Preit Redevelopments Fuel Growth

PHILADELPHIA-Pennsylvania Real Estate Investment Trust has raised its 2007 full-year estimates for net income per diluted share and FFO per diluted share to $0.72 from $0.67, and $3.87 from $3.82, respectively. The uptick in outlook is due to a number of factors, in particular the better than expected performance of the company’s most ambitious redevelopment projects, Cherry Hill Mall, Plymouth Meeting Mall, and Voorhees Town Center. Development for these three projects are underway with an expected combined investment of approximately $350 million.

Other stats from Preit’s Q3 and 2007 to date earnings include $13.7 million in net income for the third quarter of 2007, or $0.35 per diluted share, including the $13.3 million recognized in connection with the company’s redemption of its Preferred Shares in July 2007. For the third quarter of 2006, net income was $1.1 million, or $0.02 per diluted share.