EXHIBIT 99.1
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Pennsylvania Real Estate Investment Trust
200 South Broad Street
Philadelphia, PA 19102
www.preit.com
Phone: 215-875-0700
Fax: 215-546-7311
FOR FURTHER INFORMATION:
AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD
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Edward A. Glickman Joe Calabrese Georganne Palffy Judith Sylk-Siegel
Executive Vice President and CFO (General Info) (Analyst Info) (Media Info)
(215) 875-0700 (212) 661-8030 (312) 266-7800 (212) 661-8030
FOR IMMEDIATE RELEASE
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November 8, 2000
Pennsylvania Real Estate Investment Trust
Raises Cash Dividend by 8.5%
Philadelphia, PA, November 8, 2000-- Pennsylvania Real Estate Investment Trust
(PREIT) (NYSE: PEI) announced today that its Board of Trustees has approved a
quarterly cash dividend of $0.51 per share, an 8.5% increase compared to the
$0.47 per share for the previous 27 consecutive quarters. The dividend will be
paid on December 15, 2000 to shareholders of record on November 30, 2000.
Ronald Rubin, Chief Executive Officer of PREIT, commented, "We are pleased that
the continued strong performance of our portfolio allows us to increase our
quarterly dividend to an annualized rate of $2.04 per share and a 11.9% dividend
yield based upon Tuesday's closing stock price. This dividend increase is the
product of consistent growth in our operating results, significant gains in 2000
from implementing our strategy of selling non-core assets and the anticipated
impact of the completion in 2001 of three shopping centers currently under
development."
The December 15, 2000 dividend payment will be PREIT's 95th consecutive
distribution since its initial dividend paid in August of 1962. Throughout its
history, the Company has never omitted or reduced a shareholder dividend.
PREIT intends to release its financial results for the third quarter and nine
months ended September 30, 2000 before the market opens on Thursday November 9,
2000. Management will conduct a conference call that will be broadcast
simultaneously over the Internet at 11:00 EST on November 9, 2000 to review the
Company's quarterly results, market trends and future outlook.
The webcast will be available to the public, on a listen-only basis, via the
Internet at www.vcall.com or the Company's website at www.preit.com. Please
allow extra time prior to the webcast to visit the site and download the
streaming media software required to listen to the Internet broadcast. The
online archive of the webcast will be available for 30 days.
PREIT Raises Cash Dividend by 8.5%
November 8, 2000
Page 2
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 9.5 million square feet) and apartment communities (7,242 units)
located primarily in the eastern United States. The Company's portfolio
currently consists of 46 properties in 10 states. In addition, there are 7
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.
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.
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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.