8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) May 2, 2005

Pennsylvania Real Estate Investment Trust

(Exact Name of Registrant as Specified in its Charter)

Pennsylvania	1-6300	23-6216339
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(IRS Employer Identification No.)

The Bellevue, 200 S. Broad Street, Philadelphia, Pennsylvania	19102
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (215) 875-0700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On May 2, 2005, Pennsylvania Real Estate Investment Trust provided on its web site at www.preit.com its Quarterly Supplemental Disclosure dated March 31, 2005. A copy of the Quarterly Supplemental Disclosure is attached as an exhibit to this report.

The information furnished under this “Item 2.02. Results of Operations and Financial Condition” shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

99.1 Quarterly Supplemental Disclosure dated May 2, 2005.

- 2 -

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
Date: May 5, 2005	By:	/s/ Jonathan Weller
		Jonathan Weller
		Executive Vice President and General Counsel

- 3 -

Exhibit Index

99.1 Quarterly Supplemental Disclosure dated May 2, 2005

- 4 -

EX-99.1

Pennsylvania Real Estate Investment Trust

QUARTERLY SUPPLEMENTAL DISCLOSURE

(March 31, 2005)

www.preit.com

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Table of Contents

Company Information	1
Timeline/Recent Developments	2
Stock Information	3
Market Capitalization and Capital Resources	4
Balance Sheet—Wholly Owned and Partnerships Detail	5
Balance Sheet—Property Type	6
Income Statement—Wholly Owned and Partnerships Detail - Quarterly Comparison	7
Income Statement—Property Type - Quarterly Comparison	8
Income Statement—Retail (Property Status) - Quarterly Comparison	9
Income Statement—Retail (Property Subtype) - Quarterly Comparison	10
FFO and FAD	11
Key Ratios	12
Property Debt Schedule—Wholly Owned	13
Property Debt Schedule—Partnerships	14
Debt Analysis	15
Debt Ratios	16
Portfolio Summary—Retail	17
Property Acquisitions/Dispositions—Quarterly Summary	18
Property Development/Redevelopment Summary	19
Top Twenty Tenants Schedule	20
Lease Expiration Schedule—Anchor Tenants	21
Lease Expiration Schedule—Non-Anchor Tenants	22
New Lease/Renewal Summary and Analysis	23
Capital Expenditures—Quarterly	24
Enclosed Mall—Summary and Occupancy	25
Enclosed Mall—Rent Summary	26
Power Center—Summary and Occupancy	27
Strip Center—Summary and Occupancy	28
Retail Overall—Summary and Occupancy	29
Summary of Portfolio Services	30
Flash Report—Quarterly	31
RECONCILIATION TO GAAP:
Balance Sheet-Reconciliation to GAAP	32
Income Statement-Reconciliation to GAAP—Quarterly	33
Flash Report-Reconciliation to GAAP—Quarterly	34
Definitions page	35

THIS QUARTERLY SUPPLEMENTAL DISCLOSURE CONTAINS CERTAIN “FORWARD-LOOKING STATEMENTS” THAT RELATE TO EXPECTATIONS, PROJECTIONS, ANTICIPATED EVENTS, TRENDS AND OTHER MATTERS THAT ARE NOT HISTORICAL FACTS. THESE FORWARD-LOOKING STATEMENTS REFLECT PREIT’S CURRENT VIEWS ABOUT FUTURE EVENTS AND ARE SUBJECT TO RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT MAY CAUSE FUTURE EVENTS, ACHIEVEMENTS OR RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED BY THE FORWARD-LOOKING STATEMENTS. PREIT’S BUSINESS IS SUBJECT TO UNCERTAINTIES REGARDING THE REVENUES, OPERATING EXPENSES, LEASING ACTIVITIES, OCCUPANCY RATES, AND OTHER COMPETITIVE FACTORS RELATING TO PREIT’S PORTFOLIO AND CHANGES IN LOCAL MARKET CONDITIONS AS WELL AS GENERAL ECONOMIC, FINANCIAL AND POLITICAL CONDITIONS, WHICH MAY CAUSE FUTURE EVENTS, ACHIEVEMENTS OR RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED BY THE FORWARD-LOOKING STATEMENTS. PREIT DISCLAIMS ANY DUTY TO UPDATE ANY FORWARD-LOOKING STATEMENTS SET FORTH IN THIS QUARTERLY SUPPLEMENTAL DISCLOSURE TO REFLECT NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. INVESTORS ARE ALSO DIRECTED TO CONSIDER THE RISKS DISCUSSED IN DOCUMENTS PREIT HAS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND, IN PARTICULAR, PREIT’S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2004.

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

COMPANY INFORMATION

PENNSYLVANIA REIT

200 South Broad Street, Philadelphia, PA 19102

http://www.preit.com

Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls and power centers (approximately 33.6 million square feet) located in the eastern United States. PREIT’s portfolio consists of 56 properties in 12 states. PREIT’s portfolio includes 38 shopping malls, 13 strip and power centers and five industrial properties. PREIT is headquartered in Philadelphia, Pennsylvania.

Research Coverage

Company	Analyst	Phone Number
Green Street Advisors	Gregory R. Andrews	(949) 640-8780
JP Morgan	Michael W. Mueller	(212) 622-6689
	Anthony Paolone	(212) 622-6682
	Joshua Bederman	(212) 622-6530
Legg Mason Wood Walker	David M. Fick	(410) 539-0000
	Nathan Isbee	(410) 454-4143
Lehman Brothers	David Harris	(212) 526-1790
	Alexander D. Goldfarb	(212) 526-5232
UBS	Ian C. Weissman	(212) 713-8602
	Keith A. Mills	(212) 713-3098
	Frank Rybinski	(212) 713-2364

Quarterly Earnings Schedule

PREIT’s quarterly results will be announced in accordance with the following schedule:

Quarter	2005		2004
First Quarter	5/2/2005		5/5/2004
Second Quarter	8/4/2005	(1)	8/5/2004
Third Quarter	11/3/2005	(1)	11/8/2004
Fourth Quarter	2/28/2006	(1)	3/3/2005

⁽¹⁾ Tentative dates.

Quarterly conference calls are arranged by KCSA Worldwide. To participate, please contact Garth Russell at (212) 896-1250.

For additional information, please contact:

Robert McCadden or Nurit Yaron

200 South Broad Street

Philadelphia, PA 19102

Phone (215) 875-0700 Toll Free (866) 875-0700

Fax (215) 546-7311 Email yaronn@preit.com

PAGE 1

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Time Line/Recent Developments

April 26, 2005 - Pennsylvania Real Estate Investment Trust announced its plans for $360 million in financings for Cherry Hill Mall in Cherry Hill, New Jersey, and Willow Grove Park in Willow Grove, Pennsylvania.

April 25, 2005 - Pennsylvania Real Estate Investment Trust announced that it intended to release its financial results for the first quarter ended March 31, 2005, on Monday May 2, 2005. It also announced that management will hold a conference call on Monday, May 2, 2005, at 3:00PM EDT to review the Company’s first quarter results, market trends and future outlook.

April 4, 2005 - Pennsylvania Real Estate Investment Trust announced that it had completed the acquisition of Gadsden Mall in Gadsden, Alabama, for approximately $58.8 million.

March 4, 2005 - Pennsylvania Real Estate Investment Trust announced that Jonathan Weller would be presenting at the 2005 Smith Barney REIT CEO Conference on March 9, 2005.

March 3, 2005 - Pennsylvania Real Estate Investment Trust announced its results for the fourth quarter and twelve months ended December 31, 2004. Net income available to common shareholders for the fourth quarter of 2004 was $0.43 per diluted share. FFO per common share and Operating Partnership unit (“share”) for the fourth quarter of 2004 was $1.12.

February 17, 2005 - Pennsylvania Real Estate Investment Trust announced that a partnership in which it holds a 40% interest has entered into a definitive agreement to sell Laurel Mall in Hazelton, Pennsylvania. The sale is expected to be completed in the second quarter of 2005.

February 17, 2005 - Pennsylvania Real Estate Investment Trust announced that it intended to release its financial results for the fourth quarter and twelve months ended December 31, 2004, on Thursday, March 3, 2005. It also announced that management will hold a conference call on Thursday, March 3, 2005 at 3:00PM EDT to review the Company’s fourth quarter and twelve month results, market trends and future outlook.

February 17, 2005 - Pennsylvania Real Estate Investment Trust announced that its Board of Trustees declared a quarterly cash dividend of $0.54 per common share. PREIT also announced that its Board of Trustees has declared a regular quarterly dividend of $1.375 per share on its 11.00% senior preferred shares.

February 4, 2005 - Pennsylvania Real Estate Investment Trust announced that it had completed the acquisition of Cumberland Mall in Vineland, New Jersey for approximately $59.5 million.

February 3, 2005 - Pennsylvania Real Estate Investment Trust announced that it had amended its credit facility effective January 31, 2005.

January 24, 2005 - Pennsylvania Real Estate Investment Trust reported the tax status of its dividend distribution for 2004.

NOTE: The press releases are available on the Company’s website at www.preit.com.

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Stock Information

PREIT’s common stock trades on the New York Stock Exchange (symbol: PEI).

PREIT’s preferred stock trades on the New York Stock Exchange (symbol: PEIPRA).

	Q1:3/31/05		CY:12/31/04		Q1:3/31/04		CY:12/31/03		CY 12/31/02
High Price	$	43.21	$	43.70	$	37.85	$	36.30	$	27.20
Low Price	$	38.91	$	30.25	$	33.30	$	24.70	$	20.55
Close	$	40.32	$	42.80	$	37.66	$	36.30	$	26.00
Average Daily Trading Volume		146,698		161,659		220,144		109,892		41,495
Common Shares Outstanding		36,474,699		36,272,162		35,778,863		35,544,265		16,697,119
O.P. Units		4,686,418		4,413,559		3,834,714		3,691,516		1,763,318
Total Shares Outstanding		41,161,117		40,685,721		39,613,577		39,235,781		18,460,437
Weighted Average of Common Shares		35,972,274		35,609,350		35,403,257		20,389,577		16,162,327
Weighted Average of O.P. units		4,583,338		4,183,059		3,836,144		2,303,449		1,804,779
Weighted Average Common Shares and O.P. Units		40,555,612		39,792,409		39,239,401		22,693,026		17,967,106
Preferred Shares, Nominal Value	$	123,750,000	$	123,750,000	$	123,750,000	$	123,750,000		—
Market Value of Shares (based on closing price)	$	1,783,366,237	$	1,865,098,859	$	1,615,597,310	$	1,548,008,850	$	479,971,362

Shareholder Information

Ten Largest Institutional Shareholders: Common Shares Held (1)	3/31/2005
RREEF Real Estate Securities Advisers, L.P.	5,023,996
Vanguard Group, Inc.	1,536,972
Barclays Global Investors	1,450,053
ING Clarion Real Estate Securities	1,428,553
ABP Investment U.S., Inc	994,800
J.P Morgan Investment Management Inc. (NY)	908,541
State Street Global Advisors	725,243
Neuberger Berman, LLC	686,590
Urdang Investment Management, Inc.	525,585
Martingale Asset Management, L.P.	466,073
TOTAL of Ten Largest Institutional:	13,746,406
TOTAL of all Institutional holders:	21,682,751
Ten Largest as % of Total Institutional:	63.4	%

(1) Based on 13F filings as of 3/31/05 or most recent filings.

Share Ownership by Insiders: Shares Held (including O.P. Units, Beneficial Ownership and Exercisable Options)	As of 4/1/05 (1)	% of Total (2)		Interim Net Purchases of Shares (3)		As of 4/1/04 (4)	% of Total (5)
Mark Pasquerilla	2,289,005	5.6	%	(109,068	)	2,398,073	6.1	%
Ronald Rubin	1,532,162	3.7	%	672,693		859,469	2.2	%
George F. Rubin	785,773	1.9	%	350,848		434,925	1.1	%
Stephen B. Cohen	471,030	1.1	%	N/A		N/A	N/A
Leonard I. Korman	365,100	0.9	%	1,625		363,475	0.9	%
Edward A. Glickman	255,598	0.6	%	29,742		225,856	0.6	%
Jonathan B. Weller	172,709	0.4	%	6,973		165,736	0.4	%
Joseph F. Coradino	142,808	0.3	%	17,765		125,043	0.3	%
Jeffrey A. Linn	71,868	0.2	%	(582	)	72,450	0.2	%
Douglas S. Grayson	55,582	0.1	%	10,276		45,306	0.1	%
Robert F. McCadden	47,356	0.1	%	N/A		N/A	N/A
David J. Bryant	29,857	0.1	%	4,963		24,894	0.1	%
Bruce Goldman	22,128	0.1	%	5,629		16,499	0.0	%
Lee H. Javitch	17,000	0.0	%	1,625		15,375	0.0	%
Rosemarie B. Greco	11,000	0.0	%	1,625		9,375	0.0	%
Ira Lubert	7,750	0.0	%	2,250		5,500	0.0	%
Donald Mazziotti	4,307	0.0	%	2,322		1,985	0.0	%
John J. Roberts	3,250	0.0	%	2,250		1,000	0.0	%
TOTAL (6)	6,009,515	14.6	%	1,000,936		4,708,120	11.9	%

(1) Source of Insider Ownership: Proxy dated April 18, 2005. Refer to footnotes in proxy for details on beneficial ownership.

(2) Based on fully diluted shares outstanding as of March 31, 2005.

(3) Includes purchases and sales of shares, issuance of restricted stocks awards, issuances of O.P. units, and exercisable options.

(4) Source of Insider Ownership: Proxy dated April 29, 2004. Refer to footnotes in proxy for details on beneficial ownership.

(5) Based on fully diluted shares outstanding as of March 31, 2004.

(6) In certain instances, two trustees beneficially own the same shares because they share voting or investment power over the shares. These shares have been counted only once in the total.

Distribution Information for Common Shares

	Q1:3/31/05			CY:12/31/04			Q1:3/31/04			CY:12/31/03			CY 12/31/02
Dividend per share	$	0.540		$	2.160		$	0.540		$	2.070		$	2.040
Annualized Dividend Yield (1)		5.4	%		5.0	%		5.7	%		5.7	%		7.8	%
Capital Gain Pre-May 6		N/A		$	0.026		$	—		$	0.096		$	0.082
Capital Gain Post-May 5		N/A		$	—		$	—		$	0.213		$	—
Section 1250 Gain		N/A		$	0.026		$	—		$	0.480		$	—
Return of Capital/Non-Taxable		N/A		$	0.517		$	—		$	0.085		$	0.134
Qualified 5 Year Gain (incl. in cap. Gain)		N/A		$	—		$	—		$	—		$	—
Ordinary Income		N/A		$	1.617		$	0.540		$	1.196		$	1.824

(1) Based on closing stock price for the period.

Breakdown of Share & Unit Ownership: Shares Held	3/31/2005	12/31/04	% of 3/31/05 total
Institutional (1)	21,682,751	21,655,541	52.7	%
Retail (2)	13,902,716	14,796,395	33.8	%
Insiders (3)	5,575,650	4,233,785	13.5	%
TOTAL	41,161,117	40,685,721	100.0	%

(1) Based on 13F filings as of 3/31/05 or most recent filings.

(2) Retail ownership equals total shares outstanding minus institutional and insider ownership.

(3) Insider holdings as of 4/1/05. (Shares and O.P. Units only. Excludes 433,865 exercisable options).

PAGE 3

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

MARKET CAPITALIZATION

	March 31, 2005			December 31, 2004			March 31, 2004			December 31, 2003			December 31, 2002
EQUITY CAPITALIZATION
Shares Outstanding		36,474,699			36,272,162			35,778,863			35,544,265			16,697,119
O.P. Units Outstanding		4,686,418			4,413,559			3,834,714			3,691,516			1,763,318
TOTAL Shares and O.P. Units		41,161,117			40,685,721			39,613,577			39,235,781			18,460,437
Market Price (at end of period)	$	40.32		$	42.80		$	37.66		$	36.30		$	26.00
Preferred Shares, Nominal Value	$	123,750,000		$	123,750,000		$	123,750,000		$	123,750,000
Equity Market Capitalization	$	1,783,366,237		$	1,865,098,859		$	1,615,597,310		$	1,548,008,850		$	479,971,362
DEBT CAPITALIZATION
Unsecured Debt Balance	$	402,000,000		$	271,000,000		$	182,000,000		$	170,000,000		$	—
Secured Debt Balance		1,307,545,347			1,326,127,000			1,386,313,775			1,396,262,538			617,279,770
Debt Capitalization	$	1,709,545,347		$	1,597,127,000		$	1,568,313,775		$	1,566,262,538		$	617,279,770
TOTAL MARKET CAPITALIZATION	$	3,492,911,584		$	3,462,225,859		$	3,183,911,085		$	3,114,271,388		$	1,097,251,132
Preferred Shares/Total Market Capitalization		3.5	%		3.6	%		3.9	%		4.0	%
Shares and O.P. Units/Total Market Capitalization		47.5	%		50.3	%		46.9	%		45.7	%		43.7	%
Debt Capitalization/Total Market Capitalization		48.9	%		46.1	%		49.3	%		50.3	%		56.3	%
Equity Capitalization/Total Market Capitalization		51.1	%		53.9	%		50.7	%		49.7	%		43.7	%
Unsecured Debt Balance/Total Debt		23.5	%		17.0	%		11.6	%		10.9	%		0.0	%
CAPITAL RESOURCES
	March 31, 2005			December 31, 2004			March 31, 2004			December 31, 2003			December 31, 2002
Cash on Hand	$	34,378,813		$	45,949,300		$	37,024,603		$	46,883,041		$	18,628,137
Line of Credit Capacity (1)	$	500,000,000		$	500,000,000		$	500,000,000		$	500,000,000		$	200,000,000
Amount Used (includes letters of credit)		(410,054,533	)		(279,054,533	)		(183,195,000	)		(170,500,000	)		(131,473,671	)
Available LOC (2)	$	89,945,467		$	220,945,467		$	316,805,000		$	329,500,000		$	68,526,329
Shelf Registration	$	1,000,000,000		$	1,000,000,000		$	1,000,000,000		$	1,000,000,000		$	500,000,000
Amount Used		(344,146,042	)		(344,146,042	)		(344,146,042	)		(344,146,042	)		(155,977,292	)
Available Shelf	$	655,853,958		$	655,853,958		$	655,853,958		$	655,853,958		$	344,022,708
TOTAL CAPITAL RESOURCES	$	780,178,238		$	922,748,725		$	1,009,683,561		$	1,032,236,999		$	431,177,174

⁽¹⁾ The unsecured revolving line of credit established in November 2003 and amended in January 2005, gives PREIT the ability to increase the facility to $650 million under prescribed conditions.

⁽²⁾ The available line of credit is subject to covenants that may restrict amounts that can be borrowed.

