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Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported) August 3, 2010

Pennsylvania Real Estate Investment Trust

(Exact Name of Registrant as Specified in its Charter)

Pennsylvania

1-6300

23-6216339

(State or Other Jurisdiction of

Incorporation or Organization)

(Commission

File Number)

(IRS Employer

Identification No.)

The Bellevue, 200 S. Broad Street,

Philadelphia, Pennsylvania

19102

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (215) 875-0700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02

Results of Operations and Financial Condition.

On August 3, 2010, Pennsylvania Real Estate Investment Trust provided on its web site at www.preit.com its Quarterly Supplemental Disclosure dated June 30, 2010. A copy of the Quarterly Supplemental Disclosure is attached as an exhibit to this report.

The information furnished under this “Item 2.02. Results of Operations and Financial Condition” shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

99.1

Quarterly Supplemental Disclosure dated June 30, 2010.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST


Date: August 9, 2010	By:	/s/ Bruce Goldman
		Bruce Goldman
		Executive Vice President and General Counsel

Exhibit Index

99.1	Quarterly Supplemental Disclosure dated June 30, 2010

- 2 -

Quarterly Supplemental Disclosure dated June 30, 2010

Exhibit 99.1

Pennsylvania Real Estate Investment Trust^®

LOGO

Supplemental Financial and Operating Information

Quarter Ended June 30, 2010

www.preit.com

NYSE: PEI

Pennsylvania Real Estate Investment Trust

Supplemental Financial and Operating Information

June 30, 2010

Table of Contents


*Introduction*
Company Information		1
Press Release Announcements		2
Market Capitalization and Capital Resources		3
*Operating Results*
Statement of Operations-Proportionate Consolidation Method - Three Months Ended June 30, 2010 and June 30, 2009		4
Statement of Operations-Proportionate Consolidation Method - Six Months Ended June 30, 2010 and June 30, 2009		5
Net Operating Income - Three Months Ended June 30, 2010 and June 30, 2009		6
Net Operating Income - Six Months Ended June 30, 2010 and June 30, 2009		7
Computation of Earnings Per Share		8
Funds From Operations and Funds Available for Distribution		9
*Operating Statistics*
Leasing Activity Summary		10
Summarized Rent Per Square Foot and Occupancy Percentages		11
Mall Sales and Rent Per Square Foot		12
Mall Occupancy - Owned GLA		13
Strip and Power Center Rent Per Square Foot and Occupancy Percentages		14
Top Twenty Tenants		15
Lease Expirations		16
Gross Leasable Area Occupancy Summary		17
Property Information		18
*Balance Sheet*
Balance Sheet - Proportionate Consolidation Method		21
Balance Sheet - Property Type		22
Investment in Real Estate		23
Property Redevelopment Summary		25
Capital Expenditures		26
Debt Analysis		27
Debt Schedule		28
Selected Debt Ratios		29
Shareholder Information		30
Definitions		31

FORWARD-LOOKING STATEMENTS

This Quarterly Supplemental and Operating Information 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: PREIT’s substantial debt and high leverage ratio; constraining leverage, interest and tangible net worth covenants under the 2010 Credit Facility, as well as capital application provisions and limits on PREIT’s ability to pay distributions on our common shares; PREIT’s ability to refinance its existing indebtedness when it matures on favorable terms, or at all; PREIT’s ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties, or through other actions; PREIT’s short- and long-term liquidity position; the effects on PREIT of dislocations and liquidity disruptions in the capital and credit markets; the current economic downturn and its effect on employment, consumer confidence and consumer spending; tenant business and solvency and leasing decisions and the value and potential impairment of PREIT’s properties; and PREIT’s ability to maintain and increase property occupancy, sales and rental rates, including at recently redeveloped properties. Additionally, there can be no assurance that PREIT’s actual results will not differ significantly from the estimates set forth in press releases or other disclosures, or that PREIT’s returns on its developments, redevelopments or acquisitions will be consistent with the estimates outlined in 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, 2009. PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

Pennsylvania Real Estate Investment Trust

Company Information

Background

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. As of June 30, 2010, the Company’s 54 properties include 38 shopping malls, 13 strip and power centers, and three development properties. These properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have a total of approximately 34.7 million square feet. PREIT is headquartered in Philadelphia, Pennsylvania.

If you would like to participate in our quarterly conference call or would like additional information about PREIT, please contact:

Nurit Yaron, Vice President - Investor Relations

200 South Broad Street

Philadelphia, PA 19102

Telephone: (215) 875-0735

Fax: (215) 546-2504

Email: [email protected]

Reporting Calendar


Third Quarter 2010		November 4, 2010

Research Coverage


Company	Analyst	Phone Number

Bank of America/Merrill Lynch	Craig Schmidt	(646) 855-3640
	Jeffery Spector	(646) 855-1363
	Lindsay Schroll	(646) 855-1829

Barclays Capital	Ross Smotrich	(212) 526-2306
	Ryan Bennett	(212) 526-5309

Citi Investment Research	Michael Bilerman	(212) 816-1383
	Quentin Velleley	(212) 816-6981

Green Street Advisors	Jim Sullivan	(949) 640-8780
	Cedrik Lachance	(949) 640-8780

JP Morgan	Michael W. Mueller	(212) 622-6689
	Sarah King	(212) 622-5670

Keefe, Bruyette, & Woods	Ben Yang	(415) 591-1631

Macquarie Capital	David Wigginton	(212) 231-6380

Stifel Nicolaus	Nathan Isbee	(443) 224-1346

Page 1

Pennsylvania Real Estate Investment Trust

Press Release Announcements

Dividends and Distributions:

July 29, 2010 PREIT announced the Board of Trustees of the Company declared a quarterly cash dividend of $0.15 per common share.

April 30, 2010 - PREIT announced the Board of Trustees of the Company declared a quarterly cash dividend of $0.15 per common share.

Financing activities:

May 10, 2010 - PREIT announced the underwriters of its previously disclosed public offering exercised, in full, their overallotment option to purchase an additional 1,350,000 common shares of beneficial interest.

May 4, 2010 - PREIT announced that is has priced an underwritten public offering of 9,000,000 newly issued common shares of beneficial interest at $16.25 per share.

May 3, 2010 - PREIT announced that has commenced an underwritten public offering of 8,000,000 common shares of beneficial interest.

Other activities:

July 19, 2010 - PREIT scheduled its Second Quarter 2010 earnings call for Tuesday, August 3, 2010.

June 8, 2010 - PREIT announced that it will present at REITWeek 2010 in Chicago, IL.

June 3, 2010 - PREIT announced the results of the annual meeting of shareholders.

May 11, 2010 - PREIT announced it will ring the Closing Bell ™ at the New York Stock Exchange in celebration of its 50th anniversary.

May 10, 2010 - PREIT announced it has updated its guidance for 2010 Funds From Operations and net loss per diluted share.

