Local REITs Report Positive Results for Third Quarter

NEW YORK CITY-The full brunt of recession didn’t appear in the results from three REITS announced late this week, but one of them acknowledges that “the near term general economic environment continues to be challenging.”

Funds from operations (FFO) increased at two Northeastern-based REITS in the third quarter and a third would have also reported positive results except for charges related to termination of a proposed acquisition.

Pennsylvania Real Estate Investment Trust (NYSE: PEI) reported FFO of $10.73 million, an increase of 7.6% compared to 3Q 2000. Combined net operating income increased 10.9% to $22.35 million and same store operating income from the shopping center portfolio increased 4%. Same store multifamily net operating income increased 5.4% while mall sales increased 7.1% to $391 per sf and shopping center occupancy increased 180 basis points to 91.5%.