Preit 2007 Profits Rise Despite 4Q Drop

PHILADELPHIA-Pennsylvania Real Estate Investment Trust suffered a 54% drop in net income for the fourth quarter of 2007, but net income for the full year more than doubled. The locally based retail REIT’s fourth-quarter net income was $8.7 million, down from $15.6 million in the same quarter of 2006.

For the 12 months ended Dec. 31, 2007, net income reached $28.6 million, compared with $14.4 million for full year 2006. Funds from operations fell to $45.9 million in the final quarter of 2007, compared with $51.1 million in the same prior year quarter. However, full year FFO was $160.7 million, versus $148.3 million for full year 2006.

During a conference call, Ronald Rubin, chairman and CEO, noted that 12 redevelopment projects impacted operating performance in 2007, which was “in line with our announced expectations. The five projects completed during the year are producing strong results,” he added.