Pennsylvania Real Estate Investment Trust

U.S. real estate company

PREITCompany type| Private

|

ISIN| US7091021078
Industry| Real estate investment trust
Founded| 1960; 64 years ago (1960)
Founder| Sylvan M. Cohen
Headquarters| Philadelphia, Pennsylvania, U.S.

Key people

| Jared Chupaila, CEO
Glenn Rufrano, Executive chairman
Products| Shopping centers
Website| preit.com

PREIT is a privately held company that owns and develops shopping centers, mostly in the Mid-Atlantic states. The company was formerly known as Pennsylvania Real Estate Investment Trust.

## History

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The company was founded by Sylvan M. Cohen (1914-2001) in 1960.[1] In 1997, the company acquired the Rubin Organization for $260 million.[2] In 2003, the company acquired 6 shopping malls from The Rouse Company.[3][4] The company also acquired Crown American.[5]

In 2012, Joseph Coradino was named chief executive officer of the company.[6]

The company filed for Chapter 11 bankruptcy protection on November 1, 2020, and exited bankruptcy protection on December 11, 2020.[7][8][9][10]

On December 10, 2023, PREIT once again filed for Chapter 11 bankruptcy protection.[11] The company exited its bankruptcy proceedings in April 2024 under the ownership of its former lenders and appointed Jared Chupaila as CEO.[12][13]

## Portfolio

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Notable properties owned by PREIT are as follows:

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 George's | 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

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1. ^ Spires, Sheila W. (October 1, 2001). "PREIT founder and chairman Sylvan Cohen dies at 87". National Real Estate Investor.
2. ^ "Rubin Organization is Being Sold for $260 Million". The New York Times. Bloomberg News. August 1, 1997.
3. ^ "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.
4. ^ "REIT is Buying 6 Philadelphia-Area Mall From Rouse". The New York Times. Bloomberg News. March 7, 2003.
5. ^ "Pennsylvania Real Estate Investment Trust Announces Completion of Merger with Crown American Realty Trust" (Press release). Business Wire. November 20, 2003.
6. ^ "Joseph Coradino Becomes Chief Executive Officer of PREIT" (Press release). Business Wire. June 7, 2012.
7. ^ Harris, Jon (December 11, 2020). "PREIT, co-owner of Lehigh Valley Mall, emerges from bankruptcy". The Morning Call.
8. ^ Harris, Jon (November 2, 2020). "PREIT, co-owner of Lehigh Valley Mall, files for bankruptcy with plans to quickly restructure". The Morning Call.
9. ^ 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.
10. ^ "Mall Landlord PREIT Faces $1.1 Billion in Debt Payments Next Month". CoStar Group. November 14, 2023.
11. ^ "Pennsylvania Real Estate Investment Trust". BusinessBankruptcies.com. December 11, 2023. Retrieved December 11, 2023.
12. ^ "PREIT exits Chapter 11, new CEO takes over". Chain Store Age. April 2, 2024. Retrieved April 2, 2024.
13. ^ Blumgart, Jake; DiStefano, Joseph N. (2024-04-03). "Philly mall owner PREIT emerges from its second bankruptcy with new leadership". www.inquirer.com. Retrieved 2024-04-03.

## External links

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* Official website

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* e

Pennsylvania Real Estate Investment Trust properties

Maryland|

* Francis Scott Key Mall
* The Mall at Prince Georges
* Valley Mall

Massachusetts|

* Dartmouth Mall

Michigan|

* Woodland Mall

New Jersey|

* Cherry Hill Mall
* Moorestown Mall

North Carolina|

* Jacksonville Mall

Pennsylvania|

* Capital City Mall
* Exton Square Mall
* Lehigh Valley Mall (50%, remaining share owned by Simon Property Group, managed by Simon)
* Plymouth Meeting Mall
* Springfield Mall (50%, remaining share owned by Simon)
* Viewmont Mall
* Willow Grove Park Mall

South Carolina|

* Magnolia Mall

Virginia|

* Patrick Henry Mall
* Springfield Town Center

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