April 15, 2010 - PREIT scheduled its First Quarter 2010 earnings call for Thursday, April 29, 2010.

NOTE: The press release announcements are available on the Company’s website at www.preit.com.

Page 2

Pennsylvania Real Estate Investment Trust

Market Capitalization and Capital Resources


	Quarter Ended June 30,						Year Ended December 31,
	2010			2009			2009			2008
TRADING INFORMATION
High Price	$	17.35		$	7.86		$	9.13		$	29.70
Low Price	$	11.85		$	3.45		$	2.20		$	2.21
Average Daily Trading Volume		900,865			1,013,943			824,654			768,718

MARKET CAPITALIZATION (in thousands, except per share amounts)
EQUITY CAPITALIZATION
Common Shares Outstanding		55,318			43,273			44,615			39,468
OP Units Outstanding		2,329			2,329			2,329			2,201

TOTAL Shares and OP Units Outstanding		57,647			45,602			46,944			41,669


Market Price (closing price at end of period)	$	12.22		$	5.00		$	8.46		$	7.45

Equity Market Capitalization - Shares and OP Units	$	704,440		$	228,009		$	397,148		$	310,437

DEBT CAPITALIZATION ⁽¹⁾
Secured Debt Balance ⁽²⁾		2,389,267			1,961,752			1,956,193			1,940,334
Unsecured Debt Balance ⁽³ ^{) (4)}		136,900			829,400			792,900			811,500

Debt Capitalization		2,526,167			2,791,152			2,749,093			2,751,834

TOTAL MARKET CAPITALIZATION	$	3,230,607		$	3,019,161		$	3,146,241		$	3,062,271


*Equity Capitalization/Total Market Capitalization*		21.8	%		7.6	%		12.6	%		10.1	%
*Debt Capitalization/Total Market Capitalization*		78.2	%		92.4	%		87.4	%		89.9	%
*Unsecured Debt Balance/Total Debt*		5.4	%		29.7	%		28.8	%		29.5	%

DISTRIBUTIONS PER COMMON SHARE

Ordinary Income		⁽⁵	⁾	$	0.150		$	0.630		$	2.254
Capital Gain		⁽⁵	⁾		—			0.110			—
Return of Capital/Non-Taxable		⁽⁵	⁾		—			—			0.026

Distributions per share	$	0.150		$	0.150		$	0.740		$	2.280


Annualized Dividend Yield ⁽⁶⁾		4.9	%		12.0	%		8.7	%		30.6	%

CAPITAL RESOURCES

Cash and Cash Equivalents	$	33,157		$	35,206		$	77,147		$	12,711

Revolving Credit Facility		150,000			500,000			500,000			500,000
Amount Outstanding		—			(445,000	)		(486,000	)		(400,000	)
Letters of Credit		(1,534	)		(3,030	)		(3,030	)		(6,428	)

Available Credit Facility ⁽⁷⁾		148,466			51,970			10,970			93,572

TOTAL	$	181,623		$	87,176		$	88,117		$	106,283


Shelf Registration	$	831,812		$	1,000,000		$	1,000,000		$	1,000,000

⁽¹⁾	Amounts exclude debt discount on exchangeable notes and debt premium on mortgage loans.

⁽²⁾	The secured debt balance includes $413,500 in Term Loans as of June 30, 2010.

⁽³⁾	The unsecured debt balance includes $170,000 in senior unsecured 2008 Term Loan as of December 31, 2009, June 30, 2009 and December 31, 2008, respectively, and Credit Facility balances of $486,000 as of December 31, 2009, $445,000 as of June 30, 2009, and $400,000 as of December 31, 2008.

⁽⁴⁾	The unsecured debt balance includes exchangeable notes of $136,900 as of June 30, 2010 and December 31, 2009, respectively, $214,400 as of June 30, 2009 and $241,500 as of December 31, 2008.

⁽⁵⁾	Tax status of 2010 dividend payments will be available in January 2011.

⁽⁶⁾	Based on closing share price at the end of the period.

⁽⁷⁾	The available Credit Facility borrowings are subject to covenants that may restrict amounts that can be borrowed.

Page 3

Pennsylvania Real Estate Investment Trust

Statement of Operations - Three Months Ended June 30, 2010 and 2009

Proportionate Consolidation Method

(in thousands)


	Three months ended June 30, 2010											Three months ended June 30, 2009
	GAAP			Share of unconsolidated partnerships⁽¹⁾			Discontinued operations		Total			GAAP			Share of unconsolidated partnerships⁽¹⁾			Discontinued operations			Total
REVENUE:
Base rent	$	73,631		$	6,528		$	—	$	80,159		$	73,105		$	6,134		$	1,155		$	80,394
Expense reimbursements		32,709			2,694			—		35,403			33,684			2,693			311			36,688
Percentage rent		641			14			—		655			626			22			—			648
Lease termination revenue		373			275			—		648			938			—			—			938
Other real estate revenue		3,501			286			—		3,787			3,463			436			28			3,927
Interest and other income		598			—			—		598			528			—			—			528

Total revenue		111,453			9,797			—		121,250			112,344			9,285			1,494			123,123


EXPENSES:
Operating expenses:
CAM and real estate taxes		(35,511	)		(2,063	)		—		(37,574	)		(33,563	)		(1,966	)		(322	)		(35,851	)
Utilities		(6,166	)		(219	)		—		(6,385	)		(5,913	)		(209	)		(10	)		(6,132	)
Other operating expenses		(6,373	)		(612	)		—		(6,985	)		(6,694	)		(671	)		(22	)		(7,387	)

Total operating expenses		(48,050	)		(2,894	)		—		(50,944	)		(46,170	)		(2,846	)		(354	)		(49,370	)

Depreciation and amortization		(41,598	)		(2,102	)		—		(43,700	)		(41,085	)		(2,018	)		(395	)		(43,498	)
Other expenses:
General and administrative expenses		(9,617	)		—			—		(9,617	)		(9,498	)		—			—			(9,498	)
Impairment of assets		—			—			—		—			(70	)		—			—			(70	)
Abandoned project costs, income taxes and other expenses		(161	)		—			—		(161	)		(80	)		—			—			(80	)

Total other expenses		(9,778	)		—			—		(9,778	)		(9,648	)		—			—			(9,648	)

Interest expense, net ⁽²⁾		(38,625	)		(1,853	)		—		(40,478	)		(33,249	)		(1,762	)		—			(35,011	)
Gain on extinguishment of debt		—			—			—		—			8,532			—			—			8,532

Total expenses		(138,051	)		(6,849	)		—		(144,900	)		(121,620	)		(6,626	)		(749	)		(128,995	)

Loss before equity in income of partnerships, discontinued operations and gains on sales of real estate		(26,598	)		2,948			—		(23,650	)		(9,276	)		2,659			745			(5,872	)
Equity in income of partnerships		2,948			(2,948	)		—		—			2,659			(2,659	)		—			—
Gains on sales of real estate		—			—			—		—			1,654			—			—			1,654

Loss from continuing operations		(23,650	)		—			—		(23,650	)		(4,963	)		—			745			(4,218	)
Discontinued operations:
Operating results from discontinued operations		—			—			—		—			745			—			(745	)		—

Income from discontinued operations		—			—			—		—			745			—			(745	)		—

Net loss		(23,650	)		—			—		(23,650	)		(4,218	)		—			—			(4,218	)
Less: net loss attributable to noncontrolling interests		964			—			—		964			197			—			—			197

Net loss attributable to Pennsylvania Real Estate Investment Trust	$	(22,686	)	$	—		$	—	$	(22,686	)	$	(4,021	)	$	—		$	—		$	(4,021	)

⁽¹⁾	PREIT’s proportionate share of partnership operations is “grossed up” to reflect the Company’s share of the total revenue and expenses of the underlying properties.

⁽²⁾	Net of capitalized interest expense of $927 and $1,428 for the three months ended June 30, 2010 and June 30, 2009, respectively.

Page 4

Pennsylvania Real Estate Investment Trust

Income Statement - Six Months Ended June 30, 2010 and 2009

Proportionate Consolidation Method

(in thousands)


	Six Months Ended June 30, 2010											Six Months Ended June 30, 2009
	GAAP			Share of unconsolidated partnerships⁽¹⁾			Discontinued operations		Total			GAAP			Share of unconsolidated partnerships⁽¹⁾			Discontinued operations			Total
REVENUE:
Base rent	$	148,085		$	12,764		$	—	$	160,849		$	145,121		$	12,419		$	2,324		$	159,864
Expense reimbursements		67,521			5,406			—		72,927			67,859			5,195			650			73,704
Percentage rent		1,525			27			—		1,552			1,461			33			—			1,494
Lease termination revenue		2,181			275			—		2,456			1,336			120			—			1,456
Other real estate revenue		6,466			563			—		7,029			6,715			804			54			7,573
Interest and other income		1,326			—			—		1,326			1,230			—			—			1,230

Total revenue		227,104			19,035			—		246,139			223,722			18,571			3,028			245,321


EXPENSES:
Operating expenses:
CAM and real estate taxes		(72,813	)		(4,407	)		—		(77,220	)		(68,179	)		(4,073	)		(696	)		(72,948	)
Utilities		(12,469	)		(417	)		—		(12,886	)		(11,796	)		(424	)		(20	)		(12,240	)
Other operating expenses		(12,195	)		(1,175	)		—		(13,370	)		(12,461	)		(1,294	)		(19	)		(13,774	)

Total operating expenses		(97,477	)		(5,999	)		—		(103,476	)		(92,436	)		(5,791	)		(735	)		(98,962	)

Depreciation and amortization		(83,605	)		(4,561	)				(88,166	)		(80,086	)		(4,073	)		(789	)		(84,948	)
Other expenses:
General and administrative expenses		(19,303	)		—			—		(19,303	)		(18,853	)		—			—			(18,853	)
Impairment of assets		—			—			—		—			(70	)		—			—			(70	)
Abandoned project costs, income taxes and other expenses		(455	)		—			—		(455	)		(399	)		—			—			(399	)

Total other expenses		(19,758	)		—			—		(19,758	)		(19,322	)		—			—			(19,322	)

Interest expense, net ⁽²⁾		(73,456	)		(3,437	)				(76,893	)		(65,758	)		(3,530	)		—			(69,288	)
Gain on extinguishment of debt		—			—			—		—			9,804			—			—			9,804

Total expenses		(274,296	)		(13,997	)		—		(288,293	)		(247,798	)		(13,394	)		(1,524	)		(262,716	)

Loss before equity in income of partnerships, discontinued operations and gains on sales of real estate		(47,192	)		5,038			—		(42,154	)		(24,076	)		5,177			1,504			(17,395	)
Equity in income of partnerships		5,038			(5,038	)		—		—			5,177			(5,177	)		—			—
Gains on sales of real estate		—			—			—		—			1,654			—			—			1,654

Loss from continuing operations		(42,154	)		—			—		(42,154	)		(17,245	)		—			1,504			(15,741	)
Discontinued operations
Operating results from discontinued operations		—			—			—		—			1,504			—			(1,504	)		—

Income from discontinued operations		—			—			—		—			1,504			—			(1,504	)		—

Net loss		(42,154	)		—			—		(42,154	)		(15,741	)		—			—			(15,741	)
Less: net loss attributable to noncontrolling interests		1,842			—			—		1,842			738			—			—			738

Net loss attributable to Pennsylvania Real Estate Investment Trust	$	(40,312	)	$	—		$	—	$	(40,312	)	$	(15,003	)	$	—		$	—		$	(15,003	)

⁽¹⁾	PREIT’s proportionate share of partnership operations is “grossed up” to reflect the Company’s share of the total revenue and expenses of the underlying properties.

⁽²⁾	Net of capitalized interest expense of $1,455 and $3,240 for the six months ended June 30, 2010 and June 30, 2009, respectively.

Page 5

Pennsylvania Real Estate Investment Trust

Net Operating Income⁽¹⁾ - Three Months Ended June 30, 2010 and 2009

(in thousands)


	Three months ended June 30, 2010												Three months ended June 30, 2009
SAME STORE RETAIL/NEW/OTHER	Same			New			Other			Total			Same			New		Other			Total

Real estate revenue:
Base rent	$	79,536		$	229		$	394		$	80,159		$	78,802		$	—	$	1,592		$	80,394
Expense reimbursements		35,358			30			15			35,403			36,367			—		321			36,688
Percentage rent		655			—			—			655			648			—		—			648
Lease termination revenue		648			—			—			648			938			—		—			938
Other real estate revenue		3,670			—			117			3,787			3,719			—		208			3,927

TOTAL REAL ESTATE REVENUE		119,867			259			526			120,652			120,474			—		2,121			122,595


Operating expenses:
CAM and real estate taxes		(37,173	)		(39	)		(362	)		(37,574	)		(35,170	)		—		(681	)		(35,851	)
Utilities		(6,385	)		—			—			(6,385	)		(6,122	)		—		(10	)		(6,132	)
Other operating expenses		(6,947	)		—			(38	)		(6,985	)		(7,289	)		—		(98	)		(7,387	)

TOTAL OPERATING EXPENSES		(50,505	)		(39	)		(400	)		(50,944	)		(48,581	)		—		(789	)		(49,370	)

NET OPERATING INCOME	$	69,362		$	220		$	126		$	69,708		$	71,893		$	—	$	1,332		$	73,225


	Three months ended June 30, 2010									Three months ended June 30, 2009
SAME STORE RETAIL COMPARISON	Malls			Strip and Power Centers			Total			Malls			Strip and Power Centers			Total

