PHILADELPHIA, Oct. 18 /PRNewswire/ -- Pennsylvania Real Estate Investment
Trust (PREIT) (NYSE: PEI) announced today that its Board of Trustees has named
Ronald Rubin as Chairman of the Board of Trustees. Mr. Rubin has served as
PREIT's Chief Executive Officer and a Trustee since 1997. He will continue to
serve as PREIT's Chief Executive Officer. Mr. Rubin assumes the role of
Chairman from the Company's founder, Sylvan M. Cohen, who recently passed
away.
Mr. Rubin began his career in 1953 when he joined Richard I. Rubin and Co.
Inc. and served it in a number of capacities. He served as chairman and chief
executive officer of The Rubin Organization Inc., a full service real estate
company, for over 25 years until it was acquired by PREIT in 1997. Mr. Rubin
is a past President of the Greater Philadelphia Chamber of Commerce and has
served on numerous boards and other leadership positions in the Philadelphia
community. In the early 1990's Mr. Rubin was instrumental in the organization
of the Center City District, which is funded by local businesses to assure a
cleaner, safer downtown in Philadelphia. He is a director of Exelon
Corporation (NYSE: EXC) (formerly PECO Energy Corporation) and is a Trustee of
the International Council of Shopping Centers.
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 shopping
centers (approximately 10.7 million square feet) and apartment communities
(approximately 7,242 units) located primarily in the eastern United States.
The Company's portfolio currently consists of 45 properties in 10 states. In
addition, there are 6 retail properties under development, which PREIT expects
will add approximately 1.6 million square feet to its portfolio. PREIT is
headquartered in Philadelphia, Pennsylvania.
To receive additional information on Pennsylvania Real Estate Investment
Trust please visit the Company's website at http://www.preit.com .
SOURCE Pennsylvania Real Estate Investment Trust
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Related links:
http://www.preit.com
CONTACT:
Edward A. Glickman, Executive Vice President
and CFO of Pennsylvania Real Estate Investment Trust,
+1-215-875-0700, or General, Joe Calabrese, +1-212-445-8434,
Analysts, Georganne Palffy, +1-312-266-7800, or Media, Judith
Sylk-Siegel, +1-212-445-8431, all of FRB Weber Shandwick
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