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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Pennsylvania Real Estate Investment Trust
 
(Name of Issuer)
Ordinary Shares
 
(Title of Class of Securities)
709102107
 
(CUSIP Number)
December 31, 2007
 
(Date of Event Which Requires Filing of this Statement)
     Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
    o      Rule 13d-1(b)
 
    þ      Rule 13d-1(c)
 
    o       Rule 13d-1(d)
 
 

 


 

CUSIP No. 709102107   13G   Page 2 of 9 Pages

 

           
1   NAME OF REPORTING PERSONS
ING Groep N.V.

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
Not Applicable
  (a)   o
  (b)   o
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  The Netherlands
       
  5   SOLE VOTING POWER
     
NUMBER OF   2,291,553 1
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   2,291,553 1
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  2,291,553
     
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
Not Applicable
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
   
  5.88%
     
12   TYPE OF REPORTING PERSON
   
  HC
1 These shares are held by indirect subsidiaries of ING Groep N.V. in their role as a discretionary manager of client portfolios.


 

CUSIP No. 709102107   13G   Page 3 of 9 Pages

 

           
1   NAME OF REPORTING PERSONS
ING Clarion Real Estate Securities, L.P. 2

S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
Not Applicable
  (a)   o
  (b)   o
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  201 King of Prussia Road, Suite 600, Radnor, PA 19087
       
  5   SOLE VOTING POWER
     
NUMBER OF   1,175,753
       
SHARES 6   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   2,251,353
       
WITH: 8   SHARED DISPOSITIVE POWER
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  2,251,353
     
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
Not Applicable
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
   
  5.78%
     
12   TYPE OF REPORTING PERSON
   
  IA
2 ING Clarion Real Estate Securities, L.P. is a wholly owned indirect subsidiary of ING Groep N.V.

 


 

CUSIP No. 709102107   13G   Page 4 of 9 Pages
     
Item 1(a).
  Name of Issuer:
 
   
 
  Pennsylvania Real Estate Investment Trust
 
   
Item 1(b).
  Address of Issuer's Principal Executive Offices:
 
   
 
  The Bellevue
 
  200 S. Board Street
 
  Philadelphia, PA 19102
 
   
Item 2(a).
  Name of Person Filing:
 
   
 
  ING Groep N.V.
 
   
 
  ING Clarion Real Estate Securities, L.P.
 
   
Item 2(b).
  Address of Principal Business Office or, if None, Residence:
 
   
 
  ING Groep N.V.:
 
  Amstelveenseweg 500
 
  1081 KL Amsterdam
 
  P.O. Box 810
 
  1000 AV Amsterdam
 
  The Netherlands
 
   
 
  ING Clarion Real Estate Securities, L.P.
 
  201 King of Prussia Road
 
  Suite 600
 
  Radnor, PA 19087
 
   
Item 2(c).
  Citizenship:
 
   
 
  See item 4 on Page 2
 
  See item 4 on Page 3
 
   
Item 2(d).
  Title of Class of Securities:
 
   
 
  Ordinary Shares
 
   
Item 2(e).
  CUSIP Number:
 
   
 
  709102107
 
   
Item 3.
  If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a: (Not Applicable)
     
(a) o
  Broker or dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);
 
   
(b) o
  Bank as defined in Section 3(a)(6) of the Exchange Act;

 


 

CUSIP No. 709102107   13G   Page 5 of 9 Pages
     
(c) o
  Insurance company as defined in Section 3(a)(19) of the Exchange Act;
 
   
(d) o
  Investment company registered under Section 8 of the Investment Company Act of 1940, as amended (the “Investment Company Act”);
 
   
(e) o
  Investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E) under the Exchange Act;
 
   
(f) o
  Employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F) under the Exchange Act;
 
   
(g) o
  Parent holding company or control person in accordance with Rule 13d-1(b)(ii)(G) under the Exchange Act;
 
   
(h) o
  Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;
 
   
(i) o
  Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;
 
   
(j) o
  Group in accordance with Rule 13d-1(b)(1)(ii)(J) under the Exchange Act.
     
