PREIT Optimistic Despite $3M Loss in Q2

PHILADELPHIA-Although it recorded a second-quarter loss of $2.9 million, Pennsylvania Real Estate Investment Trust's chief officers report they remain optimistic and are moving forward with projects and plans to repay the real estate mortgage investment conduit. "While the economic environment has changed substantially in the past year, the fundamentals of our business have not," PREIT CEO Ronald Rubin said during the earnings call. "Despite the challenging economy, we're working to advance our redevelopment and development projects to place stores in service, increase net operating income and occupancy and to generate positive leasing spreads." Net loss allocable to common shareholders for the quarter was reported to be $2.9 million compared with a net income available to common shareholders of $500,000 in Q2 2007. Net loss... [read full story]