PAGE 4

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

BALANCE SHEET

(Wholly Owned vs. Partnerships)

	March 31, 2005												December 31, 2004
	PREIT Wholly Owned			PREIT’s % of Partner- ships (5)			Corporate			Combined TOTAL			PREIT Wholly Owned			PREIT’s % of Partner- ships (5)			Corporate			Combined TOTAL
ASSETS
Investments in Real Estate, at cost
Retail Properties (1)	$	2,626,902,140		$	131,361,106			—		$	2,758,263,246		$	2,518,364,388		$	131,343,981			—		$	2,649,708,369
Industrial Properties		4,006,922			—			—			4,006,922			2,504,211			—			—			2,504,211
Land Held for Development		9,972,559			—			—			9,972,559			9,862,704			—			—			9,862,704
Construction In Progress		11,867,813			2,855,424			—			14,723,237			10,952,450			2,542,307			—			13,494,757
TOTAL INVESTMENTS IN REAL ESTATE		2,652,749,434			134,216,530			—			2,786,965,964			2,541,683,753			133,886,288			—			2,675,570,041
Accumulated Depreciation		(169,572,884	)		(34,988,197	)		—			(204,561,081	)		(150,885,609	)		(34,023,363	)		—			(184,908,972	)
Net Real Estate		2,483,176,550			99,228,333			—			2,582,404,883			2,390,798,144			99,862,925			—			2,490,661,069
Other Assets:
Cash and Cash Equivalents		17,203,491			3,968,408			13,206,914			34,378,813			25,096,539			5,609,103			15,243,658			45,949,300
Rents and Other Receivables		30,932,767			11,307,638			1,721,293			43,961,698			27,286,042			11,328,239			4,691,310			43,305,591
Other assets held for sale (1)		7,175,245			—			—			7,175,245			6,837,914			—			—			6,837,914
Intangible Assets (2)		169,024,321			—			12,045,312			181,069,633			159,804,366			—			12,045,312			171,849,678
Deferred Costs, Prepaid Taxes & Exp. & Other Assets		45,215,337			7,297,143			23,301,848			75,814,328			42,573,601			7,550,568			19,782,031			69,906,200
TOTAL OTHER ASSETS		269,551,161			22,573,189			50,275,367			342,399,717			261,598,462			24,487,910			51,762,311			337,848,683
TOTAL ASSETS		2,752,727,711			121,801,522			50,275,367			2,924,804,600			2,652,396,606			127,449,110			51,762,311			2,828,509,752
LIABILITIES AND SHARE HOLDERS’ EQUITY
Liabilities:
Mortgage Notes Payable		1,146,562,800			106,947,723			—			1,253,510,523			1,162,479,171			107,513,205			—			1,269,992,376
Mortgage Debt Premium (3)		54,034,824			—			—			54,034,824			56,134,624			—			—			56,134,624
Bank Loans Payable		—			—			402,000,000			402,000,000			—			—			271,000,000			271,000,000
Liabilities Related to Assets held for sale		1,616,876			—			—			1,616,876			1,156,442			—			—			1,156,442
Other Liabilities (4)		50,402,033			2,857,626			24,548,313			77,807,972			50,292,594			3,351,797			40,147,000			93,791,391
TOTAL LIABILITIES		1,252,616,533			109,805,349			426,548,313			1,788,970,195			1,270,062,831			110,865,002			311,147,000			1,692,074,833
Minority Interest		3,448,201			—			138,301,736			141,749,937			3,584,992			—			128,383,925			131,968,917
Shareholders’ Equity:
Shares of Beneficial Interest at $1 Par		—			—			36,474,673			36,474,673			—			—			36,272,160			36,272,160
Preferred Shares $0.01 Par		—			—			24,750			24,750			—			—			24,750			24,750
Capital Contributed in Excess of Par		—			—			907,811,709			907,811,709			—			—			899,506,128			899,506,128
Restricted Stock		—			—			(14,945,044	)		(14,945,044	)		—			—			(7,736,812	)		(7,736,812	)
Accumulated Other Comprehensive Loss		—			—			(1,812,340	)		(1,812,340	)		—			—			(1,821,457	)		(1,821,457	)
Retained Earnings		—			—			66,530,720			66,530,720			—			—			78,221,233			78,221,233
TOTAL SHARE HOLDERS’ EQUITY		—			—			994,084,468			994,084,468			—			—			1,004,466,002			1,004,466,002
TOTAL LIABILITIES AND SHARE HOLDERS’ EQUITY	$	1,256,064,734		$	109,805,349		$	1,558,934,517		$	2,924,804,600		$	1,273,647,823		$	110,865,002		$	1,443,996,927		$	2,828,509,752

	March 31, 2004
	PREIT Wholly Owned			PREIT’s % of Partner- ships (5)			Corporate			Combined TOTAL
ASSETS
Investments in Real Estate, at cost
Retail Properties (1)	$	2,399,418,328		$	135,981,353			—		$	2,535,399,681
Industrial Properties		2,504,211			—			—			2,504,211
Land Held for Development		9,397,945.00			—			—			9,397,945
Construction In Progress		21,849,530			1,506,178			—			23,355,708
TOTAL INVESTMENTS IN REAL ESTATE		2,433,170,014			137,487,531			—			2,570,657,545
Accumulated Depreciation		(98,533,506	)		(32,248,911	)		—			(130,782,417	)
Net Real Estate		2,334,636,508			105,238,620			—			2,439,875,128
Other Assets:
Cash and Cash Equivalents		12,591,337			4,459,678			19,973,588			37,024,603
Rents and Other Receivables		24,415,060			7,921,525			1,714,874			34,051,459
Other assets held for sale (1)		37,383,935			—			—			37,383,935
Intangible Assets (2)		159,907,867			—			12,085,313			171,993,180
Deferred Costs, Prepaid Taxes & Exp. & Other Assets		36,800,984			11,737,284			16,441,187			64,979,455
TOTAL OTHER ASSETS		271,099,183			24,118,487			50,214,962			345,432,632
TOTAL ASSETS		2,605,735,691			129,357,107			50,214,962			2,785,307,760
LIABILITIES AND SHARE HOLDERS’ EQUITY
Liabilities:
Mortgage Notes Payable		1,206,593,974			109,096,195			—			1,315,690,169
Mortgage Debt Premium (3)		70,623,606			—			—			70,623,606
Bank Loans Payable		—			—			182,000,000			182,000,000
Liabilities Related to Assets held for sale		4,365,915			—			—			4,365,915
Other Liabilities (4)		49,479,921			3,839,170			30,413,314			83,732,405
TOTAL LIABILITIES		1,331,063,416			112,935,365			212,413,314			1,656,412,095
Minority Interest		4,546,973			—			112,836,314			117,383,287
Shareholders’ Equity:
Shares of Beneficial Interest at $1 Par		—			—			35,781,922			35,781,922
Preferred Shares $0.01 Par		—			—			24,750			24,750
Capital Contributed in Excess of Par		—			—			884,677,043			884,677,043
Restricted Stock		—			—			(9,311,239	)		(9,311,239	)
Accumulated Other Comprehensive Loss		—			—			(1,927,948	)		(1,927,948	)
Retained Earnings		—			—			102,267,850			102,267,850
TOTAL SHARE HOLDERS’ EQUITY		—			—			1,011,512,378			1,011,512,378
TOTAL LIABILITIES AND SHARE HOLDERS’ EQUITY	$	1,335,610,389		$	112,935,365		$	1,336,762,006		$	2,785,307,760

⁽¹⁾ Investment in real estate as of March 31, 2005, December 31, 2004 and March 31, 2004 includes $9,611,074, $8,108,066 and $96,448,111, respectively, relating to the non-core properties. The non-core properties are classified as held-for-sale for GAAP purposes. Other assets held for sale represent intangible assets and current assets of the non-core properties.

⁽²⁾ Includes value of acquired in-place leases and above-market value of leases recorded in connection with the acquisition of properties since 2002. Purchase accounting rules require a purchaser to separately value the leases that are in place at the acquisition date, as well as the above- or below-market values of the leases.

⁽³⁾ Represents premium that is recorded in connection with debt assumed when a property is purchased. The debt is marked to market at the acquisition date and the premium is amortized through interest expense over the remaining term of the debt.

⁽⁴⁾ For Wholly Owned Properties, Other Liabilities includes Tenant Deposits and Deferred Rents, Accrued Pension and Retirement Benefits, Accrued Expenses and Other Liabilities including Deficit in Partnerships Investments.

⁽⁵⁾ Includes PREIT's percent of partnership investment that is “grossed up” to reflect the Company’s share of the Total Assets and Liabilities of the underlying properties. The Company calculates the “gross up” by applying its percentage ownership interest to the historical financial statements of its equity method investments. The consolidated financial statements, which are presented in accordance with GAAP, reflect only the Company’s equity in these properties.

NOTE: A reconciliation of the proportionate consolidation method to GAAP is included on pages 32 to 35.

PAGE 5

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

BALANCE SHEET ⁽¹⁾

(Property Type)	March 31, 2005																		December 31, 2004
	Malls			Power and Strip Centers			Total Retail			Other Properties			Corporate			Combined TOTAL			Malls			Power and Strip Centers			Total Retail			Other Properties			Corporate			Combined TOTAL
ASSETS
Investments in Real Estate, at cost (2)	$	2,443,131,571		$	315,131,675		$	2,758,263,246		$	28,702,718		$	—		$	2,786,965,964		$	2,336,629,574		$	313,078,795		$	2,649,708,369		$	25,861,672		$	—		$	2,675,570,041
Accumulated Depreciation		(152,307,877	)		(50,113,733	)		(202,421,610	)		(2,139,471	)		—			(204,561,081	)		(135,017,071	)		(47,764,970	)		(182,782,041	)		(2,126,931	)		—			(184,908,972	)
Net Real Estate		2,290,823,694			265,017,942			2,555,841,636			26,563,247			—			2,582,404,883			2,201,612,503			265,313,825			2,466,926,328			23,734,741			—			2,490,661,069
Other Assets:
Cash		17,555,470			3,616,429			21,171,899			—			13,206,914			34,378,813			26,115,513			4,590,129			30,705,642			—			15,243,658			45,949,300
Other assets held for sale		7,173,946			—			7,173,946			1,299			—			7,175,245			6,837,914			—			6,837,914			—			—			6,837,914
Intangible Assets (3)		169,024,321			—			169,024,321			—			12,045,312			181,069,633			159,804,366			—			159,804,366			—			12,045,312			171,849,678
Other Assets, Net (4)		54,743,737			25,964,746			80,708,483			14,044,402			25,023,141			119,776,026			52,375,910			23,813,146			76,189,056			12,549,394			24,473,341			113,211,791
Total Other Assets		248,497,474			29,581,175			278,078,649			14,045,701			50,275,367			342,399,717			245,133,703			28,403,275			273,536,978			12,549,394			51,762,311			337,848,683
TOTAL ASSETS		2,539,321,168			294,599,117			2,833,920,285			40,608,948			50,275,367			2,924,804,600			2,446,746,206			293,717,100			2,740,463,306			36,284,135			51,762,311			2,828,509,752
LIABILITIES AND SHARE HOLDERS’ EQUITY
Liabilities:
Mortgage Notes Payable		1,149,707,279			103,803,244			1,253,510,523			—			—			1,253,510,523			1,165,736,877			104,255,499			1,269,992,376			—			—			1,269,992,376
Mortgage Debt Premium (5)		52,787,437			1,247,387			54,034,824			—						54,034,824			54,794,532			1,340,092			56,134,624			—						56,134,624
Bank Loans Payable		—			—			—			—			402,000,000			402,000,000									—			—			271,000,000			271,000,000
Liabilities Related to Assets held for sale		1,214,096			—			1,214,096			402,780			—			1,616,876			1,156,442			—			1,156,442			—			—			1,156,442
Other Liabilities (6)		47,108,708			4,276,216			51,384,924			1,874,735			24,548,313			77,807,972			44,391,004			5,723,480			50,114,484			3,529,907			40,147,000			93,791,391
TOTAL LIABILITIES		1,250,817,520			109,326,847			1,360,144,367			2,277,515			426,548,313			1,788,970,195			1,266,078,855			111,319,071			1,377,397,926			3,529,907			311,147,000			1,692,074,833
Minority Interest		3,448,201						3,448,201			—			138,301,736			141,749,937			3,584,992						3,584,992			—			128,383,925			131,968,917
Shareholders’ Equity:
Shares of Beneficial Interest at $1 Par		—			—			—			—			36,474,673			36,474,673			—			—			—			—			36,272,160			36,272,160
Preferred Shares $0.01 Par		—			—			—			—			24,750			24,750			—			—			—			—			24,750			24,750
Capital Contributed in Excess of Par		—			—			—			—			907,811,709			907,811,709			—			—			—			—			899,506,128			899,506,128
Restricted Stock		—			—			—			—			(14,945,044	)		(14,945,044	)		—			—			—			—			(7,736,812	)		(7,736,812	)
Accumulated Other Comprehensive Loss		—			—			—			—			(1,812,340	)		(1,812,340	)		—			—			—			—			(1,821,457	)		(1,821,457	)
Retained Earnings		—			—			—			—			66,530,720			66,530,720			—			—			—			—			78,221,233			78,221,233
TOTAL SHAREHOLDERS’ EQUITY		—			—			—			—			994,084,468			994,084,468			—			—			—			—			1,004,466,002			1,004,466,002
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,254,265,721		$	109,326,847		$	1,363,592,568		$	2,277,515		$	1,558,934,517		$	2,924,804,600		$	1,269,663,847		$	111,319,071		$	1,380,982,918		$	3,529,907		$	1,443,996,927		$	2,828,509,752

	March 31, 2004
	Malls			Power and Strip Centers			Total Retail			Other Properties			Corporate			Combined TOTAL
ASSETS
Investments in Real Estate, at cost (2)	$	2,225,064,658		$	310,335,023		$	2,535,399,681		$	35,257,864		$	—		$	2,570,657,545
Accumulated Depreciation		(87,461,869	)		(41,231,237	)		(128,693,106	)		(2,089,311	)		—			(130,782,417	)
Net Real Estate		2,137,602,789			269,103,786			2,406,706,575			33,168,553			—			2,439,875,128
Other Assets:
Cash		13,487,669			3,563,345			17,051,014			—			19,973,588			37,024,602
Other assets held for sale		37,383,935			—			37,383,935			—			—			37,383,935
Intangible Assets (3)		159,907,867			—			159,907,867			—			12,085,313			171,993,180
Other Assets, Net (4)		44,085,265			25,771,864			69,857,129			11,017,725			18,156,061			99,030,915
Total Other Assets		254,864,736			29,335,209			284,199,945			11,017,725			50,214,962			345,432,632
TOTAL ASSETS		2,392,467,525			298,438,995			2,690,906,520			44,186,278			50,214,962			2,785,307,760
LIABILITIES AND SHARE HOLDERS’ EQUITY
Liabilities:
Mortgage Notes Payable		1,226,803,245			88,886,924			1,315,690,169			—			—			1,315,690,169
Mortgage Debt Premium (5)		70,623,606			—			70,623,606			—			—			70,623,606
Bank Loans Payable		—			—			—			—			182,000,000			182,000,000
Liabilities Related to Assets held for sale		4,365,915			—			4,365,915			—			—			4,365,915
Other Liabilities (6)		42,981,162			5,330,612			48,311,774			5,007,317			30,413,314			83,732,405
TOTAL LIABILITIES		1,344,773,928			94,217,536			1,438,991,464			5,007,317			212,413,314			1,656,412,095
Minority Interest		4,420,258			126,715			4,546,973			—			112,836,314			117,383,287
Shareholders’ Equity:
Shares of Beneficial Interest at $1 Par		—			—			—			—			35,781,922			35,781,922
Preferred Shares $0.01 Par		—			—			—			—			24,750			24,750
Capital Contributed in Excess of Par		—			—			—			—			884,677,043			884,677,043
Restricted Stock		—			—			—			—			(9,311,239	)		(9,311,239	)
Accumulated Other Comprehensive Loss		—			—			—			—			(1,927,948	)		(1,927,948	)
Retained Earnings		—			—			—			—			102,267,850			102,267,850
TOTAL SHARE HOLDERS’ EQUITY		—			—			—			—			1,011,512,378			1,011,512,378
TOTAL LIABILITIES AND SHARE HOLDERS’ EQUITY	$	1,349,194,186		$	94,344,251		$	1,443,538,437		$	5,007,317		$	1,336,762,006		$	2,785,307,760

⁽¹⁾ Includes PREIT’s percent of partnership investments that is “grossed up” to reflect the Company's share of the Total Assets and Liabilities of the underlying properties. The Company calculates the “gross up” by applying its percentage ownership interest to the historical financial statements of its equity method investments.The consolidated financial statements, which are presented in accordance with GAAP, reflect only the Trust’s Equity in these properties.

⁽²⁾ Investment in real estate as of March 31, 2005, December 31, 2004 and March 31, 2004 includes $9,611,074, $8,108,066 and $96,448,111, respectively relating to the non-core properties. The non-core properties are classified as held-for-sale for GAAP purposes. Other assets held for sale represents intangible assets and current assets of the non-core properties.

⁽³⁾ Includes value of acquired in-place leases and above-market value of leases recorded in connection with the acquisition of properties since 2002. Purchase accounting rules require a purchaser to separately value the leases that are in place at the acquisition date, as well as the above- or below-market values of the leases.

⁽⁴⁾ Deferred Costs, Prepaid Taxes and Expenses and Other Assets include Rents and Other Receivables for Partnerships.

⁽⁵⁾ Represents premium that is recorded in connection with debt assumed in connection with property purchases. The debt is marked to market at the acquisition date and the premium is amortized through interest expense over the remaining term of the debt.

⁽⁶⁾ For Wholly Owned Properties, Other Liabilities includes Tenant Deposits and Deferred Rents, Accrued Pension and Retirement Benefits, Accrued Expenses and Other Liabilities including Deficit Partnership Investments.

NOTE: A reconciliation of the proportionate consolidation method to GAAP is included on pages 32 to 35.

PAGE 6

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

INCOME STATEMENT ⁽¹⁾

QUARTERLY COMPARISON

(Wholly Owned vs. Partnerships)

	Q1 05 (3 months ended 3/31/05)																		TOTAL % CHANGE		Q1 04 (3 months ended 3/31/04)
	Wholly Owned					Partnerships					Corporate					Combined TOTAL					Wholly Owned					Partnerships					Corporate					Combined TOTAL
Base Rents	$	65,799,597				$	5,254,075				$	—					71,053,672		1.3	%	$	64,966,521				$	5,155,520				$	—				$	70,122,041
Straight-Lining of Base Rents		1,004,214					31,186					—					1,035,400		-23.3	%		1,309,785					39,437					—					1,349,222
Percentage Rents		2,333,543					21,670					—					2,355,213		-7.7	%		2,315,761					237,047					—					2,552,808
Expense Reimbursables		31,076,163					1,564,405					—					32,640,568		0.8	%		30,785,238					1,590,403					—					32,375,641
Lease Termination		1,438,241					138,444					—					1,576,685		5807.6	%		26,689					—					—					26,689
Other Real Estate Revenues		2,037,650					121,658					—					2,159,308		-6.2	%		2,137,110					165,436					—					2,302,546
TOTAL REAL ESTATE REVENUES		103,689,408		94	%		7,131,438		6	%		—		0	%		110,820,846		1.9	%		101,541,104		93	%		7,187,843		7	%		—		0	%		108,728,947
Operating and Maintenance		(29,512,240	)				(1,665,637	)				—					(31,177,877	)	-3.8	%		(30,687,690	)				(1,717,568	)				—					(32,405,258	)
Real Estate Taxes		(9,624,476	)				(624,793	)				—					(10,249,269	)	5.1	%		(9,174,902	)				(577,269	)				—					(9,752,171	)
																																					—
TOTAL PROPERTY OPERATING EXPENSES		(39,136,716	)	94	%		(2,290,430	)	6	%		—		0	%		(41,427,146	)	-1.7	%		(39,862,592	)	95	%		(2,294,837	)	5	%		—		0	%		(42,157,429	)
NET OPERATING INCOME		64,552,692		93	%		4,841,008		7	%		—		0	%		69,393,700		4.2	%		61,678,512		93	%		4,893,006		7	%		—		0	%		66,571,518
Management Company Revenue		—					—					1,438,896					1,438,896		-30.2	%		—					—					2,061,769					2,061,769
Interest and Other Income		—					—					189,906					189,906		-25.2	%		—					—					253,728					253,728
General & Administrative:
Corporate Payroll and Benefits		—					—					(7,123,909	)				(7,123,909	)	-11.3	%		—					—					(8,028,893	)				(8,028,893	)
Other G&A Expenses		—					—					(2,094,131	)				(2,094,131	)	-19.9	%		—					—					(2,613,826	)				(2,613,826	)
Earnings before interest, taxes, depreciation and amortization (EBITDA)		64,552,692		104	%		4,841,008		8	%		(7,589,238	)	-12	%		61,804,462		6.1	%		61,678,512		106	%		4,893,006		8	%		(8,327,222	)	-14	%		58,244,296
Interest Expense (2)		(16,559,871	)				(2,039,920	)				(3,106,246	)				(21,706,037	)	4.6	%		(17,041,328	)				(2,050,359	)				(1,657,535	)				(20,749,222	)
Depreciation & Amortization		(25,773,193	)				(1,150,965	)				(338,800	)				(27,262,958	)	2.3	%		(25,413,320	)				(1,077,961	)				(168,126	)				(26,659,407	)
OTHER EXPENSES		(42,333,064	)				(3,190,885	)				(3,445,046	)				(48,968,995	)	3.3	%		(42,454,648	)				(3,128,320	)				(1,825,661	)				(47,408,629	)
Gains (loss) on sales of interests in Real Estate		60,536					—					—					60,536		N/A			—					—					—					—
Income before Minority Interest		22,280,164					1,650,123					(11,034,284	)				12,896,003		19.0	%		19,223,864					1,764,686					(10,152,883	)				10,835,667
Minority Interest in Properties		(45,459	)				—					—					(45,459	)	-87.3	%		(357,959	)				—					—					(357,959	)
Minority Interest of O.P. Unitholders		—					—					(1,431,250	)				(1,431,250	)	82.6	%		—					—					(783,938	)				(783,938	)
Income from Operations		22,234,705					1,650,123					(12,465,534	)				11,419,294		17.8	%		18,865,905					1,764,686					(10,936,821	)				9,693,770
Discontinued Operations:
Minority Interest of O.P. Unitholders		—					—					(21,037	)				(21,037	)	N/A			—					—					(180,440	)				(180,440	)
Adjustments to gains on disposition of discontinued operations		—					—					—					—		N/A			—					—					(550,000	)				(550,000	)
TOTAL DISCONTINUED OPERATIONS		—					—					(21,037	)				(21,037	)	N/A			—					—					(730,440	)				(730,440	)
NET INCOME	$	22,234,705		195	%	$	1,650,123		14	%	$	(12,486,571	)	-110	%	$	11,398,257		27.2	%	$	18,865,905		210	%	$	1,764,686		20	%	$	(11,667,261	)	-130	%	$	8,963,330

⁽¹⁾ Includes PREIT’s percent of partnership investments that is “grossed up” to reflect the Company’s share of the Total Revenues and Expenses of the underlying properties. The Company calculates the “gross up” by applying its percentage ownership interest to the historical financial statements of its equity method investments.

