SEC Form SC 13D/A filed by Pennsylvania Real Estate Investment Trust (Amendment)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 5)1
Pennsylvania Real Estate Investment Trust
(Name of Issuer)
Beneficial Interest, par value $1.00 per share
7.375% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share
7.20% Series C Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share
6.875% Series D Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share
(Title of Class of Securities)
709102107
709102503
709102602
709102701
(CUSIP Number)
CHRISTOPHER SWANN
CYGNUS CAPITAL, INC.
3060 Peachtree Road NW, Suite 1080
Atlanta, Georgia 30305
(404) 465-3685
ELIZABETH GONZALEZ- SUSSMAN, ESQ.,
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 29, 2022
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☒.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 709102107
709102503
709102602
709102701
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Cygnus Opportunity Fund, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Delaware | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 54,590 shares of Beneficial Interest 74,398 shares of Series B Preferred Stock 111,416 shares of Series C Preferred Stock 136,744 shares of Series D Preferred Stock |
||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 54,590 shares of Beneficial Interest 74,398 shares of Series B Preferred Stock 111,416 shares of Series C Preferred Stock 136,744 shares of Series D Preferred Stock |
|||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 54,590 shares of Beneficial Interest 74,398 shares of Series B Preferred Stock 111,416 shares of Series C Preferred Stock 136,744 shares of Series D Preferred Stock |
|||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 1.0% of the outstanding shares of Beneficial Interest 2.2% of the outstanding shares of Series B Preferred Stock 1.6% of the outstanding shares of Series C Preferred Stock 2.7% of the outstanding shares of Series D Preferred Stock |
|||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 2 |
CUSIP No. 709102107
709102503
709102602
709102701
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Cygnus Property Fund IV, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Delaware | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 42,021 shares of Beneficial Interest 42,963 shares of Series B Preferred Stock 74,879 shares of Series C Preferred Stock 30,749 shares of Series D Preferred Stock |
||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 42,021 shares of Beneficial Interest 42,963 shares of Series B Preferred Stock 74,879 shares of Series C Preferred Stock 30,749 shares of Series D Preferred Stock |
|||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 42,021 shares of Beneficial Interest 42,963 shares of Series B Preferred Stock 74,879 shares of Series C Preferred Stock 30,749 shares of Series D Preferred Stock |
|||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| Less than 1% of the outstanding shares of Beneficial Interest 1.2% of the outstanding shares of Series B Preferred Stock 1.1% of the outstanding shares of Series C Preferred Stock Less than 1% of the outstanding shares of Series D Preferred Stock |
|||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 3 |
CUSIP No. 709102107
709102503
709102602
709102701
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Cygnus Property Fund V, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Delaware | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 147,802 shares of Series B Preferred Stock 210,479 shares of Series C Preferred Stock 166,000 shares of Series D Preferred Stock |
||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 147,802 shares of Series B Preferred Stock 210,479 shares of Series C Preferred Stock 166,000 shares of Series D Preferred Stock |
|||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 147,802 shares of Series B Preferred Stock 210,479 shares of Series C Preferred Stock 166,000 shares of Series D Preferred Stock |
|||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 4.3% of the outstanding shares of Series B Preferred Stock 3.1% of the outstanding shares of Series C Preferred Stock 3.3% of the outstanding shares of Series D Preferred Stock |
|||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 4 |
CUSIP No. 709102107
709102503
709102602
709102701
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Cygnus Property Fund VI, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| WC | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Delaware | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 52,923 shares of Series B Preferred Stock 58,750 shares of Series C Preferred Stock 156,922 shares of Series D Preferred Stock |
||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 52,923 shares of Series B Preferred Stock 58,750 shares of Series C Preferred Stock 156,922 shares of Series D Preferred Stock |
