PREIT is a privately held company that owns and develops
shopping center
A shopping center in American English, shopping centre in English in the Commonwealth of Nations, Commonwealth English (see American and British English spelling differences#-re, -er, spelling differences), shopping complex, shopping arcade, ...
s, mostly in the
Mid-Atlantic states
The Mid-Atlantic is a region of the United States located in the overlap between the nation's Northeastern and Southeastern states. Traditional definitions include seven U.S. states: New York, New Jersey, Pennsylvania, Delaware, Maryland, Virg ...
. The company was formerly known as Pennsylvania Real Estate Investment Trust.
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. In 1997, the company acquired The Rubin Organization for $260 million, and founder and chief executive officer Ronald Rubin became CEO of PREIT. In 2003, the company acquired six shopping malls from
The Rouse Company
The Rouse Company was a publicly traded shopping mall and community developer from 1956 until 2004, when GGP Inc., General Growth Properties (GGP) purchased the company. It was founded by Hunter Moss and James Rouse, James W. Rouse in 1939.
Begin ...
. The company also acquired
Crown American.
In 2012, Joseph Coradino was named chief executive officer of the company.
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, w ...
protection on November 1, 2020, and exited bankruptcy protection on December 11, 2020.
On December 10, 2023, PREIT once again filed for Chapter 11 bankruptcy protection. 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.
Portfolio
Notable properties owned by PREIT are as follows:
References
External links
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{{Authority control
1960 establishments in Pennsylvania
American companies established in 1960
Companies based in Philadelphia
Companies formerly listed on the New York Stock Exchange
Companies that filed for Chapter 11 bankruptcy in 2020
Companies that filed for Chapter 11 bankruptcy in 2023
Financial services companies established in 1960
Real estate companies established in 1960
Real estate investment trusts of the United States
Shopping center management firms