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.