PREIT Reports Tax Status of 2012 Distributions

Pennsylvania Real Estate Investment Trust (NYSE: PEI) today announced that the tax status of the distributions paid per share during 2012 is as follows:

COMMON SHARESIRS Form 1099-DIV
CUSIP: 709 102 1072012Box 1aLong Term Capital GainBox 3
NYSE Ticker Symbol: PEIBox 2aBox 2b
RecordEx-DividendPayableTotalOrdinaryTotal CapitalUnrecapturedNontaxable
DateDateDateDistributionDividendsGain DistributionSec. 1250Distributions
Per ShareGain
3/1/2012 2/28/2012 3/15/2012 $0.150000 $0.000000 $0.000000 $0.000000 $0.150000
6/1/2012 5/30/2012 6/15/2012 $0.160000 $0.000000 $0.000000 $0.000000 $0.160000
8/31/2012 8/29/2012 9/17/2012 $0.160000 $0.000000 $0.000000 $0.000000 $0.160000
11/30/2012 11/28/2012 12/17/2012 $0.160000 $0.000000 $0.000000 $0.000000 $0.160000
Totals for 2012$0.630000 $0.000000 $0.000000 $0.000000 $0.630000
8.25% Series A - PREFERRED SHARESIRS Form 1099-DIV
CUSIP: 709 102 4042012Box 1aLong Term Capital GainBox 3
NYSE Ticker Symbol: PEIPrABox 2aBox 2b
RecordEx-DividendPayableTotalOrdinaryTotal CapitalUnrecapturedNontaxable
DateDateDateDistributionDividendsGain DistributionSec. 1250Distributions
Per ShareGain
6/1/2012 5/30/2012 6/15/2012 $0.315100 $0.000000 $0.000000 $0.000000 $0.315100
8/31/2012 8/29/2012 9/17/2012 $0.515625 $0.000000 $0.000000 $0.000000 $0.515625
11/30/2012 11/28/2012 12/17/2012 $0.515625 $0.000000 $0.000000 $0.000000 $0.515625
Totals for 2012$1.346350 $0.000000 $0.000000 $0.000000 $1.346350
7.375% Series B - PREFERRED SHARESIRS Form 1099-DIV
CUSIP: 709 102 5032012Box 1aLong Term Capital GainBox 3
NYSE Ticker Symbol: PEIPrBBox 2aBox 2b
RecordEx-DividendPayableTotalOrdinaryTotal CapitalUnrecapturedNontaxable
DateDateDateDistributionDividendsGain DistributionSec. 1250Distributions
Per ShareGain
11/30/2012 11/28/2012 12/17/2012 $0.327778 $0.000000 $0.000000 $0.000000 $0.327778
Totals for 2012$0.327778 $0.000000 $0.000000 $0.000000 $0.327778

The above reflects the per share amounts of distributions paid by PREIT on its outstanding common shares and its Series A and Series B preferred shares during 2012, which will be reported on IRS Form 1099-DIV. Shareholders are encouraged to consult with their tax advisors regarding the inclusion of these amounts on Federal income tax returns as applicable.

This release is based on the preliminary results of work on the Company's tax filings and is subject to correction or adjustment when the filings are completed. The Company is releasing information at this time to aid those required to distribute Forms 1099 on the Company's distributions. No material change in these classifications is expected.

Information about distributions paid for common and preferred shares can also be found at the website of the National Association of Real Estate Investment Trusts (NAREIT), www.reit.com, or by contacting NAREIT by phone at (800) 3-NAREIT or (800-362-7348).

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. Currently, the Company's portfolio of 47 properties comprises 37 shopping malls, seven community and power centers, and three development properties. The Company’s 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 approximately 31.9 million total square feet of space. PREIT, headquartered in Philadelphia, Pennsylvania, is publicly traded on the NYSE under the symbol PEI. The Company's website can be found at www.preit.com.

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

Contacts:

Pennsylvania Real Estate Investment Trust
Robert McCadden, 215-875-0735
EVP & CFO
or
Heather Crowell, 215-875-0735
VP, Corporate Communications and Investor Relations

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