Pennsylvania Real Estate Investment Trust

Pennsylvania Real Estate Investment Trust
Public
Traded as NYSE: PEI
Industry Real estate
Founded 1960 (1960)
Founder Sylvan M. Cohen
Headquarters Philadelphia, Pennsylvania, United States
Area served
 North America
Key people
 Ronald Rubin
(Executive Chairman)
Joseph F. Coradino
(CEO)
Website http://www.preit.com/

The Pennsylvania Real Estate Investment Trust (PREIT) (NYSE: PEI) is one of the first publicly traded real estate investment trusts, established in 1960 by Sylvan M. Cohen (died September 8, 2001).

The PREIT corporate offices are located in Philadelphia, Pennsylvania. The company owns and operates over 26 million square feet of retail focusing on shopping centers in the eastern United States, particularly in the mid-Atlantic states of Pennsylvania, New Jersey and Maryland. The company has large number of assets in the Philadelphia and Washington DC metro markets.

In 1997 PREIT merged with the Rubin Organization, a commercial property development and management firm. In 2003 the firm changed its strategic focus from a diversified property base to retail. During that year PREIT acquired six shopping malls from The Rouse Company, sold several multifamily residential properties, and completed a merger with Crown American Realty Trust.[1]

As of June 7, 2012, Joseph F. Coradino is the chief executive officer.[2] Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures.


List of malls

PREIT Malls[3]
Mall Location Metro Area Notes
Francis Scott Key Mall Frederick, Maryland Washington, D.C.
Valley Mall Hagerstown, Maryland Hagerstown, Maryland
The Mall at Prince Georges Hyattsville, Maryland Washington, D.C.
Dartmouth Mall Dartmouth, Massachusetts New Bedford, Massachusetts
Woodland Mall Grand Rapids, Michigan Grand Rapids, Michigan
Cherry Hill Mall Cherry Hill, New Jersey Philadelphia, Pennsylvania
Hudson Mall Jersey City, New Jersey New York City Managed Property
Moorestown Mall Moorestown, New Jersey Philadelphia, Pennsylvania
Cumberland Mall Vineland, New Jersey Philadelphia, Pennsylvania
Arnot Mall Horseheads, New York Elmira, New York Managed Property
Jacksonville Mall Jacksonville, North Carolina Jacksonville, North Carolina
Lehigh Valley Mall Allentown, Pennsylvania Allentown, Pennsylvania 62.4% ownership with Simon Property Group, which owns 37.6%. Simon manages the mall[4]
Logan Valley Mall Altoona, Pennsylvania Altoona, Pennsylvania
Capital City Mall Camp Hill, Pennsylvania Harrisburg, Pennsylvania
Exton Square Mall Exton, Pennsylvania Philadelphia, Pennsylvania
Beaver Valley Mall Center Township, Beaver County, Pennsylvania Pittsburgh, Pennsylvania
Fashion Outlets of Philadelphia Philadelphia, Pennsylvania Philadelphia, Pennsylvania 50% ownership with Macerich[5]
Plymouth Meeting Mall Plymouth Meeting, Pennsylvania Philadelphia, Pennsylvania
Viewmont Mall Scranton, Pennsylvania Scranton/Wilkes-Barre, Pennsylvania
Susquehanna Valley Mall Selinsgrove, Pennsylvania Selinsgrove, Pennsylvania Managed Property
Springfield Mall Springfield, Pennsylvania Philadelphia, Pennsylvania 50% ownership with Simon Property Group[4]
Washington Crown Center Washington, Pennsylvania Pittsburgh, Pennsylvania
Wyoming Valley Mall Wilkes-Barre, Pennsylvania Scranton/Wilkes-Barre, Pennsylvania
Willow Grove Park Mall Willow Grove, Pennsylvania Philadelphia, Pennsylvania
Magnolia Mall Florence, South Carolina Florence, South Carolina
Patrick Henry Mall Newport News, Virginia Norfolk, Virginia
Springfield Town Center Springfield, Virginia Washington, D.C.
Crossroads Mall Beckley, West Virginia Beckley, West Virginia
Valley View Mall La Crosse, Wisconsin La Crosse, Wisconsin

References

  1. ↑ PREIT Company History. Retrieved December 12, 2006.
  2. ↑ Joseph Coradino Becomes Chief Executive Officer of PREIT, 06/07/2012.
  3. ↑ "Enclosed Malls". PREIT. Retrieved October 16, 2010.
  4. 1 2 "Supplemental Financial and Operating Information". PREIT. June 30, 2010. Retrieved 2010-10-19.
  5. ↑ DiStefano, Joseph N. (July 31, 2014). "Mall developer Macerich Co. to invest $106.8M in Gallery revival effort". The Philadelphia Inquirer. Retrieved February 15, 2015.

External links

This article is issued from Wikipedia - version of the Wednesday, April 13, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.