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I am expecting a big bump early next year after tax selling, but I would say smart money will not be selling and shorts may bet squeezed if the institutions take note of it. I am holding some Jan 15 calls, so I hope it happens fast, but if I have enough money I will exercise them. Because this appears to be a very well run company.
Loaded a few more $PEI today at 1.02. This should climb back up to at least 3.00 at some point next year IMO.
Probably an ok entry point imho, I am expecting a nice jump after tax selling at the end of year. I think we will have lots of buyers early next year as a value play, and maybe some short squeezing.
Nice to see it out of C11. Nice to see a vaccination cleared. Nice to see SCOTUS resolve the election politics (whichever side one might be on). All of this bodes well for PEI.
Great news! I took a starter here at 1.12.
PREIT Successfully Completes Financial Restructuring (12/11/20)
- New Capital Strengthens Balance Sheet and Extended Maturity Schedule Increases Financial Flexibility
- All Properties Are Open, Serving Consumers, and Ready for the Holiday Season
PHILADELPHIA, Dec. 11, 2020 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, today announced it has successfully completed its financial restructuring and emerged from Chapter 11 following an expedited process.
Consistent with previous announcements, PREIT now has access to up to $130 million of new capital to support its operations and continue advancing its strategic priorities. In addition to recapitalizing its business, PREIT's debt maturity schedule has been extended, providing the Company with enhanced financial flexibility.
Throughout the restructuring process, PREIT has continued operations as usual and met all obligations to tenants, suppliers and the communities in which it operates. In addition, suppliers and other trade creditors and business partners were unimpaired, and all suppliers and employees have been, and will continue to be, paid in full. The Company's common stock will continue to trade on the New York Stock Exchange (NYSE) under the same ticker symbol PEI. Moving forward, PREIT will continue to offer distinctive retail and experiential destinations as it moves to transform its portfolio of bullseye locations in high barrier-to-entry markets into multi-use sustainable districts incorporating an array of new uses, while prioritizing the health and safety of its employees, partners, customers and communities.
"We have significantly strengthened the Company thanks to the overwhelming support of our financial stakeholders, as well as our employees, customers, communities and business partners," said Joseph F. Coradino, CEO of PREIT. "Having quickly and efficiently completed our financial restructuring, PREIT is now a more resilient company with additional resources and financial flexibility to continue delivering terrific experiences for consumers and outstanding service for our retail partners. PREIT has a history of being a first-mover in adapting to new trends in retail and will continue to stay ahead of the emerging concepts and uses across our portfolio."
Coradino continued, "On behalf of all of us at PREIT, I thank our tenants, suppliers, and other business partners for their support throughout this process. I am also deeply grateful to our dedicated employees for their hard work and unwavering commitment to working safely, delivering great experiences and executing our winning strategy."
DLA Piper LLP (US) LLP, Faegre, Drinker, Biddle & Reath LLP and Wachtell, Lipton, Rosen & Katz are serving as legal counsel and PJT Partners LP is serving as financial advisor to PREIT.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.
https://www.prnewswire.com/news-releases/preit-successfully-completes-financial-restructuring-301190970.html
Effective Date has occurred (12/10/20)
Thank you sir, I did not know short inerest only came out mid month. What do you expect the stock price to do over the next 2 months. Premarket trading always seems to move the price up, I wonder if that has anything with people covering short positions, then settles back down.
Pennsylvania Real Estate Investment Trust (PEI)
Short Interest Ratio (Days To Cover): 4.3
Short Percent of Float: 20.30 %
Short Interest (Shares Short): 13,290,000
Short Interest (Shares Short) - Prior: 16,400,000
Short Interest is reported mid-month.
The most recent data is 11/15/20.
I am not that sophisticated with options, buy calls if I think a stock will go up. Don't mess with shorting in options or stocks. It sounds like you have a good plan though, got any price target before my options expire on Jan 15, is 2 possible? Do you know the short position or how I can find that current info for free. I usually seems like it is not real current when I find it.
Expect the common stock price to pop again once the Plan is effective.
If I’m correct, I plan to write calls against a long position to lock in my profits and generate income over time as old contracts expire and new ones are written.
The Debtors expect that the effective date of the Plan (as defined in the Plan, the “Effective Date”) will occur as soon as all conditions precedent to the Plan have been satisfied and on a date selected in consultation with the Requisite Consenting Lenders and Requisite Consenting Bridge Lenders. Although the Debtors are targeting occurrence of the Effective Date on or before December 6, 2020, the Debtors can make no assurances as to when, or ultimately if, the Plan will become effective. It is also possible that further technical amendments could be made to the Plan.
https://www.sec.gov/ix?doc=/Archives/edgar/data/77281/000119312520310736/d50993d8k.htm
I wouldn't trust Senator Warren unless I was Native American LOL, I have some options on PEI going higher. Not sure about the current short position, but some of this is short covering, but there may be more squeeze left in that.I was really happy to see my calls get in the money, but like you not sure if I should hold til closer to expiration or take the profit now.
PREIT's Prepackaged Financial Restructuring Plan Confirmed By Court
- Company Expects to Emerge from Chapter 11 in early December with Strengthened Balance Sheet and Enhanced Financial Flexibility (11/30/20)
- All Stakeholders to be Unimpaired and All Claims to be Paid in Full
- With holiday season in full swing, All PREIT Business Operations Continue Without Interruption
PHILADELPHIA, Nov. 30, 2020 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, today announced that the United States Bankruptcy Court for the District of Delaware (the "Court") has confirmed its prepackaged financial restructuring plan (the "Prepackaged Plan"). PREIT expects to complete its financial restructuring and successfully emerge from Chapter 11 in early December.
Upon emergence, PREIT will have access to $130 million of new financing to support its operations and the continued execution of its strategic priorities. In addition to recapitalizing the Company, PREIT's debt maturity schedule will be extended. The Company will be well-positioned to continue offering compelling retail and experiential destinations while prioritizing the health and safety of its employees, partners, customers and communities.
"We look forward to emerging from this process as a stronger, more innovative platform for our business partners," said Joseph F. Coradino, CEO of PREIT. "We were able to reach this outcome on an expedited basis thanks to the overwhelming support of our lenders, as well as the continued support of our employees, customers, tenants and vendors. We will remain focused on operating safely, responsibly and efficiently while maintaining a strong balance sheet."
Coradino continued, "I want to thank the entire PREIT team for continuing to perform at the highest level throughout this process during the busiest time of year for our business. We are proud that we have continued to deliver terrific experiences in the communities in which we operate and outstanding service for our retail partners throughout our financial restructuring process and the ongoing COVID-19 pandemic. PREIT properties play an essential role in the economy of the communities in which we operate, creating jobs, preserving tax revenue and ensuring the vitality of key focal points. We look forward to a brighter future for all PREIT stakeholders as we move forward as a financially stronger company."
Additional information, including court documents and information about the court-supervised process, is available on PREIT's restructuring website through PREIT's claims agent, Prime Clerk at https://cases.primeclerk.com/PREIT.
DLA Piper LLP (US) LLP and Wachtell, Lipton, Rosen & Katz are serving as legal counsel and PJT Partners LP is serving as financial advisor to PREIT.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.
https://www.prnewswire.com/news-releases/preits-prepackaged-financial-restructuring-plan-confirmed-by-court-301181888.html
* * $PEI Video Chart 11-24-2020 * *
Link to Video - click here to watch the technical chart video
Golly, EI, I'm the only common shareholder here watching serial 40% gain days go by. Pretty lonely. May have to come to a decision on doubling - sell half to recover cost shares, or let it ride. Set up a GTC order or trust contrarian instinct.
Maybe Senator Warren has a view?
-p
Yep. Success seems to be a function of a decent reorg plan, a certain amount of time, and prospects for the ongoing concern. See this paper on C11 topic, note the first author....caught me by surprise
we'll see. The upside survival prospect is what contrarians look for, I suppose.
