Philadelphia -- The trustees of Pennsylvania Real Estate Investment Trust (“PREIT”) announced that Joseph F. Coradino will become CEO of the company as of the company’s annual meeting on June 7, succeeding Ronald Rubin, who will serve as executive chairman.
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.
“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,” Rubin said. “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.”
PREIT, founded in 1960 and one of the first equity REITs in the United States, has a primary investment focus on retail shopping malls. Currently, its 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.