"We're used to dealing with rumors," he said. "Yesterday we told the New York Stock Exchange, we do not comment on rumors. That is the position of the company, and that is the position we have taken." There the topic ended.

The NYSE had solicited a comment on the recent activity of PEI shares. The stock price shot up more than 8.5% from about $42.50 per share on Friday, May 25, to $49.38 per share, prior to the shareholder meeting on May 31. That is about $1-per-share shy of the 52-week high reached on April 5 this year. By mid-day following the shareholder meeting, shares of PEI fell back to $47.23, which is more than $10-per-share above the 52-week low of $37.15, which occurred a year ago, June 1, 2006.

During the meeting, PREIT raised its 2007 guidance based on lower interest costs that resulted from its operating partnership's issuance of $287.5 million in exchangeable senior notes. It now expects net income of between $0.66 and $0.74 per share, versus a May 1 guidance predicting the range would be between $0.61 and $0.71 per share.

Funds from operations are now expected to fall between $3.76 per share and $3.84 per share, versus the earlier FFO guidance of between $3.71 and $3.81 per share. The new guidance assumes the redemption of PREIT's 11% preferred shares on or about July 31.