Real estate revenue:
Base rent	$	71,410		$	8,126		$	79,536		$	71,018		$	7,784		$	78,802
Expense reimbursements		33,674			1,684			35,358			34,782			1,585			36,367
Percentage rent		646			10			656			626			22			648
Lease termination revenue		648			—			648			938			—			938
Other real estate revenue		3,605			64			3,669			3,618			101			3,719

TOTAL REAL ESTATE REVENUE		109,983			9,884			119,867			110,982			9,492			120,474


Operating expenses:
CAM and real estate taxes		(35,324	)		(1,849	)		(37,173	)		(33,506	)		(1,664	)		(35,170	)
Utilities		(6,327	)		(58	)		(6,385	)		(6,063	)		(59	)		(6,122	)
Other operating expenses		(6,806	)		(141	)		(6,947	)		(7,039	)		(250	)		(7,289	)

TOTAL OPERATING EXPENSES		(48,457	)		(2,048	)		(50,505	)		(46,608	)		(1,973	)		(48,581	)

NET OPERATING INCOME	$	61,526		$	7,836		$	69,362		$	64,374		$	7,519		$	71,893

⁽¹⁾	PREIT’s proportionate share of partnership operations is “grossed up” to reflect the Company’s share of the total revenue and expenses of the underlying properties.

Page 6

Pennsylvania Real Estate Investment Trust

Net Operating Income⁽¹⁾ - Six Months Ended June 30, 2010 and 2009

(in thousands)


	Six Months Ended June 30, 2010												Six Months Ended June 30, 2009
SAME STORE RETAIL/NEW/OTHER	Same			New			Other			Total			Same			New		Other			Total

Real estate revenue:
Base rent	$	159,602		$	459		$	788		$	160,849		$	156,667		$	—	$	3,197		$	159,864
Expense reimbursements		72,820			80			27			72,927			73,029			—		675			73,704
Percentage rent		1,552			—			—			1,552			1,494			—		—			1,494
Lease termination revenue		2,456			—			—			2,456			1,456			—		—			1,456
Other real estate revenue		6,791			—			238			7,029			7,148			—		425			7,573

TOTAL REAL ESTATE REVENUE		243,221			539			1,053			244,813			239,794			—		4,297			244,091


Operating expenses:
CAM and real estate taxes		(76,439	)		(99	)		(682	)		(77,220	)		(71,531	)		—		(1,417	)		(72,948	)
Utilities		(12,886	)		—			—			(12,886	)		(12,221	)		—		(19	)		(12,240	)
Other operating expenses		(13,285	)		(1	)		(84	)		(13,370	)		(13,601	)		—		(173	)		(13,774	)

TOTAL OPERATING EXPENSES		(102,610	)		(100	)		(766	)		(103,476	)		(97,353	)		—		(1,609	)		(98,962	)

NET OPERATING INCOME	$	140,611		$	439		$	287		$	141,337		$	142,441		$	—	$	2,688		$	145,129



	Six Months Ended June 30, 2010									Six Months Ended June 30, 2009
SAME STORE RETAIL COMPARISON	Malls			Strip and Power Centers			Total			Malls			Strip and Power Centers			Total

Real estate revenue:
Base rent	$	143,674		$	15,928		$	159,602		$	141,073		$	15,594		$	156,667
Expense reimbursements		69,044			3,776			72,820			69,539			3,490			73,029
Percentage rent		1,560			(8	)		1,552			1,457			37			1,494
Lease termination revenue		2,456			—			2,456			1,456			—			1,456
Other real estate revenue		6,676			115			6,791			7,027			121			7,148

TOTAL REAL ESTATE REVENUE		223,410			19,811			243,221			220,552			19,242			239,794


Operating expenses:
CAM and real estate taxes		(72,272	)		(4,167	)		(76,439	)		(67,782	)		(3,749	)		(71,531	)
Utilities		(12,781	)		(105	)		(12,886	)		(12,107	)		(114	)		(12,221	)
Other operating expenses		(12,900	)		(385	)		(13,285	)		(13,127	)		(474	)		(13,601	)

TOTAL OPERATING EXPENSES		(97,953	)		(4,657	)		(102,610	)		(93,016	)		(4,337	)		(97,353	)

NET OPERATING INCOME	$	125,457		$	15,154		$	140,611		$	127,536		$	14,905		$	142,441

⁽¹⁾	PREIT’s proportionate share of partnership operations is “grossed up” to reflect the Company’s share of the total revenue and expenses of the underlying properties.

Page 7

Pennsylvania Real Estate Investment Trust

Computation of

Earnings Per Share

(in thousands, except per share amounts)


	Three months ended June 30,						Six months ended June 30,
	2010			2009			2010			2009

Loss from continuing operations	$	(23,650	)	$	(4,963	)	$	(42,154	)	$	(17,245	)
Noncontrolling interest in continuing operations		964			185			1,842			695
Dividends on unvested restricted shares		(168	)		(378	)		(266	)		(473	)

Loss from continuing operations used to calculate earnings per share - basic and diluted	$	(22,854	)	$	(5,156	)	$	(40,578	)	$	(17,023	)


Income from discontinued operations	$	—		$	745		$	—		$	1,504
Noncontrolling interest in discontinued operations		—			12			—			43

Income from discontinued operations used to calculate earnings per share - basic and diluted	$	—		$	757		$	—		$	1,547


Basic loss per share
Loss from continuing operations	$	(0.45	)	$	(0.13	)	$	(0.86	)	$	(0.44	)
Income from discontinued operations		—			0.02			—			0.04

	$	(0.45	)	$	(0.11	)	$	(0.86	)	$	(0.40	)


Diluted loss per share
Loss from continuing operations	$	(0.45	)	$	(0.13	)	$	(0.86	)	$	(0.44	)
Income from discontinued operations		—			0.02			—			0.04

	$	(0.45	)	$	(0.11	)	$	(0.86	)	$	(0.40	)


Weighted average of common shares outstanding		51,439			40,269			48,038			39,900

Weighted average of unvested restricted shares		(1,122	)		(1,072	)		(1,025	)		(799	)


Weighted average shares outstanding - basic		50,317			39,197			47,013			39,101

Weighted average effect of common share equivalents ⁽¹⁾		—			—			—			—


Total weighted average shares outstanding - diluted		50,317			39,197			47,013			39,101

⁽¹⁾	For all periods presented, there are net losses, so the effect of common share equivalents is excluded from the calculation of diluted loss per share for these periods because it would be antidilutive.

