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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Saturday, January 25, 8:20 AM

Slide #143. Pennsylvania Real Estate Investment Trust Preferred Stock Offering

Company: Pennsylvania Real Estate Investment Trust (NYSE:PEI)
Date announced: 1/18/2017
Shares Offered: 6,000,000
Date of Pricing: 1/18/2017
Price Per Share: $25.00
Preferred Stock Offering Details: Pennsylvania Real Estate Investment Trust (the "Company") (NYSE: PEI) today announced that it has priced the underwritten public offering of 6,000,000 of its 7.20% Series C Cumulative Redeemable Perpetual Preferred Shares (the "Series C Preferred Shares") at $25.00 per share, plus accrued dividends, if any. The offering is expected to close on January 27, 2017, subject to customary closing conditions. Dividends on the Series C Preferred Shares will be paid quarterly in arrears on the 15th day of each March, June, September and December commencing March 15, 2017 at a rate of 7.20% annually of the stated liquidation value of $25.00 per share, which is equivalent to $1.80 per share on an annualized basis. The estimated net proceeds from the offering are expected to be approximately $144.8 million, after deducting the underwriting discount and our estimated expenses. The Company intends to use the net proceeds from this offering to repay all or a portion of amounts outstanding under the Company's 2013 Revolving Credit Facility, for general corporate purposes and possibly to redeem some or all of the Company's outstanding Series A Preferred Shares when eligible for redemption in April 2017. The Company has granted the underwriters for the public offering a 30-day option to purchase up to 900,000 additional Series C Preferred Shares. The Company intends to file an application to list the Series C Preferred Shares on the New York Stock Exchange. If the application is approved, trading of the Series C Preferred Shares on the New York Stock Exchange is expected to begin within 30 days after the initial issuance of the Series C Preferred Shares. Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC and Stifel, Nicolaus & Company, Incorporated are acting as joint book-running managers for the offering, and Boenning & Scattergood, Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, Canaccord Genuity Inc., Capital One Securities, Inc., MUFG Securities Americas Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. are acting as co-managers for the offering.

Pennsylvania Real Estate Investment Trust is a real estate investment trust, which has a focus on retail shopping malls located in the eastern half of the U. S., primarily in the Mid-Atlantic region. Co. is engaged in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. In general, Co.'s malls include tenants that are national or regional department stores, large format retailers or other anchors and a mix of national, regional and local in-line stores providing apparel (women's, family, teen, children's, men's), shoes, eyewear, cards and gifts, jewelry, sporting goods, home furnishings and personal care items, among other things.

Preferreds: PEI.PRA, PEI.PRB, PEI.PRC, PEI.PRD


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Name:  Pennsylvania Real Estate Investment Trust
Website:  www.preit.com
Sector:  REITs
Number of ETFs Holding PEI:  44 (see which ones)
Total Market Value Held by ETFs:  $84,813,955
Total Market Capitalization:  $378,000,000
% of Market Cap. Held by ETFs:  22.44%
 

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