Pennsylvania R.E.I.T. : Joseph Coradino Becomes Chief Executive Officer of PREIT
06/07/2012| 04:10pm US/Eastern
PREIT Announces Results of Annual Meeting of Shareholders
As previously announced in March 2012, Joseph F. Coradino became Chief
Executive Officer of Pennsylvania Real Estate Investment Trust (NYSE:
PEI) during the Company's 2012 Annual Meeting of Shareholders held
earlier today. Former Chairman and CEO Ronald Rubin became Executive
Joseph F. Coradino New Chief Executive Officer of PREIT (Photo: Business Wire)
"Joe Coradino has been an important member of the Company's management
team for many years, and is one of the most talented and effective
executives in the shopping center industry today," said Ronald Rubin,
Executive Chairman. "Joe has played a vital role in developing and
executing the Company's strategic priorities and I look forward to
working with him as we continue to build our leadership position in the
"I am particularly proud to follow in Ron's footsteps. He is a luminary
and a pioneer in the real estate business," said Joseph F. Coradino,
Chief Executive Officer. "I look forward with great enthusiasm to what
Additionally, the Company announced the results of shareholder voting
that took place during its Annual Meeting of Shareholders. Shareholders
elected as trustees Stephen B. Cohen, Joseph F. Coradino, M. Walter
D'Alessio, Edward A. Glickman, Rosemarie B. Greco, Leonard I. Korman,
Ira M. Lubert, Donald F. Mazziotti, Mark E. Pasquerilla, John J.
Roberts, George F. Rubin and Ronald Rubin, each to hold office until the
2013 Annual Meeting of Shareholders and until their respective
successors have been duly elected and have qualified. Of the total
number of shares voted, each nominee received over 93% in favor of his
or her election.
With over 95% of the votes cast having been voted in favor, the
Company's shareholders approved, on a non-binding advisory basis, the
Company's executive compensation ("say on pay") as disclosed in the
Proxy Statement. The Company determined last year that it will hold such
an advisory vote on compensation annually, subject to change by further
action of the Board.
On the proposal to approve the Second Amended and Restated 2003 Equity
Incentive Plan, nearly 88% of the votes cast approved the plan.
Additionally, over 94% of the votes cast approved the amendment to our
Trust Agreement to increase the number of authorized shares.
Finally, the Company's shareholders ratified the Audit Committee's
selection of KPMG LLP as the Trust's independent auditors for 2012.
Biographies of all trustees, information regarding executive
compensation, and summaries of the Second Amended and Restated 2003
Equity Incentive Plan and the amendment to the Trust Agreement, can be
found in the Company's Proxy Statement for the 2012 Annual Meeting of
Shareholders, which is available at www.preit.com.
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 of 49
properties comprises 38 shopping malls, eight community and power
centers, and three development properties. The properties are located in
13 states in the eastern half of the United States, primarily in the
Mid-Atlantic region, totaling approximately 33 million square feet of
operating space. PREIT, headquartered in Philadelphia, Pennsylvania, is
publicly traded on the NYSE under the symbol PEI. The Company's website
can be found at www.preit.com.
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Pennsylvania Real Estate Investment Trust
EVP & CFO
Nurit Yaron, 215-875-0735
© Business Wire 2012