Pennsylvania Real Estate Investment Trust announced that Joseph F. Coradino spent over 40 years with the Company in various capacities, having held the title of Chief Executive Officer since 2012. During that time, Mr. Coradino guided the transformation of the Company's portfolio through asset sales and redevelopment projects and navigated challenging global financial conditions as well as the extended impact of the COVID-19 pandemic on the mall industry. Mr. Coradino led PREIT through its comprehensive financial and corporate restructuring as discussed above, and now that such restructuring has been successfully completed, Mr. Coradino will no longer serve as Chief Executive Officer and trustee of PREIT, effective as of April 1, 2024.

Mr. Coradino will continue to serve in a consultant capacity to the Company to assist with a seamless transition. PREIT's Board of Managers has appointed Jared Chupaila to succeed Mr. Coradino as Chief Executive Officer effective immediately. Jared Chupaila has over 20 years of experience in commercial real estate executive leadership, corporate strategy, asset management, and leasing and operations.

Mr. Chupaila most recently served as Chief Executive Officer of Brookfield Properties retail real estate vertical (formerly GGP Inc.), where he oversaw the company's U.S. portfolio of more than 150 retail centers spanning 150 million square feet across 43 states, totaling approximately $60 billion in assets under management. Prior to his position as Chief Executive Officer, Mr. Chupaila served as Chief Operating Officer of Retail at Brookfield Properties, Executive Vice President, Leasing at GGP Inc., and, before that, various leadership roles across GGP Inc., The Rouse Company, and The Howard Hughes Corporation.