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Pennsylvania Real Estate Investment Trust (NYSE: PEI) today announced the opening of Whole Foods Market and Café at Plymouth Meeting Mall, in Plymouth Meeting, Pennsylvania. The 65,000-square foot grocery store, the largest of its kind in the Philadelphia market, joins Macy's and Boscov's as an innovative anchor at the property. Whole Foods is connected to the mall by the open-air Plaza Shops, the mall's expanded retail wing, and it sits atop a new 345-space underground parking garage.

Joseph Coradino, President of PREIT Services, LLC and PREIT-RUBIN, Inc. said, "Whole Foods at Plymouth Meeting Mall is a game changer that will dramatically increase traffic particularly when combined with other new offerings including Dave & Buster's, P.F. Chang's, Redstone American Grill, Benihana, and California Pizza Kitchen. As a result, Plymouth Meeting Mall will become a regional destination for shopping, entertainment, and dining."

Whole Foods Market and Café, the world's leading organic supermarket, offers an extensive selection of premium natural products. Plymouth Meeting Mall's prototype location also features a rooftop café and 28-seat in-store pub.

PREIT's redevelopment added 142,000 square feet to the shopping center including a 39,000 square foot open-air retail wing with Ann Taylor Loft, Chico's, Coldwater Creek, Jos. A. Bank, and OLLY Shoes. The project also added entertainment venues and restaurants, and included exterior renovations such as enhanced lighting and landscaping which surround outdoor seating and dining areas. Mall tenants Designer Bear, Gertrude Hawk Chocolates, Saxbys Coffee, and Toast-It! also recently opened in the mall.

Plymouth Meeting Mall is located in the greater Philadelphia area, northwest of the city, on Germantown Pike at the confluence of three major arteries, the Pennsylvania Turnpike (I-276), its Northeast Extension, and the Blue Route (I-476). The property is an 890,000 square foot regional mall.

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 and power centers. Currently, the Company's portfolio consists of 54 properties, including 38 shopping malls, 13 strip and power centers, and three properties under development. The operating retail properties have a total of approximately 34 million square feet. The Company's properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. 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.

This press release contains certain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect PREIT's current views about future events and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. More specifically, PREIT's business might be affected by uncertainties affecting real estate businesses generally as well as the following, among other factors: general economic, financial and political conditions, including credit market conditions, changes in interest rates or the possibility of war or terrorist attacks; the current economic downturn and its effect on PREIT's existing and potential tenants and their ability to make and meet their obligations to PREIT; PREIT's continued compliance with the terms of its Credit Facility, and its ability to repay, extend or replace its debt when it matures, including its Credit Facility, which matures in March 2010; changes in local market conditions or other competitive or retail industry factors in the regions where our properties are concentrated; PREIT's ability to maintain and increase property occupancy and rental rates, and risks relating to development or redevelopment activities, including construction, obtaining entitlements and managing multiple projects simultaneously. Additionally, there can be no assurance that PREIT's actual results will not differ significantly from the estimates set forth in press releases or other disclosures, or that PREIT's returns on its developments, redevelopments or acquisitions will be consistent with the estimates outlined in press releases or other disclosures. Investors are also directed to consider the risks and uncertainties discussed in documents PREIT has filed with the Securities and Exchange Commission and, in particular, PREIT's Annual Report on Form 10-K, as amended, for the year ended December 31, 2008. PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

** Additional information about PREIT is available on www.preit.com **