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Pennsylvania Real Estate Investment Trust to Hold Annual Meeting of Shareholders; Announces Increase to 2007 Earnings Guidance

Pennsylvania Real Estate Investment Trust (NYSE: PEI) will hold its annual meeting of shareholders today, Thursday, May 31, 2007, at 11:00 a.m. Eastern Time at the Park Hyatt Philadelphia at the Bellevue, located at 200 South Broad Street, Philadelphia, Pennsylvania.

Ronald Rubin, Chairman and Chief Executive Officer, Edward Glickman, President and Chief Operating Officer, Joseph Coradino, President of PREIT Services, LLC and PREIT-RUBIN, Inc., and Robert McCadden, Chief Financial Officer, will provide a review of PREITs 2006 operations and current activities.

For 2007, the Company increased its earnings guidance as a result of lower interest costs resulting from the recent issuance of $287.5 million of 4% Exchangeable Senior notes by the Companys operating partnership. The Companys updated guidance for net income available to common shareholders per diluted share and FFO per diluted share is as follows:

Estimates Per Diluted Share2007
Net income available to common shareholders $0.66 - $0.74 

Depreciation and amortization (includes Companys proportionate share of unconsolidated
properties), net of minority interest, gains on sale of properties, and other adjustments

$3.10 

Funds From Operations (FFO) $3.76 - $3.84 

This guidance assumes the redemption of the Companys 11% preferred shares on or about July 31, 2007. As a result of the redemption, the $13.4 million excess of the carrying amount of preferred stock over the redemption price accounts for $0.36 per diluted share of net income available to common shareholders and $0.32 per diluted share of FFO. These amounts are included in the estimates provided above.

Interested persons are invited to listen to a live broadcast of the annual meeting of shareholders and view the slide show presentation over the Internet today, Thursday, May 31, 2007, at 11:00 a.m. Eastern Time. Please visit www.preit.com or www.vcall.com at least fifteen minutes early to register and download any necessary software and presentation materials. Also, an archive of the webcast and presentation will be available until June 15, 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. Currently, the Companys retail portfolio, of approximately 34 million square feet, consists of 56 retail properties including 38 shopping malls, 11 strip and power centers, and seven properties under development. The Companys properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. PREIT is headquartered in Philadelphia, Pennsylvania, and its 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 PREITs 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, PREITs 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; PREITs 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. Additionally, there can be no assurance that PREITs actual results will not differ significantly from the estimates set forth above, or that PREITs 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, 2006. 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 **

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