⁽²⁾ Capitalized interest expense of $390,000 is not included in the quarter ended 3/31/05 and $195,000 is not included in the quarter ended 3/31/04.

NOTE: A reconciliation of the proportionate consolidation method to GAAP is included on pages 32 to 35.

PAGE 7

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

INCOME STATEMENT ⁽¹⁾

QUARTERLY COMPARISON

(Line of Business)

	Q1 05 (3 months ended 3/31/05)																		TOTAL % CHANGE		Q1 04 (3 months ended 3/31/04)
	RETAIL					OTHER PROPERTIES					CORPORATE					Combined TOTAL					RETAIL					OTHER PROPERTIES					CORPORATE					Combined TOTAL
Base Rents	$	70,941,570				$	112,102				$	—				$	71,053,672		1.3	%	$	70,036,885				$	85,156				$	—				$	70,122,041
Straight-Lining of Base Rents		1,035,400					—					—					1,035,400		-23.3	%		1,349,222					—					—					1,349,222
Percentage Rents		2,355,213					—					—					2,355,213		-7.7	%		2,552,808					—					—					2,552,808
Expense Reimbursables		32,628,133					12,435					—					32,640,568		0.8	%		32,363,966					11,675					—					32,375,641
Lease Termination		1,576,685					—					—					1,576,685		5807.6	%		26,689					—					—					26,689
Other Real Estate Revenues		2,159,308					—					—					2,159,308		-6.2	%		2,302,546					—					—					2,302,546
TOTAL REAL ESTATE REVENUES		110,696,309		100	%		124,537		0	%		—		—			110,820,846		1.9	%		108,632,116		100	%		96,831		0	%		—		—			108,728,947
Operating and Maintenance		(31,171,933	)				(5,944	)				—					(31,177,877	)	-3.8	%		(32,402,033	)				(3,225	)				—					(32,405,258	)
Real Estate Taxes		(10,239,684	)				(9,585	)				—					(10,249,269	)	5.1	%		(9,743,121	)				(9,050	)				—					(9,752,171	)
TOTAL PROPERTY OPERATING EXPENSES		(41,411,617	)	100	%		(15,529	)	0	%		—		—			(41,427,146	)	-1.7	%		(42,145,154	)	100	%		(12,275	)	0	%		—		—			(42,157,429	)
NET OPERATING INCOME		69,284,692		100	%		109,008		0	%		—		—			69,393,700		4.2	%		66,486,962		100	%		84,556		0	%		—		—			66,571,518
Management Company Revenue		—					—					1,438,896					1,438,896		-30.2	%		—					—					2,061,769					2,061,769
Interest and Other Income		—					—					189,906					189,906		-25.2	%		—					—					253,728					253,728
General and Administrative:																																—					—
Corporate Payroll and Benefits		—					—					(7,123,909	)				(7,123,909	)	-11.3	%		—					—					(8,028,893	)				(8,028,893	)
Other General & Administrative		—					—					(2,094,131	)				(2,094,131	)	-19.9	%		—					—					(2,613,826	)				(2,613,826	)
Earnings before interest, taxes, depreciation and amortization (EBITDA)		69,284,692		112	%		109,008		0	%		(7,589,238	)	-12	%		61,804,462		6.1	%		66,486,962		114	%		84,556		0	%		(8,327,222	)	-14	%		58,244,296
Interest Expense (2)		(18,599,791	)				—					(3,106,246	)				(21,706,037	)	4.6	%		(19,091,687	)				—					(1,657,535	)				(20,749,222	)
Depreciation & Amortization		(26,911,618	)				(12,540	)				(338,800	)				(27,262,958	)	2.3	%		(26,478,741	)				(12,540	)				(168,126	)				(26,659,407	)
OTHER EXPENSES		(45,511,409	)				(12,540	)				(3,445,046	)				(48,968,995	)	3.3	%		(45,570,428	)				(12,540	)				(1,825,661	)				(47,408,629	)
Gains on sales of interests in Real Estate		60,536					—					—					60,536		N/A													—					—
Income before Minority Interest		23,833,819					96,468					(11,034,284	)				12,896,003		19.0	%		20,916,534					72,016					(10,152,883	)				10,835,667
Minority Interest in Properties		(45,459	)				—					—					(45,459	)				(357,959	)				—					—					(357,959	)
Minority Interest of O.P. Unitholders		—					—					(1,431,250	)				(1,431,250	)	82.6	%		—					—					(783,938	)				(783,938	)
Income from Operations		23,788,360					96,468					(12,465,534	)				11,419,294		17.8	%		20,558,575					72,016					(10,936,821	)				9,693,770
Discontinued Operations:
Minority Interest of O.P. Unitholders		—					—					(21,037	)				(21,037	)	N/A			—					—					(180,440	)				(180,440	)
Adjustments to gains on disposition of discontinued operations		—					—					—					—		N/A			—					—					(550,000	)				(550,000	)
TOTAL DISCONTINUED OPERATIONS		—					—					(21,037	)				(21,037	)	N/A			—					—					(730,440	)				(730,440	)
NET INCOME	$	23,788,360		209	%	$	96,468		1	%	$	(12,486,571	)	-110	%	$	11,398,257		27.2	%	$	20,558,575		229	%	$	72,016		1	%	$	(11,667,261	)	-130	%	$	8,963,330

⁽¹⁾ Includes PREIT’s percent of partnership investments that is “grossed up” to reflect the Company's share of the Total Revenues and Expenses of the underlying properties. The Company calculates the “gross up” by applying its percentage ownership interest to the historical financial statements of its equity method investments.

⁽²⁾ Capitalized interest expense of $390,000 is not included in the quarter ended 3/31/05 and $195,000 is not included in the quarter ended 3/31/04.

NOTE: A reconciliation of the proportionate consolidation method to GAAP is included on pages 32 to 35.

PAGE 8

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

RETAIL INCOME STATEMENT ⁽¹⁾

QUARTERLY COMPARISON

	Q1 05 (3 months ended 3/31/05)																			Q1 04 (3 months ended 3/31/04)
	Combined TOTAL			Wholly Owned					Partnerships					% Change TOTAL		% Change Wholly Owned		% Change Partnerships		Combined TOTAL			Wholly Owned					Partnerships
Base Rents	$	70,941,570		$	65,687,495				$	5,254,075				1.3	%	1.2	%	1.9	%	$	70,036,885		$	64,881,365				$	5,155,520
Straight-Lining of Base Rents		1,035,400			1,004,214					31,186				-23.3	%	-23.3	%	-20.9	%		1,349,222			1,309,785					39,437
Percentage Rents		2,355,213			2,333,543					21,670				-7.7	%	0.8	%	-90.9	%		2,552,808			2,315,761					237,047
Expense Reimbursables		32,628,133			31,063,728					1,564,405				0.8	%	0.9	%	-1.6	%		32,363,966			30,773,563					1,590,403
Lease Termination and Other Income		1,576,685			1,438,241					138,444				5807.6	%	5288.9	%	N/A			26,689			26,689					—
Other Real Estate Revenues		2,159,308			2,037,650					121,658				-6.2	%	-4.7	%	-26.5	%		2,302,546			2,137,110					165,436
TOTAL REAL ESTATE REVENUES		110,696,309			103,564,871		94	%		7,131,438		6	%	1.9	%	2.1	%	-0.8	%		108,632,116			101,444,273		93	%		7,187,843		7	%
Operating and Maintenance		(31,171,933	)		(29,506,296	)				(1,665,637	)			-3.8	%	-3.8	%	-3.0	%		(32,402,033	)		(30,684,465	)				(1,717,568	)
Real Estate Taxes		(10,239,684	)		(9,614,891	)				(624,793	)			5.1	%	4.9	%	8.2	%		(9,743,121	)		(9,165,852	)				(577,269	)
TOTAL PROPERTY OPERATING EXPENSES		(41,411,617	)		(39,121,187	)	94	%		(2,290,430	)	6	%	-1.7	%	-1.8	%	-0.2	%		(42,145,154	)		(39,850,317	)	95	%		(2,294,837	)	5	%
NET OPERATING INCOME		69,284,692			64,443,684		93	%		4,841,008		7	%	4.2	%	4.6	%	-1.1	%		66,486,962			61,593,956		93	%		4,893,006		7	%
Interest Expense		(18,599,791	)		(16,559,871	)				(2,039,920	)			-2.6	%	-2.8	%	-0.5	%		(19,091,687	)		(17,041,328	)				(2,050,359	)
Depreciation & Amortization		(26,911,618	)		(25,760,653	)				(1,150,965	)			1.6	%	1.4	%	6.8	%		(26,478,741	)		(25,400,780	)				(1,077,961	)
OTHER EXPENSES		(45,511,409	)		(42,320,524	)				(3,190,885	)			-0.1	%	-0.3	%	2.0	%		(45,570,428	)		(42,442,108	)				(3,128,320	)
Gains on sales of int. in R.E.		60,536			60,536					—				N/A		N/A		N/A			—			—					—
Income before Minority Int.		23,833,819			22,183,696					1,650,123				13.9	%	15.8	%	-6.5	%		20,916,534			19,151,848					1,764,686
Minority Interest in Properties		(45,459	)		(45,459	)								-87.3	%	-87.3	%	N/A			(357,959	)		(357,959	)				—
NET INCOME	$	23,788,360		$	22,138,237		93	%	$	1,650,123		7	%	15.7	%	17.8	%	-6.5	%	$	20,558,575		$	18,793,889		91	%	$	1,764,686		9	%

SAME STORE COMPARISON

	Q1 05 (3 months ended 3/31/05)																			Q1 04 (3 months ended 3/31/04)
	Combined TOTAL			SAME					NEW					DIVEST				% Change Same Store		Combined TOTAL			SAME					NEW				DIVEST
Base Rents	$	70,941,570		$	65,933,532				$	5,008,038				$	—			0.1	%	$	70,036,885		$	65,875,552				$	—			$	4,161,333
Straight-Lining of Base Rents		1,035,400			869,663					165,737					—			-32.3	%		1,349,222			1,284,514					—				64,708
Percentage Rents		2,355,213			2,351,245					3,968					—			-2.4	%		2,552,808			2,409,691					—				143,117
Expense Reimbursables		32,628,133			30,494,686					2,133,447					—			-0.4	%		32,363,966			30,609,386					—				1,754,580
Lease Termination		1,576,685			1,575,685					1,000					—			5803.9	%		26,689			26,689					—				—
Other Real Estate Revenues		2,159,308			1,998,414					160,894					—			-6.5	%		2,302,546			2,137,723					—				164,823
TOTAL REAL ESTATE REVENUES		110,696,309			103,223,225		93	%		7,473,084		7	%		—	0	%	0.9	%		108,632,116			102,343,555		94	%		—	0	%		6,288,561		6	%
Operating and Maintenance		(31,171,933	)		(28,477,049	)				(2,694,884	)				—			-3.3	%		(32,402,033	)		(29,462,226	)				—				(2,939,807	)
Real Estate Taxes		(10,239,684	)		(9,507,319	)				(732,365	)				—			3.6	%		(9,743,121	)		(9,181,285	)				—				(561,836	)
TOTAL PROPERTY OPERATING EXPENSES		(41,411,617	)		(37,984,368	)	92	%		(3,427,249	)	8	%		—	0	%	-1.7	%		(42,145,154	)		(38,643,511	)	92	%		—	0	%		(3,501,643	)	8	%
NET OPERATING INCOME		69,284,692			65,238,857		94	%		4,045,835		6	%		—	0	%	2.4	%		66,486,962			63,700,044		96	%		—	0	%		2,786,918		4	%
Interest Expense		(18,599,791	)		(18,112,831	)				(486,960	)				—			-2.3	%		(19,091,687	)		(18,536,915	)				—				(554,772	)
Depreciation & Amortization		(26,911,618	)		(24,941,873	)				(1,969,745	)				—			-5.6	%		(26,478,741	)		(26,422,495	)				—				(56,246	)
OTHER EXPENSES		(45,511,409	)		(43,054,704	)				(2,456,705	)				—			-4.2	%		(45,570,428	)		(44,959,410	)				—				(611,018	)
Gains on sales of int. in R.E.		60,536			60,536					—					—			N/A			—								—
Income before Minority Int.		23,833,819			22,244,689					1,589,130					—			18.7	%		20,916,534			18,740,634					—				2,175,900
Minority Interest in Properties		(45,459	)		(45,459	)				—					—			-87.0	%		(357,959	)		(349,942	)				—				(8,017	)
NET INCOME	$	23,788,360		$	22,199,230		93	%	$	1,589,130		7	%	$	—	0	%	20.7	%	$	20,558,575		$	18,390,692		89	%	$	—	0	%	$	2,167,883

⁽¹⁾ Includes PREITS’s percent of partnership investments that is “grossed up” to reflect the Company's share of the Total Revenues and Expenses of the underlying properties. The Company calculates the “gross up” by applying its percentage ownership interest to the historical financial statements of its equity method investments.

NOTE: A reconciliation of the proportionate consolidation method to GAAP is included on pages 32 to 35.

PAGE 9

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

RETAIL INCOME STATEMENT ⁽¹⁾

QUARTERLY COMPARISON

(Property Subtype)

	Q1 05 (3 months ended 3/31/05)																										Q1 04 (3 months ended 3/31/04)
	Combined TOTAL			Enclosed Mall					Power Center					Strip Center					% Change TOTAL		% Change Enclosed Mall		% Change Power Center		% Change Strip Center		Combined TOTAL			Enclosed Mall					Power Center					Strip Center
Base Rents	$	70,941,570		$	62,872,398				$	6,648,729				$	1,420,443				1.3	%	1.8	%	-0.9	%	-10.0	%	$	70,036,885		$	61,746,705				$	6,711,105				$	1,579,075
Straight-Lining of Base Rents		1,035,400			911,024					117,556					6,820				-23.3	%	-26.4	%	1.9	%	-255.7	%		1,349,222			1,238,280					115,322					(4,380	)
Percentage Rents		2,355,213			2,319,232					35,981					—				-7.7	%	-6.1	%	-56.7	%	N/A			2,552,808			2,469,787					83,021					—
Expense Reimbursables		32,628,133			30,665,510					1,545,701					416,922				0.8	%	1.1	%	6.5	%	-28.2	%		32,363,966			30,332,284					1,451,009					580,673
Lease Termination and Other Income		1,576,685			496,596					138,444					941,645				5807.6	%	1760.7	%	N/A		N/A			26,689			26,689					—					—
Other Real Estate Revenues		2,159,308			2,089,331					67,661					2,316				-6.2	%	-7.2	%	42.2	%	-48.0	%		2,302,546			2,250,524					47,572					4,450
TOTAL REAL ESTATE REVENUES		110,696,309			99,354,091		90	%		8,554,072		8	%		2,788,146		3	%	1.9	%	1.3	%	1.7	%	29.1	%		108,632,116			98,064,269		90	%		8,408,029		8	%		2,159,818		2	%
Operating and Maintenance		(31,171,933	)		(29,709,465	)				(1,123,767	)				(338,701	)			-3.8	%	-4.0	%	9.4	%	-20.0	%		(32,402,033	)		(30,951,767	)				(1,026,953	)				(423,313	)
Real Estate Taxes		(10,239,684	)		(9,258,866	)				(781,702	)				(199,116	)			5.1	%	5.1	%	7.0	%	-1.1	%		(9,743,121	)		(8,811,174	)				(730,649	)				(201,298	)
TOTAL PROPERTY OPERATING EXPENSES		(41,411,617	)		(38,968,331	)	94	%		(1,905,469	)	5	%		(537,817	)	1	%	-1.7	%	-2.0	%	8.4	%	-13.9	%		(42,145,154	)		(39,762,941	)	94	%		(1,757,602	)	4	%		(624,611	)	1	%
NET OPERATING INCOME		69,284,692			60,385,760		87	%		6,648,603		10	%		2,250,329		3	%	4.2	%	3.6	%	0.0	%	46.6	%		66,486,962			58,301,328		88	%		6,650,427		10	%		1,535,207		2	%
Interest Expense		(18,599,791	)		(16,716,525	)				(1,847,704	)				(35,562	)			-2.6	%	-4.0	%	12.8	%	-3.2	%		(19,091,687	)		(17,417,266	)				(1,637,671	)				(36,750	)
Depreciation & Amortization		(26,911,618	)		(24,321,058	)				(2,113,320	)				(477,240	)			1.6	%	1.2	%	5.3	%	11.0	%		(26,478,741	)		(24,042,665	)				(2,006,178	)				(429,898	)
OTHER EXPENSES		(45,511,409	)		(41,037,583	)				(3,961,024	)				(512,802	)			-0.1	%	-1.0	%	8.7	%	9.9	%		(45,570,428	)		(41,459,931	)				(3,643,849	)				(466,648	)
Gains on sales of int. in R.E.		60,536			60,536					—					—				N/A		N/A		N/A		N/A			—			—					—					—
Income before Minority Int.		23,833,819			19,408,713					2,687,579					1,737,527				13.9	%	15.2	%	-10.6	%	62.6	%		20,916,534			16,841,397					3,006,578					1,068,559
Minority Interest in Properties		(45,459	)		(45,459	)				—					—				-87.3	%	-87.3	%	N/A		N/A			(357,959	)		(357,959	)				—					—
NET INCOME	$	23,788,360		$	19,363,254		81	%	$	2,687,579		11	%	$	1,737,527		7	%	15.7	%	17.5	%	-10.6	%	62.6	%	$	20,558,575		$	16,483,438		80	%	$	3,006,578		13	%	$	1,068,559		5	%

SAME STORE COMPARISON

	Q1 05 (3 months ended 3/31/05)																										Q1 04 (3 months ended 3/31/04)
	Combined TOTAL			Enclosed Mall					Power Center					Strip Center					% Change TOTAL (1)		% Change Enclosed Mall		% Change Power Center		% Change Strip Center		Combined TOTAL			Enclosed Mall					Power Center					Strip Center
Base Rents	$	65,933,532		$	57,864,360				$	6,648,729				$	1,420,443				0.1	%	0.2	%	-0.9	%	-0.4	%	$	65,875,552		$	57,737,584				$	6,711,105				$	1,426,863
Straight-Lining of Base Rents		869,663			745,287					117,556					6,820				-32.3	%	-36.4	%	1.9	%	-345.1	%		1,284,514			1,171,974					115,322					(2,782	)
Percentage Rents		2,351,245			2,315,264					35,981					—				-2.4	%	-0.5	%	-56.7	%	N/A			2,409,691			2,326,670					83,021					—
Expense Reimbursables		30,494,686			28,532,063					1,545,701					416,922				-0.4	%	-0.3	%	6.5	%	-24.0	%		30,609,386			28,609,883					1,451,009					548,494
Lease Termination		1,575,685			495,596					138,444					941,645				5803.9	%	1756.9	%	N/A		N/A			26,689			26,689					—					—
Other Real Estate Revenues		1,998,414			1,928,437					67,661					2,316				-6.5	%	-7.5	%	42.2	%	-48.0	%		2,137,723			2,085,701					47,572					4,450
TOTAL REAL ESTATE REVENUES		103,223,225			91,881,007		89	%		8,554,072		8	%		2,788,146		3	%	0.9	%	-0.1	%	1.7	%	41.0	%		102,343,555			91,958,501		90	%		8,408,029		8	%		1,977,025		2	%
Operating and Maintenance		28,477,049			27,014,581					1,123,767					338,701				-3.3	%	-3.7	%	9.4	%	-12.0	%		29,462,226			28,050,426					1,026,953					384,847
Real Estate Taxes		9,507,319			8,526,501					781,702					199,116				3.6	%	3.1	%	7.0	%	8.3	%		9,181,285			8,266,843					730,649					183,793
TOTAL PROPERTY OPERATING EXPENSES		37,984,368			35,541,082		94	%		1,905,469		5	%		537,817		1	%	-1.7	%	-2.1	%	8.4	%	-5.4	%		38,643,511			36,317,269		94	%		1,757,602		5	%		568,640		1	%
NET OPERATING INCOME		65,238,857			56,339,925		86	%		6,648,603		10	%		2,250,329		3	%	2.4	%	1.3	%	0.0	%	59.8	%		63,700,044			55,641,232		87	%		6,650,427		10	%		1,408,385		2	%
Interest Expense		(18,112,831	)		(16,229,565	)				(1,847,704	)				(35,562	)			-2.3	%	-3.8	%	12.8	%	-3.2	%		(18,536,915	)		(16,862,494	)				(1,637,671	)				(36,750	)
Depreciation & Amortization		(24,941,873	)		(22,351,313	)				(2,113,320	)				(477,240	)			-5.6	%	-7.0	%	5.3	%	27.7	%		(26,422,495	)		(24,042,665	)				(2,006,178	)				(373,652	)
OTHER EXPENSES		(43,054,704	)		(38,580,878	)				(3,961,024	)				(512,802	)			-4.2	%	-5.7	%	8.7	%	25.0	%		(44,959,410	)		(40,905,159	)				(3,643,849	)				(410,402	)
Gains on sales of int. in R.E.		60,536			60,536					—					—				N/A		N/A		N/A		N/A			—			—					—					—
Income before Minority Int.		22,244,689			17,819,583					2,687,579					1,737,527				18.7	%	20.9	%	-10.6	%	74.1	%		18,740,634			14,736,073					3,006,578					997,983
Minority Interest in Properties		(45,459	)		(45,459	)				—					—				-87.0	%	-87.0	%	N/A		N/A			(349,942	)		(349,942	)				—					—
NET INCOME	$	22,199,230		$	17,774,124		80	%	$	2,687,579		12	%	$	1,737,527		8	%	20.7	%	23.6	%	-10.6	%	74.1	%	$	18,390,692		$	14,386,131		78	%	$	3,006,578		16	%	$	997,983		5	%

⁽¹⁾ Includes PREIT’s percent of partnership investments that is “grossed up” to reflect the Company's share of the Total Assets and Liabilities of the underlying properties. The Company calculates the “gross up” by applying its percentage ownership interest to the historical financial statements of its equity method investments.

PAGE 10

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

	Q1:3/31/05			% Change		Q1:3/31/04
FUNDS FROM OPERATIONS (FFO) (1)
Net Income	$	11,398,257		27.2	%	$	8,963,330
Dividends on preferred shares		(3,403,125	)	0.0	%		(3,403,125	)
Net Income available to common shareholders	$	7,995,132		43.8	%	$	5,560,205
Minority Interest in Operating Partnership-continuing operations		1,431,250		82.6	%		783,938
Minority Interest in Operating Partnership-discontinued operations		21,037		-88.3	%		180,440
Gains on sales of interests in real estate		(60,536	)	N/A			—
Adjustments to gains on disposition of discontinued operations		—		N/A			550,000
Depreciation & Amortization: (2)
Wholly owned and consolidated partnerships		25,641,524		1.4	%		25,278,876
Unconsolidated partnerships		1,150,965		6.8	%		1,077,961
FFO	$	36,179,372		8.2	%	$	33,431,420
Weighted Average Shares and O.P. Units Outstanding		40,555,612		3.4	%		39,239,401
Net Income per Share (diluted)	$	0.21		31.3	%	$	0.16
FFO per Share	$	0.89		4.7	%	$	0.85
FUNDS AVAILABLE FOR DISTRIBUTION
FFO	$	36,179,372		8.2	%	$	33,431,420
Adjustments:
Straight-lining of base rents		(1,035,400	)	-23.3	%		(1,349,222	)
Recurring capital expenditures		(2,307,047	)	252.4	%		(654,723	)
Tenant allowances		(3,007,275	)	1434.7	%		(195,958	)
Capitalized leasing costs		(826,200	)	106.6	%		(400,000	)
Amortization of debt premium		(4,804,207	)	-1.2	%		(4,864,640	)
Amortization of above-and below - market lease intangibles		179,259		-12.4	%		204,702
FAD	$	24,378,502		-6.9	%	$	26,171,579
Weighted Average Shares and O.P. Units Outstanding		40,555,612		3.4	%		39,239,401
FAD per Share	$	0.60		-9.9	%	$	0.67
PAYOUT RATIOS
Dividend per Common Share	$	0.54		0.0	%	$	0.54
Payout Ratio of Net Income per Share (basic)		257.1	%	-80.4	%		337.5	%
Payout Ratio of FFO		60.5	%	-2.8	%		63.4	%
Payout Ratio of FAD		89.8	%	8.9	%		81.0	%

⁽¹⁾ Certain prior period amounts have been reclassified to conform with the current period’s presentation.

⁽²⁾ Excludes depreciation of non-real estate assets and amortization of deferred financing costs.

PAGE 11

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

KEY RATIOS

	Q1: 3/31/2005		Q1: 3/31/2004
Coverage Ratio (1)
Interest Coverage Ratio (EBITDA/Interest Expense)	2.85		2.81
Leverage Ratios (1)
Debt/Total Market Capitalization	48.9	%	50.3	%
Operating Ratios (1)
NOI/Real Estate Revenues	62.6	%	61.2	%
Return on Investment Ratios (1)
Total FFO/Equity Market Capitalization, net of preferred shares	2.2	%	2.2	%
NOI/Total Market Capitalization at Period End	2.0	%	2.1	%
NOI/Investment in Real Estate at Period End	2.5	%	2.6	%
Payout Ratios
FFO Payout Ratio (Dividend/FFO) per Share	60.5	%	63.4	%
FAD Payout Ratio (Dividend/FAD) per Share	89.8	%	81.0	%

⁽¹⁾ The calculation of these ratios includes wholly owned properties, PREIT's proportionate share of partnership properties and properties classified as held for sale.

PAGE 12

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

DEBT SCHEDULE of WHOLLY OWNED PROPERTIES

Property Name	PREIT’s Ownership Interest		Total Investment to Date		PREIT’s Investment to Date (1)		PREIT’s Accumulated Depreciation		PREIT’s Depreciated Costs		PREIT’s Share of O/S Mortgage Debt and Mortgage Debt Premium		PREIT’s Share of Mortgage		PREIT’s Share of Mortgage Debt Premium		Current Mortgages Interest Rate		Marked to Market Interest Rate (GAAP)		Annual Mortgage Debt Service		Mortgage Balance at Maturity		Date of Maturity	Notes
Retail Properties
Beaver Valley Mall	100	%	$	56,484,904	$	56,484,904	$	4,696,607	$	51,788,297	$	46,737,920	$	46,737,920	$	—	7.36	%	7.36	%	$	3,972,402	$	42,265,601	2012
Capital City (2)	100	%		81,514,290		81,514,290		2,904,356		78,609,934		58,543,449		52,639,240		5,904,209	7.61	%	5.50	%		4,602,529		47,842,921	2012
Chambersburg Mall (2)(3)	89	%		34,578,338		34,578,338		1,319,634		33,258,704		20,056,829		18,631,244		1,425,585	7.43	%	4.99	%		1,762,666		17,199,298	2008
Cherry Hill Mall	100	%		205,129,033		205,129,033		9,503,920		195,625,113		72,780,990		70,922,136		1,858,854	10.60	%	5.00	%		9,132,792		70,237,549	2005
Christiana Power I	100	%		39,949,871		39,949,871		5,736,807		34,213,064		—		—		—	—		—			—		—
Creekview	100	%		19,073,962		19,073,962		3,085,781		15,988,181		—		—		—	—		—			—		—
Crest Plaza Shopping Center	100	%		16,246,832		16,246,832		1,984,499		14,262,333		—		—		—	—		—			—		—
Crossroads Mall	100	%		31,670,848		31,670,848		1,471,048		30,199,800		13,984,262		13,345,240		639,022	7.39	%	5.75	%		1,191,103		12,646,534	2008
Cumberland Mall	100	%		53,253,618		53,253,618		183,985		53,069,633		46,522,708		43,830,136		2,692,572	6.50	%	5.40	%		3,413,167		38,782,131	2012
												3,813,015		3,813,015		—	5.00	%	5.00	%		205,512		—	2017
Dartmouth Mall	100	%		57,814,781		57,814,781		11,792,974		46,021,807		68,232,019		68,232,019		—	4.95	%	4.95	%		4,483,668		57,594,279	2013
Echelon Mall	100	%		18,487,845		18,487,845		2,214,412		16,273,433		—		—		—	—		—
Exton Square Mall	100	%		143,729,680		143,729,680		7,186,988		136,542,692		104,252,336		98,213,297		6,039,039	6.95	%	5.00	%		8,102,242		93,034,213	2008
Festival at Exton	100	%		19,052,431		19,052,431		2,669,032		16,383,399		—		—		—	—		—			—		—
Francis Scott Key Mall (3)	89	%		61,102,298		61,102,298		2,293,704		58,808,594		35,099,449		32,604,676		2,494,773	7.43	%	4.99	%		3,084,665		30,098,771	2008
Gadsden Mall	100	%		49,826,790		49,826,790		3,372		49,823,418		—		—		—	—		—			—		—
Jacksonville Mall (3)	100	%		66,630,324		66,630,324		2,653,532		63,976,792		27,076,720		25,152,179		1,924,541	7.43	%	4.99	%		2,379,598		23,219,052	2008
Logan Valley Mall (2)(3)	100	%		91,277,973		91,277,973		4,170,622		87,107,351		57,161,960		53,099,043		4,062,917	7.43	%	4.99	%		5,023,597		49,017,998	2008
Lycoming Mall (2)(3)	89	%		55,384,836		55,384,836		2,048,565		53,336,271		35,099,450		32,604,676		2,494,774	7.43	%	4.99	%		3,084,664		30,098,771	2008
Magnolia Mall	100	%		58,723,178		58,723,178		9,695,378		49,027,800		19,634,704		19,634,704		—	8.20	%	8.20	%		2,597,726		17,782,882	2007
Moorestown Mall	100	%		75,183,405		75,183,405		5,822,257		69,361,148		62,627,246		62,627,246		—	4.95	%	4.95	%		4,115,367		52,863,321	2013
New River Valley Mall (3)	89	%		30,325,138		30,325,138		1,182,049		29,143,089		17,048,305		15,836,557		1,211,748	7.43	%	4.99	%		1,498,266		14,619,403	2008
Nittany Mall (2)(3)	89	%		39,138,059		39,138,059		1,399,617		37,738,442		30,085,244		27,946,866		2,138,378	7.43	%	4.99	%		2,643,998		25,798,946	2008
North Hanover Mall (2)(3)	89	%		28,285,477		28,285,477		1,148,929		27,136,548		20,056,829		18,631,244		1,425,585	7.43	%	4.99	%		1,762,666		17,199,298	2008
Northeast Tower Center (3)	100	%		33,057,468		33,057,468		3,561,597		29,495,871		17,549,725		16,302,338		1,247,387	7.43	%	4.99	%		1,542,332		15,049,385	2008
Northeast Tower Center-Home Depot	100	%		13,578,891		13,578,891		1,629,467		11,949,424		12,500,000		12,500,000		—	7.40	%	7.40	%		925,000		12,500,000	2005
Orlando Fashion Square	100	%		108,469,969		108,469,969		928,647		107,541,322		—		—		—	—		—			—		—	—
Palmer Park Mall	100	%		32,620,929		32,620,929		6,903,685		25,717,244		17,656,797		17,656,797		—	6.77	%	6.77	%		1,661,220		15,674,394	2009
Patrick Henry Mall (3)	89	%		107,310,889		107,310,889		3,740,024		103,570,865		50,643,494		47,043,890		3,599,604	7.43	%	4.99	%		4,450,730		43,428,226	2008
Paxton Towne Centre	100	%		53,570,196		53,570,196		6,425,313		47,144,883		—		—		—	—		—			—		—	—
Phillipsburg Mall (3)	89	%		48,711,968		48,711,968		1,868,135		46,843,833		30,085,244		27,946,866		2,138,378	7.43	%	4.99	%		2,643,998		25,798,946	2008
Plymouth Meeting Mall	100	%		79,597,759		79,597,759		4,547,806		75,049,953		—		—		—	—		—			—		—	—
Schuylkill Mall (2)(4)	100	%		8,108,358		8,108,358		—		8,108,358		17,113,872		17,113,872		—	7.25	%	7.25	%		N/A		N/A	2008
South Blanding Village	100	%		9,504,950		9,504,950		3,444,819		6,060,131		—		—		—	—		—			—		—	—
South Mall (2)(3)	89	%		26,994,451		26,994,451		1,050,648		25,943,803		15,042,622		13,973,433		1,069,189	7.43	%	4.99	%		1,321,999		12,899,473	2008
The Commons at Magnolia	100	%		9,900,319		9,900,319		1,489,798		8,410,521		—		—		—	—		—			—		—	—
The Gallery at Market East I	100	%		48,387,983		48,387,983		2,454,487		45,933,496		—		—		—	—		—			—		—	—
The Gallery at Market East II	100	%		28,108,070		28,108,070		621,662		27,486,408		—		—		—	—		—			—		—	—
The Mall at Prince Georges	100	%		93,036,379		93,036,379		13,444,367		79,592,012		42,538,451		41,214,949		1,323,502	8.70	%	6.80	%		4,134,937		39,986,536	2007
Uniontown Mall (2)(3)	89	%		34,422,615		34,422,615		1,646,090		32,776,525		24,068,194		22,357,492		1,710,702	7.43	%	4.99	%		2,115,199		20,639,157	2008
Valley Mall	100	%		86,051,656		86,051,656		3,802,991		82,248,665		—		—		—	—		—			—		—	—
Valley View Mall	100	%		60,035,402		60,035,402		2,162,362		57,873,040		37,304,624		36,760,778		543,846	6.15	%	5.75	%		2,275,500		34,280,656	2009
Viewmont Mall (2)(3)	89	%		76,522,861		76,522,861		2,609,473		73,913,388		30,085,244		27,946,866		2,138,378	7.43	%	4.99	%		2,643,998		25,798,946	2008
Washington Crown Center (2)	89	%		42,518,113		42,518,113		2,598,771		39,919,342		—		—		—	—		—			—		—	—
Willow Grove Park	100	%		174,253,134		174,253,134		12,737,354		161,515,780		110,033,960		108,145,037		1,888,923	8.39	%	6.37	%		10,046,933		107,307,726	2006
Wiregrass Mall (5)	100	%		37,434,655		37,434,655		1,485,124		35,949,531		—		—		—	—		—			—		—	—
Wyoming Valley Mall (2)(3)	100	%		90,788,317		90,788,317		3,112,725		87,675,592		57,161,962		53,099,044		4,062,918	7.43	%	4.99	%		5,023,597		49,017,998	2008
Westgate Anchor Pad	100	%		2,920,710		2,920,710		—		2,920,710		—		—		—	—		—			—		—	—
Sub-Total Retail Properties			$	2,638,769,953	$	2,638,769,953	$	167,433,413	$	2,471,336,540	$	1,200,597,624	$	1,146,562,800	$	54,034,824	7.36	%	5.48	%	$	101,842,071	$	1,042,682,411
Industrial Properties
ARA Services, Allentown, PA	100	%	$	84,610	$	84,610	$	81,610	$	3,000	$	—	$	—	$	—	—		—		$	—	$	—	—
ARA Services, Pennsauken, NJ	100	%		210,473		210,473		171,218		39,255		—		—		—	—		—			—		—	—
Interstate Container Corporation	100	%		1,802,271		1,802,271		1,535,165		267,106		—		—		—	—		—			—		—	—
Sears Roebuck & Co.	100	%		406,857		406,857		351,478		55,379		—		—		—	—		—			—		—	—
Land held for development	100	%		9,972,559		9,972,559		—		9,972,559		—		—		—	—		—			—		—	—
P&S Building	100	%		1,502,711		1,502,711		—		1,502,711		—		—		—	—		—			—		—	—
Sub-Total Industrial and Land Properties			$	13,979,481	$	13,979,481	$	2,139,471	$	11,840,010	$	—	$	—	$	—	—		—		$	—	$	—
TOTAL for WHOLLY OWNED PROPERTIES			$	2,652,749,434	$	2,652,749,434	$	169,572,884	$	2,483,176,550	$	1,200,597,624	$	1,146,562,800	$	54,034,824	7.36	%	5.48	%	$	101,842,071	$	1,042,682,411
TOTAL for PARTNERSHIPS			$	271,719,300	$	134,216,530	$	34,988,197	$	99,228,333	$	106,947,723	$	106,947,723	$	—	7.47	%	7.47	%	$	10,205,588	$	93,987,764
CORPORATE /LINE OF CREDIT											$	402,000,000	$	402,000,000	$	—
TOTAL for WHOLLY OWNED and PARTNERSHIP PROPERTIES			$	2,924,468,734	$	2,786,965,964	$	204,561,081	$	2,582,404,883	$	1,709,545,347	$	1,655,510,523	$	54,034,824	7.37	%	5.65	%	$	112,047,659	$	1,136,670,176

⁽¹⁾ Includes development and CIP costs.

⁽²⁾ PREIT has an 89% ownership interest and a 99% economic interest in these properties. These properties are consolidated for financial reporting purposes.

⁽³⁾ Mortgage Debt represents the properties’ allocated portion of the REMIC provided by General Electric Capital Corporation.

⁽⁴⁾ In December 2004, the Company completed a modification of the mortgage on Schuylkill Mall. The modification limits the monthly payments to interest plus the excess cash flow from the property after management fees, leasing commissions, and lender-approved capital expenditures. Monthly excess cash flow will accumulate throughout the year in escrow, and an annual principal payment will be made on the last day of each year from this account. All other terms of the loan remained unchanged. Due to the modification, the timing of future principal payment amounts can not be determined.

PAGE 13

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

DEBT SCHEDULE of PARTNERSHIPS

Property Name	PREIT’s Ownership Interest		Total Investment to Date		PREIT’s Investment to Date (1)		PREIT’s Accumulated Depreciation		PREIT’s Depreciated Costs		PREIT’s Share of O/S Mortgage Debt and Mortgage Debt Premuim		PREIT’s Share of Mortgage		PREIT’s Share of Mortgage Debt Premium		Current Mortgages Interest Rate			Annual Mortgage Debt Service		Mortgage Balance at Maturity		Date of Maturity	Notes
Retail Properties
Court at Oxford Valley	50	%	$	55,643,890	$	27,821,945	$	5,097,490	$	22,724,455	$	21,082,556	$	21,082,556	$	—		8.02	%	$	2,319,426	$	15,666,965	2011
Laurel Mall	40	%		31,492,980		12,597,192		5,064,016		7,533,176		9,067,294		9,067,294		—		6.00	%		661,904		7,819,521	2013
Lehigh Valley Mall	50	%		33,581,996		16,790,998		9,837,561		6,953,437		22,879,523		22,879,523		—		7.90	%		2,479,260		21,750,439	2006
Metroplex Shopping Center	50	%		83,905,440		41,952,720		6,414,396		35,538,324		31,715,257		31,715,257		—		7.25	%		2,680,953		28,784,676	2011
Red Rose Commons	50	%		23,883,374		11,941,687		1,738,480		10,203,207		13,565,842		13,565,842		—		7.66	%		1,220,048		12,425,422	2009
Springfield Park I&II	50	%		13,291,878		6,645,939		723,598		5,922,341		1,773,090		1,773,090		—		7.79	%		202,561		1,411,804	2010
Whitehall Mall	50	%		29,919,742		14,959,871		6,112,656		8,847,215		6,864,161		6,864,161		—		6.77	%		641,436		6,128,937	2008
Sub-Total Retail Properties			$	271,719,300	$	132,710,352	$	34,988,197	$	97,722,155	$	106,947,723	$	106,947,723	$	—		7.47	%	$	10,205,588	$	93,987,764
Construction in Progress/Development
Pavilion at Market East	50	%		N/A	$	1,506,178	$	—	$	1,506,178	$	—	$	—	$	—		—		$	—	$	—
Sub-Total Properties Under Development			$	—	$	1,506,178	$	—	$	1,506,178	$	—	$	—	$	—	$	—		$	—	$	—
TOTAL for PARTNERSHIPS			$	271,719,300	$	134,216,530	$	34,988,197	$	99,228,333	$	106,947,723	$	106,947,723	$	—		7.47	%	$	10,205,588	$	93,987,764

⁽¹⁾ Includes development and CIP costs.

PAGE 14

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

DEBT ANALYSIS

Outstanding Debt ⁽¹⁾

	Fixed Rate		% of Total Indebtedness		Floating Rate		% of Total Indebtedness		Total		% of Total Indebtedness
Wholly Owned
Mortgage Notes Payable	$	1,200,597,624	70.2	%	$	—	0.0	%	$	1,200,597,624	70.2	%
Partnerships (at PREIT’s share)
Mortgage Notes Payable		106,947,723	6.3	%		—	0.0	%		106,947,723	6.3	%
Corporate
Revolving Line of Credit		—	0.0	%		402,000,000	23.5	%		402,000,000	23.5	%
TOTAL OUTSTANDING DEBT		1,307,545,347				402,000,000				1,709,545,347
SWAP		—				—				—
TOTAL DEBT AFTER HEDGE	$	1,307,545,347	76.5	%	$	402,000,000	23.5	%	$	1,709,545,347	100.0	%

(1) Includes mark to market of debt.

OUTSTANDING PRINCIPAL BALANCE

Weighted Average Interest Rates

	Principal Balance		Weighted Average Interest Rate
Fixed Rate Debt	$	1,253,510,523	7.37	%
Mortgage Debt Premium		54,034,824	N/A
Floating Rate Debt		402,000,000	3.84	%
TOTAL	$	1,709,545,347	6.51	%

Mortgage Maturity Schedule ⁽¹⁾

Year	Mortgage Balance at Maturity		% of Debt Expiring		Cumulative % of Debt Expiring
2005		82,737,549	7.3	%	7.3	%
2006		129,058,165	11.4	%	18.6	%
2007		57,769,418	5.1	%	23.7	%
2008		511,693,352	45.0	%	68.7	%
2009		62,380,472	5.5	%	74.2	%
2010		1,411,804	0.1	%	74.3	%
2011		44,451,641	3.9	%	78.3	%
2012		128,890,653	11.3	%	89.6	%
2013		118,277,121	10.4	%	100.0	%
Thereafter		—	—		100.0	%
	$	1,136,670,176	100.0	%

⁽¹⁾ The average period to mortgage maturity is 4.6 years.

Interest Rate Hedging Instruments

	Nominal Amount	Interest Rate Limit	Expiration Date		Nominal Amount	Fixed Rate in Agreement	Floating Rate in Agreement	Expiration Date
CAP	None			SWAP	None

Average Debt Balance

		Mortgage Debt (1)			Line of Credit & Bank Loans		REMIC			TOTAL
Beginning Balance	12/31/2004	$	855,172,160		$	271,000,000	$	470,954,840		$	1,597,127,090
Acquisition - Cumberland Mall	2/1/2005		50,482,632			—		—			50,482,632
Repay Cherry Hill Second Mortgage	2/24/2005		(58,791,727	)		55,000,000		—			(3,791,727	)
Working Capital	3/15/2005		—			16,000,000		—			16,000,000
Acquisition - Gadsden Mall	3/31/2005		—			60,000,000		—			60,000,000
Debt Amortization (2)	3/31/2005		(5,638,989	)		—		(4,633,569	)		(10,272,558	)
Ending Balance	3/31/2005	$	841,224,076		$	402,000,000	$	466,321,271		$	1,709,545,347
Weighted Average Balance		$	864,841,962		$	295,233,333	$	470,954,840		$	1,631,030,136

⁽¹⁾ Includes mark to market of debt.

⁽²⁾ Includes the amortization of debt premium.

PAGE 15

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

DEBT RATIOS⁽¹⁾

	3/31/2005			3/31/2004
Total Liabilities to Gross Asset Value
Ratio of Total Liabilities(2) to Gross Asset Value(3)(4) less than or equal to 0.65 to 1.00.
Total Liabilities	$	1,739,994,583		$	1,591,458,512
Gross Asset Value	$	3,577,411,421		$	3,069,112,852
Ratio		48.64	%		51.85	%
EBITDA to Interest Expense
Ratio of EBITDA(5) to Interest Expense(6) greater than or equal to 1.90 to 1.00.
EBITDA	$	250,005,657		$	156,686,342
Interest Expense	$	105,414,122		$	72,664,165
Ratio		2.37			2.16
Adjusted EBITDA to Fixed Charges
Ratio of Adjusted EBITDA(7) to Fixed Charges(8) greater than or equal to 1.50 to 1.00.
Adjusted EBITDA	$	248,583,497		$	155,387,729
Fixed Charges	$	141,899,271		$	89,109,893
Ratio		1.75			1.74
Secured Indebtedness to Gross Asset Value
Ratio of Secured Indebtedness(9) to Gross Asset Value(3) (4) less than or equal to 0.60 to 1.00.
Secured Indebtedness	$	1,253,510,523		$	1,315,690,169
Gross Asset Value	$	3,577,411,421		$	3,069,112,852
Ratio		35.04	%		42.87	%

⁽¹⁾ Debt ratios are based on loan covenants included in the Trust's Credit Facility, led by Wells Fargo Bank National Association, which was effective as of November 20, 2003 and as amended on January 31, 2005.

⁽²⁾ Total Liabilities defined as: Total PREIT consolidated GAAP liabilities plus certain letters of credit and other off balance sheet liabilities.

⁽³⁾ For the 3/31/2004 calculation Gross Asset Value was defined as: The sum of (i) Adjusted NOI for all Properties of PREIT, its subsidiaries and unconsolidated affiliates (excluding adjusted NOI for development and major redevelopment Property and the non-core properties) for the previous rolling four quarter period, capitalized at 9.00%, plus (ii) cash and cash equivalents plus (iii) all accounts receivable net of reserves plus (iv) book value of Property upon which construction is in progress and land held for development plus (v) development costs plus (vi) adjusted NOI for major redevelopment Property for the recent fiscal quarter (excluding those acquired or disposed of during such quarter) multiplied by 4 and capitalized at 9.00% plus (vii) redevelopment and predevelopment costs plus (viii) the purchase price of Property purchased in the last 2 fiscal quarters (excluding Crown properties) plus (ix) greater of PREIT's: (a) ownership share or (b) recourse share of book value of construction in progress of unconsolidated affiliates plus (x) purchase price of Property by PREIT and its subsidiaries subject to purchase obligations, purchase obligations, forward commitments and unfunded obligations plus (xi) adjusted NOI for all non-core properties for the previous rolling four quarters capitalized at 11.00%. Capitalized terms used in this footnote shall have the meanings ascribed to such terms in the Credit Agreement.

⁽⁴⁾ For the 3/31/2005 calculation Gross Asset Value is defined as: The sum of (i) Adjusted NOI for all Properties of PREIT, its subsidiaries and unconsolidated affiliates (excluding adjusted NOI for development and major redevelopment Property) for the previous rolling four quarter period, capitalized at 8.25%, plus (ii) cash and cash equivalents plus (iii) all accounts receivable net of reserves plus (iv) book value of Property upon which construction is in progress and land held for development plus (v) development costs plus (vi) adjusted NOI for major redevelopment Properties for the recent fiscal quarter (excluding those acquired or disposed of during such quarter) multiplied by 4 and capitalized at 8.25% plus (vii) redevelopment and predevelopment costs plus (viii) the purchase price of Property purchased in the last 2 fiscal quarters plus (ix) greater of PREIT’s: (a) ownership share or (b) recourse share of book value of construction in progress of unconsolidated affiliates plus (x) purchase price of Property by PREIT and its subsidiaries subject to purchase obligations, purchase obligations, forward commitments and unfunded obligations. Capitalized terms used in this footnote shall have the meanings ascribed to such terms in the Credit Agreement.

⁽⁵⁾ EBITDA defined as: Rolling four quarters of net earnings (loss) of the Trust before minority interests and distributions to holders of Preferred Stock, plus the sum of (i) depreciation and amortization expense and other non-cash charges, plus (ii) interest expense, plus (iii) all provisions for income taxes, minus (plus) (iv) extraordinary gains (losses), plus (v) the greater of (a) ownership share or (b) recourse share of EBITDA of unconsolidated affiliates.

⁽⁶⁾ Interest Expense defined as: All paid, accrued or capitalized interest expense excluding capitalized interest funded from construction loans plus the greater of (a) ownership share or (b) recourse share of all paid, accrued or capitalized interest expense of unconsolidated affliliates.

⁽⁷⁾ Adjusted EBITDA defined as: EBITDA plus ground rent payments minus the Reserve for Replacements for all Properties.

⁽⁸⁾ Fixed Charges defined as: Interest Expense plus regularly scheduled principal payments on Indebtedness other than any balloon, bullet or similar principal payment on any Indebtedness plus preferred dividends payments plus ground rent payments.

⁽⁹⁾ Secured Indebtedness defined as: (a) Aggregated principal amount of all Indebtedness that is secured by any Lien and (b) Indebtedness under a Guaranty of the Secured Indebtedness of another.

PAGE 16

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

PORTFOLIO SUMMARY– –RETAIL

(Sorted by State)

Retail Properties (1)	City	State	Property Subtype	Management Status	Property Status	Ownership Interest		Date Acquired	Year Built/ Last Renovated	Years Since Renovation	Owned GLA (anchors)	Owned GLA (non- anchors)	TOTAL Owned GLA	Space Not Owned (Name/GLA)		TOTAL Property GLA	Anchors / Majors Tenants	Lease Expiration
Wiregrass Commons	Dothan	AL	Enclosed Mall	PREIT	Existing	100	%	2003	1986/1999	6	—	229,713	229,713	Dillard’s JC Penney McRaes Parisian	403,163	632,876	Dillard’s JC Penney McRaes Parisian	1/31/37 5/30/14 1/31/37 1/31/37
Gadsden Mall	Gadsden	AL	Enclosed Mall	PREIT	New	100	%	2005	1974/1990	15	274,060	203,369	477,429			477,429	Belk McRae’s Sears	2/19/11 7/31/14 3/5/09
Christiana Power Center I	Newark	DE	Power Center	PREIT	Existing	100	%	1998	1998	7	190,814	111,595	302,409		—	302,409	Costco Dick’s Sporting Gds	1/31/19 11/30/13
South Blanding Village	Jacksonville	FL	Strip Center	PREIT	Existing	100	%	1988/1990	1986	19	73,921	32,736	106,657		—	106,657	Staples Food Lion	9/30/08 7/31/08
Orlando Fashion Square	Orlando	FL	Enclosed Mall	PREIT	New	100	%	2004	1973/2003	2	491,999	394,288	886,287	Sears	155,576	1,041,863	Burdines-Macy’s Dillard’s JC Penney Sears	10/31/71 1/31/14 4/30/13 N/A
Francis Scott Key Mall (2)	Frederick	MD	Enclosed Mall	PREIT	Existing	89	%	2003	1978/1991	14	291,620	274,583	566,203	Hecht’s	139,333	705,536	Hecht’s Sears JC Penney Value City	N/A 7/31/08 5/31/06 6/30/10
Valley Mall	Hagerstown	MD	Enclosed Mall	PREIT	Existing	100	%	2003	1974/1999	6	294,348	356,960	651,308	Sears Hecht’s	243,400	894,708	Sears JC Penney Bon-Ton Hecht’s	4/14/44 10/3/09 1/31/14 10/23/49
The Mall at Prince Georges	Hyattsville	MD	Enclosed Mall	PREIT	Existing	100	%	1998	1959/2004	0	479,619	347,371	826,990		—	826,990	JC Penney Hecht’s Target	7/31/06 10/31/08 1/31/10
Dartmouth Mall	Dartmouth	MA	Enclosed Mall	PREIT	Existing	100	%	1997	1971/2000	5	208,460	322,032	530,492	Filene’s	140,000	670,492	JC Penney Sears Filene’s	7/31/09 4/12/06 N/A
Cherry Hill Mall	Cherry Hill	NJ	Enclosed Mall	PREIT	Existing	100	%	2003	1961/1990	15	—	532,109	532,109	JC Penney Macy’s Strawbridge’s	740,770	1,272,879	JC Penney Macy’s Strawbridge’s	N/A N/A N/A
Moorestown Mall	Moorestown	NJ	Enclosed Mall	PREIT	Existing	100	%	2003	1963/2000	5	408,356	328,052	736,408	Lord & Taylor Strawbridge’s	321,200	1,057,608	Boscov’s Lord & Taylor Sears Strawbridge’s	10/31/10 N/A 10/5/22 N/A
Phillipsburg Mall	Phillipsburg	NJ	Enclosed Mall	PREIT	Existing	89	%	2003	1989/2003	2	326,170	242,733	568,903		—	568,903	Bon-Ton JC Penney Sears Kohl’s	1/31/10 3/31/10 4/30/09 1/31/25
Cumberland Mall	Vineland	NJ	Enclosed Mall	PREIT	New	100	%	2005	1973/2003	2	438,894	364,810	803,704	BJ’s	117,889	921,593	Boscov’s Home Depot JC Penney Value City	10/31/95 10/31/19 11/30/08 7/31/08
Echelon Mall	Voorhees	NJ	Enclosed Mall	PREIT	Existing	100	%	2003	1970/1998	7	310,840	415,148	725,988	Boscov’s Strawbridge’s	396,783	1,122,771	Boscov’s Strawbridge’s	N/A N/A
Jacksonville Mall	Jacksonville	NC	Enclosed Mall	PREIT	Existing	100	%	2003	1981/1998	7	242,115	231,782	473,897		—	473,897	Belk JC Penney Sears	8/21/11 8/31/10 8/4/11
Crest Plaza Shopping Center	Allentown	PA	Strip Center	PREIT	Existing	100	%	1964	1959/2003	2	53,445	60,826	114,271	Target	143,130	257,401	Weis Market Target	1/31/07 N/A
Lehigh Valley Mall	Allentown	PA	Enclosed Mall	Third Party	Existing	50	%	1973	1977/1996	9	212,000	463,375	675,375	JC Penney Strawbridge’s Firestone	371,986	1,047,361	Macy’s JC Penney Strawbridge’s	7/31/12 N/A N/A
South Mall (2)	Allentown	PA	Enclosed Mall	PREIT	Existing	89	%	2003	1975/1992	13	188,858	214,884	403,742		—	403,742	Bon-Ton Stein Mart Steve & Barry’s	1/28/11 10/31/06 1/31/11
Whitehall Mall	Allentown	PA	Power Center	Third Party	Existing	50	%	1964	1964/1998	7	294,635	231,727	526,362		—	526,362	Kohl’s Sears Bed, Bath & Beyond	3/9/07 9/18/11 1/31/10
Logan Valley Mall (2)	Altoona	PA	Enclosed Mall	PREIT	Existing	100	%	2003	1960/1997	8	454,387	327,248	781,635		—	781,635	JC Penney Kaufmann’s Sears	6/30/17 1/31/10 10/31/16
Capital City Mall (2)	Camp Hill	PA	Enclosed Mall	PREIT	Existing	100	%	2003	1974/1998	7	204,301	284,036	488,337	Hecht’s	120,000	608,337	JC Penney Hecht’s Sears	11/30/10 N/A 7/28/09
Chambersburg Mall (2)	Chambersburg	PA	Enclosed Mall	PREIT	Existing	89	%	2003	1982	23	241,690	212,251	453,941		—	453,941	Bon-Ton JC Penney Sears Value City	1/28/11 3/31/12 2/9/10 2/28/07
Palmer Park Mall	Easton	PA	Enclosed Mall	PREIT	Existing	100	%	1972/2003	1972/1998	7	314,235	131,775	446,010		—	446,010	Bon-Ton Boscov’s	7/25/14 10/31/18

PAGE 17A

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

PORTFOLIO SUMMARY– –RETAIL

(Sorted by State)

Retail Properties (1)	City	State	Property Subtype	Management Status	Property Status	Ownership Interest		Date Acquired	Year Built/ Last Renovated	Years Since Renovation	Owned GLA (anchors)	Owned GLA (non- anchors)	TOTAL Owned GLA	Space Not Owned (Name/GLA)		TOTAL Property GLA	Anchors / Majors Tenants	Lease Expiration
Exton Square Mall	Exton	PA	Enclosed Mall	PREIT	Existing	100	%	2003	1973/2000	5	440,301	369,678	809,979	Strawbridge’s K-Mart	277,468	1,087,447	Boscov’s JC Penney K-Mart Sears Strawbridge’s	10/31/19 5/31/20 N/A 1/31/20 N/A
Festival at Exton	Exton	PA	Strip Center	PREIT	Existing	100	%	1998	1991	14	60,425	84,618	145,043		—	145,043	Sears Hardware	8/18/2005
North Hanover Mall (2)	Hanover	PA	Enclosed Mall	PREIT	Existing	89	%	2003	1967/1999	6	288,177	165,734	453,911		—	453,911	Bon-Ton JC Penney Black Rose Antiques Sears	1/31/06 1/31/11 N/A 11/30/09
Paxton Towne Centre	Harrisburg	PA	Power Center	PREIT	Existing	100	%	1999	2001	4	151,627	292,856	444,483	Target Costco	273,058	717,541	Target Kohl’s Weis Markets Costco	N/A 1/25/21 11/30/20 N/A
Laurel Mall (3)	Hazleton	PA	Enclosed Mall	Third Party	Existing	40	%	1988	1973/1995	10	350,323	209,200	559,523		—	559,523	Boscov’s K-Mart JC Penney	4/30/08 8/31/19 10/31/09
Red Rose Commons	Lancaster	PA	Power Center	Third Party	Existing	50	%	1998	1998	7	—	263,452	263,452	Weis Markets Home Depot	199,590	463,042	Weis Markets Home Depot	N/A N/A
The Court at Oxford Valley	Langhorne	PA	Power Center	Third Party	Existing	50	%	1997	1996	9	176,831	280,032	456,863	Home Depot BJ’s	247,623	704,486	Best Buy Dick’s Sporting Gds Linens N Things	12/31/11 4/15/11 2/14/17
Beaver Valley Mall	Monaca	PA	Enclosed Mall	PREIT	Existing	100	%	2002	1970/1991	14	511,267	444,570	955,837	Kaufmann’s	204,770	1,160,607	Boscov’s JC Penney Sears Kaufmann’s	9/30/18 9/30/17 8/15/06 N/A
Lycoming Mall (2)	Pennsdale	PA	Enclosed Mall	PREIT	Existing	89	%	2003	1978/1990	15	321,441	341,551	662,992	Kaufmann’s	120,000	782,992	Bon-Ton JC Penney Kaufman’s Sears Value City	7/31/06 10/31/05 N/A 7/31/08 7/31/08
Northeast Tower Center	Philadelphia	PA	Power Center	PREIT	Existing	100	%	1998/1999	1997/1998	7	256,021	182,521	438,542	Raymour & Flanigan	38,678	477,220	Home Depot Petsmart Wal-Mart	9/30/10 2/28/12 1/31/14
The Gallery at Market East I (4)	Philadelphia	PA	Enclosed Mall	PREIT	Existing	100	%	2003	1977/1990	15		193,805	193,805		—	193,805	K-Mart Strawbridge’s	N/A N/A
The Gallery at Market East II (4)	Philadelphia	PA	Enclosed Mall	PREIT	New	100	%	2004	1984	21	127,271	194,483	321,754		—	321,754	Burlington Coat Factory	2/28/2032
Plymouth Meeting Mall	Plymouth Meeting	PA	Enclosed Mall	PREIT	Existing	100	%	2003	1966/1999	6	345,000	413,529	758,529	Strawbridge’s	214,635	973,164	AMC Theater Boscov’s Strawbridge’s	12/31/18 10/31/16 N/A
Metroplex Shopping Center	Plymouth Meeting	PA	Power Center	Third Party	Existing	50	%	1999	2001	4	67,185	410,276	477,461	Target Lowe’s	300,729	778,190	Target Lowe’s Giant	N/A N/A 2/28/21
Viewmont Mall (2)	Scranton	PA	Enclosed Mall	PREIT	Existing	89	%	2003	1968/1996	9	386,262	237,011	623,273	Kaufmann’s	120,000	743,273	JC Penney Sears Kaufmann’s	10/31/10 12/31/05 N/A
Springfield Park I & II	Springfield	PA	Strip Center	PREIT	Existing	50	%	1997/1998	1997/1998	7	83,539	43,432	126,971	Target	145,669	272,640	Target Bed, Bath & Beyond LA Fitness	N/A 1/31/09 3/31/17
Nittany Mall (2)	State College	PA	Enclosed Mall	PREIT	Existing	89	%	2003	1968/1990	15	221,462	215,544	437,006	Kaufmann’s	95,000	532,006	Bon-Ton JC Penney Kaufmann’s Sears	1/31/08 7/31/10 N/A 8/31/10
Uniontown Mall (2)	Uniontown	PA	Enclosed Mall	PREIT	Existing	89	%	2003	1972/1990	15	421,378	276,674	698,052		—	698,052	Bon-Ton JC Penney Roomful Express Furn. Sears Teletech Customer Care Value City	1/31/06 10/31/10 3/26/10 2/25/08 6/28/08 7/31/07
Creekview Shopping Center	Warrington	PA	Power Center	PREIT	Existing	100	%	1999	2001	4	—	136,086	136,086	Target Lowe’s	288,916	425,002	Target Lowe’s Genuardi’s	N/A N/A 12/31/21

PAGE 17B

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

PORTFOLIO SUMMARY– –RETAIL

(Sorted by State)

Retail Properties (1)	City	State	Property Subtype	Management Status	Property Status	Owne- rship Interest		Date Acquired	Year Built/ Last Renovated	Years Since Reno- vation	Owned GLA (anchors)	Owned GLA (non- anchors)	TOTAL Owned GLA	Space Not Owned (Name/ GLA)		TOTAL Property GLA	Anchors / Majors Tenants	Lease Expiration
Washington Crown Center (2)	Washington	PA	Enclosed Mall	PREIT	Existing	89	%	2003	1969/1999	6	245,401	288,175	533,576	Kaufmann’s	140,095	673,671	Sears Bon-Ton Gander Kaufmann’s	8/17/09 1/31/10 7/24/13 N/A
Wyoming Valley Mall (2)	Wilkes-Barre	PA	Enclosed Mall	PREIT	Existing	100	%	2003	1974/1995	10	592,110	319,531	911,641		—	911,641	Bon-Ton JC Penney Sears Kaufmann’s	1/31/07 1/31/07 8/1/06 1/31/07
Willow Grove Park	Willow Grove	PA	Enclosed Mall	PREIT	Existing	100	%	2000/2003	1982/2001	4	225,000	338,454	563,454	Sears Bloomingdale’s Strawbridge’s	641,861	1,205,315	Sears Bloomingdale’s Strawbridge’s Macy’s	N/A N/A N/A 1/31/22
Magnolia Mall	Florence	SC	Enclosed Mall	PREIT	Existing	100	%	1997	1979/1992	12	343,118	221,706	564,824		—	564,824	Belk Best Buy JC Penney Sears	1/31/06 1/31/13 3/31/07 10/16/09
The Commons at Magnolia	Florence	SC	Strip Center	PREIT	Existing	100	%	1999	1991/2002	3	51,574	52,915	104,489	Target	126,200	230,689	Goody’s Target	5/31/12 N/A
New River Valley Mall	Christiansburg	VA	Enclosed Mall	PREIT	Existing	89	%	2003	1988	17	240,306	187,849	428,155		—	428,155	Belk JC Penney Sears	4/19/08 3/31/08 8/2/08
Patrick Henry Mall	Newport News	VA	Enclosed Mall	PREIT	Existing	89	%	2003	1988/1999	6	267,175	232,620	499,795	Hecht’s	140,000	639,795	Dillard’s JC Penney Hecht’s	4/30/08 10/31/15 N/A
Crossroads Mall	Beckley	WV	Enclosed Mall	PREIT	Existing	100	%	2003	1981	24	256,248	191,979	448,227		—	448,227	Sears JC Penney Belk	3/31/11 12/31/06 11/4/08
Valley View Mall	La Crosse	WI	Enclosed Mall	PREIT	Existing	100	%	2003	1980/2001	4	96,357	235,782	332,139	Herberger’s Marshall Fields Sears	254,596	586,735	JC Penney Herberger’s Marshall Fields Sears	7/31/10 N/A N/A N/A
Properties Held For Sale
Schuylkill Mall (2)	Frackville	PA	Enclosed Mall	PREIT	Existing	100	%	2003	1980/1991	14	346,990	318,761	665,751	Bon-Ton	60,916	726,667	K-Mart Sears Bon-Ton Black Diamond Antiques	10/31/10 10/31/10 N/A 12/31/04
TOTAL ASSETS HELD FOR SALE											346,990	318,761	665,751	—	60,916	726,667
TOTAL CONTINUING PROPERTIES											12,520,566	13,137,466	25,658,032	—	7,122,118	32,780,150
TOTAL WHOLLY OWNED											11,683,043	11,554,733	23,237,776		5,917,437	29,155,213
TOTAL PARTERSHIP											1,184,513	1,901,494	3,086,007		1,265,597	4,351,604
TOTAL FOR Wholly Owned and Partnerships											12,867,556	13,456,227	26,323,783		7,183,034	33,506,817
AVERAGE FOR Wholly Owned and Partnerships										9.31

Summary of Properties for Wholly Owned and Partnership Properties

Enclosed Mall	PREIT Managed	Existing	Wholly owned
38	45	48	44
Power Center	Third Party Managed	New	Joint Venture
8	6	3	7
Strip Center
5
51	51	51	51

Summary of Total Owned GLA for Wholly Owned and

Partnerships Properties

Enclosed Mall	PREIT Managed	Existing	Wholly Owned	Top 5 assets as a percentage of Total
22,680,694	23,364,747	23,834,609	23,237,776	16.9%
Power Center	Third Party Managed	New	Partnerships	Top asset as a percentage of Total Owned GLA:
3,045,658	2,959,036	2,489,174	3,086,007	3.6%
Strip Center		Redevelopment
597,431		—
26,323,783	26,323,783	26,323,783	26,323,783

⁽¹⁾ Does not include Westgate Anchor pad in Bethlehem, PA of 108,100 sf leased for Bon-Ton with expiration date of 11/23/2010

⁽²⁾ PREIT has an 89% ownership interest and a 99% economic interest in these properties. These properties are consolidated for financial reporting purposes.

⁽³⁾ In February, 2005 PREIT announced that it signed an agreement to sell its interest in Laurel Mall.

⁽⁴⁾ The Gallery at Market East I & The Gallery at Market East II were counted as one property.

21

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

QUARTERLY ACTIVITY

Property Acquisitions/Dispositions Summary

Name of Project, Location		Square Feet/Units/ Acres	Ownership Interest		Date or Expected Date Acquired, Completed, or Sold	Total Cost or Price		PREIT’s Cost or Price		Expected NOI Cap (1)		Major Tenants
Acquisitions:
Gadsden Mall, Gadsden, Alabama	square feet	477,429	100	%	1Q05	$	58,800,000	$	58,800,000	8.5	%	Sears, McRae’s, Belk
Cumberland Mall, Vineland, New Jersey		921,593	100	%	1Q05		59,500,000		59,500,000	10.2	%	Boscov’s, JC Penney, Value City
TOTAL ACQUISITIONS	square feet	1,399,022				$	118,300,000	$	118,300,000
Pending Acquisitions:
None	square feet	—				$	—	$	—
TOTAL PENDING ACQUISITIONS	square feet	—				$	—	$	—
Divestitures
Parcel of Land - Wiregrass Common	Acres	0.2				$	60,536	$	60,536
TOTAL DIVESTITURES	Acres	0.2				$	60,536	$	60,536
Pending Divestitures:
Laurel Mall, Hazleton, Pennsylvania	square feet	559,523	40	%	2Q05	$	33,500,000	$	13,500,000	10.0	%	Boscov’s, K-Mart, JC Penney
Schuylkill Mall, Frackville, Pennsylvania		726,667	100	%	N/A		N/A		N/A	N/A		K-Mart, Sears, Bon-Ton
TOTAL PENDING DIVESTITURES	square feet	1,286,190				$	33,500,000	$	13,500,000

⁽¹⁾ Expected NOI Cap is defined as PREIT’s share of NOI in the year of stabilization divided by PREIT’s share of the investment, except in the case of partner buyout.

PAGE 18

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Development Activity

NAME OF PROJECT	LOCATION	PROPERTY TYPE	TOTAL PROJECTED PROPERTY GLA (sq ft) (1)	TOTAL PROJECTED COST (1)		PREIT’s SHARE OF COST		PREIT’s SHARE OF INVESTMENT TO DATE		EXPECTED STABILIZED NOI CAP		CONST START DATE	DATE OF INITIAL OCCUPANCY
Christiana Power Center (Phase II) (2)	Newark, DE	Power Center	355,670		N/A		N/A	$	4,734,707	N/A		N/A	N/A
Lacey	Ocean County, NJ	Power Center	273,111		34,650,874		25,650,874		3,781,215	10.2	%	3Q05	3Q06
New Garden (5)	New Garden Twp, PA	Power Center	404,614		42,580,062		27,830,062		1,612,743	8.5	%	3Q06	1Q07
Valley View Downs	South Beaver Twp, PA	Land	300,000		N/A		10,000,000		1,064,397	(4	)	2Q06	2Q08
Pavilion at Market East (6)	Philadelphia, PA	Land	N/A		N/A		N/A		1,506,178	N/A		N/A	N/A
Total Development Activity			1,333,395	$	77,230,936	$	63,480,936	$	12,699,240	9.3	%

NAME OF PROJECT	EXPECTED DATE OF COMPLETION		STABILIZED OPERATIONS DATE	STATUS	% COMP.		% LEASED		% OCCUPIED		ANCHORS	PREIT’s SHARE
Christiana Power Center (Phase II) (2)	N/A		N/A	Development	N/A		0	%	0	%		100	%
Lacey	4Q06	(3)	2Q07	Development	11	%	48	%	0	%	Home Depot	100	%
New Garden (5)	1Q08		2Q08	Development	5	%	32	%	0	%	Home Depot, Supermarket	100	%
Valley View Downs	2Q08		2Q08	Development	10	%	N/A		0	%	Valley View Downs	N/A
Pavilion at Market East (6)	N/A		N/A	Construction	N/A		N/A		N/A		TBD	50	%
Total Development Activity

⁽¹⁾ GLA & total project cost include tenants that purchased their respective land; therefore, the % leased & occupied will also include these tenants.

⁽²⁾ On April 28, 2004, the Supreme Court of the State of Delaware affirmed a Court of Chancery determination that the Delaware Department of Transportation violated the terms of a 1992 Settlement Agreement pertaining to the development of the Company’s Christiana Phase II project. The Company owns a 50% interest in this planned approximately 356,000 square foot power center project located in Newark, Delaware adjacent to the Company’s Christiana Power Center I. Under the terms of the Supreme Court decision the matter has been remitted to the Superior Court of the State of Delaware for a determination of the damages to which the Company is entitled. The Company is unable to predict the outcome of this proceeding.

⁽³⁾ Home Depot is expected to open in 3Q06 with the balance of the Shopping Center to open during the 4Q06.

⁽⁴⁾ On October 7, 2004, PREIT filed a Current Report on Form 8-K to report that it had entered into a binding memorandum of understanding with Valley View Downs, LP and Centaur Pennsylvania, LLC which contemplates that PREIT will manage the development of a harness racetrack and a casino accommodating up to 3,000 slot machines on an approximately 218 acre property located 35 miles northwest of Pittsburgh, Pennsylvania. Until three months following the commencement of Alternative Gaming operations at the Property (the “Payment Commencement Date”), rent will accrue at 10% per year on the aggregate payments made by PREIT to the Partnership and in respect of Acquisition Costs. Beginning at the Payment Commencement Date, rental payments to PREIT will be $3 million per year for each of the first two years following the Payment Commencement Date, $4 million for the third year thereafter, $5 million for the fourth year thereafter, and for the remainder of the term of the Lease, as the term may be extended, $5 million per year, subject to annual adjustments for the fifth and subsequent years based upon increases in the consumer price index. A pro rata portion of the rent accrued prior to the Payment Commencement Date will be paid in monthly installments over the 117 months following the Payment Commencement Date.

⁽⁵⁾ The New Garden project has received conditional use approval of a development project which includes a 400,000 sf shopping center. The proposed shopping center would occupy two separate parcels of land, one of which is under contract, the second is under negotiation to be acquired. Should we be unable to acquire the second parcel, PREIT could develop a smaller shopping center.

⁽⁶⁾ The Company’s original development plans for the Pavilion at Market East are under review. The Company retains a 50% interest in the partnership.

Redevelopment Activity ⁽¹⁾

NAME OF PROJECT	LOCATION	PROPERTY TYPE	TOTAL PROJECTED PROPERTY GLA (sq ft) (1)	TOTAL PROJECTED COST (1)		PREIT’s SHARE OF COST		PREIT’s SHARE OF INVESTMENT TO DATE		EXPECTED STABILIZED NOI CAP		CONST START DATE	DATE OF INITIAL OCCUPANCY
Echelon Mall (2)	Voorhees, NJ	Enclosed Mall	1,187,631		N/A	$	13,500,000	$	1,779,992	11.0	%	N/A	N/A
Capital City	Camp Hill, PA	Enclosed Mall	636,000		11,319,400		11,319,400		406,370	11.1	%	1Q05	3Q05
New River Valley	Christiansburg, VA	Enclosed Mall	442,133		11,232,000		11,232,000		46,505	10.4	%	3Q05	1Q06
Patrick Henry Mall (3)	Newport News, VA	Enclosed Mall	712,371		25,700,000		25,700,000		525,956	10.0	%	1Q05	4Q05
Total Redevelopment Activity			2,978,135	$	48,251,400	$	61,751,400	$	2,758,823	10.5	%

NAME OF PROJECT	EXPECTED DATE OF COMPLETION	STABILIZED OPERATIONS DATE	STATUS	% COMP.		% LEASED		% OCCUPIED		ANCHORS	PREIT’s SHARE
Echelon Mall (2)	N/A	N/A		13	%	0	%	0	%	Wal-Mart	100	%
Capital City	1Q06	1Q06		4	%	0	%	0	%	Food Court	100	%
New River Valley	1Q06	1Q06		0	%	0	%	0	%	Regal Cinema	100	%
Patrick Henry Mall (3)	1Q06	1Q06		0	%	49	%	0	%	Dick’s Sporting Goods, Borders	100	%
Total Redevelopment Activity

⁽¹⁾ GLA and total project cost include tenants that purchased their respective land; therefore, the % leased and occupied will also include these tenants.

⁽²⁾ The timing is not estimable due to a delay in the entitlement process. Wal-Mart committed to the redevelopment plans at Echelon Mall. See PREIT’s press release from 7/14/04.

⁽³⁾ Dick’s Sporting Goods committed to the redevelopment plans at Patrick Henry Mall. See PREIT’s press release from 8/05/04.

PAGE 19

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Top Twenty Tenants (by PREIT’s share of Annualized Base Rent)

	Number of Stores			GLA of Stores			Annualized Base Rent		PREIT’s share of Annualized Base Rent (2)			Percent of PREIT’s Total Retail Base Rent
Tenant	Fixed Rent	Percentage Rent In Lieu of Fixed Rent or Common Area Costs (1)	Total	Fixed Rent	Percentage Rent In Lieu of Fixed Rent or Common Area Costs (1)	Total
Gap, Inc./Old Navy	56	1	57	681,747	8,850	690,597	$	13,139,246	$	12,587,716		4.44	%
The Limited Stores, Inc.	84	17	101	510,289	58,391	568,680		11,716,859		11,233,977		3.96	%
Footlocker, Inc.	77	3	80	409,000	6,732	415,732		7,713,883		7,491,947		2.64	%
JC Penney	24	4	28	2,345,449	549,789	2,895,238		7,317,825		7,186,720		2.53	%
Sears	27	3	30	2,835,857	412,236	3,248,093		5,910,142		5,750,676		2.03	%
Zales	87	0	87	72,276	—	72,276		5,416,469		5,202,814		1.83	%
Hallmark Cards, Inc.	59	2	61	206,894	8,482	215,376		4,709,815		4,574,780		1.61	%
Sterling Jewelers, Inc. (Kay Jewelers)	42	0	42	58,406	—	58,406		4,016,248		3,828,748		1.35	%
American Eagle Outfitters	30	2	32	147,744	8,813	156,557		3,609,409		3,475,831		1.22	%
Borders	32	0	32	182,371	—	182,371		3,485,256		3,292,117		1.16	%
Trans World Entertainment	30	1	31	152,899	—	152,899		3,277,839		3,190,961		1.12	%
Regis Corp.	89	0	89	104,593	—	104,593		3,110,192		3,053,608		1.08	%
Bon-Ton	15	1	16	1,076,082	60,916	1,136,998		2,939,119		2,939,119		1.04	%
Boscov’s	6	2	8	1,130,706	333,341	1,464,047		3,137,573		2,695,973		0.95	%
Finish Line	25	2	27	123,495	10,520	134,015		2,677,904		2,677,904		0.94	%
Charming Shoppes, Inc.	29	1	30	188,336	5,204	193,540		2,757,366		2,613,182		0.92	%
Luxottica	42	0	42	84,862	—	84,862		2,796,985		2,611,557		0.92	%
Shoe Show, Inc.	33	0	33	159,412	—	159,412		2,685,318		2,611,279		0.92	%
Sun Capital Partners	24	2	26	77,997	7,810	85,807		2,485,152		2,401,572		0.85	%
Payless Shoe Source	36	4	40	118,378	14,374	132,752		2,499,428		2,348,001		0.83	%
Total Top 20 Tenants	847	45	892	10,666,793	1,485,458	12,152,251		95,402,028		91,768,482		32.34	%
Total Retail Leased			3,514			24,121,614	$	296,017,256	$	283,766,280	(3)	100.00	%

⁽¹⁾ Income from lease(s) in which tenant pays percentage rent in lieu of fixed rent or common area costs are not included in annualized base rent.

⁽²⁾ Includes PREIT’s proportionate share of tenant rents from partnership properties based on PREIT’s ownership percentage in the respective partnerships.

⁽³⁾ PREIT’s share of annualized base rent is derived by annualizing 1st quarter base rent. Straight line rent is not included in the base rent figures.

PAGE 20

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Retail Lease Expiration Schedule - Anchors⁽¹⁾

Year	Leases	Gross Leasable Area			Annualized Base Rent
Lease Expiration Year	Number of Leases Expiring	Expiring GLA	Percent of Total		Rent in Expiring Year		PREIT’s Share of Rent in Expiring Year (3)		Percent of Total (PREIT’s Share)		Average Expiring Base Rent psf
Prior (2)	1	85,483	0.6	9%	$	188,400	$	188,400	0.5	0%	$	2.20
2005	2	82,092	0.6	7%		505,913		505,913	1.3	4%		6.16
2006	14	1,011,157	8.1	9%		2,661,608		2,661,608	7.0	3%		2.63
2007	9	822,331	6.6	6%		2,052,420		2,042,520	5.4	0%		2.50
2008	18	1,286,931	10.4	3%		3,642,451		3,642,451	9.6	2%		2.83
2009	14	1,162,400	9.4	2%		3,668,079		2,703,374	7.1	4%		3.16
2010	22	2,164,410	17.5	4%		7,124,846		7,124,846	18.8	2%		3.29
2011	12	943,762	7.6	5%		4,004,756		2,881,941	7.6	1%		4.24
2012	3	302,710	2.4	5%		512,783		475,902	1.2	6%		1.69
2013	6	426,339	3.4	5%		2,857,610		2,857,610	7.5	5%		6.70
2014	6	662,582	5.3	7%		2,081,285		2,081,285	5.5	0%		3.14
2015	1	85,212	0.6	9%		468,666		468,666	1.2	4%		5.50
Thereafter	25	3,305,925	26.7	9%		11,923,370		10,223,581	27.0	1%		3.61
Totals:	133	12,341,334	10	0%	$	41,692,187	$	37,858,097	10	0%	$	3.38

⁽¹⁾ Includes only Owned Anchor space.

⁽²⁾ Includes all tenant leases which have already expired and are on a Month to Month basis.

⁽³⁾ Includes PREIT’s proportionate share of tenant rents from partnerships properties based on PREIT’s ownership percentage in the respective partnerships.

PAGE 21

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Retail Lease Expiration Schedule - Non-Anchors⁽¹⁾

Year	Leases	Gross Leasable Area			Annualized Base Rent
Lease Expiration Year	Number of Leases Expiring	Expiring GLA	Percent of Total		Rent in Expiring Year		PREIT’s Share of Rent in Expiring Year (3)		Percent of Total (PREIT’s Share)		Average Expiring Base Rent psf
Prior (2)	185	515,647	4.38	%	$	11,074,584	$	10,454,366	4.17	%	$	21.48
2005	310	627,802	5.33	%		14,948,451		14,509,515	5.79	%		23.81
2006	463	1,312,142	11.14	%		28,813,470		27,124,206	10.83	%		21.96
2007	437	1,220,454	10.36	%		27,031,593		25,601,686	10.22	%		22.15
2008	365	1,110,696	9.43	%		26,590,473		25,712,671	10.26	%		23.94
2009	388	1,089,366	9.25	%		26,724,123		26,033,821	10.39	%		24.53
2010	352	1,320,364	11.21	%		29,668,836		28,573,050	11.41	%		22.47
2011	249	1,166,455	9.90	%		27,379,701		24,254,431	9.68	%		23.47
2012	209	895,899	7.61	%		22,634,482		20,859,116	8.33	%		25.26
2013	172	596,616	5.06	%		15,112,332		14,207,408	5.67	%		25.33
2014	144	551,832	4.68	%		14,173,924		12,345,925	4.93	%		25.69
2015	52	207,945	1.77	%		6,081,558		6,081,558	2.43	%		29.25
Thereafter	55	1,165,062	9.89	%		18,167,657		14,759,626	5.89	%		15.59
Totals:	3,381	11,780,280	100	%	$	268,401,184	$	250,517,379	100	%	$	22.78

⁽¹⁾ Includes only Owned Non-Anchor space.

⁽²⁾ Includes all tenant leases which have already expired and are on a Month to Month basis.

⁽³⁾ Includes PREIT’s proportionate share of tenant rents from partnerships properties based on PREIT’s ownership percentage in the respective partnerships.

PAGE 22

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Leasing Activity Summary

	Number	GLA	Average Previous Base Rent psf		Average New Base Rent psf		Increase/ Decrease in Base Rent psf		Annualized Tenant Improvements psf (1)		Annualized Leasing Commissions psf (1)(2)		TOTAL Annualized Costs of Leasing psf (1)(2)
Previously Leased Space:
1st Quarter	17	78,456	$	26.14	$	28.40	$	2.26	$	5.02	$	—	$	5.02
2nd Quarter								—				—		—
3rd Quarter								—				—		—
4th Quarter								—				—		—
Total or Average	17	78,456	$	26.14	$	28.40	$	2.26	$	5.02	$	—	$	5.02
Previously Vacant Space:
1st Quarter	19	42,134	$	—	$	29.51	$	29.51	$	3.42	$	—	$	3.42
2nd Quarter								—				—		—
3rd Quarter								—				—		—
4th Quarter								—						—
Total or Average	19	42,134		—	$	29.51	$	29.51	$	3.42	$	—	$	3.42
Renewal (3)
1st Quarter (4)	81	765,662	$	7.82	$	8.17	$	0.35	$	—	$	—	$	—
2nd Quarter								—						—
3rd Quarter								—						—
4th Quarter								—						—
Total or Average	81	765,662	$	7.82	$	8.17	$	0.35	$	—	$	—	$	—

⁽¹⁾ These leasing costs are presented as annualized costs per square foot and are spread uniformly over the life of the lease.

⁽²⁾ External commissions only.

⁽³⁾ This category includes expansions, relocations, lease extensions and modifications.

⁽⁴⁾ Includes eight anchor leases for 561,135 square feet for an average base rent of $3.29 per square foot. Also includes 73 renewal leases for 204,527 square feet with an average new base rent psf of $21.57, representing an increase of $1.30 in base rent psf.

PAGE 23

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Capital Expenditures

	Q1 05 (3 months ended March 31, 2005)
Retail	Wholly Owned		Partnerships		Total
New development projects	$	274,231	$	—	$	274,231
Redevelopment projects with incremental GLA and/or Anchor Replacement		1,355,850		312,695		1,668,545
Renovation with no incremental GLA		1,487,522		—		1,487,522
Tenant allowances		2,990,150		17,125		3,007,275
Operational capital expenditures at properties:						—
CAM expenditures		677,283		—		677,283
Non-CAM expenditures		142,242		—		142,242
Subtotal operational capital expenditures at properties	$	819,525	$	—	$	819,525
Total	$	6,927,278	$	329,820	$	7,257,098

PAGE 24

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Enclosed Malls

(Includes Only Owned Space)

	Q105								% Change								Q104
	Total w/Anchor % Leased		Total w/Anchor % Available		In-Line only (Non- Anchor) % Leased		In-Line (Non- Anchor) % Available		Total w/Anchor % Leased		Total w/Anchor % Available		In-Line only (Non- Anchor) % Leased		In-Line (Non- Anchor) % Available		Total w/ Anchor % Leased		Total w/Anchor % Available		In-Line only (Non-Anchor) % Leased		In-Line (Non- Anchor) % Available
Beaver Valley Mall	88.9%		11.1	%	76.2	%	23.8	%	-0.9	%	0.9	%	-1.9	%	1.9	%	89.8	%	10.2	%	78.1	%	21.9	%
Capital City	91.5%		8.5	%	85.5	%	14.5	%	-7.8	%	7.8	%	-13.4	%	13.4	%	99.3	%	0.7	%	98.8	%	1.2	%
Chambersburg Mall	91.4%		8.6	%	81.6	%	18.4	%	-2.2	%	2.2	%	-4.6	%	4.6	%	93.5	%	6.5	%	86.2	%	13.8	%
Cherry Hill Mall	87.8%		12.2	%	87.8	%	12.2	%	-5.6	%	5.6	%	-5.6	%	5.6	%	93.4	%	6.6	%	93.4	%	6.6	%
Crossroads Mall	95.1%		4.9	%	88.6	%	11.4	%	0.7	%	-0.7	%	1.7	%	-1.7	%	94.4	%	5.6	%	87.0	%	13.0	%
Cumberland Mall	99.3%		0.7	%	98.5	%	1.5	%	N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Dartmouth Mall	96.3%		3.7	%	93.9	%	6.1	%	0.4	%	-0.4	%	0.8	%	-0.8	%	95.8	%	4.2	%	93.1	%	6.9	%
Echelon Mall	37.5%		62.5	%	62.9	%	37.1	%	-2.4	%	2.4	%	-5.7	%	5.7	%	39.9	%	60.1	%	68.6	%	31.4	%
Exton Square Mall	93.3%		6.7	%	85.3	%	14.7	%	0.1	%	-0.1	%	0.2	%	-0.2	%	93.2	%	6.8	%	85.2	%	14.8	%
Francis Scott Key Mall	95.4%		4.6	%	90.4	%	9.6	%	-0.7	%	0.7	%	-1.6	%	1.6	%	96.1	%	3.9	%	92.0	%	8.0	%
Gadsden Mall	95.1%		4.9	%	88.6	%	11.4	%	N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Jacksonville Mall	98.0%		2.0	%	95.9	%	4.1	%	0.2	%	-0.2	%	0.4	%	-0.4	%	97.8	%	2.2	%	95.6	%	4.4	%
Laurel Mall	94.1%		5.9	%	84.3	%	15.7	%	-1.4	%	1.4	%	-3.6	%	3.6	%	95.5	%	4.5	%	87.9	%	12.1	%
Lehigh Valley Mall	91.0%		9.0	%	86.9	%	13.1	%	0.6	%	-0.6	%	0.8	%	-0.8	%	90.4	%	9.6	%	86.1	%	13.9	%
Logan Valley Mall	97.3%		2.7	%	93.6	%	6.4	%	-1.0	%	1.0	%	-2.3	%	2.3	%	98.3	%	1.7	%	95.9	%	4.1	%
Lycoming Mall	89.2%		10.8	%	79.1	%	20.9	%	-2.9	%	2.9	%	-5.5	%	5.5	%	92.1	%	7.9	%	84.6	%	15.4	%
Magnolia Mall	93.9%		6.1	%	84.5	%	15.5	%	0.0	%	0.0	%	0.0	%	0.0	%	94.0	%	6.0	%	84.5	%	15.5	%
Moorestown Mall	93.4%		6.6	%	85.1	%	14.9	%	-2.2	%	2.2	%	-4.9	%	4.9	%	95.6	%	4.4	%	90.1	%	9.9	%
New River Valley Mall	76.7%		23.3	%	81.5	%	18.5	%	-16.9	%	16.9	%	-4.0	%	4.0	%	93.6	%	6.4	%	85.5	%	14.5	%
Nittany Mall	91.2%		8.8	%	82.1	%	17.9	%	-3.1	%	3.1	%	-6.2	%	6.2	%	94.2	%	5.8	%	88.3	%	11.7	%
North Hanover Mall	93.0%		7.0	%	80.9	%	19.1	%	-0.1	%	0.1	%	0.0	%	0.0	%	93.1	%	6.9	%	80.8	%	19.2	%
Orlando Fashion Square	90.2%		9.8	%	78.0	%	22.0	%	N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A
Palmer Park Mall	99.1%		0.9	%	97.0	%	3.0	%	0.6	%	-0.6	%	2.0	%	-2.0	%	98.5	%	1.5	%	95.0	%	5.0	%
Patrick Henry Mall	97.7%		2.3	%	95.1	%	4.9	%	-1.5	%	1.5	%	-3.2	%	3.2	%	99.2	%	0.8	%	98.2	%	1.8	%
Phillipsburg Mall	92.1%		7.9	%	81.6	%	18.4	%	17.1	%	-17.1	%	4.0	%	-4.0	%	75.0	%	25.0	%	77.6	%	22.4	%
Plymouth Meeting	72.8%		27.2	%	88.8	%	11.2	%	-1.2	%	1.2	%	-2.2	%	2.2	%	74.0	%	26.0	%	91.0	%	9.0	%
Schuylkill Mall	74.3%		25.7	%	64.7	%	35.3	%	-2.1	%	2.1	%	-4.5	%	4.5	%	76.5	%	23.5	%	69.2	%	30.8	%
South Mall	97.2%		2.8	%	94.7	%	5.3	%	0.4	%	-0.4	%	0.7	%	-0.7	%	96.8	%	3.2	%	94.0	%	6.0	%
The Gallery at Market East I	89.7%		10.3	%	89.7	%	10.3	%	-4.5	%	4.5	%	-4.5	%	4.5	%	94.2	%	5.8	%	94.2	%	5.8	%
The Gallery at Market East II	80.6%		19.4	%	67.8	%	32.2	%	N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A
The Mall at Prince Georges	95.7%		4.3	%	89.8	%	10.2	%	7.0	%	-7.0	%	-3.1	%	3.1	%	88.8	%	11.2	%	92.9	%	7.1	%
Uniontown Mall	95.2%		4.8	%	87.9	%	12.1	%	-0.5	%	0.5	%	-1.2	%	1.2	%	95.6	%	4.4	%	89.0	%	11.0	%
Valley Mall	99.3%		0.7	%	98.7	%	1.3	%	-0.2	%	0.2	%	-0.3	%	0.3	%	99.5	%	0.5	%	99.0	%	1.0	%
Valley View Mall	94.6%		5.4	%	92.4	%	7.6	%	1.1	%	-1.1	%	1.5	%	-1.5	%	93.5	%	6.5	%	90.9	%	9.1	%
Viewmont Mall	99.3%		0.7	%	98.3	%	1.7	%	0.3	%	-0.3	%	0.8	%	-0.8	%	99.1	%	0.9	%	97.5	%	2.5	%
Washington Crown Center	94.0%		6.0	%	88.9	%	11.1	%	0.1	%	-0.1	%	0.2	%	-0.2	%	93.9	%	6.1	%	88.7	%	11.3	%
Willow Grove Park	92.4%		7.6	%	87.3	%	12.7	%	-3.3	%	3.3	%	-5.6	%	5.6	%	95.7	%	4.3	%	92.8	%	7.2	%
Wiregrass Mall	83.8%		16.2	%	83.8	%	16.2	%	1.2	%	-1.2	%	1.2	%	-1.2	%	82.6	%	17.4	%	82.6	%	17.4	%
Wyoming Valley Mall	97.5%		2.5	%	92.8	%	7.2	%	-0.5	%	0.5	%	-1.4	%	1.4	%	98.0	%	2.0	%	94.2	%	5.8	%
Enclosed Malls weighted average	90.5	%	9.5	%	86.0	%	14.0	%	-0.3	%	0.3	%	-2.4	%	2.4	%	90.8	%	9.2	%	88.5	%	11.5	%
Wholly Owned Properties	90.4	%	9.6	%	86.0	%	14.0	%	-0.3	%	0.3	%	-2.6	%	2.6	%	90.7	%	9.3	%	88.6	%	11.4	%
Partnership Properties	92.4	%	7.6	%	86.1	%	13.9	%	-0.3	%	0.3	%	-0.6	%	0.6	%	92.7	%	7.3	%	86.6	%	13.4	%
PRI-managed	90.4	%	9.6	%	86.0	%	14.0	%	-0.3	%	0.3	%	-2.6	%	2.6	%	90.7	%	9.3	%	88.6	%	11.4	%
Non PRI-managed	92.4	%	7.6	%	86.1	%	13.9	%	-0.3	%	0.3	%	-0.6	%	0.6	%	92.7	%	7.3	%	86.6	%	13.4	%
Same Properties/Existing	90.2	%	9.8	%	86.2	%	13.8	%	-0.6	%	0.6	%	-2.3	%	2.3	%	90.8	%	9.2	%	88.5	%	11.5	%
New	92.8	%	7.2	%	84.6	%	15.4	%	92.8	%	7.2	%	84.6	%	15.4	%	N/A		N/A		N/A		N/A
Continuing Operations	91.0	%	9.0	%	86.7	%	13.3	%	-0.3	%	0.3	%	-2.4	%	2.4	%	91.3	%	8.7	%	89.1	%	10.9	%
Discontinued Operations	74.3	%	25.7	%	64.7	%	35.3	%	-2.1	%	2.1	%	-4.5	%	4.5	%	76.5	%	23.5	%	69.2	%	30.8	%

PAGE 25

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Enclosed Malls

(Includes Non-Anchor Owned Space)

			Q105										% Change										Q104
	% of Current Quarter Mall NOI		Avg Base Rent psf (1)		Avg % Rent psf (1)		Additional Charges psf		Avg Comp Sales psf		Occup. Cost Ratio		Avg Base Rent psf		Avg % Rent psf		Additional Charges psf		Avg Comp Sales psf		Occup. Cost Ratio		Avg Base Rent psf (1)		Avg % Rent psf (1)		Additional Charges psf		Avg Comp Sales psf		Occup. Cost Ratio
Sales per square foot above $400
Patrick Henry Mall			$	32.63	$	2.15	$	11.21	$	455	10.11	%	6.6	%	25.3	%	1.5	%	5.8	%	0.0	%	$	30.61	$	1.72	$	11.04	$	430	10.08	%
Lehigh Valley Mall				31.16		0.48		10.24		454	9.22	%	3.7	%	-8.1	%	3.4	%	9.9	%	-0.6	%		30.06		0.52		9.90		413	9.80	%
The Gallery II at Market East				31.27		1.73		5.32		432	8.87	%	N/A		N/A		N/A		N/A		N/A			N/A		N/A		N/A		N/A	N/A
Cherry Hill Mall				36.68		1.23		18.95		428	13.29	%	3.6	%	29.7	%	10.5	%	2.4	%	0.5	%		35.41		0.95		17.15		418	12.80	%
Willow Grove Park				38.47		0.27		20.52		419	14.14	%	2.2	%	-7.3	%	-0.4	%	4.5	%	-0.5	%		37.64		0.29		20.61		401	14.60	%
Dartmouth Mall				19.23		1.33		7.26		406	6.86	%	-3.3	%	-8.1	%	-3.3	%	4.6	%	-0.6	%		19.90		1.45		7.51		388	7.44	%
Weighted Average	26.01	%	$	31.97	$	1.07	$	13.41	$	432	10.74	%	2.1	%	17.2	%	-1.7	%	5.1	%	-0.4	%	$	31.30	$	0.92	$	13.65	$	412	11.14	%
Sales per square foot between $350-$400
The Mall at Prince Georges			$	26.86	$	1.28	$	14.22	$	375	11.30	%	13.1	%	6.8	%	19.3	%	-1.1	%	1.6	%	$	23.75	$	1.20	$	11.92	$	379	9.73	%
Capital City				24.10		1.25		7.47		370	8.87	%	12.9	%	30.6	%	31.2	%	6.3	%	0.8	%		21.35		0.96		5.69		348	8.05	%
Exton Square Mall				34.86		0.39		14.48		369	13.48	%	3.6	%	-43.1	%	-2.6	%	-0.3	%	0.2	%		33.64		0.69		14.86		370	13.29	%
Moorestown Mall				24.11		0.85		14.25		368	10.65	%	-2.3	%	46.7	%	11.6	%	5.4	%	-0.2	%		24.67		0.58		12.77		349	10.89	%
Jacksonville Mall				22.32		1.43		5.70		367	8.02	%	3.5	%	34.1	%	-3.8	%	0.5	%	0.2	%		21.57		1.07		5.92		365	7.83	%
Viewmont Mall				23.10		1.29		7.98		352	9.19	%	4.0	%	-21.8	%	15.9	%	2.6	%	0.2	%		22.22		1.65		6.88		343	8.97	%
The Gallery at Market East				34.00		0.41		8.17		351	12.13	%	2.4	%	-22.2	%	-16.0	%	1.4	%	-0.4	%		33.21		0.53		9.73		346	12.56	%
Weighted Average	23.68	%	$	27.11	$	0.99	$	10.87	$	366	10.66	%	5.5	%	3.6	%	8.3	%	1.8	%	0.4	%	$	25.69	$	0.95	$	10.04	$	359	10.21	%
Sales per square foot between $300-$350
Palmer Park Mall			$	21.51	$	0.87	$	8.54	$	341	9.07	%	1.8	%	-15.9	%	-12.6	%	2.4	%	-0.5	%	$	21.12	$	1.04	$	9.77	$	333	9.59	%
Wyoming Valley Mall				22.79		0.56		7.53		329	9.38	%	4.4	%	28.4	%	3.3	%	8.6	%	-0.4	%		21.83		0.44		7.29		303	9.76	%
Valley Mall				18.38		1.13		5.39		329	7.57	%	3.0	%	39.5	%	0.4	%	7.2	%	-0.3	%		17.85		0.81		5.37		307	7.83	%
Magnolia Mall				24.80		0.40		10.01		310	11.36	%	2.0	%	5.6	%	1.4	%	-1.6	%	0.4	%		24.32		0.38		9.87		315	10.97	%
Valley View Mall				23.07		1.82		8.72		308	10.91	%	1.6	%	459.0	%	-24.3	%	0.0	%	-0.3	%		22.71		0.33		11.52		308	11.22	%
Logan Valley Mall				21.01		1.66		8.08		308	9.99	%	-1.5	%	34.3	%	13.2	%	2.3	%	0.1	%		21.32		1.24		7.14		301	9.87	%
Weighted Average	16.6	%	$	21.56	$	1.11	$	7.71	$	319	9.51	%	1.9	%	54.6	%	-3.0	%	3.5	%	-0.2	%	$	21.16	$	0.72	$	7.95	$	309	9.66	%
Sales per square foot under $300
Orlando Fashion Square			$	27.38	$	0.37	$	13.30	$	298	13.77	%	N/A		N/A		N/A		N/A		N/A			N/A		N/A		N/A		N/A	N/A
Phillipsburg Mall				22.68		0.75		9.59		291	11.35	%	2.8	%	64.4	%	-8.9	%	1.4	%	-0.2	%	$	22.06	$	0.45	$	10.53	$	287	11.51	%
North Hanover Mall				19.12		1.37		6.42		282	9.54	%	3.0	%	34.6	%	-13.0	%	2.2	%	-0.2	%		18.57		1.02		7.37		276	9.77	%
Francis Scott Key Mall				20.77		0.60		7.28		281	10.20	%	-1.9	%	74.8	%	17.4	%	3.7	%	0.0	%		21.17		0.35		6.20		271	10.23	%
Wiregrass Mall				21.38		0.74		6.86		270	10.73	%	3.9	%	55.4	%	-10.6	%	4.2	%	-0.4	%		20.57		0.48		7.67		259	11.09	%
South Mall				14.94		0.31		4.09		269	7.19	%	15.6	%	-35.7	%	4.4	%	-4.6	%	1.0	%		12.92		0.48		3.92		282	6.14	%
Laurel Mall				13.62		0.35		7.89		267	8.19	%	2.4	%	-26.0	%	28.8	%	1.1	%	0.7	%		13.30		0.47		6.13		264	7.54	%
Crossroads Mall				16.76		2.18		6.22		265	9.50	%	1.8	%	162.9	%	-20.4	%	4.3	%	-0.4	%		16.46		0.83		7.82		254	9.89	%
Lycoming Mall				15.12		0.91		5.31		260	8.21	%	6.4	%	6.9	%	24.1	%	3.2	%	0.5	%		14.21		0.85		4.28		252	7.68	%
Chambersburg Mall				19.24		0.76		5.18		260	9.69	%	0.3	%	283.3	%	9.3	%	12.6	%	-0.8	%		19.19		0.20		4.74		231	10.45	%
New River Valley Mall				20.10		0.31		3.95		258	9.44	%	2.4	%	-31.4	%	15.7	%	1.6	%	0.2	%		19.63		0.45		3.41		254	9.25	%
Washington Crown Center				16.46		0.73		4.35		257	8.38	%	5.2	%	202.4	%	18.1	%	1.6	%	0.6	%		15.65		0.24		3.68		253	7.73	%
Nittany Mall				20.68		1.29		8.41		257	11.82	%	4.1	%	144.7	%	2.9	%	1.2	%	0.6	%		19.87		0.53		8.17		254	11.25	%
Beaver Valley Mall				15.71		0.48		5.86		257	8.58	%	-6.0	%	6.9	%	-11.6	%	9.8	%	-1.6	%		16.72		0.45		6.62		234	10.17	%
Uniontown Mall				14.99		0.70		5.09		252	8.25	%	9.1	%	-4.9	%	37.3	%	-0.4	%	1.1	%		13.74		0.74		3.71		253	7.19	%
Plymouth Meeting				18.64		0.00		6.78		251	10.13	%	-0.6	%	-100.0	%	-23.1	%	-4.2	%	-0.6	%		18.75		0.46		8.81		262	10.70	%
Echelon Mall				22.32		0.15		6.95		217	13.55	%	-5.9	%	-28.7	%	-42.2	%	-2.7	%	-2.6	%		23.73		0.21		12.01		223	16.12	%
Schuylkill Mall				11.09		0.19		2.57		211	6.57	%	5.8	%	-46.9	%	-14.2	%	-1.9	%	0.1	%		10.48		0.36		3.00		215	6.44	%
Weighted Average	33.69	%	$	18.49	$	0.61	$	6.59	$	262	9.82	%	5.8	%	25.1	%	1.8	%	3.4	%	0.2	%	$	17.48	$	0.49	$	6.47	$	253	9.66	%
Does not include
Cumberland Mall			$	15.94	$	0.76	$	7.80	$	318	7.70	%	N/A		N/A		N/A		N/A		N/A			N/A		N/A		N/A		N/A	N/A
Gadsden Mall (1)				19.01		0.35		7.36		N/A	N/A		N/A		N/A		N/A		N/A		N/A			N/A		N/A		N/A		N/A	N/A
Enclosed Malls weighted average			$	22.98	$	0.84	$	8.88	$	329	9.94	%	2.3	%	19.6	%	0.5	%	2.8	%	-0.1	%	$	22.46	$	0.70	$	8.84	$	320	10.00	%
Wholly Owned Properties			$	22.80	$	0.87	$	8.84	$	324	10.03	%	2.3	%	20.9	%	-0.1	%	2.8	%	-0.1	%	$	22.29	$	0.72	$	8.85	$	316	10.09	%
Joint Venture Properties			$	25.82	$	0.44	$	9.52	$	425	8.41	%	3.9	%	-13.1	%	9.1	%	9.0	%	-0.3	%	$	24.84	$	0.51	$	8.73	$	390	8.73	%
PRI-managed			$	22.80	$	0.87	$	8.84	$	324	10.03	%	2.3	%	20.9	%	-0.1	%	2.8	%	-0.1	%	$	22.29	$	0.72	$	8.85	$	316	10.09	%
Non PRI-managed			$	25.82	$	0.44	$	9.52	$	425	8.41	%	3.9	%	-13.1	%	9.1	%	9.0	%	-0.3	%	$	24.84	$	0.51	$	8.73	$	390	8.73	%
Same Properties/Existing			$	23.07	$	0.86	$	8.86	$	329	9.98	%	2.7	%	22.0	%	0.2	%	2.6	%	0.0	%	$	22.46	$	0.70	$	8.84	$	320	10.00	%
New			$	22.16	$	0.69	$	9.11	$	336	9.51	%	N/A		N/A		N/A		N/A		9.6	%		N/A		N/A		N/A		N/A	N/A
Continuing Operations (2)			$	23.24	$	0.86	$	9.02	$	331	10.00	%	2.1	%	20.2	%	0.3	%	2.8	%	-0.1	%	$	22.76	$	0.71	$	8.99	$	322	10.09	%
Discontinued Operations			$	11.09	$	0.19	$	2.57	$	211	6.57	%	5.8	%	-46.9	%	-14.2	%	-1.9	%	0.1	%	$	10.48	$	0.36	$	3.00	$	215	6.44	%

