Profile: Pennsylvania Real Estate Investment Trust (PEI)
23 May 2019
Pennsylvania Real Estate Investment Trust (PREIT), incorporated on September 29, 1997, is a self-managed and self-administered real estate investment trust (REIT). 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 is engaged in the ownership, management, leasing, acquisition, redevelopment, development and disposition of shopping malls. 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. As of December 31, 2016, the Company owned interests in 30 retail properties, of which 26 were operating properties and four were development or redevelopment properties. As of December 31, 2016, the Company's 26 operating properties included 22 shopping malls and four other retail properties, with a total of 21.7 million square feet and were located in nine states.
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 and men's), shoes, eyewear, cards and gifts, jewelry, sporting goods, home furnishings and personal care items. 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.
As of December 31, 2016, the Company's largest mall in its retail portfolio was of approximately 1.4 million square feet and contained 131 stores, and the smallest was of 0.5 million square feet and contained 72 stores. The other retail assets in its retail portfolio range from 370,000 to 780,000 square feet. As of December 31, 2016, the Company's properties included Capital City Mall, Camp Hill, Pennsylvania; Cherry Hill Mall, Cherry Hill, New Jersey; Cumberland Mall, Vineland, New Jersey; Dartmouth Mall, Dartmouth, Massachusetts; Exton Square Mall, Exton, Pennsylvania; Francis Scott Key Mall, Frederick, Maryland; Jacksonville Mall, Jacksonville, North Carolina; Logan Valley Mall, Altoona, Pennsylvania; Moorestown Mall, Moorestown, New Jersey; Patrick Henry Mall, Newport News, Virginia; Plymouth Meeting Mall, Plymouth Meeting, Pennsylvania; The Mall at Prince Georges, Hyattsville, Maryland; Willow Grove Park, Willow Grove, Pennsylvania, and Wyoming Valley Mall, Wilkes-Barre, Pennsylvania.
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