X0202 4 2007-09-20 0 0000077281 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST PEI 0001203113 RUBIN GEORGE F C/O PENN. REAL ESTATE INVESTMENT TRUST THE BELLEVUE, 200 S. BROAD ST. PHILADELPHIA PA 19102 1 1 0 0 Vice Chairman Shares of Beneficial Interest, par value $1.00 per share 2007-09-20 4 M 0 25000 25.41 A 106579 D Shares of Beneficial Interest, par value $1.00 per share 2007-09-20 4 F 0 18715 39.52 D 87864 D Shares of Beneficial Interest, par value $1.00 per share 7835 I By Trust Shares of Beneficial Interest, par value $1.00 per share 900 I By Trust Shares of Beneficial Interest, par value $1.00 per share 500 I By Spouse Employee Share Option (Right to Buy) 25.41 2007-09-20 4 M 0 25000 0 D 2007-09-29 Shares of Beneficial Interest, par value $1.00 per share 25000 0 D Units of Class A Limited Partnership Interest 2007-08-31 5 G 0 E 100000 0 A Shares of Beneficial Interest, par value $1.00 per share 100000 100000 I By GRAT Units of Class A Limited Partnership Interest 2007-08-31 5 G 0 E 100000 0 A Shares of Beneficial Interest, par value $1.00 per share 100000 100000 I By GRAT Units of Class A Limited Partnership Interest Shares of Beneficial Interest, par value $1.00 per share 346907 346907 D Units of Class A Limited Partnership Interest Shares of Beneficial Interest, par value $1.00 per share 86934 86934 I By the Non-QTIP Marital Trust U/W of Richard I. Rubin Held by a trust of which Mr. Rubin is a trustee. Held by a trust the beneficiary of which is Mr. Rubin's daughter. Mr. Rubin disclaims beneficial ownership of these shares. Held by Mr. Rubin's spouse. Mr. Rubin disclaims beneficial ownership of these shares. The option vested in equal installments on January 1, 1999, 2000, 2001 and 2002. The derivative securities are units of Class A Limited Partnership Interest (the "Units") in PREIT Associates, L.P., the operating partnership of the issuer. The Units are generally redeemable one year after the date of issuance in consideration for cash equal to the contemporaneous market price of shares of beneficial interest in the issuer or, at the election of the issuer, for a like number of shares of beneficial interest in the issuer, without payment of any conversion or exercise price. These derivative securities are currently redeemable, but have not been redeemed. The Units have no expiration date. The Ronald Rubin 2007 GRAT is the holder of these securities. George Rubin is the trustee of this GRAT. A gift of these securities was received by this GRAT on August 31, 2007. George F. Rubin and Ronald Rubin are brothers. A second Ronald Rubin 2007 GRAT is the holder of these securities. George Rubin is the trustee of this GRAT. A gift of these securities was received by this GRAT on August 31, 2007. George F. Rubin and Ronald Rubin are brothers. The Non-QTIP Marital Trust U/W of Richard I. Rubin (the "Marital Trust") is the holder of these securities. Mr. Rubin is a beneficiary of the Marital Trust. Mr. Rubin disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. George F. Rubin 2007-09-24