Page 8

Pennsylvania Real Estate Investment Trust

Funds From Operations and Funds Available for Distribution

(in thousands, except per share amounts)


	Three months ended June 30,						Six months ended June 30,						Year Ended December 31,
	2010			2009			2010			2009			2009
FUNDS FROM OPERATIONS (FFO)
Net loss	$	(23,650	)	$	(4,218	)	$	(42,154	)	$	(15,741	)	$	(90,091	)
Gains on sales of interests in real estate		—			(923	)		—			(923	)		(923	)
Gains on sales of discontinued operations		—			—			—			—			(9,503	)
Depreciation and amortization:⁽¹⁾
Wholly owned and consolidated partnerships		41,220			40,539			82,789			78,930			164,284
Unconsolidated partnerships		2,102			2,018			4,561			4,073			8,144
Discontinued operations		—			395			—			789			1,176

FFO	$	19,672		$	37,811		$	45,196		$	67,128		$	73,087

Accelerated amortization of deferred financing costs related to equity offering		2,258			—			2,258			—			—
Impairment of assets		—			70			—			70			74,254
Gain on extinguishment of debt		—			(8,532	)		—			(9,804	)		(27,047	)

FFO AS ADJUSTED	$	21,930		$	29,349		$	47,454		$	57,394		$	120,294

FUNDS AVAILABLE FOR DISTRIBUTION (FAD)
FFO	$	19,672		$	37,811		$	45,196		$	67,128		$	73,087
Adjustments:
Straight line rent		(356	)		(434	)		(878	)		(763	)		(1,276	)
Recurring capital expenditures		(1,619	)		(3,457	)		(1,781	)		(3,792	)		(16,495	)
Tenant allowances		(3,407	)		(3,147	)		(5,371	)		(5,731	)		(11,312	)
Capitalized leasing costs		(1,256	)		(1,051	)		(2,141	)		(2,150	)		(4,341	)
Amortization of mortgage loan premium		(300	)		(334	)		(586	)		(655	)		(1,283	)
Amortization of above- and below-market lease intangibles		(6	)		(536	)		(13	)		(520	)		(394	)
Amortization of exchangeable notes debt discount		461			739			915			1,493			2,817
Impairment of assets		—			70			—			70			74,254
Gain on extinguishment of debt		—			(8,532	)		—			(9,804	)		(27,047	)

FAD	$	13,189		$	21,129		$	35,341		$	45,276		$	88,010

Weighted average of common shares outstanding		50,317			39,197			47,013			39,101			40,953
Weighted average of OP Units outstanding		2,329			2,219			2,329			2,207			2,268
Weighted average effect of common share equivalents		587			—			349			—			12

Total weighted average shares outstanding, including OP Units		53,233			41,416			49,691			41,308			43,233

Net loss per diluted share	$	(0.45	)	$	(0.11	)	$	(0.86	)	$	(0.40	)	$	(2.11	)
FFO per diluted share	$	0.37		$	0.91		$	0.91		$	1.63		$	1.69
FFO per diluted share as adjusted	$	0.41		$	0.71		$	0.95		$	1.39		$	2.78
FAD per diluted share	$	0.25		$	0.51		$	0.71		$	1.10		$	2.04
Dividend per common share	$	0.15		$	0.15		$	0.30		$	0.44		$	0.74
PAYOUT RATIOS
Payout Ratio of FFO		61.5	%⁽²⁾											43.8	%
Payout Ratio of FFO as adjusted		25.6	%⁽²⁾											26.6	%
Payout Ratio of FAD		36.3	%⁽²⁾											36.4	%

⁽¹⁾	Excludes depreciation of non-real estate assets and amortization of deferred financing costs.

⁽²⁾	Twelve months ended June 30, 2010.

Page 9

Pennsylvania Real Estate Investment Trust

2010 Leasing Activity Summary


			Average Base Rent psf				Change in Base Rent psf
	Number	GLA	Previous		New		Dollar			Percentage		Annualized Tenant Improvements psf⁽¹⁾

New Leases - Previously Leased Space:

1st Quarter	13	37,635	$	26.45	$	25.58	$	(0.87	)	-3.3	%	$	0.67
2nd Quarter	25	73,166		22.34		24.04		1.70		7.6	%		1.90

Total/Average	38	110,801	$	23.74	$	24.56	$	0.83		3.5	%	$	1.48

New Leases - Previously Vacant Space: ⁽²⁾

1st Quarter ⁽³⁾	14	83,459		N/A	$	17.42	$	17.42		N/A		$	0.24
2nd Quarter	36	156,027		N/A		16.64		16.64		N/A			1.13

Total/Average	50	239,486		N/A	$	16.91	$	16.91		N/A		$	0.82

Renewal: ⁽⁴⁾

1st Quarter	132	489,130	$	22.09	$	20.56	$	(1.53	)	-6.9	%	$	0.02
2nd Quarter	97	386,648		20.10		19.79		(0.31	)	-1.5	%		0.24

Total/Average	229	875,778	$	21.21	$	20.22	$	(0.99	)	-4.7	%	$	0.12

Anchor Renewal:

1st Quarter	6	398,532	$	3.12	$	3.08	$	(0.04	)	-1.3	%	$	—
2nd Quarter	7	789,883		2.27		2.27		—		0.0	%		—

Total/Average	13	1,188,415	$	2.56	$	2.54	$	(0.01	)	-0.4	%	$	—

⁽¹⁾	These leasing costs are presented as annualized costs per square foot and are spread uniformly over the initial lease term.

⁽²⁾	This category includes newly constructed and recommissioned space.

⁽³⁾	Includes two tenants which are large format tenants with lower than average base rent. Excluding these two tenants, average base rent is $27.25 per square foot.

⁽⁴⁾	This category includes expansions, relocations and lease extensions.

Page 10

Pennsylvania Real Estate Investment Trust

Summarized Rent Per Square Foot and Occupancy Percentages


	June 30, 2010						June 30, 2009						Change
	Avg Base Rent		Occupancy				Avg Base Rent		Occupancy				Avg Base Rent		Occupancy
	Avg Base Rent		Total		Non-Anchor		Avg Base Rent		Total		Non-Anchor		Avg Base Rent		Total		Non-Anchor
Enclosed Malls weighted average ⁽¹⁾	$	32.71	89.0	%	83.6	%	$	31.88	88.3	%	83.7	%	2.6	%	0.7	%	-0.1	%
Strip and Power Centers weighted average	$	16.00	96.1	%	94.0	%	$	15.97	91.6	%	87.6	%	0.2	%	4.5	%	6.4	%
Retail Portfolio weighted average	$	28.11	90.0	%	85.3	%	$	28.12	88.8	%	84.4	%	0.0	%	1.2	%	0.9	%

Consolidated Properties	$	29.51	89.4	%	84.0	%	$	29.32	88.5	%	83.8	%	0.7	%	0.9	%	0.2	%
Unconsolidated Properties	$	23.15	94.6	%	92.8	%	$	23.38	90.8	%	87.4	%	-1.0	%	3.8	%	5.4	%
Same Properties	$	28.16	90.0	%	85.3	%	$	28.12	88.8	%	84.4	%	0.1	%	1.2	%	0.9	%
New Properties	$	19.75	100.0	%	100.0	%		N/A	N/A		N/A		N/A		N/A		N/A

⁽¹⁾	Average base rent for tenants that lease individual spaces of 10,000 square feet or less and pay fixed rent. Average base rent for tenants greater than 10,000 square feet that pay fixed rent was $14.55/sq ft as of June 30, 2010 and $14.63/sq ft as of June 30, 2009.

