PREIT
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Company type | Private |
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| Headquarters | Philadelphia, Pennsylvania, U.S. |
Key people | Jared Chupaila, CEO Glenn Rufrano, Executive chairman |
| Products | Shopping centers |
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| Website | preit |
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PREIT (an initialism of its former name, Pennsylvania Real Estate Investment Trust) is a privately held company that owns and develops shopping centers, mostly in the Mid-Atlantic states.
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:
References
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- ^ Page Module:Citation/CS1/styles.css has no content.Spires, Sheila W. (October 1, 2001). "PREIT founder and chairman Sylvan Cohen dies at 87". National Real Estate Investor.
- ^ Page Module:Citation/CS1/styles.css has no content.WSJ Staff (2023-10-14). "This Day in 1960: Eisenhower Signs Real Estate Investment Trust Act". The Wall Street Journal. Retrieved 2025-01-04.
- ^ Page Module:Citation/CS1/styles.css has no content."Rubin Organization is Being Sold for $260 Million". The New York Times. Bloomberg News. August 1, 1997.
- ^ Page Module:Citation/CS1/styles.css has no content."RUBIN ORGANIZATION AGREES TO BE BOUGHT". WWD. 1997-08-01. Retrieved 2025-01-04.
- ^ Page Module:Citation/CS1/styles.css has no content."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.
- ^ Page Module:Citation/CS1/styles.css has no content."REIT is Buying 6 Philadelphia-Area Mall From Rouse". The New York Times. Bloomberg News. March 7, 2003.
- ^ Page Module:Citation/CS1/styles.css has no content."Pennsylvania Real Estate Investment Trust Announces Completion of Merger with Crown American Realty Trust" (Press release). Business Wire. November 20, 2003.
- ^ Page Module:Citation/CS1/styles.css has no content."Joseph Coradino Becomes Chief Executive Officer of PREIT" (Press release). Business Wire. June 7, 2012.
- ^ Page Module:Citation/CS1/styles.css has no content.Harris, Jon (December 11, 2020). "PREIT, co-owner of Lehigh Valley Mall, emerges from bankruptcy". The Morning Call.
- ^ Page Module:Citation/CS1/styles.css has no content.Harris, Jon (November 2, 2020). "PREIT, co-owner of Lehigh Valley Mall, files for bankruptcy with plans to quickly restructure". The Morning Call.
- ^ Page Module:Citation/CS1/styles.css has no content.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.
- ^ Page Module:Citation/CS1/styles.css has no content."Mall Landlord PREIT Faces $1.1 Billion in Debt Payments Next Month". CoStar Group. November 14, 2023.
- ^ Page Module:Citation/CS1/styles.css has no content."Pennsylvania Real Estate Investment Trust". BusinessBankruptcies.com. December 11, 2023. Retrieved December 11, 2023.
- ^ Page Module:Citation/CS1/styles.css has no content."PREIT exits Chapter 11, new CEO takes over". Chain Store Age. April 2, 2024. Retrieved April 2, 2024.
- ^ Page Module:Citation/CS1/styles.css has no content.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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