BB&T Capital Markets Serves as a Co-Manager on Pennsylvania Real Estate Investment Trust’s Preferred Offering

Transaction Summary

BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise $172,500,000 for our client.

The net proceeds from this offering will be used to repay all or a portion of amounts outstanding under 2013 revolving facility for general business purposes and possibly to redeem some or all of outstanding series A preferred shares when eligible for redemption in April 2017. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 900,000 shares.

About the Companies

Pennsylvania Real Estate Investment Trust (“PEI”, “PREIT”, or “The Company”) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's 25 million square feet of retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures.

Real Estate

Our Real Estate Group is led by an experienced banking team focused on serving the broad needs of the Real Estate Investment Trust (REIT), commercial real estate and hospitality sectors. Through our extensive industry connections and in-house retail and institutional distribution capabilities, our clients gain access to the broadest markets—as well as the balance sheet strength and resources of one of the nation's strongest financial institutions.

Our corporate and investment bankers are experts in all aspects of the commercial real estate sector and provide a comprehensive suite of capital markets solutions ranging from corporate lending, equity and debt underwriting and merger and acquisition advisory. This unique teaming enables us to serve clients with financing options that are optimized for their specific needs, and each stage of their development.

About BB&T Capital Markets

BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 11 distinct industry verticals including Aerospace, Defense & Government Services; Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.

  • Physicians Realty Trust (NYSE: DOC)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise $313,950,000 for our client.

    The Company intends to contribute the net proceeds of this offering to its operating partnership in exchange for OP units in its operating partnership, and operating partnership intends to use the net proceeds of this offering (i) to fund a portion of the purchase price for the CHI Acquisition and (ii) for general corporate purposes, including, without limitation, working capital and investment in real estate. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 2,250,000 shares.

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  • Alexandria Real Estate Equities, Inc. (NYSE: ARE)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise a total of $774,110 for our client. Gross proceeds includes the initial issuance of 2,100,000 shares at this time, and full physical settlement of the forward sale agreements, expected to occur no later than March 9, 2018.

    The Company intends to use the net proceeds from the offering and forward sale agreements to fund pending and recently completed acquisitions, near-term highly leased development projects, and the redemption of Series E Preferred Stock, with any remaining proceeds being held for general working capital and other corporate purposes, including the reduction of the outstanding balance on its unsecured senior line of credit, if any. Total gross proceeds includes the partial exercise of the underwriters’ over-allotment option, through which they purchased an additional 755,000 shares.

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  • Realty Income Corporation (NYSE: O)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise $700,000,000 for our client.

    The Company intends to use the net proceeds to repay borrowings outstanding under its $2.0 billion revolving credit facility and, together with proceeds from additional borrowings under its revolving credit facility, fully redeem its outstanding class F preferred shares. Any remaining funds will go toward potential investment opportunities and other general corporate purposes.

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  • Brixmor Property Group (NYSE: BRX)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise $400,000,000 for our client.

    The Company intends to use the net proceeds of the offering to repay outstanding debt under the company's $1.25 billion unsecured revolving credit facility and for general corporate purposes.

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  • Realty Income Corporation (NYSE: O)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise $672,700,000 for our client.

    The Company intends to use the net proceeds from this offering to repay a portion of the borrowings outstanding under its $2.0 billion revolving credit facility, to fund potential investment opportunities, and for other general corporate purposes. The underwriters have a 30-day option to purchase an additional 1,627,500 shares to cover over-allotments.

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  • Alexandria Real Estate Equities, Inc. (NYSE: ARE)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise $425,000,000 for our client.

    The Company intends to use the net proceeds for general corporate purposes and for the reduction of the outstanding balance on its unsecured senior line of credit.

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  • Highwoods Properties, Inc. (NYSE: HIW)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise $300,000,000 for our client.

    The Company intends to use the net proceeds of the offering to repay  or repurchase outstanding debt (including the operating partnership’s unsecured notes due March 15, 2017 or amounts outstanding under the Company’s $475 million revolving credit facility) and for general corporate purposes.

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  • Highwoods Properties, Inc. (NYSE: HIW)

    BB&T Capital Markets’ Real Estate Group is assisting in a transaction for a real estate investment trust, helping to raise up to $300,000,000 for our client.

    HIW intends to use the net proceeds from this offering to fund its property acquisitions and development activity, repay or repurchase outstanding debt, repurchase or redeem outstanding preferred equity and for working capital and other general corporate purposes.

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  • Regency Centers Corporation (NYSE: REG)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise $650,000,000 for our client.

    The Company intends to use the net proceeds of these offerings to repay approximately $285 million in aggregate principal amount of Equity One debt and any related interest, fees and expenses in connection with the consummation of the Equity One merger, to redeem REG’s preferred units, and to fund investment activities and for general corporate purposes, including transaction expenses related to the merger with Equity One.