|||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 52,923 shares of Series B Preferred Stock 58,750 shares of Series C Preferred Stock 156,922 shares of Series D Preferred Stock |
|||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 1.5% of the outstanding shares of Series B Preferred Stock Less than 1% of the outstanding shares of Series C Preferred Stock 3.1% of the outstanding shares of Series D Preferred Stock |
|||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 |
CUSIP No. 709102107
709102503
709102602
709102701
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Cygnus Capital Advisers, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Wyoming | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 54,590 shares of Beneficial Interest 74,398 shares of Series B Preferred Stock 111,416 shares of Series C Preferred Stock 136,744 shares of Series D Preferred Stock |
||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 54,590 shares of Beneficial Interest 74,398 shares of Series B Preferred Stock 111,416 shares of Series C Preferred Stock 136,744 shares of Series D Preferred Stock |
|||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 54,590 shares of Beneficial Interest 74,398 shares of Series B Preferred Stock 111,416 shares of Series C Preferred Stock 136,744 shares of Series D Preferred Stock |
|||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 1.0% of the outstanding shares of Beneficial Interest 2.2% of the outstanding shares of Series B Preferred Stock 1.6% of the outstanding shares of Series C Preferred Stock 2.7% of the outstanding shares of Series D Preferred Stock |
|||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 6 |
CUSIP No. 709102107
709102503
709102602
709102701
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Cygnus General Partners, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Wyoming | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 54,590 shares of Beneficial Interest 74,398 shares of Series B Preferred Stock 111,416 shares of Series C Preferred Stock 136,744 shares of Series D Preferred Stock |
||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 54,590 shares of Beneficial Interest 74,398 shares of Series B Preferred Stock 111,416 shares of Series C Preferred Stock 136,744 shares of Series D Preferred Stock |
|||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 54,590 shares of Beneficial Interest 74,398 shares of Series B Preferred Stock 111,416 shares of Series C Preferred Stock 136,744 shares of Series D Preferred Stock |
|||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 1.0% of the outstanding shares of Beneficial Interest 2.2% of the outstanding shares of Series B Preferred Stock 1.6% of the outstanding shares of Series C Preferred Stock 2.7% of the outstanding shares of Series D Preferred Stock |
|||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 7 |
CUSIP No. 709102107
709102503
709102602
709102701
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Cygnus Capital Real Estate Advisors II, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Wyoming | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 42,021 shares of Beneficial Interest 243,688 shares of Series B Preferred Stock 344,108 shares of Series C Preferred Stock 353,671 shares of Series D Preferred Stock |
||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 42,021 shares of Beneficial Interest 243,688 shares of Series B Preferred Stock 344,108 shares of Series C Preferred Stock 353,671 shares of Series D Preferred Stock |
|||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 42,021 shares of Beneficial Interest 243,688 shares of Series B Preferred Stock 344,108 shares of Series C Preferred Stock 353,671 shares of Series D Preferred Stock |
|||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| Less than 1% of the outstanding shares of Beneficial Interest 7.1% of the outstanding shares of Series B Preferred Stock 5.0% of the outstanding shares of Series C Preferred Stock 7.1% of the outstanding shares of Series D Preferred Stock |
|||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 8 |
CUSIP No. 709102107
709102503
709102602
709102701
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Cygnus Capital, Inc. | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| Wyoming | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 96,611 shares of Beneficial Interest 318,086 shares of Series B Preferred Stock 455,524 shares of Series C Preferred Stock 490,415 shares of Series D Preferred Stock |
||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 96,611 shares of Beneficial Interest 318,086 shares of Series B Preferred Stock 455,524 shares of Series C Preferred Stock 490,415 shares of Series D Preferred Stock |
|||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 96,611 shares of Beneficial Interest 318,086 shares of Series B Preferred Stock 455,524 shares of Series C Preferred Stock 490,415 shares of Series D Preferred Stock |
|||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 1.8% of the outstanding shares of Beneficial Interest 9.2% of the outstanding shares of Series B Preferred Stock 6.6% of the outstanding shares of Series C Preferred Stock 9.8% of the outstanding shares of Series D Preferred Stock |
|||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| CO | |||||||||||||||||||
| 9 |
CUSIP No. 709102107
709102503
709102602
709102701
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Christopher Swann | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| AF, PF | |||||||||||||||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
| USA | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | 66 shares of Beneficial Interest 4,000 shares of Series D Preferred Stock |
||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 12,666 shares of Beneficial Interest 96,611 shares of Beneficial Interest 318,086 shares of Series B Preferred Stock 455,524 shares of Series C Preferred Stock 490,415 shares of Series D Preferred Stock |
||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| 66 shares of Beneficial Interest 4,000 shares of Series D Preferred Stock |
|||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 12,666 shares of Beneficial Interest 96,611 shares of Beneficial Interest 318,086 shares of Series B Preferred Stock 455,524 shares of Series C Preferred Stock 490,415 shares of Series D Preferred Stock |
|||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 109,343 shares of Beneficial Interest 318,086 shares of Series B Preferred Stock 455,524 shares of Series C Preferred Stock 494,415 shares of Series D Preferred Stock |
|||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 2.0% of the outstanding shares of Beneficial Interest 9.2% of the outstanding shares of Series B Preferred Stock 6.6% of the outstanding shares of Series C Preferred Stock 8.9% of the outstanding shares of Series D Preferred Stock |
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| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 10 |
CUSIP No. 709102107
709102503
709102602
709102701
The following constitutes Amendment No. 5 to the Schedule 13D filed by the undersigned (“Amendment No. 5”). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein.
| Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and restated as follows:
The Securities purchased by each of Cygnus Opportunity, Cygnus IV, Cygnus V and Cygnus VI were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 54,590 shares of Beneficial Interest, 74,398 shares of Series B Preferred Stock, 111,416 shares of Series C Preferred Stock and 136,744 shares of Series D Preferred Stock beneficially owned by Cygnus Opportunity is approximately $1,473,688, $694,972, $915,350 and $986,270, respectively, excluding brokerage commissions. The aggregate purchase price of the 42,021 shares of Beneficial Interest, 42,963 shares of Series B Preferred Stock, 74,879 shares of Series C Preferred Stock and 30,749 shares of Series D Preferred Stock beneficially owned by Cygnus IV is approximately $774,733, $394,220, $639,625 and $246,268, respectively, excluding brokerage commissions. The aggregate purchase price of the 147,802 shares of Series B Preferred Stock, 210,479 shares of Series C Preferred Stock and 166,000 shares of Series D Preferred Stock beneficially owned by Cygnus V is approximately $951,262, $1,326,313 and $1,142,528, respectively, excluding brokerage commissions. The aggregate purchase price of the 52,923 shares of Series B Preferred Stock, 58,750 shares of Series C Preferred Stock and 156,922 shares of Series D Preferred Stock beneficially owned by Cygnus VI is approximately $356,294, $152,358 and $773,252, respectively, excluding brokerage commissions.
The Securities purchased by Mr. Swann personally, including Securities held in an account by his spouse, which Mr. Swann shares voting and dispositive power over, and an individual retirement account in Mr. Swann’s name, were purchased with personal funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 12,732 shares of Beneficial Interest and 4,000 shares of Series D Preferred Stock beneficially owned by Mr. Swann is approximately $195,167 and $31,666, respectively, excluding brokerage commissions.
| Item 5. | Interest in Securities of the Issuer. |
Items 5(a) – (c) are hereby amended and restated as follows:
(a)(b) See rows (11) and (13) of the cover page to this Schedule 13D for the aggregate number of Securities, and percentage of the outstanding Securities, beneficially owned by each of the Reporting Persons as of the close of business on July 11, 2022, respectively. See rows (7) through (10) of the cover page to this Schedule 13D for the number of Securities as to which the Reporting Persons have the sole or shared power to vote or direct the vote of and sole or shared power to dispose or to direct the disposition of.
