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Stock Market & Financial Investment News

News Breaks
March 3, 2014
08:36 EDTPEI, VNOPennsylvania REIT agrees to acquire Springfield Town Center for $465M
PREIT (PEI) announced that it has entered into an agreement with Vornado (VNO) to acquire Springfield Town Center in Springfield, VA. Total consideration is $465M. The transaction is expected to be funded using $125M in PREIT Common and Preferred Operating Partnership Units with the balance expected to be paid in cash,
News For PEI;VNO From The Last 14 Days
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October 29, 2014
10:49 EDTPEIPREIT: Land and Buildings' offer does not offer superior value to current plan
PREIT issued the following response to the letter issued by Land and Buildings dated October 29: "As previously stated, the Board and management team continually review the company's strategic priorities and opportunities, and periodically assess a variety of strategic options with the goal of enhancing shareholder value. PREIT notes that, in consultation with the company's external financial and legal advisors, it has previously reviewed Land and Buildings proposal and does not believe it offers superior value to the company's current plan. We remain confident that the continued execution of our strategy to dispose of selected assets in a deliberate and orderly manner, while strategically enhancing our other properties, is the best way to deliver long-term value. We have continued to successfully execute on the disposition of a sizable portion of our asset base and we're pleased with our accomplishments to date in upgrading our portfolio. The Board and management team are committed to enhancing value for shareholders and have the right plan to continue doing so."
October 28, 2014
16:42 EDTPEIPennsylvania REIT sees 2014 adjusted FFO $1.94-$1.97, consensus $1.93
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16:41 EDTPEIPennsylvania REIT reports Q3 adjusted FFO 49c, consensus 51c
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October 20, 2014
10:13 EDTPEIPennsylvania REIT says has held 'numerous' discussions with Land & Buildings
Pennsylvania Real Estate Investment Trust issued the following statement in response to the press release issued by Land & Buildings: "PREIT welcomes and values the opinions of all shareholders, and is open to input that may help advance the goal of enhancing shareholder value. The PREIT Board of Trustees and management team continually review the Company's strategic priorities and opportunities, and periodically assess a variety of strategic options. While it is the Company's policy not to comment on specific discussions with shareholders, we note that we have had numerous discussions with representatives of Land & Buildings and have thoroughly reviewed a previous proposal from Land & Buildings, which recommended that PREIT sell a pool of assets into a liquidating trust. We have determined that such a strategy would not achieve optimal execution price or be value enhancing; furthermore, a liquidating trust would have significant leverage, liquidity, operating and cash flow implications, and would not be in the best interest of all shareholders. We appreciate Land & Buildings' ideas and agree that our portfolio quality is misunderstood. We have continued to make progress in executing a transformation through strategic divestitures of non-core assets. However, we disagree with the implementation of a disposition program in a manner which would entail a tremendous amount of execution risk for the Company and potentially destroy shareholder value. While we will continue to evaluate Land & Buildings' most recent proposal that PREIT should immediately divest 17 properties, we believe it is similarly flawed, and we have provided this initial feedback to Land & Buildings. We noted specific issues with respect to Land & Buildings' proposal, including, but not limited to: the number of assets that should be sold, certain problematic leverage, liquidity and operating implications, credit complications, and considerable transaction costs and other expenses. Most notably, at this time, we believe that the immediate sale or spin-off of certain assets would not result in a valuation uplift and enhanced value for shareholders. We are confident that the continued execution of our strategy to dispose of selected assets in a deliberate and orderly manner, while strategically enhancing our other properties, is the best way to deliver long-term value. While we respect Land & Buildings' views, PREIT remains focused on executing its strategic plan to create sustainable long-term value."

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