Page 11

Pennsylvania Real Estate Investment Trust

Mall Sales and Rent Per Square Foot


			June 30, 2010						June 30, 2009						Change
	% of Current Quarter Mall NOI		Avg Base Rent⁽¹⁾		Avg Comp Sales⁽²⁾		Occup. Cost Ratio⁽²⁾		Avg Base Rent⁽¹⁾		Avg Comp Sales⁽²⁾		Occup. Cost Ratio⁽²⁾		Avg Base Rent⁽¹⁾		Avg Comp Sales⁽²⁾		Occup. Cost Ratio⁽²⁾
Sales per square foot over $400	27.2	%
Cherry Hill Mall			$	46.53	$	523	14.7	%	$	44.97	$	411	17.3	%	3.5	%	27.3	%	-2.6	%
Lehigh Valley Mall				44.60		522	12.6	%		43.16		465	13.4	%	3.3	%	12.3	%	-0.8	%
Jacksonville Mall				33.04		496	10.0	%		31.53		478	9.8	%	4.8	%	3.8	%	0.2	%
Woodland Mall				44.28		472	13.0	%		42.67		451	15.2	%	3.8	%	4.7	%	-2.2	%
Patrick Henry Mall				38.91		407	13.3	%		37.44		427	12.5	%	3.9	%	-4.7	%	0.8	%
Sales per square foot between $350 - $400	29.8	%
Willow Grove Park ^{(3) (4)}				43.58		384	16.7	%		42.09		381	16.3	%	3.5	%	0.8	%	0.4	%
The Mall at Prince Georges				36.51		369	15.3	%		35.49		383	15.0	%	2.9	%	-3.7	%	0.3	%
Moorestown Mall				36.73		366	15.4	%		36.18		413	14.7	%	1.5	%	-11.4	%	0.7	%
Viewmont Mall				29.96		365	13.1	%		30.88		357	13.4	%	-3.0	%	2.2	%	-0.3	%
Wyoming Valley Mall				31.51		362	12.8	%		30.97		352	12.6	%	1.8	%	2.8	%	0.2	%
Valley View Mall				30.49		360	11.9	%		31.22		356	12.1	%	-2.4	%	1.1	%	-0.2	%
Capital City Mall				34.12		353	11.8	%		32.49		356	11.9	%	5.0	%	-0.8	%	-0.1	%
The Gallery at Market East ^{(3) (4)}				37.38		351	13.8	%		37.21		369	13.6	%	0.5	%	-4.9	%	0.2	%
Dartmouth Mall				29.62		350	12.6	%		29.67		346	12.0	%	-0.2	%	1.2	%	0.6	%
Sales per square foot between $300 - $349	16.7	%
Springfield Mall				34.09		336	17.1	%		30.86		335	15.4	%	10.5	%	0.3	%	1.7	%
Francis Scott Key Mall				26.83		326	11.7	%		27.52		316	12.1	%	-2.5	%	3.2	%	-0.4	%
Exton Square Mall				37.42		317	14.9	%		37.29		322	16.3	%	0.3	%	-1.6	%	-1.4	%
Magnolia Mall				26.89		311	13.4	%		24.54		293	13.2	%	9.6	%	6.1	%	0.2	%
Logan Valley Mall				26.35		306	11.5	%		26.03		299	12.1	%	1.2	%	2.3	%	-0.6	%
Valley Mall				26.66		303	12.2	%		25.28		314	13.0	%	5.5	%	-3.5	%	-0.8	%
Crossroads Mall				22.62		301	9.7	%		20.93		306	9.6	%	8.1	%	-1.6	%	0.1	%
Sales per square foot under $300	26.3	%
Cumberland Mall				28.08		297	14.6	%		26.90		303	14.1	%	4.4	%	-2.0	%	0.5	%
Wiregrass Commons Mall ⁽³⁾				26.94		284	11.3	%		25.90		278	11.3	%	4.0	%	2.2	%	0.0	%
Nittany Mall				22.43		281	11.0	%		23.50		303	10.6	%	-4.6	%	-7.3	%	0.4	%
Palmer Park Mall				25.39		279	11.6	%		25.05		291	12.2	%	1.3	%	-4.1	%	-0.6	%
Uniontown Mall				22.17		279	11.0	%		22.63		283	11.3	%	-2.1	%	-1.4	%	-0.3	%
Plymouth Meeting Mall				31.97		277	11.0	%		32.37		252	13.2	%	-1.2	%	9.9	%	-2.2	%
New River Valley Mall				25.51		273	10.1	%		24.63		255	10.9	%	3.6	%	7.1	%	-0.8	%
North Hanover Mall				28.22		271	12.5	%		24.99		273	13.1	%	12.9	%	-0.7	%	-0.6	%
Gadsden Mall				21.38		266	9.8	%		24.77		266	10.2	%	-13.7	%	0.0	%	-0.4	%
Beaver Valley Mall				22.30		250	14.2	%		23.64		251	15.4	%	-5.7	%	-0.4	%	-1.2	%
Lycoming Mall				22.03		249	10.3	%		20.96		244	12.3	%	5.1	%	2.0	%	-2.0	%
Chambersburg Mall				26.55		240	9.5	%		26.71		229	11.9	%	-0.6	%	4.8	%	-2.4	%
Washington Crown Center				21.11		235	11.5	%		21.93		252	13.4	%	-3.8	%	-6.7	%	-1.9	%
South Mall				23.82		232	12.2	%		24.16		264	12.7	%	-1.4	%	-12.1	%	-0.5	%
Orlando Fashion Square				34.58		223	18.5	%		35.57		241	18.5	%	-2.8	%	-7.5	%	0.0	%
Phillipsburg Mall				24.79		220	12.1	%		25.30		236	14.3	%	-2.0	%	-6.8	%	-2.2	%
Voorhees Town Center				33.95		204	13.0	%		31.97		207	13.6	%	6.2	%	-1.4	%	-0.6	%

Enclosed Malls weighted average			$	32.71	$	344	13.1	%	$	31.88	$	337	13.6	%	2.6	%	2.1	%	-0.5	%

Consolidated Properties			$	31.94	$	333	13.0	%	$	31.24	$	328	13.5	%	2.2	%	1.5	%	-0.5	%
Unconsolidated Properties			$	41.09	$	458	13.7	%	$	38.92	$	422	13.9	%	5.6	%	8.5	%	-0.2	%
Same Properties			$	32.71	$	344	13.1	%	$	31.88	$	337	13.6	%	2.6	%	2.2	%	-0.5	%

⁽¹⁾	Average base rent includes all non-anchor space owned by the Company and leased to tenants that lease individual spaces of 10,000 square feet or less and pay fixed rent.

