PREIT Announces a Press Conference for the Major Redevelopment Plan of Cherry Hill Mall.

PHILADELPHIA -- Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today that it will hold a press conference at 10:30 a.m. Eastern Time on Wednesday, September 13, 2006, at Cherry Hill Mall in Cherry Hill, New Jersey. The Company will announce the details of a major redevelopment for the Cherry Hill Mall at the event. E[acute accent]Cherry Hill Mayor, Bernie L. Platt, will join PREIT Chairman and CEO, Ronald Rubin, and Joseph F. Coradino, President of PREIT Services LLC and PREIT-RUBIN, Inc., for the media briefing. Renderings will be unveiled and available electronically the day of the event.

E[acute accent]About Pennsylvania Real Estate Investment Trust

E[acute accent]Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls and power centers (approximately 34.5 million square feet) located in the Mid-Atlantic region or in the eastern United States. PREIT's portfolio currently consists of 52 properties in 13 states. PREIT's portfolio includes 39 shopping malls, 12 strip and power centers and one office property. PREIT is headquartered in Philadelphia, Pennsylvania. PREIT's website can be found at www.preit.com. PREIT is publicly traded on the NYSE under the symbol PEI.

E[acute accent]This press release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect PREIT's current views about future events and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. More specifically, our business might be affected by uncertainties affecting real estate businesses generally as well as the following, among other factors: general economic, financial and political conditions, including changes in interest rates or the possibility of war or terrorist attacks; changes in local market conditions or other competitive or retail industry factors in the regions where our properties are concentrated; PREIT's ability to maintain and increase property occupancy and rental rates, and risks relating to development and redevelopment activities, including construction, obtaining entitlements and managing multiple projects simultaneously. In particular, the successful redevelopment of any property is subject to a number of risks, including, among others, that PREIT's redevelopment plans might change, its redevelopment activities might be delayed and anticipated project costs might increase. Unanticipated expenses or delays would also adversely affect PREIT's investment returns on a redevelopment project. Additionally, there can be no assurance that PREIT's actual results will not differ significantly from the estimates set forth above, or that PREIT's returns on its acquisitions will be consistent with the estimates outlined in the related press releases. Investors are also directed to consider the risks and uncertainties discussed in documents PREIT has filed with the Securities and Exchange Commission and, in particular, PREIT's Annual Report on Form 10-K for the year ended December 31, 2005. PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.