Pennsylvania Real Estate Investment Trust
| Public company | |
| Traded as | : 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 |
| Revenue |
 $0.399 billion (2016) |
 -$0.011 billion (2016) |
|
| Total assets |
$2.616 billion (2016) |
| Total equity |
$0.702 billion (2016) |
|
Number of employees
|
347 (2016) |
| Website | www |
Pennsylvania Real Estate Investment Trust is a publicly traded real estate investment trust that invests in shopping centers in the Mid-Atlantic states.
As of December 31, 2016, the company owned 30 properties in 9 states containing 21.7 million square feet.
Notable properties owned by the company include the following:
The company's largest tenants are as follows:
The company was founded by Sylvan M. Cohen in 1960 as one of the first equity REITs.
In 1997, the company acquired the Rubin Organization for $260 million.
In 2001, founder Sylvan Cohen died.
In 2003, the company acquired 6 shopping malls from The Rouse Company. The company also acquired Crown American Realty Trust.
In 2006, the company acquired Woodland Mall for $177.4 million.
In 2012, Joseph Coradino was named chief executive officer of the company.
In 2013, the company sold 2 shopping centers for $87.3 million.
In 2014, the company acquired a building in Philadelphia.
In 2015, the company acquired Springfield Town Center for $465 million from Vornado Realty Trust.
In 2016, the company sold 4 malls for $93 million.
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Wikipedia