Pennsylvania Real Estate Investment Trust

Short description: U.S. real estate company

Pennsylvania Real Estate Investment TrustType| Public company

|

Traded as

| OTC Pink: PRET (Fund)
OTC Pink: PRETL (Class B)
OTC Pink: PRETM (Class C)
OTC Pink: PRETN (Class D)
Industry| Real estate investment trust
Founded| 1960; 66 years ago (1960)
Founder| Sylvan M. Cohen
Headquarters| Philadelphia, Pennsylvania, U.S.

Key people

|  Joseph F. Coradino, Chairman & CEO
Mario C. Ventresca, Jr., CFO
Products| Shopping centers
Revenue|  US$261 million (2020)

Net income

|  US$-259 million (2020)
Total assets|  US$2.177 billion (2020)
Total equity|  US$126 million (2020)

Number of employees

| 175 (2020)
Website| preit.com
Footnotes / references
[1]

Pennsylvania Real Estate Investment Trust is a publicly traded real estate investment trust that invests in shopping centers mostly in the Mid-Atlantic states.

## Contents

* 1 History
* 2 Portfolio
* 3 References
* 4 External links

## History

The company was founded by Sylvan M. Cohen in 1960 as one of the first equity REITs.[1][2] In 1997, the company acquired the Rubin Organization for $260 million.[3] In 2001, founder Sylvan Cohen died.[4] In 2003, the company acquired 6 shopping malls from The Rouse Company.[5][6] The company also acquired Crown American.[7] In 2006, the company acquired Woodland Mall for $177.4 million.[8] In 2012, Joseph Coradino was named chief executive officer of the company.[9]

In 2013, the company sold Christiana Center and Commons at Magnolia for $87.3 million.[10] In 2014, the company acquired a building in Philadelphia.[11] In 2015, the company acquired Springfield Town Center for $465 million from Vornado Realty Trust.[12] In 2016, the company sold 4 malls for $93 million.[13] In 2019, the company turned Wyoming Valley Mall over to its mortgage holder, GS Mortgage Securities Trust, to avoid foreclosure after failing to find a buyer for the property.[14][15] It owed $72.8 million on the loan, which had been in special servicing since July 2018.[14][16] The mall had lost almost 75% of its 2014 $122 million value before being turned over.[17]

The company filed for Chapter 11 bankruptcy protection on November 1, 2020, and exited bankruptcy protection on December 11, 2020.[18][19][20] In November 2023, PREIT announced that it may have to file for another bankruptcy filing and that it may be unable to continue operations as it overcomes a $1.1 billion payment that was due by the end of 2023, and stated that it will likely be unable to pay the payment before the deadline.[21] On December 10, 2023, PREIT once again filed for Chapter 11 bankruptcy protection, with plans to restructure and complete its bankruptcy procedure by February 2024.[22]

## Portfolio

According to a report from December 31, 2020, the company owned interest in 26 properties in 9 states containing 19.8 million square feet.[1]

As of November 2022, PREIT owned the following notable properties:

Mall  | Location  | Notes

|
|

Capital City Mall  | Camp Hill, Pennsylvania  |
Cherry Hill Mall  | Cherry Hill, New Jersey  |
Dartmouth Mall  | Dartmouth, Massachusetts  |
Exton Square Mall  | Exton, Pennsylvania  |
Francis Scott Key Mall  | Frederick, Maryland  |
Jacksonville Mall  | Jacksonville, North Carolina  |
Lehigh Valley Mall  | Whitehall, Pennsylvania  | 50% ownership with Simon Property Group. Simon manages the mall.
Magnolia Mall  | Florence, South Carolina  |
Moorestown Mall  | Moorestown, New Jersey  |
Patrick Henry Mall  | Newport News, Virginia  |
Plymouth Meeting Mall  | Plymouth Meeting, Pennsylvania  |
Springfield Mall  | Springfield, Pennsylvania  | 50% ownership with Simon Property Group
Springfield Town Center  | Springfield, Virginia  |
The Mall at Prince Georges  | Hyattsville, Maryland  |
Valley Mall  | Hagerstown, Maryland  |
Viewmont Mall  | Scranton/Dickson City, Pennsylvania  |
Willow Grove Park Mall  | Willow Grove, Pennsylvania  |
Woodland Mall  | Grand Rapids, Michigan  |

