Analyst Research

Report Title Price
Provider: Thomson Reuters Stock Report
Provider: Stock Traders Daily
Provider: New Constructs, LLC
Provider: S&P Capital IQ – STARS Reports

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Pennsylvania Real Estate Investment Trust Prices Preferred Share Offering

Tuesday, 2 Oct 2012 07:55am EDT 

Pennsylvania Real Estate Investment Trust announced that it has priced the underwritten public offering of 3,450,000 of 7.375% Series B Cumulative Redeemable Perpetual Preferred Shares at $25.00 per share, plus accrued dividends, if any. The offering is expected to close on October 11, 2012. Dividends on the Series B Preferred Shares will be paid quarterly in arrears on the 15th day of each March, June, September and December commencing December 17, 2012 (because December 15, 2012 is not a business day) at a rate of 7.375% annually of the stated liquidation value of $25.00 per share, which is equivalent to $1.84375 per share on an annualized basis. The estimated net proceeds from the offering are expected to be approximately $83.2 million, after deducting the underwriting discount and estimated expenses. The Company intends to use the net proceeds from this offering to repay amounts outstanding under the Company’s 2010 Credit Facility and for other general corporate purposes. Wells Fargo Securities, LLC, Citigroup and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers for the offering. J.P. Morgan Securities LLC and Stifel, Nicolaus & Company, Incorporated are acting as joint lead managers for the offering, and Deutsche Bank Securities Inc., Janney Montgomery Scott LLC, Mitsubishi UFJ Securities (USA), Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. are acting as co-managers for the offering. 

Company Quote

1.19 +6.18%
4:02pm EDT