PREIT Announces Ron Rubin Will Step Down As Chairman of the Board of Trustees

Joseph Coradino to succeed him as Chairman, continuing in his role as Chief Executive Officer

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Feb 23, 2017, 06:30 ET

PHILADELPHIA, Feb. 23, 2017 /PRNewswire/ -- PREIT (NYSE: PEI) announced that Ron Rubin resigned as the Company's Chairman, effective February 16, 2017. Mr. Rubin will remain on the Board until the Company's Annual Meeting of Shareholders to be held on June 1, 2017 and the Board will also nominate him for continued service as a member of the Board of Trustees. Joseph Coradino, PREIT's CEO, has been appointed to serve as Chairman of the Board.

Joseph Coradino, PREIT's CEO noted, "I am truly grateful to have received the benefit of Ron's leadership, mentorship and insights. The Company expects to continue to benefit from his continued participation on our Board."

"All of the members of the Board wish to extend their gratitude to Mr. Rubin for his service to the Company as Chairman and for his years of remarkable dedication and leadership to the Company. We expect that he will continue as a Board Member and look forward to the leadership and viewpoint Joe will bring in his new role as Chairman," noted M. Walt D'Alessio, PREIT's Lead Independent Trustee.

Ronald Rubin is a highly accomplished and well-known leader in the real estate industry. He served as CEO of PREIT since 1997, when The Rubin Organization merged with PREIT. He became Chairman of PREIT's Board of Trustees in 2001. His real estate development accomplishments include many signature Philadelphia projects such as the redevelopment of the Bellevue and his leadership during PREIT's redevelopment of notable Philadelphia-area retail properties including Willow Grove Park, Cherry Hill and Plymouth Meeting Malls. He currently serves as co-Chairman of the National Museum of American Jewish History and a Director of PECO Energy Company, a subsidiary of Exelon Corporation. He has also been actively involved with prominent local organizations in Philadelphia, including as a director of the Regional Performing Arts Center, the past chairman of Center City District, the former president of the Jewish Federation of Greater Pennsylvania, and a former director of The Franklin Institute, the Philadelphia Orchestra, and the United Jewish Appeal.

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's 23 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.

CONTACT:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
[email protected]

SOURCE PREIT