PREIT (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 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.[7] In 2006, the company acquired
Woodland Mall for $177.4 million.[8] In 2012, Joseph Coradino was named chief executive officer of the company.[9]
In 2013, the company sold Christiana Center and Commons at Magnolia for $87.3 million.[10] In 2014, the company acquired a building in Philadelphia.[11] In 2015, the company acquired Springfield Town Center for $465 million from
Vornado Realty Trust.[12] In 2016, the company sold 4 malls for $93 million.[13] In 2019, the company turned
Wyoming Valley Mall over to its mortgage holder, GS Mortgage Securities Trust, to avoid foreclosure after failing to find a buyer for the property.[14][15] It owed $72.8 million on the loan, which had been in special servicing since July 2018.[14][16] The mall had lost almost 75% of its 2014 $122 million value before being turned over.[17]
The company filed for
Chapter 11 bankruptcy protection on November 1, 2020, and exited bankruptcy protection on December 11, 2020.[18][19][20] In November 2023, PREIT announced that it may have to file for another bankruptcy filing and that it may be unable to continue operations as it overcomes a $1.1 billion payment that was due by the end of 2023, and stated that it will likely be unable to pay the payment before the deadline.[21]
On December 10, 2023, PREIT once again filed for Chapter 11 bankruptcy protection, with plans to restructure and complete its bankruptcy procedure by February 2024.[22] The company exited its bankruptcy proceedings in April 2024, and announced Jared Chupaila, former CEO of Brookfield Properties' retail real estate vertical, would replace Joseph F. Coradino as the company's CEO.[23] The company is now a private company controlled by a small group of investment firms that purchased its debt.[24]
Portfolio
According to a report from December 31, 2020, the company owned interest in 26 properties in 9 states containing 19.8 million square feet.[1]
As of November 2022, PREIT owned the following notable properties: