McCadden has more than 25 years of experience in accounting for the real estate industry. He has served as an audit partner for numerous publicly traded REITS, including American Financial Realty Trust, Brandywine Realty Trust, Keystone Property Trust and Universal Health Realty Income Trust. Prior to joining KPMG in 2002, he was an audit partner with Arthur Andersen LLP's real estate practice where he was the partner for PREIT's audits between 1996 and 2001.

Chairman and CEO Ron Rubin says McCadden brings "a wealth of experience in the increasingly complicated areas of accounting and compliance and a deep knowledge of the REIT industry." This February PREIT discovered it had inadvertently run afoul of the intricacies of REIT tax regulations regarding taxable REIT subsidiaries. The situation was quickly resolved through a special request to the IRS.

Rubin remains chairman and CEO. Jonathan Weller, current president and COO, becomes vice chairman with responsibility for formulating long-term corporate strategy and working with key PREIT stakeholders. Edward Glickman, current CFO, assumes Weller's titles as president and COO.

George Rubin also takes the title of vice chairman and becomes responsible for property development and acquisition initiatives. He is currently president of PREIT Services LLC and PREIT-Rubin Inc., the company's property development and management businesses and overseas acquisition activities, respectively.

While continuing as EVP of the retail division, responsible for overseeing management and leasing of PREIT's retail portfolio, Joseph Cordino assumes Rubin's titles as president of PREIT Services and PREIT-Rubin.