PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

Previous company name

Name change date

Company Overview
The Pennsylvania Real Estate Investment Trust (PREIT), headquartered in Philadelphia Pennsylvania, USA, is an integrated, self-managed and self-administrated real estate investment trust (REIT). PREIT has a major investment focus on retail shopping malls and power centers. The company’s portfolio consists of approximately 56 retail properties that include 38 shopping malls, 11 strip and power centers and seven properties under development. Its properties are located primarily in the Mid-Atlantic region and eastern half of the United States. In addition, PREIT offers management, leasing and development services via principal subsidiaries PREIT Services, LLC (PREIT Services) and PREIT-RUBIN Inc. (PRI).
PREIT’s historical beginning goes back to 1960 when it was established by Sylvan M. Cohen and founded as one of the first publicly held equity REITs in the United States. In 1997, the company merged with the Rubin Organization, a commercial property development and management firm. In 2003, the firm changed its strategic focus from a diversified property base to retail. During that year, PREIT acquired six shopping malls from the Rouse Company (a publicly held shopping mall and community developer from 1956 until 2004), sold a number of multifamily residential properties, and completed a merger with the Crown American Realty Trust — a publicly held real estate investment trust.
Business Summary
Pennsylvania Real Estate Investment Trust (PREIT) is an integrated, self-managed and self-administered real estate investment trust (REIT). The Company primarily engaged in the ownership, management, leasing, development, redevelopment and acquisition of retail shopping malls and strip, and power centers. The Company has a primary investment focused on retail shopping malls and strip, and power centers located in the eastern half of the United States, primarily in the Mid-Atlantic region. As of December 31, 2009, the Company’s portfolio consisted of a total of 54 properties in 13 states, including 38 shopping malls, 13 strip and power centers, and three properties under development. The operating retail properties have a total of approximately 30.1 million square feet. The ground-up development portion of its portfolio contains three properties in two states, with two classified as mixed use (a combination of retail and other uses), and one classified as other.
Description and history
Pennsylvania Real Estate Investment Trust (PREIT) is an integrated, self-managed and self-administered real estate investment trust (REIT). The Company primarily engaged in the ownership, management, leasing, development, redevelopment and acquisition of retail shopping malls and strip, and power centers. The Company has a primary investment focused on retail shopping malls and strip, and power centers located in the eastern half of the United States, primarily in the Mid-Atlantic region. As of December 31, 2009, the Company’s portfolio consisted of a total of 54 properties in 13 states, including 38 shopping malls, 13 strip and power centers, and three properties under development. The operating retail properties have a total of approximately 30.1 million square feet. The ground-up development portion of its portfolio contains three properties in two states, with two classified as mixed use (a combination of retail and other uses), and one classified as other.

In May 2009, the Company sold an outparcel and related land improvements containing an operating restaurant at Monroe Marketplace in Selinsgrove, Pennsylvania. In June 2009, it sold a two outparcels and related improvements adjacent to North Hanover Mall in Hanover, Pennsylvania. In August 2009, the Company sold Crest Plaza in Allentown, Pennsylvania. In October 2009, the Company sold two outparcels and related improvements adjacent to Monroe Marketplace in Selinsgrove.

The Company holds its interest in its portfolio of properties through its operating partnership, PREIT Associates, L.P. (PREIT Associates). The Company is the sole general partner of the PREIT Associates and, as of December 31, 2009, the Company held a 95% controlling interest in the PREIT Associates. The Company provides its management, leasing and real estate development services through its subsidiaries PREIT Services, LLC (PREIT Services), which generally develops and manages properties that the Company consolidates, and PREIT-RUBIN, Inc. (PRI), which generally develops and manages properties that the Company does not consolidate, including properties, in which the Company owns an interest and properties that are owned by third-parties in which, the Company does not have an interest.

The Company’s retail properties have a total of approximately 34.6 million square feet, of which the Company and partnerships in which it owns an interest approximately 26.7 million square feet. The Company’s malls include national or regional department stores, large format retailers or other anchors and a diverse mix of national, regional and local in-line stores offering apparel (women’s, family, teen), shoes, eyewear, cards and gifts, jewelry, books/music/movies and sporting goods, among other things. The Company’s malls have restaurants and/or food courts and parking, and some of the malls have multi-screen movie theaters and other entertainment options, either as part of the mall or on outparcels around the perimeter of the mall property. In addition, many of its malls also have restaurants, banks or other stores located on outparcels. In their geographic trade areas, the Company’s malls frequently serve as a type of town square, a central place for community, promotional and charitable events.

The largest mall in the Company’s retail portfolio contains approximately 1.3 million square feet and 139 stores, and the smallest contains approximately 0.4 million square feet and 46 stores. The power centers in its retail portfolio range from 165,000 to 780,000 square feet, while the strip centers range from 235,000 square feet to 275,000 square feet. The Company generates revenue from rent received under leases with tenants for space at retail properties in its real estate portfolio.

Established by Sylvan M. Cohen; Founded as one of the first publicly held equity REITs in the United States

Business Line
Integrated, self-managed and self-administrated real estate investment trust (REIT)
Subsidiary
CHERRY HILL CENTER, LLC
Advisor
KPMG LLP
IPO date

US SIC Code
6798
Company Address
The Bellevue
200, South Broad Street
City province or state postal code
19102, PHILADELPHIA, PA
Phone: +1 215 875 0700
Fax: +1 215 546 7311
Country address: UNITED STATES OF AMERICA
Website url: www.preit.com