PHILADELPHIA--(BUSINESS WIRE)--The Trustees of Pennsylvania Real Estate Investment Trust (NYSE: PEI) (“PREIT”) today announced that Joseph F. Coradino will become Chief Executive Officer of the Company as of the Company’s Annual Meeting of Shareholders on June 7, 2012, succeeding Ronald Rubin, who will serve as Executive Chairman. Joseph Coradino has been with PREIT and a predecessor company for three decades, serving since 2004 as President of PREIT Services, LLC and PREIT-RUBIN, Inc., and as a member of the Office of the Chairman. He has been a Trustee of PREIT since 2006.
Ronald Rubin said, “Joe Coradino has been a highly valued member of our management team for more than 30 years and is one of the most talented and effective executives in the commercial real estate industry today. He has played an integral role in developing and executing PREIT’s strategic priorities, including driving ongoing improvement in the operating and sales performance of our mall portfolio. As we work to further build our leadership position in the shopping center industry, Joe is the ideal person to head PREIT. Our Board of Trustees and management team look forward to a seamless transition and to supporting Joe as our new Chief Executive.”
Joseph Coradino said, “It is an honor to lead PREIT into its next stage of its growth and success. We are operating from a position of strength today given the strides we have made in our development and redevelopment programs, diversifying our revenue streams and increasing occupancy, and improving our margins. With this strong foundation in place, we are poised to continue creating compelling experiences for our tenants and shoppers at our properties, as well as further enhancing value for our shareholders. As we do this, I am delighted to be able to continue to benefit from the unparalleled expertise and experience that Ron Rubin has long brought to PREIT.”
Ira Lubert, Chairman of the Nominating and Governance Committee of PREIT’s Board of Trustees, said, “Succession planning has been a key priority of Ron Rubin and our Board of Trustees, and the appointment of Joe Coradino as PREIT’s next Chief Executive marks the very successful culmination of our work. His talent and track record of accomplishment make clear that he is the ideal choice for the position. As we welcome Joe to this new role, we also thank Ron for his many years of exceptional, distinguished service to PREIT and the ongoing role he will play in shaping the Company’s next chapter of success.”
About Joseph Coradino
Joseph Coradino, 60, has spent his entire professional life in real estate development, management and leasing. He has served for the past eight years as the senior officer for PREIT’s retail operations and redevelopment projects as well as a member of the Office of the Chair of PREIT. He initially joined PREIT in 1997, when it acquired The Rubin Organization, a commercial property and development firm, where he was a senior executive. In addition to serving as a Trustee of PREIT, Joseph Coradino serves as a Trustee of the University of the Arts in Philadelphia.
About Ronald Rubin
Ronald Rubin, 80, is a highly accomplished and well-known leader in the real estate industry. He has served as CEO of PREIT since 1997, when The Rubin Organization, which he founded, was acquired by PREIT. He became Chairman of PREIT’s Board of Trustees in 2001. In addition to serving as a Trustee of the International Council of Shopping Centers, he is the co-Chairman of the National Museum of American Jewish History and a Director of PECO Energy Company, a subsidiary of Exelon Corporation. He has also been actively involved with prominent local organizations in Philadelphia, including as a director of the Regional Performing Arts Center, the past chairman of Center City District, the former president of the Jewish Federation of Greater Pennsylvania, and a former director of The Franklin Institute, the Philadelphia Orchestra, and the United Jewish Appeal.
About Pennsylvania Real Estate Investment Trust
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. Currently, the Company's portfolio consists of 49 properties, including 38 shopping malls, eight community and power centers, and three development properties. The Company's properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have approximately 33 million total square feet of space. PREIT is headquartered in Philadelphia, Pennsylvania. The Company's website can be found at www.preit.com. PREIT is publicly traded on the NYSE under the symbol PEI.
Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect our current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. In particular, our business might be materially and adversely affected by uncertainties affecting real estate businesses generally as well as the following, among other factors: our substantial debt and our high leverage ratio; constraining leverage, interest and tangible net worth covenants under our 2010 Credit Facility; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all, due in part to the effects on us of dislocations and liquidity disruptions in the capital and credit markets; our ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties or interests in properties, or through other actions; our short- and long-term liquidity position; current economic conditions and their effect on employment, consumer confidence and spending and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions and on our cash flows, and the value and potential impairment of our properties; general economic, financial and political conditions, including credit market conditions, changes in interest rates or unemployment; changes in the retail industry, including consolidation and store closings, particularly among anchor tenants; our ability to maintain and increase property occupancy, sales and rental rates, in light of the relatively high number of leases that have expired or are expiring in the next two years; increases in operating costs that cannot be passed on to tenants; risks relating to development and redevelopment activities; the effects of online shopping and other uses of technology on our retail tenants; concentration of our properties in the Mid-Atlantic region; changes in local market conditions, such as the supply of or demand for retail space, or other competitive factors; potential dilution from any capital raising transactions; possible environmental liabilities; our ability to obtain insurance at a reasonable cost; and existence of complex regulations, including those relating to our status as a REIT, and the adverse consequences if we were to fail to qualify as a REIT. Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed in the section of our Annual Report on Form 10-K in the section entitled “Item 1A. Risk Factors.” We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
Additional information about PREIT is available at www.preit.com.