A Storied History and a Bright Future
PREIT (NYSE:PEI) is a publicly-traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pennsylvania, the company owns and operates over 22 million square feet of retail space in the eastern half of the United States with a concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures
Founded in 1960, by Sylvan M. Cohen, PREIT became known as one of the first companies to reach REIT status. The company has grown substantially since its establishment, driven initially by the vision and leadership of Mr. Cohen and then by his successor, Ronald Rubin. In 2012, PREIT welcomed Joseph F. Coradino as its new CEO, only the third in the company’s history.
Today, the company is poised for continued growth and success. PREIT has established a stable platform with a flexible balance sheet, a realizable redevelopment pipeline and organic NOI growth opportunities. PREIT has created a portfolio comprised largely of major-market assets with superior demographics. With a stronger portfolio, PREIT continues to improve the communities in which its properties are located and create value for shareholders, employees and customers.
Key Company Milestones
1960: Founded as one of the first publicly held REITs in the US
1970: Started trading on the American Stock Exchange under ticker symbol PEI
1997: Merged with The Rubin Organization, with Ronald Rubin named CEO; Trading moved to the New York Stock Exchange
2003: Strategic focus changes from a diversified property base to one focused on retail; Acquired six-mall portfolio from The Rouse Company; Sold all multi-family properties; Completed merger with Crown American Trust, acquiring 26 retail assets
2012: Joseph F. Coradino named CEO; Outlined strategy focused on improving portfolio quality and the balance sheet while enhancing operating performance to position company for growth
2013: Beginning of asset disposition program, aimed at improving overall portfolio quality
2014: Formed joint-venture with Macerich to redevelop the Gallery at Market East into the Fashion District Philadelphia
2015: Acquired Springfield Town Center in Fairfax County, VA from Vornado Realty Trust; Philadelphia City Council approves legislation leading to the redevelopment of Fashion District Philadelphia; Century 21 opens 1st store outside of New York Metro at Fashion District Philadelphia
2016: Relaunched the new and improved PREIT.com to coincide with the company’s enhanced portfolio
2017: Sold 17th low-productivity mall revealing high-quality platform with improved growth profile.
2018: Implemented and completed anchor repositioning program.
2019: Fashion District Philadelphia officially opened in September 2019 with a successful four-day launch weekend to celebrate Philadelphia’s newest shopping, dining, entertainment and cultural destination.
2020: PREIT relocates its corporate office to a brand new space at 2005 Market Street.