Pennsylvania R.E.I.T. (PRETQ)

[Enterprising Investor]

PREIT Board of Trustees Welcomes Two New Independent Trustees as Representatives for Preferred Shareholders (8/02/22)

Christopher Swann and Kenneth Hart Elected by Preferred Shareholders at 2022 Annual Meeting of Shareholders

PHILADELPHIA, Aug. 2, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company") today announced that Christopher Swann and Kenneth Hart have been elected by preferred shareholders to its Board of Trustees.

Joseph F. Coradino, Chairman and CEO of PREIT, said, "We are pleased to welcome two new independent trustees to further enhance and diversify the Board of Trustees. Both Christopher and Kenneth are experienced investors who bring additional corporate finance and real estate investing expertise to the boardroom. We look forward to their contribution in advancing our strategic objectives by capitalizing on our exceptional portfolio of assets."

Mr. Swann and Mr. Hart were elected in accordance with the provisions of the designating amendments to the Company's Amended and Restated Trust Agreement.

About Christopher Swann

Christopher Swann has over a decade of experience restructuring distressed commercial real estate and real estate backed debt. He also has extensive expertise in restructuring across multiple disciplines, including balance sheet, asset management, operations, construction, entitlements and property management. He currently serves as President and Chief Executive Officer of Cygnus Capital, a real estate and alternative asset investment management company. Previously, Mr. Swann served as a Portfolio Manager at SAC Capital Advisors LLC, an investment management company, and in a number of roles at GMT Capital Corporation, an investment management company, including serving as a senior analyst and then as a portfolio manager overseeing investments in technology companies as well as building out the firm's investments in Asia, including establishing its Hong Kong office.

Prior to that, Mr. Swann co-founded two software companies and also worked as an Associate at McKinsey & Co. Earlier in his career, Mr. Swann served in senior marketing and sales positions in Germany and Russia for Millicom International Cellular SA, an international telecommunications and media company, and for a division of Merck & Co., Inc., a multinational pharmaceutical company.

Mr. Swann received a Bachelor of Arts Degree in Political Science and Public Policy from Duke University and received a dual Masters in Business Administration and Masters of Arts in International Studies degree from The Wharton School of Business at the University of Pennsylvania.

About Kenneth Hart

Kenneth Hart has been the principal with Hart Capital Management, a value-oriented investor focused mainly on real estate related entities, since 1990. Prior to that, he was a Vice President at GE Capital Corporate Finance Group, specializing in the financing of leveraged buyouts from 1987 to 1989. From 1983 to 1987 he served in various capacities with Hambrecht & Quist (a technology-focused investment bank) and as a general partner of Hambrecht & Quist Venture Partners. After completing an MBA at the Haas School of Business, UC Berkeley, he worked at IBM from 1978 to 1983. He holds a BS degree in Electrical Engineering and Computer Science, also from UC Berkeley.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-board-of-trustees-welcomes-two-new-independent-trustees-as-representatives-for-preferred-shareholders-301598281.html