Profile: Pennsylvania Real Estate Investment Trust (PEI.N)
20 Oct 2016
Pennsylvania Real Estate Investment Trust (PREIT), incorporated on September 29, 1997, is an integrated, self-managed and self-administered real estate investment trust (REIT). The Company has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. The Company is engaged in the ownership, management, leasing, acquisition, redevelopment, development and disposition of shopping malls. The Company owns interests in approximately 33 retail properties, of which over 29 are operating properties and over four are development properties. Its operating properties include over 25 shopping malls and over four other retail properties, have a total of approximately 24.3 million square feet and are located in over 10 states. The development and redevelopment portion of its portfolio contains over four properties in approximately three states, with over two are classified as mixed use (a combination of retail and other uses), one is classified as retail (redevelopment of The Gallery at Market East into the Fashion Outlets of Philadelphia) and one classified as other.
The Company's primary business is owning and operating retail shopping malls, which it does primarily through operating partnership, PREIT Associates, L.P. (PREIT Associates). The Company's malls include tenants that are national or regional department stores, large format retailers or other anchors and a mix of national, regional and local in-line stores offering apparel (women's, family, teen, children's, men's), shoes, eyewear, cards and gifts, jewelry, sporting goods, home furnishings and personal care items, among other things. Its malls have restaurants and food courts, and some of the malls have multi-screen movie theatres and other entertainment options, either as part of the mall or on outparcels around the perimeter of the mall property. In addition, its malls also have outparcels containing restaurants, banks or other stores. In its geographic trade areas, its malls serve as a central place for community, promotional and charitable events. The largest mall in its retail portfolio is of approximately 1.4 million square feet and contains over 115 stores, and the smallest is of over 0.5 million square feet and contains approximately 52 stores. The other retail assets in its retail portfolio range from 370,000 to 780,000 square feet.
The Company's portfolio of properties includes Premier Malls, Core Growth Malls and Non Core Malls. Premier group include properties, such as Cherry Hill Mall in Cherry Hill, New Jersey, Willow Grove Park in suburban Philadelphia, Pennsylvania, and Springfield Town Center, a mall in Springfield, Virginia. Its Core Growth Malls are divided into Core Growth Malls- Major Markets and Core Growth Malls- Market Dominant. The Core Growth Malls-Major Markets group consists of malls that are located in the over 50 metropolitan statistical areas (MSAs), such as Philadelphia, Pennsylvania and Washington, D.C., and include properties, such as The Mall at Prince George's and Francis Scott Key Mall in the Washington, D.C. MSA, and Moorestown Mall and Springfield Mall in the Philadelphia MSA. The Core Growth Malls-Market Dominant group consists of malls that are located in other MSAs, and include properties, such as Viewmont Mall in Scranton, Pennsylvania, Capital City Mall located near Harrisburg, Pennsylvania and Wyoming Valley Mall in Wilkes-Barre, Pennsylvania. Its portfolio also includes other retail properties, including power centers, street level retail, office properties and properties under redevelopment.
The Company provides management, leasing and real estate development services through its subsidiaries, such as PREIT Services, LLC (PREIT Services) and PREIT-RUBIN, Inc. (PRI). PREIT Services develops and manages properties that it consolidate for financial reporting purposes, and PRI develops and manages properties that it do not consolidate for financial reporting purposes, including properties owned by partnerships.
Pennsylvania Real Estate Investment Trust
200 S Broad St
PHILADELPHIA PA 19102-3803