Article Excerpt:
TWST: What is Pennsylvania REIT?Mr. Glickman: Pennsylvania REIT is a shopping mall company headquartered in Philadelphia. We have properties that extend from the Delaware Valley up and down the East Coast, and we are in a growth mode looking to purchase and develop additional assets for the company. The company is one of the country's oldest REITs, and was started by Sylvan Cohen in 1960. It adopted its present strategic direction in 1997 after its merger with Philadelphia's Rubin Organization and has grown substantially as the result of a later merger with Crown American, another publicly-traded mall company, and the acquisition of a portfolio of assets from the Rouse Company.
TWST: How has the shopping mall sector been doing and how does it stand
relative to other REIT investments?
Mr. Glickman: The American consumer has remained very strong in the face
of some significant economic challenges over the last few years. As a
reflection of that, the mall industry has also continued to be strong. A
number of mall company share prices hit all-time highs earlier this
year.
Tickers included in this excerpt: PEI
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