Item 4.
  Ownership.
     (a) Amount beneficially owned:
     
 
  See item 9 on Page 2
See item 9 on Page 3
     (b) Percent of class:
 
   
 
  See item 11 on Page 2
See item 11 on Page 3
(c) Number of shares as to which such person has:
         
 
  (i)   Sole power to vote or to direct the vote:
 
       
 
      See item 5 on Page 2
See item 5 on Page 3
 
       
 
  (ii)   Shared power to vote or to direct the vote:
 
       
 
      See item 6 on Page 2
See item 6 on Page 3

 


 

CUSIP No. 709102107   13G   Page 6 of 9 Pages
         
 
  (iii)   Sole power to dispose or to direct the disposition of:
 
       
 
      See item 7 on Page 2
See item 7 on Page 3
 
       
 
  (iv)   Shared power to dispose or to direct the disposition of:
 
       
 
      See item 8 on Page 2
See item 8 on Page 3
     
Item 5.
  Ownership of Five Percent or Less of a Class.
 
   
 
  Not Applicable
 
   
Item 6.
  Ownership of More than Five Percent on Behalf of Another Person.
 
   
 
  Not Applicable
 
   
Item 7.
  Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
 
   
 
  Not Applicable
 
   
Item 8.
  Identification and Classification of Members of the Group.
 
   
 
  Not Applicable
 
   
Item 9.
  Notice of Dissolution of Group.
 
   
 
  Not Applicable
 
   
Item 10.
  Certification.
 
   
 
  By signing below we certify that, to the best of our knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 


 

CUSIP No. 709102107   13G   Page 7 of 9 Pages
SIGNATURE
     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
         
 
  February 14, 2008
 
(Date)
   
 
       
 
  ING GROEP N.V.    
 
       
 
  By:    
 
  /s/ Eric E. Ribbers    
         
 
  (Signature)    
 
       
 
  Eric E. Ribbers    
 
  Senior Compliance Officer
 
(Name/Title)
   
 
       
 
  /s/ Carl-Eric M. Rasch    
         
 
  (Signature)    
 
       
 
  Carl-Eric M. Rasch    
 
  Head of Compliance, Regulator & Industry Body
Liaison Netherlands
 
(Name/Title)
   

 


 

CUSIP No. 709102107   13G   Page 8 of 9 Pages
SIGNATURE
     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
     
 
  February 14, 2008
 
   
 
  (Date)
 
   
 
  ING CLARION REAL ESTATE SECURITIES, L.P.
 
   
 
  By:
 
   /s/ William Zitelli
 
   
 
  (Signature)
 
   
 
  William Zitelli
Chief Compliance Officer
 
   
 
  (Name/Title)

 


 

CUSIP No. 709102107   13G   Page 9 of 9 Pages
Exhibit A to Schedule 13G
Joint Filing Agreement
Pursuant to Rule 13d-1(k)
     The undersigned persons (the “Reporting Persons”) hereby agree that a joint statement on this Schedule 13G, and any amendments thereto, be filed on their behalf by ING Groep N.V.
     Each of the Reporting Persons is responsible for the completeness and accuracy of the information concerning each of them contained therein, but none of the Reporting Persons is responsible for the completeness or accuracy of the information concerning any other Reporting Person.
Date: February 14, 2008
         
  ING GROEP N.V.
 
 
  By:    /s/ Eric E. Ribbers   
    Name:   Eric E. Ribbers   
    Title:   Senior Compliance Officer   
 
     
  By:    /s/ Carl-Eric M. Rasch   
    Name:   Carl-Eric M. Rasch   
    Title:   Head of Compliance, Regulator & Industry Body Liaison Netherlands   
 
  ING CLARION REAL ESTATE SECURITIES, L.P.
 
 
  By:    /s/ William Zitelli  
    Name:   William Zitelli   
    Title:   Chief Compliance Officer