PREIT is a privately held company that owns and develops shopping centers, mostly in the Mid-Atlantic states. The company was formerly known as the Pennsylvania Real Estate Investment Trust.
History
The company was founded by Sylvan M. Cohen (1914-2001) in 1960 following the passage of the Real Estate Investment Trust Act, which allowed real estate trusts to access money from public investment.[1][2] In 1997, the company acquired The Rubin Organization for $260 million, and founder and chief executive officer Ronald Rubin became CEO of PREIT.[3][4] In 2003, the company acquired six shopping malls from The Rouse Company.[5][6] The company also acquired Crown American.[7]
In 2012, Joseph Coradino was named chief executive officer of the company.[8]
The company filed for Chapter 11 bankruptcy protection on November 1, 2020, and exited bankruptcy protection on December 11, 2020.[9][10][11][12]
On December 10, 2023, PREIT once again filed for Chapter 11 bankruptcy protection.[13] The company exited its bankruptcy proceedings in April 2024 as a private company under the ownership of its former lenders and appointed Jared Chupaila as CEO.[14][15]
Portfolio
Notable properties owned by PREIT are as follows:
External links
References
- Sheila W. Spires. PREIT founder and chairman Sylvan Cohen dies at 87 National Real Estate Investor, October 1, 2001^
- WSJ Staff. This Day in 1960: Eisenhower Signs Real Estate Investment Trust Act The Wall Street Journal, 2023-10-14, retrieved 2025-01-04^
- Rubin Organization is Being Sold for $260 Million The New York Times, August 1, 1997^
- RUBIN ORGANIZATION AGREES TO BE BOUGHT WWD, 1997-08-01, retrieved 2025-01-04^
- Pennsylvania Real Estate Investment Trust Completes Rouse Transaction; Company Closes Acquisition of Remaining Two Shopping Malls from The Rouse Company Business Wire, June 5, 2003^
- REIT is Buying 6 Philadelphia-Area Mall From Rouse The New York Times, March 7, 2003^
- Pennsylvania Real Estate Investment Trust Announces Completion of Merger with Crown American Realty Trust Business Wire, November 20, 2003^
- Joseph Coradino Becomes Chief Executive Officer of PREIT Business Wire, June 7, 2012^
- Jon Harris. PREIT, co-owner of Lehigh Valley Mall, emerges from bankruptcy The Morning Call, December 11, 2020^
- Jon Harris. PREIT, co-owner of Lehigh Valley Mall, files for bankruptcy with plans to quickly restructure The Morning Call, November 2, 2020^
- Jacob Adelman. Viewmont mall owner PREIT files for bankruptcy in restructuring bid amid COVID-19 headwinds Scranton Times-Tribune, November 2, 2020^
- Mall Landlord PREIT Faces $1.1 Billion in Debt Payments Next Month CoStar Group, November 14, 2023^
- Pennsylvania Real Estate Investment Trust BusinessBankruptcies.com, December 11, 2023, retrieved December 11, 2023^
- PREIT exits Chapter 11, new CEO takes over Chain Store Age, April 2, 2024, retrieved April 2, 2024^
- Jake Blumgart, Joseph N. DiStefano. Philly mall owner PREIT emerges from its second bankruptcy with new leadership www.inquirer.com, 2024-04-03, retrieved 2024-04-03^