X0202 4 2007-06-06 0 0000077281 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST PEI 0001033844 PASQUERILLA MARK E C/O PENN. REAL ESTATE INVESTMENT TRUST THE BELLEVUE, 200 S. BROAD STREET PHILADELPHIA PA 19102 1 0 0 0 Shares of Beneficial Interest, par value $1.00 per share 2007-06-06 4 M 0 1580211 A 1580211 I By Controlled Entity Shares of Beneficial Interest, par value $1.00 per share 15961 D Shares of Beneficial Interest, par value $1.00 per share 65211 I By Partnership Preferred Shares, par value $.01 per share 2007-06-06 4 X 0 14500 53.1 A 14500 I By Controlled Entity Units of Class B Limited Partnership Interest 2007-06-06 4 M 0 1580211 0 D Shares of Beneficial Interest 1580211 0 I By Controlled Entity Call Right 53.1 2007-06-06 4 X 0 14500 0 D 2007-03-01 2008-03-01 Preferred Shares 14500 0 I By Controlled Entity The shares were issued to Pasquerilla LLC, an entity controlled by Mr. Pasquerilla, in exchange for a like number of units of class B limited partnership interest ("Class B Units") of PREIT Associates, L.P. The Class B Units were subject to a Call Agreement among Crown Holding Company ("CHC"), Crown Investment Trust ("CIT"), Crown American Properties, L.P. ("CAP") and Pasquerilla Enterprises, L.P. ("PELP"). Pursuant to the Call Agreement, CAP granted PELP a call right with respect to the Class B Units on December 21, 2006. Pasquerilla, LLC obtained the right to receive the shares of beneficial interest through the assignment of that right from PELP at or about the time that CAP redeemed 1,580,211 Class B Units. The issuer is the general partner of PREIT Associates, L.P. Held by Marenrico Partnership, an entity controlled by Mr. Pasquerilla. Class B Units are redeemable for cash equal to contemporaneous market prices for shares of beneficial interest in the issuer, Pennsylvania Real Estate Investment Trust, or, at the election of the issuer, a like number of shares of beneficial interest of the issuer. The issuer elected to redeem the Class B Units with shares of beneficial interest. Class B Units have no expiration date and are convertible when issued. The Preferred Shares were subject to a Call Agreement among CHC, CIT, CAP and PELP. Pursuant to the Call Agreement, CIT granted PELP a call right with respect to the Preferred Shares. Pasquerilla LLC obtained the right to receive the Preferred Shares through the assignment of that right from PELP. The shares are held by Pasquerilla LLC, an entity controlled by Mr. Pasquerilla. Mark E. Pasquerilla 2007-06-06