PREIT
| Company type | Private |
|---|---|
| Industry | Real estate investment trust |
| Founded | 1960 |
| Founder | Sylvan M. Cohen |
Area served | Mid-Atlantic states, United States |
Key people | Jared Chupaila (CEO) |
| Products | Shopping centers ownership and development |
PREIT operates as a private enterprise focused on the ownership and development of shopping centers, with a concentration in the Mid-Atlantic states. Originally established in 1960 under the name Pennsylvania Real Estate Investment Trust by Sylvan M. Cohen, the company was created in response to the Real Estate Investment Trust Act, which allowed for public investment opportunities in real estate trusts.
History
PREIT significantly broadened its operations in 1997 by acquiring The Rubin Organization for $260 million, subsequently naming Ronald Rubin as CEO. The company continued its expansion by purchasing six retail malls from The Rouse Company and completing a merger with Crown American in 2003, thereby strengthening its position within the retail property sector.
Leadership transitioned to Joseph Coradino in 2012, who directed the company until PREIT filed for Chapter 11 bankruptcy protection on November 1, 2020, a move driven by financial difficulties intensified by the COVID-19 pandemic. The firm emerged from bankruptcy proceedings by December 2020.
Confronted with persistent financial strain and upcoming debt obligations totaling $1.1 billion due in late 2023, PREIT initiated a second Chapter 11 bankruptcy filing on December 10, 2023. The restructuring concluded in April 2024, resulting in PREIT becoming a privately held company under the ownership of its former creditors. Jared Chupaila was appointed CEO to oversee the company's renewed strategic initiatives and growth plans.
Portfolio
PREIT manages a diverse collection of prominent retail centers across various U.S. locations:
| Mall | Location | Notes |
|---|---|---|
| Capital City Mall | Camp Hill, Pennsylvania | |
| Cherry Hill Mall | Cherry Hill, New Jersey | |
| Dartmouth Mall | Dartmouth, Massachusetts | |
| Francis Scott Key Mall | Frederick, Maryland | |
| Jacksonville Mall | Jacksonville, North Carolina | |
| Lehigh Valley Mall | Whitehall, Pennsylvania | Co-owned equally with Simon Property Group, which also manages the property. |
| Magnolia Mall | Florence, South Carolina | |
| Moorestown Mall | Moorestown, New Jersey | |
| Patrick Henry Mall | Newport News, Virginia | |
| Plymouth Meeting Mall | Plymouth Meeting, Pennsylvania | |
| Springfield Mall | Springfield, Pennsylvania | Jointly owned (50%) alongside Simon Property Group. |
| Springfield Town Center | Springfield, Virginia | |
| The Mall at Prince George's | Hyattsville, Maryland | |
| Valley Mall | Hagerstown, Maryland | |
| Viewmont Mall | Scranton/Dickson City, Pennsylvania | |
| Willow Grove Park Mall | Willow Grove, Pennsylvania | |
| Woodland Mall | Grand Rapids, Michigan |