Pennsylvania Real Estate Investment Trust (the “Company”) PEI today
announced that it has commenced an underwritten public offering of Series B
Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred
Shares”). The Series B Preferred Shares will have a liquidation preference of
$25.00 per share. The Company expects to grant to the underwriters for the
public offering a 30-day option to purchase additional Series B Preferred
Shares. The Company intends to file an application to list the Series B
Preferred Shares on the New York Stock Exchange. If the application is
approved, trading of the Series B Preferred Shares on the New York Stock
Exchange is expected to begin within 30 days after the initial issuance of the
Series B Preferred Shares. Wells Fargo Securities, LLC, Citigroup and Merrill
Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running
managers for the offering.
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