Pennsylvania REIT exchanges shares for $25 million of exchangeables

By Angela McDaniels

Tacoma, Wash., June 29 - Pennsylvania Real Estate Investment Trust said it will issue 3 million of its common shares of beneficial interest to a noteholder in exchange for $25 million principal amount of 4% exchangeable senior notes due 2012 issued by subsidiary PREIT Associates, LP.

The exchange was expected to occur Monday, according to an 8-K filing with the Securities and Exchange Commission.

Following the exchange, roughly $214 million principal amount of the exchangeables will remain outstanding.

The company is a Philadelphia-based REIT that focuses on retail shopping malls and strip and power centers.

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