-p
https://repository.law.umich.edu/cgi/viewcontent.cgi?article=1349&context=mlr#:~:text=Almost%20half%20the%20unsuccessful%20cases,seventy%20percent%20of%20the%20time.
It is very rare when equity remains intact in a Chapter 11 case.
EI
Hey Enterpriser:
Thanks for the posts. I presume you're reporting good news, although I note you're preferred protected way more than this common shareholder.
up 45% yestday, 35% at the moment today. Nice.
Holding long term, although I'd sell cost shares at some point. After being underwater by half or more, kinda cool to be up 50% on cost in two days.
best,
- p
HEARING RESCHEDULED. Notice of Agenda of Matters Scheduled for Hearing. Hearing Originally Scheduled for 11/24/2020 has been rescheduled. Filed by Pennsylvania Real Estate Investment Trust. Hearing scheduled for 11/30/2020 at 02:00 PM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #2, Wilmington, Delaware (11/23/20)
Source: Prime Clerk [Docket 191]
Stipulation Between Pennsylvania Real Estate Investment Trust and Stipulation Among Debtors, Wells Fargo Bank, National Association, and Certain Affiliates of Strategic Value Partners Regarding Matters to Be Resolved Pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure (11/19/20)
All Parties shall affirmatively support confirmation of the Plan on 11/24/20.
PREIT to pay SVP’s professional (i.e., legal and financial advisor) fees related to negotiations and litigation, capped at
$1.2 million.
Source: Prime Clerk [Docket 155]
I’m a preferred stock investor at lower prices.
Anyone else at IH enjoying this? Started buying monthly back in March, out of pure contrarian due diligence entertainment value. Went acps + about 10am, rather much sooner than I thought it would go.
Up 42% of the day at 1.30pm EST.
kowabunga.
-P
If they bankrupt, the creditors get nothing. Restructuring is what happening
Plan is confirmable.
Under section 1126(c) of the Bankruptcy Code, an entire class of claims is deemed to accept a plan if the plan is accepted by creditors that hold at least two-thirds in amount and more than one-half in number of the allowed claims in the class.
Mall Owner Pennsylvania REIT Approved for Faster Bankruptcy (11/03/20)
BY ALLISON MCNEELY
Pennsylvania Real Estate Investment Trust, owner of 26 retail properties concentrated in the mid-Atlantic region, prevailed over a creditor objection to approve its bankruptcy plan and disclosure statement ahead of the critical holiday shopping season.
- The mall operator’s motion to schedule a combined hearing on Nov. 24 to confirm its prepackaged bankruptcy plan and disclosure statement was approved by Judge Karen B. Owens in a Delaware court hearing Tuesday
- “It is critical that the debtors confirm their plan prior to Thanksgiving, so the debtors’ sole focus is on maximizing their revenues during the holiday season,” Pennsylvania REIT said in its filing
- The U.S. Trustee and dissenting creditor Strategic Value Partners LLC objected to the motion, with counsel for SVP arguing that the prepackaged plan is unconfirmable and creditors need time to prepare for litigation
- Note: Pennsylvania REIT secured 95% lender support for its restructuring plan, with SVP, which holds about 5% of the debt, refusing to sign onto the plan before it filed for Chapter 11, according to a company filing
- Consenting lenders are “setting themselves up for Chapter 22,” Andrew Glenn of Kasowitz Benson Torres, counsel for SVP, said in the hearing. “This plan is really an extend-and-pretend deal”
- The restructuring agreement is based on the assumption that the company’s financial performance will remain steady through 2023, which is not realistic given the current retail environment, Glenn said
- PREIT also received court approval for a series of first-day motions that will allow it to continue operating while in bankruptcy, including the right to pay employee wages and access its cash management system
- The case is Pennsylvania Real Estate Investment Trust, 20-12737, U.S. Bankruptcy Court, District of Delaware
https://www.bloomberglaw.com/product/health/document/X7HOG6JS000000?resource_id=6900b4d95607a94805fff2e952e1c8f8
And what was that all about at end of day, yesterday?? Quite a pop on volume just prior to close.
