APP. E4				REGULATION OF INVESTMENT ADVISORS

CUSIP No._709102107  		13G
		Page______of______Pages
________________________________________________________________________
1.  NAME OF REPORTING PERSON
     S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
		Clarion CRA Securities, LP				232802869
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)____
(b)____
3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION
259 N. Radnor Chester Road, Suite 205 Radnor, PA 19087

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH


5. SOLE VOTING POWER
1,251,223 shares, sole voting power
6. SHARED VOTING POWER
No shares under shared voting power
7. SOLE DISPOSITIVE POWER
1,647,258 shares, sole dispositive power
8. SHARED DISPOSITOVE POWER
16,000 shares, shared dispositive power


9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,663,258 shares
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.08%
12.  TYPE OF REPORTING PERSON*
IA


















SCHEDULE 13G						APP. E4

			              UNITED STATES
		  SECURITIES AND EXCHANGE COMMISSION
			WASHINGTON, D.C.  20549



				SCHEDULE 13G

			Under the Securities Exchange Act of 1934
				(Amendment No _______)*
			     Pennsylvania Real Estate
				(Name of Issuer)
				Common Stock
			          (Title of Class of Securities)
				  709102107
				(Cusip Number)

Check the following box if a fee is being paid with this statement ____.
(A fee is not required only if the filing person: (1) has a previous statement
on
file reporting beneficial ownership of more than five percent of the class of
securities
described in Item 1; and (2) has filed no amendment subsequent thereto
reporting beneficial ownership of five percent
or less of such class.)  (See Rule 13d-7).

*The remainder of this cover page shall be filled out for a reporting persons
initial
filing on this form with respect to the subject class of securities, and
for any subsequent
amendment containing information which would alter the disclosures
provided in aprior
cover page.

The information required in the remainder of this cover page
shall not be deemed to be
filed for the purpose of Section 18 of the Securities Exchange Act of 1934
(Act) or
otherwise subject to the liabilities of that section of the Act but shall be
subject to all other
provisions of the Act (however, see the Notes).












Sec 1745 (6-88)



					E4-1



Items
Item 1
Pennsylvania Real Estate
THE BELLEVUE
200 S BROAD STREET
PHILADELPHIA PA 19102

Item 2
(a) CRA Real Estate Securities, L.P.
(b) 259 N. Radnor-Chester Road, Suite 205
Radnor, PA  19087
(c) N/A
(d) Common Stock
(e) 709102107

Item 3
(e) Investment Adviser registered under section 203 of the Investment
(f) Advisers Act of 1940

Item 4
(a) 1,663,258 shares
(b) 7.08%
(c)
(i.) 1,251,223 shares, sole voting power
(ii.) No shares under shared voting power
(iii.) 1,647,258 shares, sole dispositive power
(iv.) 16,000 shares, shared dispositive power

Item 5
N/A

Item 6
N/A

Item 7
N/A

Item 8
N/A

Item 9
N/A

Item 10
T. Ritson Ferguson, President