PHILADELPHIA--(BUSINESS WIRE)--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 Chairman.
“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 industry.”
“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 lies ahead.”
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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