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Mall owner loses money in Q1

Pennsylvania Real Estate Investment Trust (PREIT), which
owns several retail centers in the midstate, reported today that it lost money
during the first quarter ended March 31.

Pennsylvania Real Estate Investment Trust (PREIT), which
owns several retail centers in the midstate, reported today that it lost money
during the first quarter ended March 31.

The Philadelphia-based company reported a net loss of $2.1
million, or $0.06 per diluted share. That is in contrast to the $5.7 in profits,
or $0.15 per share, that the company reported for the same quarter last year.

PREIT blamed its loss on higher depreciation and
amortization costs, higher interest expenses and higher abandoned project
costs.

Shares of PREIT are traded on the New York Stock Exchange under
the symbol PEI.
Its facilities in the midstate include North Hanover Mall, Red Rose Commons, Capital City Mall and Paxton Towne
Center.

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