The aggregate percentage of Securities reported owned by each Reporting Person is based upon (i) 5,374,162 shares of Beneficial Interest (after giving effect to the 1-for-15 reverse share split of the shares of Beneficial Interest effectuated by the Issuer on June 15, 2022, as disclosed in the Issuer’s Current Report on Form 8-K filed with the SEC on June 22, 2022), (ii) 3,450,000 shares of Series B Preferred Stock outstanding, (iii) 6,900,000 shares of Series C Preferred Stock outstanding and (iv) 5,000,000 shares of Series D Preferred Stock outstanding as of May 4, 2022 as set forth on the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on May 6, 2022.
(c) The transactions in the Securities since the filing of Amendment No. 4 to the Schedule 13D by certain of the Reporting Persons are set forth on Schedule A attached hereto and are incorporated herein by reference.
| 11 |
CUSIP No. 709102107
709102503
709102602
709102701
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: July 12, 2022
| Cygnus Opportunity Fund, LLC | |||
| By: | Cygnus General Partners, LLC, its general partner | ||
| By: | Cygnus Capital, Inc., its managing member | ||
| By: |
/s/ Christopher Swann | ||
| Name: | Christopher Swann | ||
| Title: | President and CEO | ||
| Cygnus Property Fund IV, LLC | |||
| By: | Cygnus Capital Real Estate Advisors II, LLC, its general partner | ||
| By: | Cygnus Capital, Inc., its managing member | ||
| By: |
/s/ Christopher Swann | ||
| Name: | Christopher Swann | ||
| Title: | President and CEO | ||
| Cygnus Property Fund V, LLC | |||
| By: | Cygnus Capital Real Estate Advisors II, LLC, its general partner | ||
| By: | Cygnus Capital, Inc., its managing member | ||
| By: |
/s/ Christopher Swann | ||
| Name: | Christopher Swann | ||
| Title: | President and CEO | ||
| 12 |
CUSIP No. 709102107
709102503
709102602
709102701
| Cygnus Property Fund VI, LLC | |||
| By: | Cygnus Capital Real Estate Advisors II, LLC, its general partner | ||
| By: | Cygnus Capital, Inc., its managing member | ||
| By: |
/s/ Christopher Swann | ||
| Name: | Christopher Swann | ||
| Title: | President and CEO | ||
| Cygnus Capital Advisers, LLC | |||
| By: | Cygnus Capital, Inc., its managing member | ||
| By: |
/s/ Christopher Swann | ||
| Name: | Christopher Swann | ||
| Title: | President and CEO | ||
| Cygnus General Partners, LLC | |||
| By: | Cygnus Capital, Inc., its managing member | ||
| By: |
/s/ Christopher Swann | ||
| Name: | Christopher Swann | ||
| Title: | President and CEO | ||
| Cygnus Capital Real Estate Advisors II, LLC | |||
| By: | Cygnus Capital, Inc., its managing member | ||
| By: |
/s/ Christopher Swann | ||
| Name: | Christopher Swann | ||
| Title: | President and CEO | ||
| Cygnus Capital, Inc. | |||
| By: |
/s/ Christopher Swann | ||
| Name: | Christopher Swann | ||
| Title: | President and CEO | ||
|
/s/ Christopher Swann | |
| Christopher Swann |
| 13 |
CUSIP No. 709102107
709102503
709102602
709102701
SCHEDULE A
Transactions in the Securities Since the Filing of Amendment No. 4 to the Schedule 13D
| Nature of Transaction | Amount of Securities Purchased/(Sold) | Price per Share ($) | Date of Purchase/Sale |
Cygnus Opportunity Fund, LLC
| Purchase of Series D Preferred Stock | 3,500 | 2.4200 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 5,000 | 2.4200 | 06/24/2022 |
