PREIT

{{Infobox company

| name = PREIT

| logo = PREIT Logo.svg

| type = Private

| traded_as =

| industry = Real estate investment trust

| foundation = {{start date and age|1960}}

| founder = Sylvan M. Cohen

| location = Philadelphia, Pennsylvania, U.S.

| key_people = {{nowrap|Jared Chupaila, CEO
Glenn Rufrano, Executive chairman}}

| products = Shopping centers

| website = {{URL|preit.com}}

| footnotes =

}}

PREIT is a privately held company that owns and develops shopping centers, mostly in the Mid-Atlantic states. 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.{{cite news | url=https://www.nreionline.com/mag/preit-founder-and-chairman-sylvan-cohen-dies-87 | title=PREIT founder and chairman Sylvan Cohen dies at 87 | first=Sheila W. | last=Spires | work=National Real Estate Investor | date=October 1, 2001}}{{Cite news |last=WSJ Staff |date=2023-10-14 |title=This Day in 1960: Eisenhower Signs Real Estate Investment Trust Act |url=https://www.wsj.com/livecoverage/stock-market-today-dow-jones-09-14-2023/card/this-day-in-1960-eisenhower-signs-real-estate-investment-trust-act-xnxhCHAxtmoHnsdX2luD |url-access=subscription |access-date=2025-01-04 |work=The Wall Street Journal}} In 1997, the company acquired The Rubin Organization for $260 million, and founder and chief executive officer Ronald Rubin became CEO of PREIT.{{cite news | url=https://www.nytimes.com/1997/08/01/business/rubin-organization-is-being-sold-for-260-million.html | title=Rubin Organization is Being Sold for $260 Million | agency=Bloomberg News | work=The New York Times | date=August 1, 1997 | url-access=subscription}}{{Cite web |last= |first= |date=1997-08-01 |title=RUBIN ORGANIZATION AGREES TO BE BOUGHT |url=https://wwd.com/feature/article-1114798-1783847/ |access-date=2025-01-04 |website=WWD |language=en-US}} In 2003, the company acquired six shopping malls from The Rouse Company.{{cite press release | url=https://www.businesswire.com/news/home/20030605005665/en/Pennsylvania-Real-Estate-Investment-Trust-Completes-Rouse | title=Pennsylvania Real Estate Investment Trust Completes Rouse Transaction; Company Closes Acquisition of Remaining Two Shopping Malls from The Rouse Company | publisher=Business Wire | date=June 5, 2003}}{{cite news | url=https://www.nytimes.com/2003/03/07/business/company-news-reit-is-buying-6-philadelphia-area-malls-from-rouse.html | title=REIT is Buying 6 Philadelphia-Area Mall From Rouse | agency=Bloomberg News | work=The New York Times | date=March 7, 2003 | url-access=subscription}} The company also acquired Crown American.{{cite press release | url=https://www.businesswire.com/news/home/20031120005730/en/Pennsylvania-Real-Estate-Investment-Trust-Announces-Completion | title=Pennsylvania Real Estate Investment Trust Announces Completion of Merger with Crown American Realty Trust | publisher=Business Wire | date=November 20, 2003}}

In 2012, Joseph Coradino was named chief executive officer of the company.{{cite press release | url=https://www.businesswire.com/news/home/20120607006376/en/Joseph-Coradino-Chief-Executive-Officer-PREIT | title=Joseph Coradino Becomes Chief Executive Officer of PREIT | publisher=Business Wire | date=June 7, 2012}}

The company filed for Chapter 11 bankruptcy protection on November 1, 2020, and exited bankruptcy protection on December 11, 2020.{{cite news |last1=Harris |first1=Jon |title=PREIT, co-owner of Lehigh Valley Mall, emerges from bankruptcy |url=https://www.mcall.com/business/mc-biz-lehigh-valley-mall-co-owner-preit-emerges-from-bankruptcy-20201211-kli6azynljhn5h75vga5vue2i4-story.html |work=The Morning Call |date=December 11, 2020}}{{cite news |last1=Harris |first1=Jon |title=PREIT, co-owner of Lehigh Valley Mall, files for bankruptcy with plans to quickly restructure |url=https://www.mcall.com/business/mc-biz-preit-mall-owner-files-for-bankruptcy-20201102-m3n2a6jcjzhc5ba7p4luwhgdqu-story.html |work=The Morning Call |date=November 2, 2020}}{{cite news |last1=Adelman |first1=Jacob |title=Viewmont mall owner PREIT files for bankruptcy in restructuring bid amid COVID-19 headwinds |url=https://www.thetimes-tribune.com/news/business/viewmont-mall-owner-preit-files-for-bankruptcy-in-restructuring-bid-amid-covid-19-headwinds/article_d4a9655e-bb2a-5b16-82c9-a3af58689034.html |work=Scranton Times-Tribune |agency=The Philadelphia Inquirer |date=November 2, 2020}}{{Cite web|url=https://www.costar.com/article/567798957/mall-landlord-preit-faces-11-billion-in-debt-payments-next-month|title=Mall Landlord PREIT Faces $1.1 Billion in Debt Payments Next Month| work=CoStar Group|date=November 14, 2023}}

On December 10, 2023, PREIT once again filed for Chapter 11 bankruptcy protection.{{cite web |url=https://businessbankruptcies.com/cases/pennsylvania-real-estate-investment-trust-2023 |date=December 11, 2023|access-date=December 11, 2023|website=BusinessBankruptcies.com|title=Pennsylvania Real Estate Investment Trust|language=en}} 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.{{Cite web|url=https://chainstoreage.com/preit-exits-chapter-11-new-ceo-takes-over|title=PREIT exits Chapter 11, new CEO takes over|date=April 2, 2024|access-date=April 2, 2024|website=Chain Store Age|language=en}}{{Cite web |last2=DiStefano |first1=Jake |last1=Blumgart |first2=Joseph N. |date=2024-04-03 |title=Philly mall owner PREIT emerges from its second bankruptcy with new leadership |url=https://www.inquirer.com/business/preit-bankruptcy-cherry-hill-mall-new-ceo-20240403.html |access-date=2024-04-03 |website=www.inquirer.com |language=en}}