Trust has Applied to OTCQX®
PHILADELPHIA, Dec. 15,
2022 /PRNewswire/ -- PREIT announced today that
it intends to transfer the trading of its shares to the OTC
Markets, operated by the OTC Markets Group, Inc., under the symbols
PRET, PRETL, PRETM, and PRETN, where PREIT has applied to be traded
on the OTCQX®. The transition to the over-the-counter market will
not affect the Company's business operations and PREIT will
continue to create the compelling experiences our shoppers and
tenants seek, adding new tenants and experiences to its
properties. The Company remains focused on improving its
balance sheet, having recently extended its Credit Facilities and
obtained approvals for multi-family and hotel land sales at
Springfield Town Center. PREIT will continue to file its
required periodic reports and other filings with the SEC.
The Trust's common shares of beneficial interest (the
"Common"), as well as the Trust's 7.375% Series B Cumulative
Redeemable Perpetual Preferred Shares (the "Series B Preferred"),
the 7.20% Series C Cumulative Redeemable Perpetual Preferred Shares
(the "Series C Preferred"), and the Trust's 6.875% Series D
Cumulative Redeemable Perpetual Preferred Shares (the "Series D
Preferred," and, together with the Common, Series B Preferred and
the Series C Preferred, the "Trust Securities") will begin trading
on the OTC Markets, operated by the OTC Markets Group, Inc., once
approval has been obtained. Until such time, PREIT expects
that the Trust Securities will be quoted on the OTC Pink Market
under the symbols PRET, PRETL, PRETM, and PRETN. On
December 15, 2022, the NYSE announced
that it had determined to commence delisting of the Trust
Securities and that it had suspended trading of the Trust
Securities.
Investors can find quotes for the Company's common stock on
www.otcmarkets.com.
About PREIT
PREIT is a 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.
Forward Looking Statements
This press release contains certain forward-looking
statements that can be identified by the use of words such as
"anticipate," "believe," "estimate," "expect," "project," "intend,"
"may" or similar expressions. Forward-looking statements relate to
expectations, beliefs, projections, future plans, strategies,
anticipated events, trends and other matters that are not
historical facts. These forward-looking statements reflect our
current expectations and assumptions regarding our business, the
economy and other future events and conditions and are based on
currently available financial, economic and competitive data and
our current business plans. Actual results could vary materially
depending on risks, uncertainties and changes in circumstances that
may affect our operations, markets, services, prices and other
factors as discussed in the Risk Factors section of our other
filings with the Securities and Exchange Commission. While we
believe our assumptions are reasonable, we caution you against
relying on any forward-looking statements as it is very difficult
to predict the impact of known factors, and it is impossible for us
to anticipate all factors that could affect our actual results.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, the effectiveness of strategies we may
employ to address our liquidity and capital resources in the
future, our ability to achieve our forecasted revenue and pro forma
leverage ratio and generate free cash flow to further reduce our
indebtedness; our ability to manage our business through the
impacts of the COVID-19 pandemic, a weakening of global economic
and financial conditions, changes in governmental regulations and
related compliance and litigation costs and the other factors
listed in our SEC filings. Additionally, our business might be
materially and adversely affected by changes in the retail and real
estate industries, including bankruptcies, consolidation and store
closings, particularly among anchor tenants; current economic
conditions, including consumer confidence and spending levels and
supply chain challenges and the impact of the COVID-19 pandemic and
the public health and governmental response as well as the
corresponding effects on tenant business performance, prospects,
solvency and leasing decisions; our inability to collect rent due
to the bankruptcy or insolvency of tenants or otherwise; our
ability to maintain and increase property occupancy, sales and
rental rates; increases in operating costs that cannot be passed on
to tenants; the effects of online shopping and other uses of
technology on our retail tenants; risks related to our development
and redevelopment activities, including delays, cost overruns and
our inability to reach projected occupancy or rental rates; social
unrest and acts of vandalism and violence at malls, including our
properties, or at other similar spaces, and the potential effect on
traffic and sales; the frequency, severity and impact of extreme
weather events at or near our properties; our ability to sell
properties that we seek to dispose of or our ability to obtain
prices we seek; our substantial debt and the liquidation preference
of our preferred shares and our high leverage ratio and our ability
to remain in compliance with our financial covenants under our debt
facilities; our ability to refinance our existing indebtedness when
it matures, on favorable terms or at all; our ability to raise
capital, including through sales of properties or interests in
properties and through the issuance of equity or equity-related
securities if market conditions are favorable; and potential
dilution from any capital raising transactions or other equity
issuances.
Additional factors that might cause future events, achievements
or results to differ materially from those expressed or implied by
our forward-looking statements include those discussed herein, and
in the sections entitled "Item 1A. Risk Factors" in our Annual
Report on Form 10-K for the year ended December 31, 2021 and in our Quarterly Report on
Form 10-Q for the quarter ended September
30, 2022. We do not intend to update or revise any
forward-looking statements to reflect new information, future
events or otherwise.
Contact:
Heather Crowell
heather@gregoryfca.com
preit@gregoryfca.com
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SOURCE PREIT
