FORT WASHINGTON, Pa., Oct. 15 /PRNewswire/ -- Pennsylvania Real Estate
Investment Trust (Amex: PEI) announced today that it has declared payment of a
quarterly cash dividend of $0.47 per share.  The dividend will be paid on
December 15, 1997 to shareholders of record on November 28, 1997.  The
dividend will also be payable to holders of operating partnership units in
PREIT Associates, L.P., who received their units in conjunction with the
acquisition of The Rubin Organization and certain properties, which was
completed on September 30, 1997.
    The December 15, 1997 dividend payment will be PREIT's 83rd consecutive
distribution since its initial dividend paid in August of 1962.  Throughout
its history, the Trust has never omitted or reduced a shareholder dividend.
    Earlier this month, PREIT announced that it had changed its fiscal year
end from August 31 to December 31 as part of the aforementioned transaction.
As a result, the Trust's dividend payment cycle will also change, beginning
with the current quarterly dividend. Dividends previously payable in February,
May, August and November will now be payable in March, June, September and
December.
    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 apartment
communities (7,236 units) and shopping centers (6.4 million s.f.) located
primarily in the eastern United States. PREIT's portfolio currently consists
of 46 properties in 10 states.  PREIT is headquartered in Fort Washington,
Pennsylvania, a suburb of Philadelphia.
    With the exception of the historical information contained in the release,
the matters described herein contain forward-looking statements that are made
pursuant to the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995.  Such statements involve various risks and may cause
actual results to differ materially.  These risks include, but are not limited
to, the ability of the Trust to grow internally or by acquisition, and to
integrate acquired businesses, changing industry and competitive conditions,
and other risks outside the control of the company referred to in the Trust's
registration statement and periodic reports filed with the Securities and
Exchange Commission.

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