excited to have the
opportunity to work with Comcast-Spectacor in the development of an expanded
sports, entertainment and retail venue in South Philadelphia. Importantly,
when considering the distinctiveness of having four professional sports
franchises at one site, this complex offers a highly strategic location for
retailers and the potential to attract a high caliber roster of nationally and
regionally recognized tenants. We will look forward to updating you as our
plans begin to gel."
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 9.8 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 6 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.
About Comcast
Comcast Corporation is one of the world's leading communication companies,
focused on broadband, cable, commerce and content. Comcast is the country's
third largest provider of cable services. In 1996 Comcast expanded its
content portfolio with Comcast-Spectacor, which owns and operates the
Philadelphia 76ers, the Philadelphia Flyers and Phantoms and two indoor
arenas, First Union Center and First Union Spectrum. In 1997 Comcast created
Comcast Sports Net, the super-regional sports network serving the
Pennsylvania/New Jersey market.
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:
Ronald Rubin, Chief Executive Officer of
Pennsylvania Real Estate Investment Trust, 215-875-0700, or
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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