PREIT
U.S. real estate company
From Wikipedia, the free encyclopedia
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.
 | |
| 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 |
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: