Sales per square foot at PREIT's 53 malls and strip centers fell from $358 to $342 in fiscal 2008 compared to the prior year, while total occupancy dipped slightly, from 91.2%, to 90.9%. "Many retailers in our portfolio experienced a difficult 2008, and have taken a step back to asses market conditions," said Ronald Rubin, the company's chairman and chief executive officer, during its fourth-quarter conference call.

In light of that, management predicts a net loss of between $1.15 and $1.35 per share for fiscal 2009, compared to a net loss of 30 cents during 2008. FFO is projected to come in at between $2.75 and $2.95 per share, down from last year's $3.57. No acquisitions or dispositions are planned for the year.

Some redevelopments PREIT has undertaken will see completion in 2009, including Cherry Hill [NJ] Mall; Plymouth Meeting [PA] Mall; and Voorhees [NJ] Town Center. Anchor tenants going into those projects include, respectively, Nordstrom, Whole Foods and Rizzieri salon and spa.