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 |
Revenue | US$261 million (2020) |
US$-259 million (2020) | |
Total assets | US$2.177 billion (2020) |
Total equity | US$126 million (2020) |
Number of employees | 175 (2020) |
Website | preit |
Footnotes /references [1] |
PREIT (Pennsylvania Real Estate Investment Trust) is a privately held company that owns and develops shopping centers mostly in the Mid-Atlantic states.
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]
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:
GGP Inc. was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa in 1954, and was headquartered in Chicago, Illinois from 2000. It was subject to the largest real estate bankruptcy in American history at the time of its filing in 2009.
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CBL Properties is an American real estate investment trust that invests in shopping centers and owns shopping malls, primarily in the Southeastern and Midwestern United States. The company is organized in Delaware with its headquarters in Chattanooga, Tennessee. The company's largest tenants are L Brands, Signet Jewelers, and Foot Locker.
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Cedar Realty Trust, Inc. is a real estate investment trust that invests in shopping centers. It is a subsidiary of Wheeler Real Estate Investment Trust. As of December 31, 2022, the company owned 19 properties with 2.9 million square feet of leasable space primarily in the Northeastern United States, including 7 properties in Pennsylvania. The company's major tenants are TJX Companies, Kohl's, Shaw's, Dollar Tree, and Walmart. The only notable property owned by the company is The Shoppes at Trexler.
Liberty Property Trust was a real estate investment trust that invested in office buildings and industrial properties. As of December 31, 2017, the company owned interests in 461 industrial and 48 office properties comprising 86.0 million square feet.
Willow Grove Park Mall is a three-story shopping mall located in the community of Willow Grove in Abington Township, Pennsylvania at the intersection of Easton Road and Moreland Road in the Philadelphia suburbs. The Willow Grove Park Mall contains over 120 stores - with Bloomingdale's, Primark, Macy's, Nordstrom Rack, and Tilted 10 as anchor stores - along with several restaurants including The Cheesecake Factory, TGI Fridays, and Yard House. It is owned by Pennsylvania Real Estate Investment Trust (PREIT) and is the third most profitable mall in the Philadelphia area. The mall features a carousel, scenic elevator, and formerly featured a fountain. In October, the fountain was illuminated pink for Breast Cancer Awareness Month.
The South Mall is an enclosed shopping mall located on Lehigh Street south of Interstate 78 exit 57 near Allentown's southern border with Salisbury Township and Emmaus in the Lehigh Valley region of eastern Pennsylvania.
Starwood Capital Group is an investment firm headquartered in Miami Beach, Florida. It is managed by Barry Sternlicht. It was co-founded by Sternlicht and Robert Faith in 1991. In 1993, Faith left Starwood to found Greystar Real Estate Partners.
CapitaLand is a real estate investment and management firm headquartered in Singapore.
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RAIT Financial Trust is a real estate investment trust owned by Fortress Investment Group that manages commercial real estate loans and properties. It is headquartered at 130 West 42nd Street, New York City.
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