Pennsylvania REIT

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The Pennsylvia Real Estate Trust (ticker symbol PEI) was founded in 1960 by Sylvan M. Cohen to provide financing for developers and joint venture equity, so it was like an asset management company.

PREIT went into multifamily housing as developer and owner/manager, and stuck with that until it merged with The Rubin Organization in 1997. Then it concentrated on managing apartment buildings and retail centers.

So it was one of the first publicly held equity real estate trusts, and now invests in retail shopping malls, power centers and strip malls in the eastern area of the United States -- 13 states. It has paid dividends every quarter since 1962, and uses PREIT as its abbrevation. All of its properties can be reached by a two hour flight or drive from Philadelphia where company headquarters are.

PEI's current portfolio consists of 38 shopping malls, 11 strip and power centers, and 7 properties under development -- 56 in total. About 34 million square feet. Their headquarters are in Philadelphia Pennsylvania. It does have a DRIP -- Dividend ReInvestment Plan for small investors to reinvest dividends.

PREIT's president is Edward Glickman.

Their management subsidiaries are PREIT-Rubin, Inc and PREIT Services LLC.

PREIT itself manages, acquires, develops, constructs, leases and markets.

In 2003 PREIT merged with Crown American Realty Trust, acquiring 26 retail assets.

Pennsylvania REIT shopping centers include:

Wiregrass Commons in Dothan Alabama, Orlando Fashion Square in Orlando Florida, Valley Mall in Hagerstown Maryland, Dartmouth in Dartmouth Massachusetts, Woodland Mall in Grand Rapids Michigan, Cherry Hill Mall in Cherry Hill New Jersey, Jacksonville Mall in Jacksonville North Carolina, South Mall in Allentown Pennsylvania, Magnolia Mall in Florence South Carolina, Crossroads Mall in Beckley West Virginia, New River Valley Mall in Christianburg Virginia, Valley View Mall in La Crosse Wisconsin.

PREIT is seeing more demand for what's called "smart growth." Local governments want to support denser development projects that are transit-oriented. They want to preserve open space and be more ecological while providing for more people.

PREIT has already modernized some older shopping malls such as Plymouth Meeting Mall, Cherry Hill Mall and Voorhees Town Center.

Pennsylvania Real Estate Trust is strongly positioned to profit from retail consumer sales in the eastern U.S.

Next: What is the SL Green Realty Corporation -- Manhattan office buildings.

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