TAILIEUCHUNG - Pennsylvania Real estate investment tRust®: Momentum

Terminology related to commercial real estate investment products varies widely and is often unclear due to the complexity of the instruments. For purposes of this report, FinCEN used the following working definitions. REITs3 , which came into formal existence in the 1960s due to tax law changes4 , are entities that typically own multiple commercial properties, often focused in one sector of the commercial real estate market. Institutional and individual investors can purchase REIT shares in the public market or in private offerings. CMBS have existed since the mid-1990s. 5 According to the Congressional Oversight Panel, “CMBS are asset-backed. | mV Annual Report PENNSYLVANIA REAL ESTATE INVESTMENT TRUST MOMENTUM 2011 was a year of confirmation proving that PREIT can manage and thrive in the face of economic headwinds. By being innovative with its assets enhancing the retail experience and bringing complementary uses to its properties PREIT is gaining momentum. Now more than ever PREIT is well positioned to outperform as the economy regains its strength. Pennsylvania Real Estate Investment Trust founded in 1960 as one of the nation s first equity REITs has a primary investment focus on retail shopping malls. Its portfolio of 49 properties comprises 38 shopping malls eight community and power centers and three development properties. The properties are located in 13 states in the eastern half of the United States primarily in the Mid-Atlantic region totaling approximately 33 million square feet of operating retail space. PREIT headquartered in Philadelphia Pennsylvania is publicly traded on the New York Stock Exchange under the symbol PEI its website is . PENNSYLVANIA REAL ESTATE INVESTMENT TRUST In thousands except per share amounts Year Ended December 31 2011 2010 2009 Funds from operations 105 585 99 214 147 341 Total revenue 456 560 455 641 451 306 Loss from continuing operations 93 935 75 014 103 867 Net loss allocable to common shareholders 90 161 51 927 85 738 Loss from continuing operations per diluted share Net loss allocable to common shareholders per diluted share Investment in real estate at cost 3 576 997 3 587 468 3 684 313 Total assets 2 910 254 3 080 117 3 346 580 Distributions paid per common share Number of common shares and OP Units outstanding 58 006 57 765 46 944 Total market capitalization 2 973 126 3 241 799 3 146 241 Reconciliation to GAAP can be found on page 6. TO OUR FELLOW SHAREHOLDERS 2011 was a year of confirmation that we are doing the right things to build momentum. The quality of our assets their management and ongoing .

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