Pennsylvania Real Estate Investment Trust (NYSE: PEI) today announced that the tax status of the distributions paid per share during 2010 is as follows:

     
COMMON SHARES   IRS Form 1099-DIV
CUSIP: 709 102 107   2010   Box 1a   Long Term Capital Gain   Box 3
NYSE Ticker Symbol: PEI       Box 2a   Box 2b  
Record
Date		   Ex-Dividend
Date		   Payable
Date		   Total
Distribution
Per Share		   Ordinary
Dividends		   Total Capital
Gain Distribution		   Unrecaptured
Sec. 1250
Gain		   Nontaxable
Distributions
3/1/2010   2/25/2010   3/15/2010   $ 0.150000   $ 0.150000   $ 0.000000   $ 0.000000   $ 0.000000
6/1/2010   5/27/2010   6/15/2010   0.150000   0.150000   0.000000   0.000000   0.000000
9/1/2010   8/30/2010   9/15/2010   0.150000   0.150000   0.000000   0.000000   0.000000
12/1/2010   11/29/2010   12/15/2010   0.150000   0.150000   0.000000   0.000000   0.000000
Totals for 2010   $0.600000   $ 0.600000   $0.000000   $ 0.000000   $ 0.000000

The above reflects the total amounts of distributions paid by PREIT on its outstanding common shares during 2010, which will be reported on IRS Form 1099-DIV. Shareholders are required to include these amounts on their Federal income tax returns and are encouraged to consult with their tax advisors.

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 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 consists of 49 properties, including 38 shopping malls, eight strip 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 33 million total square feet of space. PREIT is headquartered in Philadelphia, Pennsylvania. The Company's website can be found at www.preit.com. PREIT is publicly traded on the NYSE under the symbol PEI.

Pennsylvania Real Estate Investment Trust
Robert McCadden, 215-875-0735
EVP & CFO
or
Nurit Yaron, 215-875-0735
VP, Investor Relations