PREIT's Joseph F. Coradino

PHILADELPHIA-Pennsylvania Real Estate Investment Trust (PREIT) reports that despite lower funds from operations in the fourth quarter, the company is stronger now than it was a year ago.

The company reports its funds from operations in the fourth quarter of 2012 were approximately $29.7 million, down from a little over $36 million in the fourth quarter of 2011.

“In 2012, we transformed PREIT, delivering a stronger balance sheet, improved operating metrics, a higher quality portfolio and outstanding returns to our shareholders,” states Joseph F. Coradino, PREIT CEO. “We enter 2013 a stronger company, and based on improvements in our operating performance, we increased our dividend by 12.5%.”

Same store net operating income, excluding lease termination revenue, for the fourth quarter was $76.5 million, compared to $75.1 million for the same period a year earlier. Net loss attributable to PREIT common shareholders was $10.4 million, or $0.19 per diluted share, for the quarter ended December 31, 2012, compared to a net loss of $0.6 million, or $0.01 per diluted share, for the quarter ended December 31, 2011.