PREIT authorizes $100M share buyback

Pennsylvania Real Estate Investment Trust today said its board authorized a program to repurchase up to $100 million of its common stock.

The program will be in effect from Jan. 1 until Dec. 31, 2009.

The Philadelphia company, in October 2005, authorized a $100 million repurchase program that is to expire Dec. 31.

Shares were up 97 cents, to $30.92 in late morning trading on the New York Stock Exchange.