Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today that it has obtained $40 million of additional funding under its previously announced unsecured term loan. New lenders to the term loan, led by Wells Fargo N.A., include National City Bank, Harleysville National Bank and Trust Company, and Citicorp North America, Inc. Currently, the total outstanding balance of the term loan is $170 million. The Company has swapped $130 million of the loan to an average fixed rate of 5.33%. The remaining $40 million bears interest at the stated term loan rate of LIBOR plus 2.50%.
Additionally, the Company has exercised a 14-month extension to the term of its $500 million Senior Unsecured Credit Facility. The new expiration date is in March 2010. Currently, the revolving Credit Facility bears interest at LIBOR plus 1.40%.
About Pennsylvania Real Estate Investment Trust
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls and power centers. Currently, the Company's retail portfolio is approximately 34 million square feet and consists of 55 properties, including 38 shopping malls, 14 strip and power centers, and three properties under development. The Company's properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. PREIT is headquartered in Philadelphia, Pennsylvania. The Company's website can be found at www.preit.com. PREIT is publicly traded on the NYSE under the symbol PEI.
This press release contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 PREIT’s current views about future events and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. More specifically, PREIT’s business might be affected by uncertainties affecting real estate businesses generally as well as the following, among other factors: general economic, financial and political conditions, including credit market conditions, changes in interest rates or the possibility of war or terrorist attacks; changes in local market conditions or other competitive or retail industry factors in the regions where our properties are concentrated; PREIT’s ability to maintain and increase property occupancy and rental rates, and risks relating to development or redevelopment activities, including construction, obtaining entitlements and managing multiple projects simultaneously. Investors are also directed to consider the risks and uncertainties discussed in documents PREIT has filed with the Securities and Exchange Commission and, in particular, PREIT's Annual Report on Form 10-K for the year ended December 31, 2007. PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
** Additional information about PREIT is available on www.preit.com **
Contacts:
Robert McCadden,
215-875-0735
EVP & CFO
or
Nurit Yaron, 215-875-0735
VP,
Investor Relations
