Pennsylvania Real Estate Investment Trust
Public company | |
Traded as |
NYSE: PEI S&P 600 component |
Industry | Real estate investment trust |
Founded | 1960 |
Founder | Sylvan M. Cohen |
Headquarters | Philadelphia, Pennsylvania |
Key people |
Joseph F. Coradino, Chairman & CEO Robert F. McCadden, CFO |
Products | Shopping centers |
Revenue |
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| |
Total assets |
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Total equity |
|
Number of employees | 297 (2017) |
Website |
www |
Footnotes / references [1] |
Pennsylvania Real Estate Investment Trust is a publicly traded real estate investment trust that invests in shopping centers in the Mid-Atlantic states.
Portfolio
As of December 31, 2017, the company owned interest in 29 properties in 9 states containing 20.2 million square feet.[1]
Notable properties owned by the company include the following:[1]
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 Realty Trust.[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 2 shopping centers 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]
References
- 1 2 3 4 "Pennsylvania Real Estate Investment Trust. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ↑ "PREIT Celebrates 50 Years" (Press release). Business Wire. May 11, 2010.
- ↑ "Rubin Organization is Being Sold for $260 Million". The New York Times. Bloomberg News. August 1, 1997.
- ↑ Spires, Sheila W. (October 1, 2001). "PREIT founder and chairman Sylvan Cohen dies at 87". National Real Estate Investor.
- ↑ "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.
- ↑ "REIT is Buying 6 Philadelphia-Area Mall From Rouse". The New York Times. Bloomberg News. March 7, 2003.
- ↑ "Pennsylvania Real Estate Investment Trust Announces Completion of Merger with Crown American Realty Trust" (Press release). Business Wire. November 20, 2003.
- ↑ "Pennsylvania Real Estate Investment Trust Acquires Woodland Mall in Grand Rapids, Michigan" (Press release). Business Wire. January 3, 2006.
- ↑ "Joseph Coradino Becomes Chief Executive Officer of PREIT" (Press release). Business Wire. June 7, 2012.
- ↑ Sumner, Justin (October 1, 2013). "PREIT Divests Two Shopping Centers for $87.3M". CoStar Group.
- ↑ DiStefano, Joseph N. (January 29, 2014). "PREIT buys 15th & Walnut corner". The Philadelphia Inquirer.
- ↑ Kostelni, Natalie (April 1, 2015). "PREIT closes on a $465M acquisition of a mall in Virginia". American City Business Journals.
- ↑ Burdo, Alison (March 30, 2016). "PREIT sells 4 malls for $93M". American City Business Journals.
- ↑ Drummer, Randyl (January 26, 2016). "PREIT Selling Four Malls In Three States". CoStar Group.
External links
- Business data for Pennsylvania Real Estate Investment Trust: Google Finance
- Yahoo! Finance
- Bloomberg
- Reuters
- SEC filings