-p
Strategic Value Partners owns 5% of PREIT's debt and is against the pre-packaged Chapter 11 plan.
The Artificial Bankruptcy Of Pennsylvania REIT (11/13/20)
https://seekingalpha.com/article/4388491-artificial-bankruptcy-of-pennsylvaniareit
Note: I am not the author.
PREIT Commences Process to Implement Prepackaged Plan to Strengthen the Business and Enhance Financial Flexibility (11/01/20)
- Files Voluntary Petitions for Reorganization Under Chapter 11
- Prepackaged Plan Approved by 95% of Voting Lenders
- Operations Continuing as Normal; Court-Supervised Process Expected to Have No Impact on Stakeholders
- All Stakeholders Expected to Be Unimpaired and All Claims Paid in Full
PHILADELPHIA, Nov. 1, 2020 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, today announced it has taken the next step to execute its prepackaged financial restructuring plan (the "Prepackaged Plan") under which the Company will be recapitalized and its debt maturities extended. Consistent with the Company's previously announced Restructuring Support Agreement (the "RSA"), PREIT has filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware to implement its Prepackaged Plan.
As previously announced on October 14, 2020, PREIT entered into the RSA with its bank lenders. The banks have committed to provide an additional $150 million to recapitalize the business and extend the Company's debt maturity schedule, supporting PREIT's operations and the continued execution of its strategic priorities. Subsequent to executing the RSA, PREIT solicited acceptances of its Prepackaged Plan, which received overwhelming support from 95% of its creditors.
The filing will ensure that PREIT can continue all business operations without interruption while it obtains necessary approvals of its financial restructuring plan. The Company's primary focus remains creating compelling retail and experiential destinations while prioritizing the health and safety of its employees, partners, customers and communities.
"We are pleased to be moving forward with strengthening the Company's balance sheet and positioning it for long-term success through our prepackaged plan. We are grateful for the significant support we have received from a substantial majority of our lenders, which we expect will enable us to complete our financial restructuring on an expedited basis," said Joseph F. Coradino, CEO of PREIT. "Today's announcement has no impact on our operations – our employees, tenants, vendors and the communities we serve –and we remain committed to continuing to deliver top-tier experiences and improving our portfolio. With the overwhelming support of our lenders, we look forward to quickly emerging from this process as a financially stronger company with the resources and support to continue creating diverse, multi-use ecosystems throughout our portfolio."
Not only will PREIT pay all vendors, suppliers and employees during the course of the Chapter 11, but pursuant to the terms of the Prepackaged Plan, which will also be subject to court approval, the prepetition claims of suppliers and other trade creditors and business partners will be unimpaired. The financial restructuring is not expected to have any impact on the Company's shareholders, and PREIT common and preferred shares are expected to continue to trade in the normal course.
PREIT has filed a number of customary first day motions with the court to support its operations during the court-supervised process, including the continued payment of employee wages and benefits without interruption. The Company expects to receive court approval for these requests.
Additional information, including court documents and information about the court-supervised process, is available on PREIT's restructuring website through PREIT's claims agent, Prime Clerk at https://cases.primeclerk.com/PREIT.
DLA Piper LLP (US) LLP and Wachtell, Lipton, Rosen & Katz are serving as legal counsel and PJT Partners LP is serving as financial advisor to PREIT.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.
https://www.prnewswire.com/news-releases/preit-commences-process-to-implement-prepackaged-plan-to-strengthen-the-business-and-enhance-financial-flexibility-301164450.html
I'm not sure what you are reading, about the current chapter 11 request. I see it as shareholders will lose all. All that can be hoped for, is a minuscule brief rise in PPS, to allow me to sell my shares at one tenth of the price I paid for them originally.....
The other thing we might see, is the chance to join a class action lawsuit, and recover some tiny amount of money, far in the future.....
JMO
Where is everybody? They've redone their finances without loss to common shares, the election is over (for the most part), the Fed holds fast, and a vaccine is on the horizon. What's not to love with suffering mall properties on the upside?
-p
Stupid swines.....News is out, about their choice to claim bankruptcy.
If they had just taken a large "hit", by announcing a one or two cent freaking dividend, they would have seen large scale interest in the stock, and a risen PPS helping with compliance and market rules(over a buck).
Stupid swines......
With Covid-19 still looming Real estate Investment Trusts are still affected. Now is a good time to load up on shares and wait till the market normalizes again.
I am surprised it is not doing better with the great news. Their creditors know it is a well run company with good assets.
PEI one of the few solidly in the green this am.
I took a flyer on some calls for January. There is a pretty large short position in this stock, today seems like there might be a little squeeze going on.
Amongst Friday panic selling an incredible buy opportunity opened up.
Pacific Ethanol Inc - PEIX has been recently reviewed by Analyst and has received yet another price target upgrade. As the front page news regarding President Trump testing positive for Covid-19 seemed to over shadow all news, investors went into sell mode on just about everything.
However, this opened the door for entry into shares of Pacific Ethanol Inc(PEIX.US) at levels that are forecasted to bring investors a double the money gain in the near future. The Ethanol Sterilization products sector is only going to see an increase in demand as Covid-19 concerns continue to dominate the headlines. Current share price is below $7.50 and the lowest target price is now at $13, with a new target of $20.50.
Investors are encouraged to perform due diligence on PEIX.
Latest Information and Price Targets For PEIX
PEI Fans:
Recent news about a comprehensive financial restructuring. Anyone got views or insights - nominal money move around or a fatal to shareholders C11 warning?
-pappi, who finds this an interesting play if not a total C11 loss.
News: $PEI PREIT Reports Second Quarter 2020 Results
PHILADELPHIA , Aug. 10, 2020 /PRNewswire/ -- PREIT (NYSE: PEI) today reported results for the three and six months ended June 30 , 2020. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located in the tables...
Got this from PEI - PREIT Reports Second Quarter 2020 Results
So....
My thoughts are, if they are so optimistic that mall revenues are on the rise, and everything points to a robust return to retail shopping, then why not UP the coming dividend declaration, to say a nickel, or something more than 2 cents....
This would attract a horde of investors, seeing an upward move in recovery.....
Everybody would be happy. The PPS would surge upward.....
What's wrong with this "dream" ?
JMO
PREIT Provides Business Update
July 14 2020 - 06:55AM
PHILADELPHIA, July 14, 2020 /PRNewswire/ -- PREIT (NYSE: PEI), a leading operator of diverse retail and experiential destinations, reported that its entire portfolio is operational and provided an update on other Company initiatives.
"Over the past decade, we have upgraded our portfolio to hold only dramatically higher quality properties in dominant locations, with improved anchors and lifestyle experiences that create a sense of community and loyalty for our customers. Now, as shoppers happily return to our properties, we see the results of this long-range strategy paying off," said Joseph F. Coradino, CEO of PREIT. "The portfolio's locations in the high barrier to entry metro markets of Philadelphia and DC provide abundant opportunities to distinguish ourselves in this continually changing retail environment by creating communities that incorporate diverse uses that complement core retail tenancy, including multifamily residential, digitally native retailers, distribution centers and a range of healthcare uses."
PROPERTY STATUS AND RESULTS
PREIT's portfolio reopening effort culminated on Friday July 3, 2020 as it opened its final property and marquee redevelopment, Fashion District Philadelphia. This followed closely on the heels of seven other suburban Philadelphia properties that opened their doors within the prior week.
Occupancy continues to gain traction toward stabilization with the portfolio re-occupied at over 80%. In-line occupancy is now over 90% at several of the Company's market-dominant properties: Capital City Mall, Magnolia Mall, Dartmouth Mall and Woodland Mall.