⁽²⁾	Based on reported sales by all comparable non-anchor tenants that lease individual spaces of 10,000 square feet or less and have occupied the space for at least 24 months.

⁽³⁾	Property contains a vacant anchor space as of June 30, 2009.

⁽⁴⁾	Property contains a vacant anchor space as of June 30, 2010.

Page 12

Pennsylvania Real Estate Investment Trust

Mall Occupancy - Owned GLA


	June 30, 2010				June 30, 2009				Change
	Total		Non-Anchor		Total		Non-Anchor		Total		Non-Anchor
Beaver Valley Mall	88.6	%	75.5	%	88.1	%	74.5	%	0.5	%	1.0	%
Capital City Mall	96.1	%	93.4	%	98.2	%	96.9	%	-2.1	%	-3.5	%
Chambersburg Mall	82.5	%	62.5	%	83.1	%	63.8	%	-0.6	%	-1.3	%
Cherry Hill Mall	89.6	%	87.5	%	92.3	%	90.6	%	-2.7	%	-3.1	%
Crossroads Mall	86.2	%	68.2	%	82.7	%	60.1	%	3.5	%	8.1	%
Cumberland Mall	91.9	%	86.6	%	92.8	%	92.2	%	-0.9	%	-5.6	%
Dartmouth Mall	92.7	%	88.0	%	92.2	%	87.2	%	0.5	%	0.8	%
Exton Square Mall	89.6	%	77.2	%	91.4	%	81.1	%	-1.8	%	-3.9	%
Francis Scott Key Mall	97.5	%	95.2	%	94.6	%	89.7	%	2.9	%	5.5	%
Gadsden Mall	92.3	%	80.9	%	90.1	%	75.4	%	2.2	%	5.5	%
The Gallery at Market East ⁽¹⁾	60.4	%	75.2	%	50.2	%	75.7	%	10.2	%	-0.5	%
Jacksonville Mall	97.6	%	95.1	%	97.4	%	94.8	%	0.2	%	0.3	%
Lehigh Valley Mall	95.7	%	94.1	%	93.7	%	91.4	%	2.0	%	2.7	%
Logan Valley Mall	94.1	%	85.9	%	95.4	%	89.0	%	-1.3	%	-3.1	%
Lycoming Mall	94.5	%	89.8	%	96.5	%	93.4	%	-2.0	%	-3.6	%
Magnolia Mall	95.2	%	89.1	%	96.6	%	92.3	%	-1.4	%	-3.2	%
Moorestown Mall	88.7	%	74.7	%	85.2	%	66.8	%	3.5	%	7.9	%
New River Valley Mall	94.7	%	91.2	%	96.2	%	93.7	%	-1.5	%	-2.5	%
Nittany Mall	92.5	%	84.9	%	90.1	%	80.0	%	2.4	%	4.9	%
North Hanover Mall	89.6	%	75.1	%	89.9	%	76.0	%	-0.3	%	-0.9	%
Orlando Fashion Square	85.6	%	69.3	%	87.0	%	72.2	%	-1.4	%	-2.9	%
Palmer Park Mall	95.3	%	84.9	%	95.9	%	87.0	%	-0.6	%	-2.1	%
Patrick Henry Mall	97.3	%	94.8	%	96.5	%	93.2	%	0.8	%	1.6	%
Phillipsburg Mall	90.0	%	77.0	%	90.5	%	78.3	%	-0.5	%	-1.3	%
Plymouth Meeting Mall	83.8	%	75.3	%	83.2	%	76.6	%	0.6	%	-1.3	%
The Mall at Prince Georges	93.9	%	87.1	%	95.8	%	91.1	%	-1.9	%	-4.0	%
South Mall	89.8	%	84.4	%	78.2	%	81.9	%	11.6	%	2.5	%
Springfield Mall	85.0	%	85.0	%	86.1	%	86.1	%	-1.1	%	-1.1	%
Uniontown Mall	93.0	%	82.5	%	91.5	%	78.5	%	1.5	%	4.0	%
Valley Mall	95.5	%	92.2	%	97.1	%	95.0	%	-1.6	%	-2.8	%
Valley View Mall	91.7	%	88.5	%	91.9	%	88.8	%	-0.2	%	-0.3	%
Viewmont Mall	97.8	%	94.3	%	97.9	%	94.4	%	-0.1	%	-0.1	%
Voorhees Town Center	62.1	%	61.5	%	63.2	%	62.6	%	-1.1	%	-1.1	%
Washington Crown Center	83.1	%	68.8	%	83.6	%	69.7	%	-0.5	%	-0.9	%
Willow Grove Park ⁽²⁾	69.1	%	92.7	%	69.5	%	93.6	%	-0.4	%	-0.9	%
Wiregrass Commons Mall ⁽³⁾	85.5	%	79.1	%	54.5	%	78.9	%	31.0	%	0.2	%
Woodland Mall	85.3	%	85.3	%	84.8	%	84.8	%	0.5	%	0.5	%
Wyoming Valley Mall	95.7	%	87.8	%	92.4	%	78.1	%	3.3	%	9.7	%

Enclosed Malls weighted average ⁽⁴⁾	89.0	%	83.6	%	88.3	%	83.7	%	0.7	%	-0.1	%


Consolidated Properties	88.8	%	83.0	%	88.1	%	83.3	%	0.7	%	-0.3	%
Unconsolidated Properties	93.4	%	91.6	%	92.0	%	89.9	%	1.4	%	1.7	%
Same Properties	89.0	%	83.6	%	88.3	%	83.7	%	0.7	%	-0.1	%

⁽¹⁾	The total occupancy percentage for The Gallery at Market East includes 328,390 sf of the former Strawbridge’s store that is currently vacant, pending redevelopment. This vacant department store represents 30.3% and 38.5% of the owned mall GLA as of June 30, 2010 and June 30, 2009, respectively.

⁽²⁾	The total occupancy percentage for Willow Grove Park includes the former Strawbridge’s store that is currently vacant. This vacant department store represents 27.6% of the owned mall GLA in each of the periods ending June 30, 2010 and 2009.

⁽³⁾	The total occupancy percentage as of June 30, 2009 for this property includes the former McRae’s store location that was vacant at that time. The vacant store location is currently leased to Burlington Coat Factory, which opened in the 3rd Quarter of 2009.

⁽⁴⁾	Including all tenants occupying space under an agreement with an initial term of less than one year, total enclosed mall occupancy is 90.3% and 89.7%, and occupancy excluding anchors is 86.0% and 86.4% for the periods ending June 30, 2010 and June 30, 2009, respectively.

