Pennsylvania Real Estate Investment Trust

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Pennsylvania Real Estate Investment Trust
Public company
Traded as NYSEPEI
S&P 600 Component
Industry Real estate investment trust
Founded 1960 (1960)
Founder Sylvan M. Cohen
Headquarters Philadelphia, Pennsylvania
Key people
Joseph F. Coradino, Chairman & CEO[1]
Revenue Decrease US$0.399 billion (2016)[1]
Increase -US$0.011 billion (2016)[1]
Total assets Decrease US$2.616 billion (2016)[1]
Total equity Decrease US$0.702 billion (2016)[1]
Number of employees
347 (2016)[1]
Website www.preit.com

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

Investments[edit]

As of December 31, 2016, the company owned 30 properties in 9 states containing 21.7 million square feet.[1]

Notable properties owned by the company include the following:[1]

Mall Location Notes
Capital City Mall Camp Hill, Pennsylvania
Cherry Hill Mall Cherry Hill, New Jersey
Cumberland Mall Vineland, New Jersey
Dartmouth Mall Dartmouth, Massachusetts
Exton Square Mall Exton, Pennsylvania
Francis Scott Key Mall Frederick, Maryland
Lehigh Valley Mall Allentown, Pennsylvania 50% ownership with Simon Property Group. Simon manages the mall.
Logan Valley Mall Altoona, Pennsylvania
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
Susquehanna Valley Mall Selinsgrove, Pennsylvania Managed property
The Gallery at Market East, being renovated into Fashion Outlets of Philadelphia Philadelphia, Pennsylvania 50% ownership with Macerich, scheduled to reopen in 2018
The Mall at Prince Georges Hyattsville, Maryland
Valley Mall Hagerstown, Maryland
Valley View Mall La Crosse, Wisconsin
Viewmont Mall Scranton, Pennsylvania
Willow Grove Park Mall Willow Grove, Pennsylvania
Woodland Mall Grand Rapids, Michigan
Wyoming Valley Mall Wilkes-Barre, Pennsylvania

The company's largest tenants are as follows:[1]

Rank Tenant  % of Total Revenue
1 L Brands 3.9%
2 Foot Locker 3.7%
3 Signet Jewelers 3.0%
4 Gap Inc. 2.6%
5 American Eagle Outfitters 2.5%
6 J.C. Penney 2.2%
7 Ascena Retail Group 2.0%
8 Macy's 1.8%
9 Genesco 1.8%
10 Dick's Sporting Goods 1.7%

History[edit]

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 Realty Trust.[7]

In 2012, Joseph Coradino was named chief executive officer of the company.[8]

In 2013, the company sold 2 shopping centers for $87.3 million.[9]

In 2014, the company acquired a building in Philadelphia.[10]

In 2015, the company acquired Springfield Town Center for $465 million from Vornado Realty Trust.[11]

In 2016, the company sold 4 malls for $93 million.[12][13]

References[edit]

  1. ^ a b c d e f g h i j Pennsylvania Real Estate Investment Trust. 2016 Form 10-K Annual Report
  2. ^ "PREIT Celebrates 50 Years" (Press release). Business Wire. May 11, 2010. 
  3. ^ "Rubin Organization is Being Sold for $260 Million". Bloomberg News. The New York Times. August 1, 1997. 
  4. ^ Spires, Sheila W. (October 1, 2001). "PREIT founder and chairman Sylvan Cohen dies at 87". National Real Estate Investor. 
  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. 
  6. ^ "REIT is Buying 6 Philadephia-Area Mall From Rouse". Bloomberg News. The New York Times. March 7, 2003. 
  7. ^ "Pennsylvania Real Estate Investment Trust Announces Completion of Merger with Crown American Realty Trust" (Press release). Business Wire. November 20, 2003. 
  8. ^ "Joseph Coradino Becomes Chief Executive Officer of PREIT" (Press release). Business Wire. June 7, 2012. 
  9. ^ Sumner, Justin (October 1, 2013). "PREIT Divests Two Shopping Centers for $87.3M". CoStar Group. 
  10. ^ DiStefano, Joseph N. (January 29, 2014). "PREIT buys 15th & Walnut corner". The Philadelphia Inquirer. 
  11. ^ Kostelni, Natalie (April 1, 2015). "PREIT closes on a $465M acquisition of a mall in Virginia". American City Business Journals. 
  12. ^ Burdo, Alison (March 30, 2016). "PREIT sells 4 malls for $93M". American City Business Journals. 
  13. ^ Drummer, Randyl (January 26, 2016). "PREIT Selling Four Malls In Three States". CoStar Group. 

External links[edit]