JENKINTOWN, PA-James Ratner, former CFO of the $900-million PaineWebber Real Estate Fund I LP, replaces William Ciorletti as CFO of the financial REIT. Ciorletti leaves in March. Ratner also assumes the title of SVP.

HARRISBURG, PA-In his new post, Shahriar is responsible for day-to-day operations of the company's 24 managed hotels. Since he joined Hersha in 2002, revenue per available room rose 8.4% and eight hotels joined the portfolio.

JENKINTOWN, PA-In the final month of 2003, the financial REIT disposes of eight non-core properties for a total of $13.8 million and acquires three bank branch properties in the south for approximately $1.9 million.

PLYMOUTH MEETING, PA-The shopping center REIT will use some proceeds from its sale of 2.4 million preferred shares of 8.25% series E preferred stock to reduce dividend costs by redeeming outstanding 9.5% series D preferred shares.

LANCASTER, PA-The shopping center REIT acquires the 221,000-sf property for about $11.3 million, including the assumption of a $9.8-million first mortgage. It will redevelop and release vacant former Ames and Cost Less stores.

LANSDOWNE, PA-Atlantic Companies puts a five-property, 288-unit apartment portfolio on the selling block for under $13.8 million. Four of the properties are here; the other is in nearby Yeadon, PA. Occupancy averages 94%.

PHILADELPHIA-Proposals for developing the 131-acre former hospital site are due to the PIDC on March 1. Teams led by five of the area's top developers--Binswanger, BPG, Brandywine, Liberty and Preferred Real Estate--vie for the project.

PLYMOUTH MEETING, PA-In addition to offering two million shares of preferred stock through Bear Stearns, the REIT moves to eliminate the cost of 8.75% dividends on preferred stock owned by Five Arrows Realty Securities.