PREIT
 | |
| Company type | Private |
|---|---|
| ISIN | US7091021078  |
| Industry | Real estate investment trust |
| Founded | 1960 |
| Founder | Sylvan M. Cohen |
| Headquarters | Philadelphia, Pennsylvania, U.S. |
Key people | Jared Chupaila, CEO Glenn Rufrano, Executive chairman |
| Products | Shopping centers |
| Website | preit |
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
[edit]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
[edit]Notable properties owned by PREIT are as follows:
References
[edit]- ^ Spires, Sheila W. (October 1, 2001). "PREIT founder and chairman Sylvan Cohen dies at 87". National Real Estate Investor.
- ^ "Rubin Organization is Being Sold for $260 Million". The New York Times. Bloomberg News. August 1, 1997.
- ^ "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.
- ^ "REIT is Buying 6 Philadelphia-Area Mall From Rouse". The New York Times. Bloomberg News. March 7, 2003.
- ^ "Pennsylvania Real Estate Investment Trust Announces Completion of Merger with Crown American Realty Trust" (Press release). Business Wire. November 20, 2003.
- ^ "Joseph Coradino Becomes Chief Executive Officer of PREIT" (Press release). Business Wire. June 7, 2012.
- ^ Harris, Jon (December 11, 2020). "PREIT, co-owner of Lehigh Valley Mall, emerges from bankruptcy". The Morning Call.
- ^ Harris, Jon (November 2, 2020). "PREIT, co-owner of Lehigh Valley Mall, files for bankruptcy with plans to quickly restructure". The Morning Call.
- ^ 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.
- ^ "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.
- ^ 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.