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PREIT increases quarterly dividend

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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.

Shares of the real estate investment trust are traded on the New York Stock Exchange under the ticker symbol PEI.

Jason Scott

Jason Scott

Jason Scott covers state government, real estate and construction, media and marketing, and Dauphin County. Have a tip or question for him? Email him at jasons@cpbj.com. Follow him on Twitter, @JScottJournal. Circle Jason Scott on .

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