PHILADELPHIA, July 16 /PRNewswire/ -- Pennsylvania Real Estate Investment
Trust (PREIT) (NYSE: PEI) announced today that its Board of Trustees has
approved a quarterly cash dividend of $0.51 per share.  The dividend will be
paid on September 17, 2001 to shareholders and unitholders of record on
August 31, 2001.
    The September 17, 2001 dividend payment will be PREIT's 98th consecutive
distribution since its initial dividend paid in August of 1962.  Throughout
its history, the Company has never omitted or reduced a shareholder dividend.

    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 shopping
centers (approximately 10.6 million square feet) and apartment communities
(approximately 7,242 units) located primarily in the eastern United States.
The Company's portfolio currently consists of 45 properties in 10 states.  In
addition, there are 6 retail properties under development, which PREIT expects
will add approximately 1.6 million square feet to its portfolio.  PREIT is
headquartered in Philadelphia, Pennsylvania.

    To receive additional information on Pennsylvania Real Estate Investment
Trust via fax at no charge, please dial 1-800-PRO-INFO and enter the ticker
symbol PEI.

Link to this page: