Daily News | Majority of PREIT board offers resignations after shareholder vote
In a major shake-up for the Philadelphia area’s largest shopping-mall owner, seven Pennsylvania Real Estate Investment Trust directors, including CEO Joseph F. Coradino, offered to resign from the board after a majority of shareholders refused to support them in recent elections.the company owes creditors almost $1 billion
Shareholders include large-money managers led by Vanguard and BlackRock, activists who have been pressing PREIT to improve results, and individual investors. They collectively withheld around one million votes from each of the sitting directors, leaving fewer than 600,000 cast for most of them. Coradino did slightly better than his board colleagues, but still failed to win a majority.
In an open letter distributed to shareholders last year, Swann argued that the company’s malls are valuable but that the share price dropped because of the large debt load. He said he could help improve the company’s financial situation.“I’ve been telling people to sell this for years. The stock is worth very little,” said Robert Costello of $200 million-asset Costello Asset Management in Bucks County and a long-time, Philadelphia-area money manager. “This brings the company closer to a sale.
“There’s really no buyer of malls,” said Alexander Goldfarb, a commercial real estate analyst with Piper Sandler Investment.
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