Each time there's a sale, a prospectus supplement will be issued containing specific information about that offering. No initial offering was announced and no underwriter named.
According to the registration, the proceeds of any offering will be used for general business purposes, including the development and acquisition of additional properties, payment of indebtedness and improvements to properties in the REIT's portfolio.
The registration was filed three days after simultaneous special meetings of shareholders of locally based PREIT and Johnstown, PA-based Crown American Realty Trust took place. Shareholders of both companies approved the merger between the two, which effectively absorbs Crown into PREIT. While approval of the merger and the SEC registration are not necessarily related, the SEC filing refers to PREIT's increased leverage resulting from the merger.
The registration prospectus also notes that PREIT's existing $200-million revolving line of credit expires on Dec. 28, 2003. It can be extended for one year with approval of the lenders.
The PREIT/Crown merger is expected to reach completion on or before this Friday, Nov. 21. Once completed, PREIT will own 54 retail properties in 14 states. The properties total approximately 33.4 million sf of retail space and include 40 malls and 14 power and strip centers.
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