History

Date

 

Events

1960   Founded as one of the first publicly held equity REIT's in the U.S.
1962   First dividend paid, $.06 per share. Public Offering raised $5 million.
1964   Issued Convertible Subordinated Debentures for $7.5 million.
1969   Public Offering raised proceeds of $7.5 million.
1970   Starts trading on American Stock Exchange in June under ticker symbol PEI.
1983   Stock split on a 3 for 2 basis, effective May 31, 1983.

Issued Convertible Subordinated Debentures for $35 million.
1985   Stock split on a 3 for 2 basis, effective May 31, 1985
1987   Stock split on a 3 for 2 basis, effective May 29, 1987
1992   Private placement of 500,000 shares for $9.1 million.

Dividend payment schedule changes in February from semi-annual to quarterly.
1997   Merger with The Rubin Organization, a commercial property development and management firm, completed September 30, 1997.
  • Converted to umbrella operating partnership (UPREIT).
  • Ronald Rubin named Chief Executive Officer.

Trading moved to New York Stock Exchange in November.

Public Offering of 4.6 million shares raised $100 million in December, 1997.

Changed fiscal year end from August 31 to December 31.
1999   Shareholder's Rights Plan adopted.

Distribution Reinvestment and Share Purchase Plan established.
2001   Completes $250 million combined revolving credit and construction finance facility.

Public Offering of 2 million shares in July at $23.00 per share raised net proceeds of $44.5 million.

Sylvan M. Cohen, Founder and Chairman, dies on September 8, 2001, at age 87.
  • Ronald Rubin, CEO, named Chairman.
2002   100th Consecutive Dividend paid after 40 consecutive years of uninterrupted dividends.

KPMG, LLP selected as new auditor.
2003   Strategic focus changes from a diversified property base to one focused on retail.
  • Acquires 6 shopping malls from The Rouse Company.
  • Sells all 15 wholly-owned and 4 joint venture multifamily properties
  • Completes merger with Crown American Realty Trust November 21, 2003.
    • Acquires 26 retail assets.
    • Issues 11.5 million new shares to former Crown shareholders at a fixed exchange ratio of 0.3589 PREIT shares for every Crown share
    • Converts each outstanding 11% Non-Convertible Senior Preferred Crown Share into one 11% Non-Convertible Senior Preferred PREIT Share, for a total of 2.475 million shares.
    • Increases dividend by 8.5% to $2.16 a share.
    • Increases Board of Trustees from 9 to 11 members.

Public Offering of 6.325 million shares at $29.75 per share in August raises net proceeds of $184 million.

Replaces prior credit facility with new $500 million unsecured revolving line of credit.
2004   Creates Office of the Chairman to formulate and execute the strategic direction of the Company.
2010   Closes secured credit facility with $520 million of term loans and a $150 million revolving line of credit to pay down previous credit facility.

Public Offering of 10.35 million shares at $16.25 per share in May raises net proceeds of $160.6 million.
2012   Public Offering of 4.6 million Series A Preferred Shares in April raises net proceeds of $110 million.

Redeemed $137 million of Exchangeable Notes in June.

Joseph F. Coradino named Chief Executive Officer
  • Ronald Rubin became Executive Chairman