PHILADELPHIA, Dec. 13 /PRNewswire/ -- Pennsylvania Real Estate Investment
Trust (NYSE: PEI) today announced the election of Ira Lubert to its Board of
Trustees for a term expiring in 2004. Mr. Lubert, age 51, succeeds William
Dimeling, who passed away in October of this year. Mr. Lubert will be a
member of the Audit Committee and the Property Committee. Pennsylvania Real
Estate Investment Trust currently has a total of 8 board members.
Ronald Rubin, Chairman and Chief Executive Officer of Pennsylvania Real
Estate Investment Trust, said, "We are delighted that Ira has joined our Board
of Trustees as an outside director. Ira's very distinguished business career
and his extensive real estate and investment experience should be of great
value to the Company. We look forward to the benefit of his counsel."
Mr. Lubert is the founding general partner of two Philadelphia-based real
estate related companies. In 1997, he co-founded Lubert-Adler Partners, a
family of real estate opportunity funds that specialize in redeveloping real
estate. In 1988, he established GF Management, Inc., a hospitality company
that currently owns and operates 41 properties with over 4,500 rooms. In 1999
Mr. Lubert co-founded LLR, a $260 million venture fund specializing in mid to
late stage company investments, primarily in the Mid-Atlantic region.
From 1998 through 1998, Mr. Lubert served as managing director of Radnor
Venture Partners, L.P., Technology Leaders L.P. I, II and III, a venture fund
organized to make equity investments in emerging growth companies.
Previously, from 1986 through 1988, Mr. Lubert served as vice president of
acquisitions at Safeguard Scientifics and chairman and president of CompuCom
Systems, Inc., a distributor of microcomputer products to Fortune 2000
companies and government agencies. Mr. Lubert is a graduate of Pennsylvania
State University, where he is a past member of the Board of Trustees.
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 10.9 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 1.8 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.
SOURCE Pennsylvania Real Estate Investment Trust
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Related links:
http://www.preit.com
CONTACT:
Jonathan B. Weller, President and COO of
Pennsylvania Real Estate Investment Trust, +1-215-875-0700, or
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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