Pennsylvania Real Estate Investment Trust is a publicly traded
real estate investment trust
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...
that invests in
shopping center
A shopping center (American English) or shopping centre (Commonwealth English), also called a shopping complex, shopping arcade, shopping plaza or galleria, is a group of shops built together, sometimes under one roof.
The first known collec ...
s mostly in the
Mid-Atlantic states.
History
The company was founded by Sylvan M. Cohen in 1960 as one of the first equity REITs.
[ In 1997, the company acquired the Rubin Organization for $260 million. In 2001, founder Sylvan Cohen died. In 2003, the company acquired 6 shopping malls from ]The Rouse Company
The Rouse Company, founded by Hunter Moss and James W. Rouse in 1939, was a publicly held shopping mall and community developer from 1956 until 2004, when General Growth Properties (GGP) purchased the company.
Beginnings - Moss-Rouse Company
T ...
. The company also acquired Crown American
Crown American is a privately held American company that manages and develops commercial real estate. The corporate headquarters is in downtown Johnstown, Pennsylvania, in a building designed by architect Michael Graves.
History
The company wa ...
. In 2006, the company acquired Woodland Mall
Woodland Mall is an enclosed super-regional shopping mall located in Kentwood, Michigan, a suburb of Grand Rapids. It comprises over 100 tenants in of retail space, with three anchor stores (Macy's, JCPenney, and Von Maur), along with Barnes ...
for $177.4 million. In 2012, Joseph Coradino was named chief executive officer of the company.
In 2013, the company sold Christiana Center and Commons at Magnolia for $87.3 million. In 2014, the company acquired a building in Philadelphia. In 2015, the company acquired Springfield Town Center for $465 million from Vornado Realty Trust
Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
Investments
Notable properties owned by the ...
. In 2016, the company sold 4 malls for $93 million. In 2019, the company turned Wyoming Valley Mall
Wyoming Valley Mall is a shopping mall located in Wilkes-Barre Township, Pennsylvania. It is anchored by JCPenney and Macy's.
History
Work began on the mall in April 1968, when the land was purchased from the Blue Coal Corporation. Illegally dum ...
over to its mortgage holder, GS Mortgage Securities Trust, to avoid foreclosure after failing to find a buyer for the property.[ The mall had lost almost 75% of its 2014 $122 million value before being turned over.
The company filed for ]Chapter 11 bankruptcy
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whe ...
protection on November 1, 2020, and exited bankruptcy protection on December 11, 2020.
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.[
As of November 2022, PREIT owned the following notable properties:
]
References
External links
{{Authority control
Financial services companies established in 1960
Real estate companies established in 1960
1960 establishments in Pennsylvania
Companies based in Philadelphia
Companies listed on the New York Stock Exchange
Real estate investment trusts of the United States
Shopping center management firms
Companies that filed for Chapter 11 bankruptcy in 2020
American companies established in 1960