PREIT increases quarterly dividend
Philadelphia-based Pennsylvania Real Estate Investment Trust, the owner of a few midstate mall properties, today declared a quarterly cash dividend of 20 cents per common share, an increase of 11 percent over the prior dividend paid.
PREIT, which is in the process of selling the North Hanover Mall in York County and the Chambersburg Mall in Franklin County, is paying the dividend on Dec. 16 to common shareholders of record on Dec. 2. It will be company’s 147th consecutive distribution since its initial dividend paid in August 1962.
The company also declared quarterly cash dividends of about 52 cents per share on Series A preferred shares and 46 cents per share on a Series B preferred shares.
For the third quarter, the company reported funds from operations of about $31.2 million compared with about $20.1 million in the quarter last year.
PREIT also owns the Capital City Mall in Cumberland County. Earlier this year, it sold the Paxton Towne Centre in Dauphin County.