PREIT reduced its debt load in bankruptcy reorganization by $800 million but still has to manage payments on more than $1 billion in other debt at today’s higher rates.
Some of PREIT's properties, especially the Cherry Hill Mall, are among the biggest shopping destinations in the Philadelphia region.as a private company controlled by a small group of investment firms that purchased its debt. The new owners will look to squeeze more profit from its legacy collection of Philadelphia- and Washington-area shopping malls, some of which have struggled in the age of online retail.
The tenure of Joseph F. Coradino, chief executive since 2012, ended April 1. He will be retained as a consultant for six months by the new owners and can expect a severance payment of at least $4 million, according to an Inquirer’s analysis of 2023 PREIT financial documents. The company’s former board members, whoJared Chupaila, based in Chicago, will take over as CEO.
“The company will remain based here, PREIT will be its brand, and Jared does have a young family in Chicago, but he will be here every week and will spend most of his time here,” Rufrano said. “I take the Acela, and I’m here in an hour and 10 minutes, so this is pretty easy. It’s very important to be in the field to see these assets, understand these assets, and know the people and the properties.
“My view is that the people here have done a pretty good job,” Rufrano said. “People are a source of value here as well as the assets.”
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