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PHILADELPHIA-Pennsylvania Real Estate Investment Trust suffered a 54% drop in net income for the fourth quarter of 2007, but net income for the full year more than doubled. The locally based retail REIT’s fourth-quarter net income was $8.7 million, down from $15.6 million in the same quarter of 2006.

For the 12 months ended Dec. 31, 2007, net income reached $28.6 million, compared with $14.4 million for full year 2006. Funds from operations fell to $45.9 million in the final quarter of 2007, compared with $51.1 million in the same prior year quarter. However, full year FFO was $160.7 million, versus $148.3 million for full year 2006.

During a conference call, Ronald Rubin, chairman and CEO, noted that 12 redevelopment projects impacted operating performance in 2007, which was “in line with our announced expectations. The five projects completed during the year are producing strong results,” he added.

Occupancy in Preit’s portfolio on Dec. 31 was 91.2%, up from 88.4% at the end of 2006. Sales per sf ended 2007 at an average of $358, compared with an average of $354 at the end of 2006.

Shares of PEI on the NYSE closed at $25.97 following the conference call on Feb. 27, up nearly 7.2% for the day. The 52-week his of $50.39 a share occurred on April 5, 2007, while the 52-week low of $22 per share was hit on this Jan. 22.

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