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Pennsylvania REIT updates guidance after mall sales

In detailing its recent sale of four noncore malls,Pennsylvania Real Estate InvestmentTrust revised its FFO guidance for the full year 2016.

The company said it now expects FFO per share to rangebetween $1.79 and $1.87 for the year, compared to a estimate of $1.83 to $1.91.

The S&P Capital IQ consensus FFO estimate for 2016 is $1.86per share.

At the time of the company's prior guidance, PennsylvaniaREIT expected to close on the mall sales at the end of the second quarter,according to a March 30 filing.

The revised guidance is based on the earlier closing of themall transactions, as well as the company's current assumptions andexpectations about market conditions, and its projections regarding occupancy,retail sales, rental rates and planned capital spending.