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  • The Sypert Institute, P.A.

    On January 17, 2017, The Sypert Institute, P.A. (d/b/a Southwest Florida Neurosurgical & Rehab Associates) (“SWFNA”), completed a sale leaseback transaction of its 25,814 square foot medical office building located in Cape Coral, Florida with Global Medical REIT, Inc. (“GMRE”). SWFNA entered into a 10-year triple-net lease agreement with GMRE at closing. BB&T Capital Markets served as the exclusive financial advisor to SWFNA.

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  • Pennsylvania Real Estate Investment Trust

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise $172,500,000 for our client.

    The net proceeds from this offering will be used to repay all or a portion of amounts outstanding under 2013 revolving facility for general business purposes and possibly to redeem some or all of outstanding series A preferred shares when eligible for redemption in April 2017. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 900,000 shares.

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  • Hospitality Properties Trust (Nasdaq: HPT)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the first quarter of 2017, helping to raise $600,000,000 for our client.

    The Company intends to use the net proceeds from these offerings to repay amounts outstanding under its unsecured revolving credit facility, for general business purposes and possibly to redeem some or all of its outstanding series D preferred shares.

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  • CBL & Associates Properties, Inc.

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2016, helping to raise $400,000,000 for our client.

    The Company will use net proceeds from this offering to reduce amounts outstanding under its unsecured revolving credit facilities and for general business purposes.

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  • National Retail Properties, Inc.

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2016, helping to raise $350,000,000 for our client.

    The Company intends to use the net proceeds from this offering to repay all of the outstanding indebtedness under its credit facility and to fund future property acquisitions and for general corporate purposes.

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  • Kimco Realty Corporation

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2016, helping to raise $350,000,000 for our client.

    The Company intends to use the net proceed from this offering for general corporate purposes, including to repay borrowings and pre-fund 2017 debt maturities. Prior to the repayment of its 2017 debt maturities, proceeds from this offering may be used for any purpose, including to temporarily reduce borrowings.

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  • Bluerock Residential Growth, Inc.

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2016, helping to raise $77,625,000 for our client.

    The company intends to use the net proceeds of this offering for future acquisitions, investments in properties, and other general corporate and working capital purposes, which may include the funding of capital improvements at its properties. The underwriters have exercised a 30 day option to purchase an additional 405,000 shares to cover over-allotments.

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  • National Retail Properties, Inc. (NYSE: NNN)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2016, helping to raise $300,000,000 for our client.

    The Company intends to use the net proceeds from the offering of Series F preferred shares to repay all indebtedness under its credit facility. The company has granted the underwriters’ a 30 day option to purchase an additional 1,800,000 shares for over-allotments.

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  • Equity Residential (NYSE: EQR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2016, helping to raise $500,000,000 for our client.

    The Company will use the net proceeds of this offering for working capital and general company purposes.

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  • Realty Income Corporation (NYSE: O)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the fourth quarter of 2016, helping to raise $600,000,000 for our client.

    The Company intends to use the net proceeds from this offering to repay borrowings outstanding under its $2.0 billion revolving credit facility and to the extent not used for that purpose, to fund potential investment opportunities and/or for other general corporate purposes.

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  • Ventas, Inc. (NYSE: VTR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2016, helping to raise $450,000,000 for our client.

    The company intends to use the net proceeds from this offering for working capital and other general corporate purposes, which may include the repayment of indebtedness.

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  • Liberty Property Trust (NYSE: LPT)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2016, helping to raise $400,000,000 for our client.

    The Company intends to use the net proceeds will for the early redemption of the Operating Partnership’s $300 million 5.50% senior notes due December 15, 2016, with any remainder to be used for working capital and general corporate purposes, including repayment of borrowings under the Company’s $800 million credit facility.

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  • Brixmor Property Group Inc. (NYSE: BRX)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2016, helping to raise $500,000,000 for our client.

    The Company intends to use the net proceeds from this offering to repay outstanding indebtedness under its $1.25 billion unsecured revolving credit facility and for general corporate purposes.

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  • Hospitality Properties Trust (NYSE: HPT)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2016, helping to raise $388,987,500 for our client.

    The Company intends to use the net proceeds from this offering to repay amounts outstanding under its unsecured revolving credit facility and for general business purposes. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,650,000 shares.

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  • Duke Realty Corporation (NYSE: DRE)

    BB&T Capital Markets’ Real Estate Group is participating in a transaction for a real estate investment trust, helping to raise up to $200,000,000 for our client.

    The Company intends to use the net proceeds received from this offering to partially fund development, to reduce the outstanding indebtedness and for other general corporate purposes.

