PREIT Acknowledges Receipt of NYSE Continued Listing Standard Notice
PHILADELPHIA, Oct. 1, 2020 /PRNewswire/ -- PREIT (NYSE: PEI) announced today that on September 25, 2020 it received formal notice from the New York Stock Exchange (the "NYSE") of non-compliance (the "NYSE Notice") with the NYSE's continued listing standards, which require common stock to maintain a minimum average closing price of
PREIT intends to regain compliance with the NYSE's listing standards and as required by the NYSE, to respond to the NYSE within ten business days of its receipt of the NYSE Notice with respect to its intent to cure the deficiency. Under the NYSE's rules, PREIT has a period of six months from the date of the NYSE Notice to regain compliance with the minimum share price criteria by bringing its share price and 30-trading day average share price above
Under the NYSE rules, unless the NYSE determines to take accelerated delisting action, PREIT's common shares will continue to be listed and traded on the NYSE during the cure period outlined above, subject to its compliance with other continued listing requirements. The current non-compliance with the NYSE listing standards does not affect PREIT's ongoing business operations or its U.S. Securities and Exchange Commission reporting requirements, nor does it trigger any violation of its material debt obligations. PREIT is considering all available options to regain compliance with the NYSE's continued listing standards, which may include a reverse stock split. Failure to satisfy the conditions of the cure period or to maintain other listing requirements could lead to a delisting.
In a separate press release issued today, PREIT provided a liquidity and business update. See https://www.preit.com/news/ or the news section of our investors page for the most up-to-date news releases.
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties at the forefront of shaping consumer experiences through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. Additional information is available at www.preit.com or on Twitter or LinkedIn.
Forward Looking Statements
This press release contains certain forward-looking statements that can be identified by the use of words such as "anticipate," "believe," "estimate," "expect," "project," "intend," "may" or similar expressions. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. In particular, our business might be materially and adversely affected by changes in the retail and real estate industries, including consolidation and store closings, particularly among anchor tenants; current economic conditions, including the impact of the COVID-19 pandemic and the steps taken by governmental authorities and other third parties to reduce its spread, and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions; our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; our ability to maintain and increase property occupancy, sales and rental rates; increases in operating costs that cannot be passed on to tenants; the effects of online shopping and other uses of technology on our retail tenants; risks related to our development and redevelopment activities, including delays, cost overruns and our inability to reach projected occupancy or rental rates; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; our ability to sell properties that we seek to dispose of or our ability to obtain prices we seek; our substantial debt and the liquidation preference of our preferred shares and our high leverage ratio and our ability to remain in compliance with our financial covenants under our debt facilities; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through sales of properties or interests in properties and through the issuance of equity or equity-related securities if market conditions are favorable; and potential dilution from any capital raising transactions or other equity issuances.
Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed herein, and in the sections entitled "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020. We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
PREIT Contact:
Heather Crowell
EVP, Strategy and Communications
(215) 316-6271
heather.crowell@preit.com
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