X0303 4 2008-09-22 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 2008-09-22 5 G 0 E 2500 D 93378 D Shares of Beneficial Interest, par value $1.00 per share 27800 I By Trust Shares of Beneficial Interest, par value $1.00 per share 7834 I By Trust Shares of Beneficial Interest, par value $1.00 per share 5000 I By Trust Shares of Beneficial Interest, par value $1.00 per share 750 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 1063 I By Spouse Units of Class A Limited Partnership Interest 2008-09-26 4 J 0 100000 19.15 D Shares of Beneficial Interest, par value $1.00 per share 100000 0 I By GRAT Units of Class A Limited Partnership Interest 2008-09-26 4 J 0 100000 19.15 D Shares of Beneficial Interest, par value $1.00 per share 100000 0 I By GRAT Units of Class A Limited Partnership Interest 2008-09-26 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 2008-09-26 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 Transfer by gift involving no consideration. These securities are held by the Non-QTIP Marital Trust U/W of Richard I. Rubin (the "Marital Trust"), a trust of which Mr. Rubin is a trustee and a beneficiary. These shares are held by a trust of which Mr. Rubin is a trustee and a beneficiary. These shares are held by trusts of which Mr. Rubin is a trustee. Mr. Rubin disclaims beneficial ownership of these shares. 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 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 Units are currently redeemable, but have not been redeemed. The Units have no expiration date. On September 26, 2008, a 2007 grantor retained annuity trust ("GRAT") for the benefit of Ronald Rubin's daughter and a 2007 GRAT for the benefit of his son each distributed to Ronald Rubin 100,000 Units in satisfaction of these GRATs' annual obligations to Ronald Rubin. George F. Rubin is the trustee of these 2007 GRATs. Ronald Rubin and George F. Rubin are brothers. The Ronald Rubin 2008 GRAT for the benefit of his daughter 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 September 26, 2008. A second Ronald Rubin 2008 GRAT for the benefit of his son 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 September 26, 2008. George F. Rubin 2008-09-26