Pennsylvania Real Estate Investment Trust
PRETM
Other OTC0.43
USD
+0.01
- -
ISIN
US7091026028
CUSIP
709102602
Return %
Stock
S&P500
1Y
-67.42
26.53
3Y
-96.06
76.60
5Y
-97.90
80.11
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Joseph F. Coradino
- Full Time Employees
- 149
- Sector
- Real Estate
- Industry
- REIT - Retail
- Address
- One Commerce Square Philadelphia PA United States of America 19103
- IPO Date
- Jan 20, 2017
- Website
- preit.com
- Similar Companies
- Business
- Pennsylvania Real Estate Investment Trust (PREIT) owns and operates a portfolio of retail properties, including regional malls, community centers, and lifestyle centers, primarily in the Mid-Atlantic, Northeastern, and other densely populated regions of the eastern United States. The company focuses on multi-family and hotel developments, health and tech integrations, retail offerings, essentials and grocery anchors, and experiential amenities; it manages over 23.5 million square feet of retail space across premier, market-dominant shopping destinations that serve as community-centric hubs for shopping, dining, entertainment, and lodging. Founded in 1960 and headquartered in Philadelphia, Pennsylvania, PREIT generates revenue principally from rental income derived from a diverse tenant base while pursuing redevelopment projects to adapt to e-commerce trends and consumer shifts. In April 2024, PREIT completes a pre-packaged bankruptcy reorganization, reducing total debt by approximately $835 million, securing $130 million in new debtor-in-possession and exit financing led by Redwood Capital Management, LLC and Nut Tree Capital Management, LP, and extinguishing existing equity interests including $384 million of preferred shares in exchange for a $10 million cash distribution. As part of the restructuring, PREIT transfers its equity interest in the Fashion District Philadelphia joint venture to partner Macerich in return for a full release of guarantees and indemnification on related loan obligations. The company appoints Jared Chupaila, formerly CEO of Brookfield Properties' retail division, as Chief Executive Officer effective immediately, with Glenn J. Rufrano as Executive Chairman; Joseph F. Coradino transitions to a consulting role following over 40 years of service, including navigation of the COVID-19 impacts on the mall sector. Post-restructuring, PREIT ceases to be an SEC reporting company and emphasizes portfolio optimization through asset sales, tenant repositioning, and mixed-use transformations.