Christopher Swann - Aug 3, 2023 Form 4 Insider Report for PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (PRET)

Role
Director
Signature
/s/ Christopher Swann
Stock symbol
PRET
Transactions as of
Aug 3, 2023
Transactions value $
-$14,973
Form type
4
Date filed
8/7/2023, 05:25 PM
Previous filing
Sep 19, 2022
Next filing
Apr 3, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PRET Shares of Beneficial Interest, par value $1.00 per share Options Exercise +25.3K +23.14% 135K Aug 3, 2023 See Footnotes F1, F2, F3
transaction PRET Shares of Beneficial Interest, par value $1.00 per share Disposed to Issuer -$15K -25.3K -18.79% $0.59 109K Aug 3, 2023 See Footnotes F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction PRET Restricted Share Units Options Exercise -25.3K -100% 0 Aug 3, 2023 Shares of Beneficial Interest 25.3K Direct F1, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Consists of restricted share units ("RSUs") granted under the issuer's Amended and Restated Pennsylvania Real Estate Investment Trust 2018 Equity Incentive Plan. Each RSU represents a contingent right to receive one share of Beneficial Interest, par value $1.00 per share (a "Share"), of the issuer. The RSUs may be settled in Shares or cash in the discretion of the issuer's Compensation Committee. The Compensation Committee determined to settle the RSUs that vested on August 3, 2023 for cash. For purposes of this Form 4, the cash settlement of the vested RSUs has been presented as the conversion of the vested RSUs into Shares and the simultaneous disposition of Shares to the issuer for cash.
F2 Mr. Swann may be deemed to indirectly beneficially own the shares reported herein that are held directly by Cygnus Opportunity Fund, LLC, a Delaware limited liability company ("Cygnus Opportunity"), Cygnus Property Fund IV, LLC, a Delaware limited liability company ("Cygnus IV"), Cygnus Property Fund V, LLC, a Delaware limited liability company ("Cygnus V"), and Cygnus Property Fund VI, LLC, a Delaware limited liability company ("Cygnus VI") by virtue of serving as the President and CEO of Cygnus Capital, Inc., a Wyoming corporation, the managing member of each of (i) Cygnus Capital Advisers, LLC, a Wyoming limited liability company, which serves as the investment adviser of Cygnus Opportunity, (ii) Cygnus General Partners, LLC, a Wyoming limited liability company, which serves as the managing member of Cygnus Opportunity,
F3 (continued from footnote 2) and (iii) Cygnus Capital Real Estate Advisors II, LLC, a Wyoming limited liability company, which serves as the general partner and investment advisor of each of Cygnus IV, Cygnus V, and Cygnus VI. Mr. Swann disclaims any beneficial ownership of any and all of the Issuer's securities reported herein in excess of his actual pecuniary interest.
F4 The RSU grant consisted of 25,300 RSUs granted on August 3, 2022, with all RSUs vesting on August 3, 2023.