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  • Equity One, Inc. (NYSE: EQY)

    BB&T Capital Markets’ Real Estate Group is participating in a transaction for a real estate investment trust, helping to sell up to 8.5 million shares worth approximately $275,000,000 for our client.

    The Company intends to use the net proceeds from this offering for general corporate purposes, which may include repaying debt and funding future acquisitions or development and redevelopment activities.

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  • Kimco Realty Corporation (NYSE: KIM)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2016, helping to raise $500,000,000 for our client.

    The Company intends to use the net proceeds from this offering to fund previously announced redemption of $290.9 million aggregate principal amount of 5.70% senior notes due May 1, 2017, with the remainder, if any, to be used for general corporate purposes, including to pre-fund 2017 debt maturities and partially reduce borrowings under its revolving credit facility maturing in March 2018.

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  • Weingarten Realty Investors (NYSE: WRI)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2016, helping to raise $250,000,000 for our client.

    The Company intends to use the net proceeds to repay a portion of the amount outstanding under its $500 million unsecured revolving credit facility.

     

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  • Weingarten Realty Investors (NYSE: WRI)

    BB&T Capital Markets’ Real Estate Group is participating in a transaction for a real estate investment trust, helping to raise up to $250,000,000 for our client.

    The Company intends to use the net proceeds from any shares sold in this offering for general trust purposes, which may include reducing borrowings outstanding under its $500 million unsecured revolving credit facility, repaying other indebtedness or repurchasing outstanding debt or equity securities.

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  • Tanger Factory Outlet Centers, Inc. (NYSE: SKT)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2016, helping to raise $250,000,000 for our client.

    The Company intends to use the net proceeds of this offering to repay a $62.0 million floating rate mortgage loan related to the outlet center in Glendale (Westgate), Arizona, repay borrowings under unsecured lines of credit, and for general corporate purposes.

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  • Care Capital Properties, Inc. (NYSE: CCP)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2016, helping to raise $500,000,000 for our client.

    CCP intends to use the net proceeds from the offering to repay borrowings.

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  • Alexandria Real Estate Equities, Inc. (NYSE: ARE)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the third quarter of 2016, helping to raise $754,975,000 for our client.

    ARE will not receive proceeds from the sale of the shares of common stock offered by the forward seller.

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  • Highwoods Properties, Inc. (NYSE: HIW)

    BB&T Capital Markets’ Real Estate Group is assisting in a transaction for a real estate investment trust, helping to raise up to $250,000,000 for our client.

    HIW intends to use the net proceeds from this offering to fund its property acquisitions and development activity, repay or repurchase outstanding debt (including amounts outstanding from time to time under company's revolving credit facility), repurchase or redeem outstanding preferred equity and for working capital and other general corporate purposes.

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  • Ramco-Gershenson Properties (NYSE: RPT)

    BB&T Capital Markets’ Real Estate Group is assisting in a transaction for a real estate investment trust, helping to raise up to $145,000,000 for our client.

    RPT intends to use the net proceeds for general corporate purposes, which may include acquisitions of additional properties, capital expenditures, the development of new properties, the redevelopment and / or improvement of existing properties in portfolio, the repayment of amounts outstanding under unsecured revolving credit facilities or other debt, and working capital.

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  • Omega Healthcare Investors, Inc. (NYSE: OHI)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $700,000,000 for our client.

    OHI intends to use the net proceeds to repay outstanding borrowings under the Company's revolving credit facility. The remainder, if any, will be used for general corporate purposes, including future acquisitions.

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  • Global Medical REIT Inc. (NYSE: GMRE)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $150,000,000 for our client.

    GMRE intends to use the net proceeds from this offering to repay a portion of its outstanding convertible debentures, repay the outstanding mortgage loan, acquire properties in its investment pipeline that the company is actively reviewing and for general corporate and working capital purposes, including future acquisitions and development activities. Pending application of net proceeds of this offering the company intends to invest the net proceeds in interest-bearing accounts, money market accounts and interest-bearing securities in a manner that is consistent with its intention to qualify for taxation as a REIT. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,956,521 shares.

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  • Healthcare Realty Trust Incorporated (NYSE: HR)

    BB&T Capital Markets’ Real Estate Group is assisting in a transaction for a real estate investment trust, helping to raise up to $280,800,000 for our client.

    HR will use the net proceeds from this offering for general corporate purposes, including the acquisition and development of healthcare facilities. Pending such investments, the company will apply the net proceeds to outstanding indebtedness under its unsecured credit facility due April 2017 and / or place the net proceeds in interest-bearing bank accounts or in readily marketable, interest-bearing securities.

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  • Government Properties Income Trust (NYSE: GOV)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $300,000,000 for our client.

    GOV expects to use the net proceeds from this offering to repay amounts outstanding under the company's revolving credit facility and for general business purposes.

