Pennsylvania Real Estate Investment Trust offering new series of cumulative redeemable preferreds

By Stephanie N. Rotondo

Seattle, Sept. 7 – Pennsylvania Real Estate Investment Trust plans to sell series D cumulative redeemable perpetual preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Thursday.

Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC and Stifel Nicolaus & Co. Inc. are the joint bookrunners.

The preferreds become redeemable in September 2022 at par plus accrued dividends. The issue can also be called upon a change of control.

The new securities will be listed on the New York Stock Exchange under the ticker symbol “PEIPrD.”

The Philadelphia-based real estate investment trust intends to use proceeds to redeem some or all of its $115 million principal amount of 8.25% series A cumulative redeemable preferreds. Any remaining funds will be used for general corporate purposes, including to fund the company’s anchor replacement and redevelopment pipeline.

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