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. |