## References

1. ↑ 1.0 1.1 1.2 "Pennsylvania Real Estate Investment Trust 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission. https://www.sec.gov/ix?doc=/Archives/edgar/data/77281/000156459021013558/pei-10k_20201231.htm.
2. ↑ "PREIT Celebrates 50 Years" (Press release). Business Wire. May 11, 2010. `{{cite press release}}`: External link in ``|publisher=`` (help)
3. ↑ "Rubin Organization is Being Sold for $260 Million". The New York Times. Bloomberg News. August 1, 1997. https://www.nytimes.com/1997/08/01/business/rubin-organization-is-being-sold-for-260-million.html.
4. ↑ Spires, Sheila W. (October 1, 2001). "PREIT founder and chairman Sylvan Cohen dies at 87". National Real Estate Investor. https://www.nreionline.com/mag/preit-founder-and-chairman-sylvan-cohen-dies-87.
5. ↑ "Pennsylvania Real Estate Investment Trust Completes Rouse Transaction; Company Closes Acquisition of Remaining Two Shopping Malls from The Rouse Company" (Press release). Business Wire. June 5, 2003. `{{cite press release}}`: External link in ``|publisher=`` (help)
6. ↑ "REIT is Buying 6 Philadelphia-Area Mall From Rouse". The New York Times. Bloomberg News. March 7, 2003. https://www.nytimes.com/2003/03/07/business/company-news-reit-is-buying-6-philadelphia-area-malls-from-rouse.html.
7. ↑ "Pennsylvania Real Estate Investment Trust Announces Completion of Merger with Crown American Realty Trust" (Press release). Business Wire. November 20, 2003. `{{cite press release}}`: External link in ``|publisher=`` (help)
8. ↑ "Pennsylvania Real Estate Investment Trust Acquires Woodland Mall in Grand Rapids, Michigan" (Press release). Business Wire. January 3, 2006. `{{cite press release}}`: External link in ``|publisher=`` (help)
9. ↑ "Joseph Coradino Becomes Chief Executive Officer of PREIT" (Press release). Business Wire. June 7, 2012. `{{cite press release}}`: External link in ``|publisher=`` (help)
10. ↑ Van Allen, Peter (September 18, 2013). "Delaware mall sold by PREIT to reduce debt". American City Business Journals. https://www.bizjournals.com/philadelphia/news/2013/09/18/delaware-mall-among-properties-sold-by.html.
11. ↑ DiStefano, Joseph N. (January 29, 2014). "PREIT buys 15th & Walnut corner". The Philadelphia Inquirer. https://www.inquirer.com/philly/blogs/inq-phillydeals/PREIT-buys-15th--Walnut-corner.html.
12. ↑ Kostelni, Natalie (April 1, 2015). "PREIT closes on a $465M acquisition of a mall in Virginia". American City Business Journals. https://www.bizjournals.com/philadelphia/blog/real-estate/2015/04/preit-closes-on-a-465m-acquisition-of-a-mall-in.html.
13. ↑ Burdo, Alison (March 30, 2016). "PREIT sells 4 malls for $93M". American City Business Journals. https://www.bizjournals.com/philadelphia/morning_roundup/2016/03/preit-cre-sells-malls-lycoming.html.
14. ↑ 14.0 14.1 "PREIT Turns Over Wyoming Valley Mall in Deed-In-Lieu of Foreclosure". Commercial Real Estate Direct. September 27, 2019. https://www.crenews.com/general_news/general/preit-turns-over-wyoming-valley-mall-in-deed-in-lieu-of-foreclosure.html.
15. ↑ Allabaugh, Denise (October 1, 2019). "Wyoming Valley Mall avoids foreclosure". The Citizens' Voice. https://www.citizensvoice.com/news/wyoming-valley-mall-avoids-foreclosure-1.2539660.
16. ↑ "$74.3Mln CMBS Loan Against Pa. Mall Moves to Special Servicer as Vacancies Increase". Commercial Real Estate Direct. July 13, 2018. https://www.crenews.com/general_news/general/$743mln-cmbs-loan-against-pa-mall-moves-to-special-servicer-as-vacancies-increase.html.
17. ↑ Kostelni, Natalie (September 27, 2019). "PREIT gives mall back to lender". American City Business Journals. https://www.bizjournals.com/philadelphia/news/2019/09/27/preit-gives-mall-back-to-lender.html.
18. ↑ Harris, Jon (December 11, 2020). "PREIT, co-owner of Lehigh Valley Mall, emerges from bankruptcy". The Morning Call. https://www.mcall.com/business/mc-biz-lehigh-valley-mall-co-owner-preit-emerges-from-bankruptcy-20201211-kli6azynljhn5h75vga5vue2i4-story.html.
19. ↑ Harris, Jon (November 2, 2020). "PREIT, co-owner of Lehigh Valley Mall, files for bankruptcy with plans to quickly restructure". The Morning Call. https://www.mcall.com/business/mc-biz-preit-mall-owner-files-for-bankruptcy-20201102-m3n2a6jcjzhc5ba7p4luwhgdqu-story.html.
20. ↑ Adelman, Jacob (November 2, 2020). "Viewmont mall owner PREIT files for bankruptcy in restructuring bid amid COVID-19 headwinds". Scranton Times-Tribune. The Philadelphia Inquirer. https://www.thetimes-tribune.com/news/business/viewmont-mall-owner-preit-files-for-bankruptcy-in-restructuring-bid-amid-covid-19-headwinds/article_d4a9655e-bb2a-5b16-82c9-a3af58689034.html.
21. ↑ "Mall Landlord PREIT Faces $1.1 Billion in Debt Payments Next Month" (in en). November 14, 2023. https://www.costar.com/article/567798957/mall-landlord-preit-faces-11-billion-in-debt-payments-next-month.
22. ↑ "Pennsylvania Real Estate Investment Trust" (in en). December 11, 2023. https://businessbankruptcies.com/cases/pennsylvania-real-estate-investment-trust-2023.

## External links

* Business data for Pennsylvania Real Estate Investment Trust:

* Google Finance
* Yahoo! Finance
* Bloomberg
* SEC filings
* Nasdaq

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