FORT WASHINGTON, Pa., Dec. 3 /PRNewswire/ -- Pennsylvania Real Estate
Investment Trust (NYSE: PEI) announced today that it intended to commence a
public offering of 4,000,000 shares of beneficial interest, par value $1.00
per share, through a group of underwriters led by Lehman Brothers. The Company
stated it would grant the underwriters an option to purchase up to an
additional 600,000 shares solely for the purpose of covering over-allotments,
and that it anticipates that the offering will be completed by the end of this
year.
    A copy of the prospectus relating to the offering may be obtained from
Lehman Brothers, Three World Financial Center, New York, NY 10285.
    This press release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities described above, nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state.
    Pennsylvania Real Estate Investment Trust is a real estate investment
trust which acquires, develops, redevelops and operates retail and
multi-family properties.

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