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  • Duke Realty Corporation (NYSE: DRE)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $375,000,000 for our client.

    DRE will use the net proceeds from the offering to repurchase the 5.95% senior notes due 2017 pursuant to a tender offer to redeem any remaining 5.95% senior notes due 2017 that are not tendered or in the event the tender offer is not consummated and to repay borrowings under the revolving credit facility. Any remaining net proceeds from the offering will be used for general corporate purposes.

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  • Sovran Self Storage, Inc. (NYSE: SSS)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $690,000,000 for our client.

    SSS will use the net proceeds from this offering to partially fund the recently announced acquisition of LifeStorage, LP (“LifeStorage”). Pending the closing of the LifeStorage acquisition such funds will be used initially to pay down the Company's line of credit with the balance retained in cash or cash equivalents.

    Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 900,000 shares.

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  • Summit Hotel Properties, Inc. (NYSE: INN)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $75,000,000 for our client.

    INN will contribute all of the net proceeds to its operating partnership in exchange for series D preferred units. The Company's operating partnership intends to use the net proceeds of this offering to reduce amounts outstanding under its senior unsecured revolving credit facility and the balance for general corporate purposes, which may include, among other things, redeeming the outstanding Series A preferred stock on or after October 28, 2016, which is generally the date it becomes redeemable by the Company.

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  • Sovran Self Storage, Inc. (NYSE: SSS)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $600,000,000 for our client.

    SSS intends to use the net proceeds of this offering to partially fund the LifeStorage Acquisition. Pending the closing of the LifeStorage Acquisition such funds will be retained in cash or cash equivalents. Along with this net proceeds, the Company intends to fund the balance of the LifeStorage Acquisition through existing cash, including cash from the Company's recent public common stock offering, and if necessary, through additional indebtedness.

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  • Brixmor Operating Partnership LP

    On June 2, 2016, BB&T Capital Markets served as a  co-manager for a $600 million offering of senior notes by Brixmor Operating Partnerhsip LP. Proceeds from this offering are being used to repay outstanding indebtedness under Brixmor’s $1.25 billion unsecured revolving credit facility, and the remaining net proceeds for general corporate purposes.

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  • Alexandria Real Estate Equities, Inc. (NYSE: ARE)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $350,000,000 for our client.

    ARE intends to use the net proceeds from this offering for the reduction of the outstanding balance on the Company's unsecured senior line of credit.

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  • Ventas Realty, L.P.

    On May 25, 2016, BB&T Capital Markets served as a  co-manager for a $400 million offering of senior notes due 2023 by Ventas Realty, L.P. Proceeds from this offering are being used for a tender offer for Ventas’ existing 1.55% senior notes due 2016.

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  • American Homes 4 Rent (NYSE: AMH)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $258,800,000 for our client.

    AMH intends to contribute the net proceeds from this offering and the concurrent private placement to repay indebtedness, to acquire single-family properties and for general corporate purposes, including repurchases of the Company's securities. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,350,000 shares.

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  • Digital Realty Trust, Inc. (NYSE: DLR)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $1,200,000,000 for our client.

    The Company will not initially receive any proceeds from the shares. The proceeds will be used to fund the forward sale of shares to the Lead Bookrunners. Upon future receipt of the proceeds, Digital Realty expects to utilize a portion to fund its acquisition of eight European data centers in Amsterdam, Frankfurt and London, and for general corporate purposes. The Company has granted the underwriters a 30-day option to purchase an additional 1,875,000 shares at the public offering price to cover over-allotments.

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  • AvalonBay Communities, Inc.

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $475,000,000 for our client.

    AVB intends to use the net proceeds from this offering to repay outstanding debt and for general corporate purposes, which may include the acquisition, development and redevelopment of apartment communities.

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  • Washington Real Estate Investment Trust (NYSE: WRE)

    Washington Real Estate Investment Trust (NYSE: WRE)
    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $150,000,000 for our client.

    WRE intends to use the net proceeds from this offering to repay borrowings and subsequently to fund its announced acquisition and for other general corporate purposes. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 693,750 shares.

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  • Essex Property Trust, Inc. (NYSE: ESS)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $450,000,000 for our client.

    ESS intends to use the net proceeds from this offering for the reduction of outstanding debt and general corporate purposes, including acquisition, development or redevelopment of properties.

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  • Community Healthcare Trust Incorporated (NYSE: CHCT)

    BB&T Capital Markets’ Real Estate Group completed a transaction for a real estate investment trust in the second quarter of 2016, helping to raise $91,900,000 for our client.

    CHCT intends to use the net proceeds from this offering to repay borrowings and subsequently to fund the acquisition of properties under contract and for other general corporate and working capital purposes. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 675,000 shares.

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