Retailers continue to report robust sales performance in excess of last year's sales as shoppers are visiting properties with an intent to purchase. The seeming best performers are athletic shoes and apparel, personal care products and home décor. Notably, traffic has returned to 80% or more of average at Valley Mall, Viewmont Mall, Willow Grove Park and Patrick Henry Mall.
With properties at the center of their communities, PREIT continues to promote protocols that support a safe shopping environment and promote contactless pickup options.
LIQUIDITY AND EXPENSE REDUCTION
The Company continues to prioritize improving its liquidity position. During June, the Company completed its single tenant outparcel sale effort, closing on the remaining $14.4 million in sales, bringing the total outparcel sale effort made public in February 2020 to $27.8 million. The Company has also improved its monthly collection levels significantly since the shutdown started and continues to make progress in executing on rent deferral arrangements with top tenants in addition to collecting prior months' rent.
In addition to previous one-time savings in G&A and operating expenses totaling $4.7 million, the Company has also made permanent overhead reductions that are expected to save the Company approximately $4.0 million annually in General and Administrative expenses. The Company has also reduced planned capital spending for 2020 by $26 million, a savings of over $30 million in 2020.
As part of its effort to revitalize its portfolio of real estate offerings, the Company continues to make strides toward closing on the previously-announced multifamily land sales to unlock significant value in underutilized land.
CONSTRUCTION AND TENANT OPENINGS
Throughout the portfolio, exciting new tenants are back on track with recent openings including Talbot's Outlet and Plymouth Performing Arts, both at Plymouth Meeting Mall. At the same time, construction is back on track with a number of exciting new tenants underway for 2020 openings including: Sephora at Woodland Mall, Shake Shack and Sola Salon at Plymouth Meeting Mall, Blaze Pizza at Capital City Mall and Ardene at Willow Grove Park to name a few.
To stay up to date on PREIT's response to COVID-19, please click here and to stay up to date on our re-openings, please click here
About PRIET
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at https://www.preit.com or on Twitter or LinkedIn.
Four Corners Property Trust Acquires Four Property Portfolio From PREIT for $6.8 Million
BY MT Newswires
— 5:27 PM ET 06/23/2020
05:27 PM EDT, 06/23/2020 (MT Newswires) -- Four Corners Property Trust ( FCPT ) said Tuesday that it has acquired a four property portfolio for $6.8 million as part of a previously announced outparcel transaction with PREIT.
The company said the properties are a Burger King, a Firestone Auto Center, an Olive Garden, and a Starbucks and are are located in Maryland, North Carolina, and South Carolina.
According to the company, the properties are occupied under net leases with a weighted average 7 years of term remaining and are leased to the respective corporate operators.
Price: 23.55, Change: 0.00, Percent Change: 0.00
MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.
News~ PEI announces quarterly cash dividend
PHILADELPHIA, May 19, 2020 /PRNewswire/ --
Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced that its Board of Trustees has declared a quarterly cash dividend of $0.02 per common share. The dividend is payable on June 15, 2020 to common shareholders of record on June 1, 2020. The June 15th dividend payment will be the Company's 173rd consecutive distribution since its initial dividend paid in August of 1962.
PREIT has a primary focus on the ownership and management of differentiated retail shopping malls crafted to fit the dynamic communities they serve. The Company operates properties in 12 states in the eastern U.S. with concentration in the Mid-Atlantic and Greater Philadelphia region. The Company is headquartered in Philadelphia, Pennsylvania. More information about PREIT can be found at www.preit.com or on Twitter or LinkedIn. (PRNewsFoto/PREIT) (PRNewsFoto/)
The Company also announced today that its Board of Trustees has declared quarterly cash dividends of $0.4609375 per share on its 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares, $0.450000 per share to holders of its 7.20% Series C Preferred Shares, and $0.4296875 per share to holders of its 6.875% Series D Preferred Shares. These dividends are payable on June 15, 2020 to holders of record on June 1, 2020.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.
Yep good point!
JHD
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