| Sale of Beneficial Interest | (100) | 3.4800 | 07/06/2022 |
Cygnus Property Fund V, LLC
| Purchase of Series D Preferred Stock | 1,000 | 2.5010 | 06/29/2022 |
Cygnus Property Fund VI, LLC
| Purchase of Series B Preferred Stock | 1,638 | 2.7336 | 06/24/2022 |
| Purchase of Series B Preferred Stock | 400 | 2.7650 | 06/24/2022 |
| Purchase of Series C Preferred Stock | 4,000 | 2.6090 | 06/24/2022 |
| Purchase of Series C Preferred Stock | 700 | 2.2882 | 06/24/2022 |
| Purchase of Series C Preferred Stock | 500 | 2.4040 | 06/24/2022 |
| Purchase of Series C Preferred Stock | 400 | 2.3925 | 06/24/2022 |
| Purchase of Series C Preferred Stock | 1,000 | 2.4981 | 06/24/2022 |
| Purchase of Series C Preferred Stock | 400 | 2.5000 | 06/24/2022 |
| Purchase of Series C Preferred Stock | 2,000 | 2.6089 | 06/24/2022 |
| Purchase of Series C Preferred Stock | 201 | 2.4350 | 06/24/2022 |
| Purchase of Series C Preferred Stock | 300 | 2.5033 | 06/24/2022 |
| Purchase of Series C Preferred Stock | 1,020 | 2.5551 | 06/24/2022 |
| Purchase of Series C Preferred Stock | 1,000 | 2.7435 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 4,000 | 2.6076 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 1,000 | 2.4228 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 4,100 | 2.5561 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 300 | 2.5000 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 100 | 2.3800 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 5,000 | 2.4200 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 5,000 | 2.4182 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 5,000 | 2.4383 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 1,280 | 2.4834 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 2,000 | 2.5000 | 06/24/2022 |
| Purchase of Series D Preferred Stock | 419 | 2.5024 | 06/24/2022 |
| Purchase of Series B Preferred Stock | 500 | 3.1160 | 06/27/2022 |
| Purchase of Series C Preferred Stock | 1,000 | 2.9180 | 06/27/2022 |
| Purchase of Series D Preferred Stock | 600 | 2.9183 | 06/27/2022 |
| Purchase of Series C Preferred Stock | 5,000 | 2.8200 | 06/28/2022 |
| Purchase of Series C Preferred Stock | 1,349 | 2.6311 | 06/28/2022 |
| Purchase of Series C Preferred Stock | 1,000 | 2.7306 | 06/28/2022 |
| Purchase of Series C Preferred Stock | 3,000 | 2.7877 | 06/28/2022 |
| Purchase of Series D Preferred Stock | 5,000 | 2.5568 | 06/28/2022 |
| Purchase of Series D Preferred Stock | 5,000 | 2.5000 | 06/28/2022 |
| Purchase of Series D Preferred Stock | 2,400 | 2.5700 | 06/28/2022 |
| Purchase of Series D Preferred Stock | 5,000 | 2.4300 | 06/28/2022 |
| Purchase of Series D Preferred Stock | 5,000 | 2.4000 | 06/29/2022 |
| Purchase of Series B Preferred Stock | 3,000 | 2.7600 | 06/30/2022 |
| Purchase of Series C Preferred Stock | 5,000 | 2.5000 | 06/30/2022 |
| Purchase of Series C Preferred Stock | 324 | 2.2500 | 06/30/2022 |
| Purchase of Series C Preferred Stock | 9,160 | 2.3498 | 06/30/2022 |
| Purchase of Series D Preferred Stock | 5,000 | 2.1700 | 06/30/2022 |
| Purchase of Series C Preferred Stock | 525 | 2.3500 | 07/01/2022 |
| Purchase of Series D Preferred Stock | 5,000 | 2.1476 | 07/05/2022 |
| Purchase of Series C Preferred Stock | 44 | 2.3500 | 07/06/2022 |
| Purchase of Series C Preferred Stock | 2,000 | 2.7485 | 07/07/2022 |