X0306 4 2022-03-31 0 0000077281 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST PEI 0001767657 Crowell Heather C/O PENN. REAL ESTATE INVESTMENT TRUST 2005 MARKET STREET, SUITE 1000 PHILADELPHIA PA 19103 0 1 0 0 EVP-Strategy & Communications Shares of Beneficial Interest, par value $1.00 per share 2022-03-31 4 M 0 33391 A 150442 D Shares of Beneficial Interest, par value $1.00 per share 2022-03-31 4 D 0 33391 0.6352 D 117051 D Restricted Share Units 2022-03-31 4 M 0 33391 D Shares of Beneficial Interest 33391 66780 D Consists of restricted share units ("RSUs") granted pursuant to the issuer's 2021-2023 Equity Award Program (the "2021-2023 Program"). Each RSU represents a contingent right to receive one share of Beneficial Interest, par value $1.00 per share (a "Share"), of the issuer. The RSUs may be settled in Shares or cash in the discretion of the issuer's Compensation Committee. The Compensation Committee determined to settle the RSUs that vested on March 31, 2022 for cash. For purposes of this Form 4, the cash settlement of the vested RSUs has been presented as the conversion of the vested RSUs into Shares and the simultaneous disposition of Shares to the issuer for cash. The 2021-2023 Program RSU grant consisted of 100,171 RSUs granted on March 31, 2021, with the RSUs vesting in three equal annual installments beginning on March 31, 2022. /s/ Heather Crowell 2022-04-04