Trust applied to OTCQX®
PHILADELPHIA, December 15, 2022 /PRNewswire/ — PREIT announced today that it intends to transfer the trading of its shares to OTC Markets, operated by OTC Markets Group, Inc., under the symbols PRET, PRETL, PRETM and PRETN, where PREIT has applied : traded on OTCQX®. The transition to an over-the-counter market will not impact the Company’s business operations, and PREIT will continue to create the compelling experiences our buyers and tenants seek by adding new tenants and experiences to its properties. The company remains focused on improving its balance sheet, recently extending its credit facilities and approving sales permits for multifamily and hotel land in Springfield Town Center. PREIT will continue to file its required periodic reports and other filings with the SEC.
Common Shares of Trust Beneficial Interest (“Common”), as well as 7.375% of the Trust’s Cumulative Redemption Perpetual Preferred Stock (“Series B Preferred”), 7.20% Series C Cumulative Redemption Perpetual Preferred Stock (“Series C Preferred”), and the Trust’s 6.875% Series D Cumulative Redemption Perpetual Preferred Stock (the “Series D Preferred,” and collectively, the Series B Preferred and Series C Preferred, the “Trust Securities”) will commence. trading on OTC Markets operated by OTC Markets Group, Inc. upon approval. Until then, PREIT expects Trust Securities to be quoted on the OTC Pink Market under the symbols PRET, PRETL, PRETM and PRETN. On December 15, 2022The NYSE announced that it has decided to begin delisting the Trust securities and that it has suspended trading of the Trust securities.
Investors may find quotes for the Company’s common stock at www.otcmarkets.com.
PREIT is a real estate investment trust that owns and manages innovative properties developed as thoughtful, community-centric centers. PREIT’s robust portfolio of carefully curated, ever-evolving properties drives success for its tenants and meaningful impact for the communities it serves by focusing on five key areas of established and emerging opportunity: multifamily and hotel, health and technology, retail, convenience things & grocery & experiential. Located primarily in densely populated areas, PREIT is a premier operator of high-quality, purpose-built destinations that serve as a one-stop destination for customers to shop, dine, play and stay. More information is available at www.preit.com or on the website Twitter:Instagram or LinkedIn.
This press release contains certain forward-looking statements that may be identified by the use of words such as “anticipate,” “believe,” “estimate,” “anticipate,” “project,” “intend,” “may,” or similar expressions. : . Forward-looking statements refer to expectations, beliefs, predictions, future plans, strategies, expected events, trends and other matters that are not historical facts. These forward-looking statements reflect our current expectations and assumptions about 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 differ materially due to 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. Although we believe our assumptions are reasonable, we caution you not to place undue reliance on forward-looking statements because it is very difficult to predict the effect of known factors and it is impossible for us to predict all factors that could affect our actual results. Important factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to, the effectiveness of the strategies we may employ in the future to address our liquidity and capital resources, our ability to achieve projections. earnings and pro forma leverage ratios and generate free cash flow to further reduce our debt; our ability to manage our business through the COVID-19 pandemic, weakening global economic and financial conditions, changes in government regulations and related compliance and litigation costs, and other factors listed in our SEC filings. In addition, our business could be materially and adversely affected by changes in the retail and real estate industries, including bankruptcies, consolidations and store closings, particularly among anchor tenants; current economic conditions, including consumer confidence and spending levels, supply chain challenges and the impact of the COVID-19 pandemic and the public health and government response, as well as related impacts on tenants’ business performance, prospects, solvency and leasing decisions; our inability to collect rent due to tenant bankruptcy or insolvency or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increased operating costs that cannot be passed on to tenants; the impact of online shopping and other uses of technology on our retail tenants; risks associated with our development and redevelopment activities, including delays, cost overruns and our inability to achieve projected occupancy or rental rates; social unrest and acts of vandalism and violence in shopping centers, including our properties or other similar areas, and the potential impact on traffic and sales; the frequency, severity and impact of extreme weather events on or near our properties; our ability to sell the properties we seek to dispose of or to obtain the prices we seek; our significant indebtedness and the liquidation preference of our preferred stock 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 debt when it matures, on favorable terms or at all; our ability to raise capital, including through the sale of property or interests in property and the issuance of equity or equity securities, if market conditions are favorable; and potential dilution from any capital raising transactions or other equity issuances.
Additional factors that could 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 “Item 1A. Risk Factors” sections of our Annual Report on Form 10. K for the completed year 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 forward-looking statements to reflect new information, future events or otherwise.