Other stats from Preit's Q3 and 2007 to date earnings include $13.7 million in net income for the third quarter of 2007, or $0.35 per diluted share, including the $13.3 million recognized in connection with the company's redemption of its Preferred Shares in July 2007. For the third quarter of 2006, net income was $1.1 million, or $0.02 per diluted share.
"Redevelopments continue to create value for our portfolio," Joseph Coradino, president of Preit Services LLC and Preit-Rubin Inc., told listeners in a conference call. The company's top developments, he says, have all hit internal milestones set in terms of new tenants and retail performance. These include such tenants as Cheesecake Factory, Eastern Mountain Sports, Armani Exchange, Apple and P.F. Chang. Furthermore, he added same-store NOI of the company's entire roster of current redevelopments--totaling eight altogether--completed last year grew 8.3% for the third quarter and 9.8% for the nine months ended Sept. 30, 2007.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
