Net proceeds of the offering will be used to pay down PREIT's revolving credit facility and for such general corporate purposes as working capital, capital expenditures, and future acquisitions. The shopping center REIT's portfolio currently consists of 58 properties totaling approximately 33.4 million sf in 14 states.
Lehman Brothers and Morgan Stanley are joint book-running managers for the offering. Co-managers are Deutsche Bank Securities Inc., Legg Mason Wood Walker and Piper Jaffray & Co.
The stock's 52-week high is $37.69 per share, reached on Friday, Jan. 30, 2004. The 52-week low of $25.23 per share occurred in mid-February 2003. Last August, PREIT sold 5.5 million shares at $29.75 a share, raising approximately $161 million after the underwriting discount and offering expenses.
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