Page 13

Pennsylvania Real Estate Investment Trust

Strip and Power Center Rent Per Square Foot and Occupancy Percentages


	June 30, 2010						June 30, 2009						Change
	Avg Base Rent		Occupancy				Avg Base Rent		Occupancy				Avg Base Rent		Occupancy
	Avg Base Rent		Total		Non-Anchor		Avg Base Rent		Total		Non-Anchor		Avg Base Rent		Total		Non-Anchor

Christiana Center	$	19.96	98.8	%	96.8	%	$	21.94	88.1	%	67.7	%	-9.0	%	10.7	%	29.1	%

Creekview Center		15.20	100.0	%	100.0	%		15.16	100.0	%	100.0	%	0.3	%	0.0	%	0.0	%

The Commons at Magnolia		13.40	84.9	%	81.1	%		12.04	66.4	%	88.9	%	11.3	%	18.5	%	-7.8	%

Metroplex Shopping Center		19.10	100.0	%	100.0	%		19.10	100.0	%	100.0	%	0.0	%	0.0	%	0.0	%

Monroe Marketplace		14.81	93.7	%	84.8	%		15.97	100.0	%	100.0	%	-7.3	%	-6.3	%	-15.2	%

New River Valley Center		14.37	100.0	%	100.0	%		14.37	100.0	%	100.0	%	0.0	%	0.0	%	0.0	%

The Court at Oxford Valley		16.08	100.0	%	100.0	%		16.32	91.3	%	88.1	%	-1.5	%	8.7	%	11.9	%

Paxton Towne Centre		15.44	98.2	%	97.3	%		16.04	90.8	%	86.1	%	-3.7	%	7.4	%	11.2	%

Pitney Road Plaza		19.75	100.0	%	100.0	%		N/A	N/A		N/A		N/A		N/A		N/A

Red Rose Commons		13.99	84.8	%	84.8	%		14.08	72.5	%	72.5	%	-0.6	%	12.3	%	12.3	%

Springfield Park		20.90	98.2	%	94.9	%		15.70	100.0	%	100.0	%	33.1	%	-1.8	%	-5.1	%

Sunrise Plaza		14.70	97.6	%	77.8	%		14.70	97.6	%	77.8	%	0.0	%	0.0	%	0.0	%

Whitehall Mall		12.40	91.6	%	82.3	%		11.29	86.8	%	72.0	%	9.8	%	4.8	%	10.3	%


Weighted Average	$	16.00	96.1	%	94.0	%	$	15.97	91.6	%	87.6	%	0.2	%	4.5	%	6.4	%


Consolidated Properties	$	15.70	96.9	%	94.5	%	$	15.81	93.1	%	90.2	%	-0.7	%	3.8	%	4.3	%

Unconsolidated Properties	$	16.22	95.3	%	93.6	%	$	16.08	90.1	%	85.9	%	0.9	%	5.2	%	7.7	%

Same Properties	$	15.92	96.0	%	93.8	%	$	15.97	91.6	%	87.6	%	-0.3	%	4.4	%	6.2	%

New Properties	$	19.75	100.0	%	100.0	%		N/A	N/A		N/A		N/A		N/A		N/A

Page 14

Pennsylvania Real Estate Investment Trust

Top Twenty Tenants (by share of PREIT’s Annualized Minimum Rent)

(dollars in thousands)


	Paying Minimum Rent		Paying Percentage of Sales in lieu of Minimum Rent⁽²⁾		Total		Minimum Rent
Tenant ⁽¹⁾	Number of Locations	GLA	Number of Locations	GLA	Total Number of Locations	Total GLA	Annualized Minimum Rent		PREIT’s share of Annualized Minimum Rent ⁽³⁾		Percent of PREIT’s Total Retail Minimum Rent
Gap, Inc.	47	594,224	4	42,816	51	637,040	$	12,842	$	11,789	4.07	%
JCPenney Company, Inc.	24	2,369,736	6	824,327	30	3,194,063		7,526		7,526	2.60	%
Foot Locker, Inc.	62	325,507	9	32,092	71	357,599		7,926		7,474	2.58	%
Limited Brands, Inc.	59	282,522	13	41,196	72	323,718		7,626		7,180	2.48	%
American Eagle Outfitters, Inc.	39	212,771	2	8,840	41	221,611		6,547		6,245	2.16	%
Zale Corporation	76	59,844	0	—	76	59,844		5,607		5,303	1.83	%
Sears Holding Corporation	24	2,796,396	5	880,777	29	3,677,173		5,445		5,302	1.83	%
Dick’s Sporting Goods, Inc.	9	422,794	1	50,484	10	473,278		5,269		4,495	1.55	%
Signet Jewelers Limited	39	59,732	0	—	39	59,732		4,548		4,393	1.52	%
Best Buy Co., Inc.	12	282,316	0	—	12	282,316		5,093		4,093	1.41	%
Luxottica Group S.p.A.	49	116,626	2	8,082	51	124,708		4,069		3,780	1.31	%
Golden Gate Capital ⁽⁴⁾	14	130,715	4	24,742	18	155,457		3,974		3,584	1.24	%
Abercrombie & Fitch Co.	20	136,727	0	—	20	136,727		3,961		3,579	1.24	%
Genesco, Inc.	57	73,548	3	3,543	60	77,091		3,301		3,165	1.09	%
Commonwealth of Pennsylvania	2	229,244	0	—	2	229,244		3,085		3,085	1.07	%
Hallmark Cards, Inc.	36	142,377	7	30,813	43	173,190		3,197		3,030	1.05	%
Aeropostale, Inc.	32	112,197	3	10,619	35	122,816		3,169		3,004	1.04	%
Pacific Sunwear, Inc.	28	104,522	5	16,858	33	121,380		3,074		2,920	1.01	%
Bed Bath & Beyond, Inc.	10	307,644	0	—	10	307,644		4,056		2,842	0.98	%
Burlington Coat Factory Warehouse Corp.	6	537,986	0	—	6	537,986		2,826		2,826	0.98	%

Total Top 20 Tenants	645	9,297,428	64	1,975,189	709	11,272,617	$	103,141	$	95,615	33.04	%

Total Retail Leases					3,121				$	289,365	100.00	%

⁽¹⁾	Tenant includes all brands and concepts of the tenant.

⁽²⁾	Income from lease(s) in which tenant pays percentage of sales in lieu of minimum rent or common area costs are not included in annualized minimum rent.

⁽³⁾	Includes PREIT’s proportionate share of tenant rents from partnership properties based on PREIT’s ownership percentage in the respective partnerships.

⁽⁴⁾	Consists of 17 Express stores and one J. Jill store.

Page 15

Pennsylvania Real Estate Investment Trust

Lease Expirations as of June 30, 2010

(dollars in thousands except psf amounts)


Non-Anchors⁽¹⁾
		Gross Leasable Area			Annualized Minimum Rent
Lease Expiration Year	Number of Leases Expiring	Expiring GLA	Percent of Total		Minimum Rent in Expiring Year		PREIT’s Share of Minimum Rent in Expiring Year ⁽²⁾		Percent of PREIT’s Total		Average Expiring Minimum Rent psf
Holdover	140	366,314	3.0	%	$	8,843	$	8,650	3.1	%	$	24.14
2010	153	477,300	3.8	%		10,562

/NEWS FEED