PREIT Declares 120th Consecutive Quarterly Dividend.

PHILADELPHIA -- Pennsylvania Real Estate Investment Trust (NYSE: PEI) announced today its Board of Trustees has declared a quarterly cash dividend of $0.57 per common share. The dividend will be paid on March 15, 2007 to common shareholders of record on March 1, 2007. The March 15, 2007 dividend payment will be PREIT's 120th consecutive distribution since its initial dividend paid in August of 1962. Throughout its history, the Company has never omitted or reduced a shareholder dividend.

PREIT also announced today that its Board of Trustees has declared a regular quarterly dividend of $1.375 per share on its 11% senior preferred shares. The dividend will be paid on March 15, 2007 to holders of record on March 1, 2007.

About Pennsylvania Real Estate Investment Trust

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 located in the Mid-Atlantic region and eastern United States. PREIT's portfolio currently consists of approximately 35 million square feet at 51 properties in 13 states. PREIT's portfolio includes 39 shopping malls, 11 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.

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, PREIT's 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 or redevelopment activities, including construction, obtaining entitlements and managing multiple projects simultaneously. In particular, the successful development or redevelopment of any property is subject to a number of risks, including, among others, that PREIT's development or redevelopment plans might change, its development or 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 development or 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 developments, redevelopments or acquisitions will be consistent with the estimates outlined in the related press releases or other disclosures. 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.

** Additional information about PREIT is available on www.preit.com **