Trust has been applied to OTCQX®
PHILADELPHIA, December 15, 2022 /PRNewswire/ — PREIT announced today that it intends to transfer trading of its shares to the OTC Markets, operated by the OTC Markets Group, Inc., under the symbols PRET, PRETL, PRETM and PREIT, where PREIT has signed up to be traded on the OTCQX®. The transition to the over-the-counter market will not impact the company’s business operations and PREIT will continue to create the engaging experiences our customers and tenants seek by adding new tenants and experiences to its properties . The company remains focused on improving its balance sheet, having recently expanded its credit facilities and received approval for the sale of multi-family homes and hotel land in Springfield Town Center. PREIT will continue to file required periodic reports and other filings with the SEC.
The Trust’s common shares of economic interest (the “Common”), as well as the 7.375% Series B Cumulatively Redeemable Perpetual Preferred Stock of the Trust (the “Series B Preferred”), the 7.20% Series C Cumulatively Redeemable Perpetual Preferred shares (the “Series C Preferred”), and the 6.875% Series D cumulatively redeemable perpetual preferred stock of the Trust (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., upon approval. Until then, PREIT expects the Trust Securities to be listed on the OTC Pink Market under the symbols PRET, PRETL, PRETM and PRETN. on December 15, 2022the NYSE announced that it had decided to begin delisting the Trust Securities and suspended trading in the Trust Securities.
Investors can find quotes for the Company’s common stock at www.otcmarkets.com.
About PREIT
PREIT is a real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-focused 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 sharply focusing on five core areas of established and emerging opportunities: multifamily homes and hotels, health and technology, retail, essentials & groceries and experiential. Primarily located in densely populated regions, PREIT is a top operator of high-quality, purpose-built places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or at TwitterInstagram 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,” “could” or similar expressions . Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, expected 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 may vary materially due to risks, uncertainties and changes in circumstances that may affect our business, 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 not to rely on 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 may affect our actual results. can influence. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the effectiveness of strategies we may use to address our liquidity and capital resources in the future, our ability to exceed our forecasted revenues and pro generate forma leverage ratio and free cash flow to further reduce our debt burden; our ability to manage our business through the impact of the COVID-19 pandemic, a weakening of global economic and financial conditions, changes in government regulations and related compliance and litigation costs and the other factors disclosed in our SEC filings. In addition, our business may be materially and adversely affected by changes in the retail and real estate industry, including foreclosures, consolidation and store closures, particularly among anchors; 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 government response, as well as the corresponding effects on tenant performance, outlook, solvency and rental 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 meet expected occupancy rates or rents; social unrest and acts of vandalism and violence in shopping centres, including our premises, or other similar areas, and the potential effect on traffic and sales; the frequency, severity and impact of extreme weather events on or near our properties; our ability to sell properties we want to sell or our ability to obtain the prices we seek; our significant debt and liquidation preference of our preferred stock and our high leverage ratio and our ability to continue to meet our financial covenants under our debt facilities; our ability to refinance our existing debt when it matures, on favorable terms, or not at all; our ability to raise capital, including through the sale of real estate or interests in real estate and through the issuance of equity or equity-related securities when market conditions are favourable; and potential dilution from capital raising transactions or other equity offerings.
Additional factors that could cause future events, performance 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 closed year December 31, 2021 and in our quarterly report on Form 10-Q for the past quarter September 30, 2022. We do not intend to update or revise forward-looking statements to reflect new information, future events or otherwise.
Contact:
Heather Crowell
[email protected]
[email protected]
SOURCE PREIT