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September 17, 2013
09:08 EDTPEIPennsylvania REIT completes sale of two power center properties for $87.3M
Pennsylvania Real Estate Investment Trust has completed the sales of two power center properties in conjunction with the Company's strategic plan to dispose of non- core properties in order to strengthen its balance sheet by reducing debt. In two separate transactions, the sales of Christiana Center in Newark, Delaware and Commons at Magnolia in Florence, South Carolina generated combined sales proceeds of $87.3M and represent a blended cap rate of 6.8% and gains on sales totaling approximately $45.4M. In connection with these transactions, the buyer assumed the $49.2M mortgage loan secured by Christiana Center. The Company intends to use the proceeds to make further reductions in debt and for general corporate purposes.
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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."
October 14, 2014
07:47 EDTPEIPennsylvania REIT reports on leasing progress for Springfield Town Center
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