Michael J. DeMarco - Apr 1, 2024 Form 4 Insider Report for PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (PRETQ)

Role
Director
Signature
/s/ Lisa M. Most (attorney-in-fact)
Stock symbol
PRETQ
Transactions as of
Apr 1, 2024
Transactions value $
$0
Form type
4
Date filed
4/3/2024, 12:00 PM
Previous filing
Jun 7, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PRETQ Shares of Beneficial Interest, par value $1.00 per share Other -3.71K -100% 0 Apr 1, 2024 Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Michael J. DeMarco is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 On December 10, 2023, Pennsylvania Real Estate Investment Trust (the "Issuer") and certain of its direct and indirect affiliates (collectively, with the Issuer, the "Debtors"), filed voluntary petitions under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") to pursue a joint prepackaged chapter 11 plan as contemplated by the Restructuring Support Agreement, dated December 7, 2023. On January 23, 2024, the Bankruptcy Court entered an order confirming the Modified Joint Prepackaged Chapter 11 Plan of Reorganization of Pennsylvania Real Estate Investment Trust and Its Debtor-Affiliates (the "Plan") of the Debtors. On April 1, 2024 (the "Effective Date"), the Plan became effective pursuant to its terms and the Debtors emerged from bankruptcy.
F2 On the Effective Date, all classes of preferred and common securities issued by the Company, namely the Company's prior Shares of Beneficial Interest, par value $1.00 per share (the "Common Shares"), including any remaining outstanding restricted share units, performance-based restricted share units, options, warrants, rights, or other securities or agreements to acquire such Common Shares, Series B Preferred Shares, par value $0.01 per share, Series C Preferred Shares, par value $0.01 per share, and Series D Preferred Shares, par value $0.01 per share, were automatically cancelled and extinguished as of the Effective Date. The limited partnership units in the operating partnership of PREIT Associates, L.P. not owned by the Issuer were also cancelled on the Effective Date.
F3 As of the Effective Date, holders of Common Shares received, or will receive shortly after the Effective Date, their pro rata share of a gift of $10 million in cash. Holders of Common Shares are to receive $0.55624252 per share.