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PREIT Announces Monroe Marketplace Ground Breaking Event

Pennsylvania Real Estate Investment Trust

What:    Pennsylvania Real Estate Investment Trust (NYSE: PEI) will
         host a ground breaking event for its Monroe Marketplace
         development, in Monroe Township, Snyder County, Pennsylvania,
         at 10:00 a.m. tomorrow, Thursday, August 2.

Where:   Monroe Marketplace, a 125-acre site, is located on Route
         11/15 just south of Stettler Avenue. Parking accommodations
         will be located near the main entrance to the Susquehanna
         Valley Mall, in Selinsgrove, PA. Shuttle service to the site
         will be provided.

When:    Thursday, August 2, 2007 at 10:00 a.m.

Details: PREIT received final land development plan approval for the
         shopping center from the Monroe Township Board of Supervisors
         on July 24, 2007 to develop approximately 700,000 square feet
         of retail space.

         PREIT has signed a definitive agreement with Target
         Corporation subject to due diligence and certain conditions.
         The Target store to anchor the center, anticipated to open by
         summer 2008, will be approximately 127,000 square feet .
         The balance of the center's tenants will include a mix of
         national and regional retailers.

         PREIT's Senior Development Officials, along with Township
         Officers, and The Honorable Merle H. Phillips will be in
         attendance.

         Excellent photo opportunity. Interviews and renderings
         available.

About Pennsylvania Real Estate Investment Trust

Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the United States, has a primary investment focus on retail shopping malls and power centers. Currently, the Companys retail portfolio is approximately 34 million square feet and consists of 57 properties, including 38 shopping malls, 11 strip and power centers and eight 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. The Company 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.

Contacts:

Pennsylvania Real Estate Investment Trust
Cheryl Dougherty, VP, Marketing, 215-875-0122
or
Nurit Yaron, VP, Investor Relations, 215-875-0735

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