⁽¹⁾ Average comparable sales per square foot cannot be reported on Gadsden Mall for this period, as PREIT’s only acquired the property on the last day of the quarter.

⁽²⁾ Base rent is actual for Q105. Additional charges and % rent are projections for 2005.

PAGE 26

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Power Centers (Includes Non-Anchor Owned Space)	Q105						% Change					Q104
	Avg Base Rent psf (1)		Avg % Rent psf (1)		Additional Charges psf		Avg Base Rent psf		Avg % Rent psf	Additional Charges psf		Avg Base Rent psf (1)		Avg % Rent psf (1)		Additional Charges psf
Christiana Power Center	$	20.70	$	—	$	2.23	3.4	%	N/A	26.7	%	$	20.03	$	—	$	1.76
Creekview Shopping Center		14.47		—		2.64	0.7	%	N/A	-5.6	%		14.37		—		2.80
Northeast Tower Center		11.91		—		3.23	-12.9	%	N/A	6.3	%		13.68		—		3.03
Paxton Towne Center		16.12		—		2.75	0.1	%	N/A	23.6	%		16.10		—		2.23
The Court at Oxford Valley		15.37		—		4.11	0.3	%	N/A	5.3	%		15.33		—		3.90
Red Rose Commons		13.86		0.06		3.31	0.3	%	-2.9%	3.2	%		13.81		0.06		3.21
Whitehall Mall		11.16		0.35		3.50	4.1	%	5.7%	11.8	%		10.72		0.33		3.13
Metroplex Shopping Center		18.13		—		3.65	0.0	%	N/A	2.0	%		18.13		—		3.58
Power Centers weighted average	$	15.34	$	0.05	$	3.33	0.1	%	-0.6%	6.9	%	$	15.33	$	0.05	$	3.12
Wholly Owned Properties	$	15.50	$	—	$	2.76	-1.6	%	N/A	11.4	%	$	15.75	$	—	$	2.48
Partnership Properties	$	15.24	$	0.08	$	3.66	1.1	%	-0.8%	4.9	%	$	15.08	$	0.08	$	3.49
PRI-managed	$	15.50	$	—	$	2.76	-1.6	%	N/A	11.4	%	$	15.75	$	—	$	2.48
Non PRI-managed	$	15.24	$	0.08	$	3.66	1.1	%	-0.8%	4.9	%	$	15.08	$	0.08	$	3.49
Same Properties/Existing	$	15.34	$	0.05	$	3.33	0.1	%	-0.6%	6.9	%	$	15.33	$	0.05	$	3.12
New		N/A		N/A		N/A	N/A		N/A	N/A			N/A		N/A		N/A

⁽¹⁾ Base rent is actual for Q105. Additional charges and % rent are projections for 2005.

	Q105								Occupancy Change in % Occupancy								Q104
	Total w/Anchor % Leased		Total w/Anchor % Available		In-Line only (Non- Anchor) % Leased		In-Line (Non- Anchor) % Available		Total w/Anchor % Leased		Total w/Anchor % Available		In-Line only (Non- Anchor) % Leased		In-Line (Non- Anchor) % Available		Total w/Anchor % Leased		Total w/Anchor % Available		In-Line only (Non- Anchor) % Leased		In-Line (Non- Anchor) % Available
Christiana Power Center	100.0	%	0.0	%	100.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	100.0	%	0.0	%	100.0	%	0.0	%
Creekview Shopping Center	100.0	%	0.0	%	100.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	100.0	%	0.0	%	100.0	%	0.0	%
Northeast Tower Center	96.6	%	3.4	%	91.9	%	8.1	%	-3.4	%	3.4	%	-8.1	%	8.1	%	100.0	%	0.0	%	100.0	%	0.0	%
Paxton Towne Center	92.1	%	7.9	%	87.9	%	12.1	%	0.0	%	0.0	%	0.0	%	0.0	%	92.1	%	7.9	%	87.9	%	12.1	%
The Court at Oxford Valley	100.0	%	0.0	%	100.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	100.0	%	0.0	%	100.0	%	0.0	%
Red Rose Commons	99.2	%	0.8	%	99.2	%	0.8	%	0.0	%	0.0	%	0.0	%	0.0	%	99.2	%	0.8	%	99.2	%	0.8	%
Whitehall Mall	95.8	%	4.2	%	90.5	%	9.5	%	-1.8	%	1.8	%	-4.1	%	4.1	%	97.6	%	2.4	%	94.7	%	5.3	%
Metroplex Shopping Center	100.0	%	0.0	%	100.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	100.0	%	0.0	%	100.0	%	0.0	%
Power Centers weighted average	97.6	%	2.4	%	96.1	%	3.9	%	-0.8	%	0.8	%	-1.3	%	1.3	%	98.4	%	1.6	%	97.4	%	2.6	%
Wholly Owned Properties	96.2	%	3.8	%	93.1	%	6.9	%	-1.1	%	1.1	%	-2.0	%	2.0	%	97.3	%	2.7	%	95.1	%	4.9	%
Partnership Properties	98.6	%	1.4	%	98.0	%	2.0	%	-0.5	%	0.5	%	-0.8	%	0.8	%	99.1	%	0.9	%	98.8	%	1.2	%
PRI-managed	96.2	%	3.8	%	93.1	%	6.9	%	-1.1	%	1.1	%	-2.0	%	2.0	%	97.3	%	2.7	%	95.1	%	4.9	%
Non PRI-managed	98.6	%	1.4	%	98.0	%	2.0	%	-0.5	%	0.5	%	-0.8	%	0.8	%	99.1	%	0.9	%	98.8	%	1.2	%
Same Properties/ Existing	97.6	%	2.4	%	96.1	%	3.9	%	-0.8	%	0.8	%	-1.3	%	1.3	%	98.4	%	1.6	%	97.4	%	2.6	%
New	N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A

PAGE 27

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Strip Centers (Includes Non-Anchor Owned Space)	Q105						% Change					Q104
	Avg Base Rent psf (1)		Avg % Rent psf (1)		Additional Charges psf		Avg Base Rent psf		Avg % Rent psf	Additional Charges psf		Avg Base Rent psf (1)		Avg % Rent psf (1)		Additional Charges psf
Crest Plaza Shopping Center	$	16.12	$	—	$	1.87	4.9	%	N/A	-29.4	%	$	15.36	$	—	$	2.66
Festival at Exton		17.73		—		3.32	5.7	%	N/A	7.7	%		16.77		—		3.09
The Commons at Magnolia		13.18		—		2.40	2.2	%	N/A	35.3	%		12.89		—		1.77
South Blanding Village		9.21		—		2.76	0.6	%	N/A	23.9	%		9.16		—		2.23
Springfield Park I & II		19.58		—		7.95	10.9	%	N/A	76.4	%		17.66		—		4.50
Strip Centers weighted average	$	15.39	$	—	$	3.14	4.1	%	N/A	12.1	%	$	14.78	$	—	$	2.80
Wholly Owned Properties	$	14.92	$	—	$	2.60	4.0	%	N/A	2.5	%	$	14.34	$	—	$	2.54
Partnership Properties	$	19.58	$	—	$	7.95	10.9	%	N/A	76.4	%	$	17.66	$	—	$	4.50
PRI-managed	$	15.39	$	—	$	3.14	4.1	%	N/A	12.1	%	$	14.78	$	—	$	2.80
Non PRI-managed		N/A		N/A		N/A	N/A		N/A	N/A			N/A		N/A		N/A
Same Properties/Existing	$	15.39	$	—	$	3.14	4.1	%	N/A	12.1	%	$	14.78	$	—	$	2.80
New		N/A		N/A		N/A	N/A		N/A	N/A			N/A		N/A		N/A

⁽¹⁾ Base rent is actual for Q105. Additional charges and % rent are projections for 2005.

	Q105								Occupancy Change in % Occupancy								Q104
	Total w/Anchor % Leased		Total w/Anchor % Available		In-Line only (Non- Anchor) % Leased		In-Line (Non- Anchor) % Available		Total w/Anchor % Leased		Total w/Anchor % Available		In-Line only (Non- Anchor) % Leased		In-Line (Non- Anchor) % Available		Total w/Anchor % Leased		Total w/Anchor% Available		In-Line only (Non- Anchor) % Leased		In-Line (Non- Anchor) % Available
Crest Plaza Shopping Center	98.1	%	1.9	%	96.4	%	3.6	%	10.9	%	-10.9	%	18.8	%	-18.8	%	87.1	%	12.9	%	77.6	%	22.4	%
Festival at Exton	60.4	%	39.6	%	79.3	%	20.7	%	-35.2	%	35.2	%	-13.0	%	13.0	%	95.5	%	4.5	%	92.3	%	7.7	%
The Commons at Magnolia	100.0	%	0.0	%	100.0	%	0.0	%	2.4	%	-2.4	%	4.7	%	-4.7	%	97.6	%	2.4	%	95.3	%	4.7	%
South Blanding Village	96.8	%	3.2	%	89.6	%	10.4	%	-2.3	%	2.3	%	-7.3	%	7.3	%	99.1	%	0.9	%	96.9	%	3.1	%
Springfield Park I & II	84.2	%	15.8	%	53.7	%	46.3	%	-6.8	%	6.8	%	-19.7	%	19.7	%	90.9	%	9.1	%	73.5	%	26.5	%
Strip Centers weighted average	86.1	%	13.9	%	84.3	%	15.7	%	-8.0	%	8.0	%	-2.9	%	2.9	%	94.0	%	6.0	%	87.2	%	12.8	%
Wholly Owned Properties	86.6	%	13.4	%	90.0	%	10.0	%	-8.3	%	8.3	%	0.2	%	-0.2	%	94.9	%	5.1	%	89.8	%	10.2	%
Partnership Properties	84.2	%	15.8	%	53.7	%	46.3	%	-6.8	%	6.8	%	-19.7	%	19.7	%	90.9	%	9.1	%	73.5	%	26.5	%
PRI-managed	86.1	%	13.9	%	84.3	%	15.7	%	-8.0	%	8.0	%	-2.9	%	2.9	%	94.0	%	6.0	%	87.2	%	12.8	%
Non PRI-managed	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Same Properties/ Existing	86.1	%	13.9	%	84.3	%	15.7	%	-8.0	%	8.0	%	-2.9	%	2.9	%	94.0	%	6.0	%	87.2	%	12.8	%
New	N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A		N/A

PAGE 28

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Retail Portfolio (Includes Non-Anchor Owned Space)	Q105						% Change						Q104
	Avg Base Rent psf (1)		Avg % Rent psf (1)		Additional Charges psf (1)		Avg Base Rent psf (1)		Avg % Rent psf (1)		Additional Charges psf (1)		Avg Base Rent psf (1)			Avg % Rent psf (1)			Additional Charges psf (1)
Enclosed Malls weighted average	$	22.98	$	0.84	$	8.88	2.3	%	19.6	%	0.5	%	$	22.46		$	0.70		$	8.84
Power Centers weighted average	$	15.34	$	0.05	$	3.33	0.1	%	-0.6	%	6.9	%	$	15.33		$	0.05		$	3.12
Strip Centers weighted average	$	15.39	$	—	$	3.14	4.1	%	N/A		12.1	%	$	14.78		$	—		$	2.80
Retail Portfolio weighted average	$	21.64	$	0.70	$	7.90	2.6	%	21.4	%	2.0	%	$	21.09		$	0.58		$	7.75
Wholly Owned Properties	$	22.15	$	0.79	$	8.30	2.4	%	22.0	%	0.8	%	$	21.63		$	0.65		$	8.24
Partnership Properties	$	18.77	$	0.20	$	5.64	2.5	%	-9.9	%	8.0	%	$	18.32		$	0.22		$	5.22
PRI-managed	$	22.14	$	0.79	$	8.30	2.4	%	22.2	%	1.0	%	$	21.62		$	0.65		$	8.22
Non PRI-managed	$	18.76	$	0.20	$	5.61	2.3	%	-10.3	%	7.2	%	$	18.33		$	0.22		$	5.23
Same Properties/Existing	$	21.59	$	0.70	$	7.79	2.4	%	21.6	%	0.6	%	$	21.09		$	0.58		$	7.75
New	$	22.16	$	0.69	$	9.11	N/A		N/A		N/A			0.0	%		0.0	%		0.0	%

⁽¹⁾ Base rent is actual for Q105. Additional charges and % rent are projections for 2005.

(Includes Only Owned Space)	Q105								Occupancy Change in % Occupancy								Q104
	Total w/Anchor % Leased		Total w/Anchor % Available		In-Line only (Non- Anchor) % Leased		In-Line (Non- Anchor) % Available		Total w/Anchor % Leased		Total w/Anchor % Available		In-Line only (Non- Anchor) % Leased		In-Line (Non- Anchor) % Available		Total w/Anchor % Leased		Total w/Anchor % Available		In-Line only (Non- Anchor) % Leased		In-Line (Non- Anchor) % Available
Enclosed Malls weighted average	90.5	%	9.5	%	86.0	%	14.0	%	-0.3	%	0.3	%	-2.4	%	2.4	%	90.8	%	9.2	%	88.5	%	11.5	%
Power Centers weighted average	97.6	%	2.4	%	96.1	%	3.9	%	-0.8	%	0.8	%	-1.3	%	1.3	%	98.4	%	1.6	%	97.4	%	2.6	%
Strip Centers weighted average	86.1	%	13.9	%	84.3	%	15.7	%	-8.0	%	8.0	%	-2.9	%	2.9	%	94.0	%	6.0	%	87.2	%	12.8	%
Retail Portfolio weighted average	91.2	%	8.8	%	87.4	%	12.6	%	-0.7	%	0.7	%	-2.4	%	2.4	%	91.9	%	8.1	%	89.8	%	10.2	%
Wholly Owned Properties	90.7	%	9.3	%	86.6	%	13.4	%	-0.6	%	0.6	%	-2.5	%	2.5	%	91.2	%	8.8	%	89.1	%	10.9	%
Partnership Properties	95.5	%	4.5	%	92.8	%	7.2	%	-0.7	%	0.7	%	-1.1	%	1.1	%	96.2	%	3.8	%	93.9	%	6.1	%
PRI-managed	90.6	%	9.4	%	86.4	%	13.6	%	-0.6	%	0.6	%	-2.6	%	2.6	%	91.2	%	8.8	%	89.0	%	11.0	%
Non PRI-managed	96.0	%	4.0	%	93.7	%	6.3	%	-0.4	%	0.4	%	-0.7	%	0.7	%	96.4	%	3.6	%	94.4	%	5.6	%
Same Properties/ Existing	91.1	%	8.9	%	87.7	%	12.3	%	-0.8	%	0.8	%	-2.1	%	2.1	%	91.9	%	8.1	%	89.8	%	10.2	%
New	92.8	%	7.2	%	84.6	%	15.4	%	92.8	%	7.2	%	84.6	%	15.4	%	N/A		N/A		N/A		N/A

^* Westgate Anchor Pad consists of a 108,100 sf. Bon-Ton Store for which PREIT receives $307,003/yr ($2.84/sf) and is not included in the Occupancy and Rent reports.

PAGE 29

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

PREIT Services, LLC/ PREIT-RUBIN Inc.

PREIT Services, LLC and PREIT-RUBIN Inc. are the Trust’s arms for comprehensive development and management of retail and commercial properties. PREIT-RUBIN Inc. provides third party management for 14 properties representing approximately 3.1 million gross leasable square feet. PREIT-RUBIN Inc. also provides third party owners with a full complement of management, leasing, asset management and development services.

SUMMARY OF PORTFOLIO SERVICES

	March 31, 2005						December 31, 2004						NET GAIN (LOSS) IN CONTRACTS
	Retail		Office/ Industrial		TOTAL		Retail		Office/ Industrial		TOTAL		Retail				Office/ Industrial		TOTAL
	#	sq ft	#	sq ft	#	sq ft	#	sq ft	#	sq ft	#	sq ft	#		sq ft		#	sq ft	#		sq ft
Managed Portfolio
PREIT-Owned (1)	45	29,427,853	4	254,791	49	29,682,644	43	28,072,299	4	254,791	47	28,327,090	2		1,355,554		—	—	2		1,355,554
Non-PREIT Owned (2)	9	1,697,666	3	757,238	12	2,454,904	10	2,621,455	3	757,238	13	3,378,693	(1	)	(923,789	)	—	—	(1	)	(923,789	)
TOTAL	54	31,125,519	7	1,012,029	61	32,137,548	53	30,693,754	7	1,012,029	60	31,705,783	1		431,765		—	—	1		431,765
Leased Portfolio
PREIT-Owned	—		—	—	—	—	—		—		—	—	—		—		—	—	—		—
Non-PREIT Owned	1	503,716	1	119,482	2	623,198	1	503,716	1	119,482	2	623,198	—		—		—	—	—		—
TOTAL	1	503,716	1	119,482	2	623,198	1	503,716	1	119,482	2	623,198	—		—		—	—	—		—
Asset Managed Portfolio
PREIT-Owned (1)	6	4,078,965	—	—	6	4,078,965	6	4,078,844	—	—	6	4,078,844	—		121		—	—	—		121
Non-PREIT Owned	—		—	—	—	—	—	—	—	—	—	—	—		—		—	—	—		—
TOTAL	6	4,078,965	—	—	6	4,078,965	6	4,078,844	—	—	6	4,078,844	—		121		—	—	—		121
Total Portfolio
PREIT-Owned	51	33,506,818	4	254,791	55	33,761,609	49	32,151,143	4	254,791	53	32,405,934	2		1,355,675		—	—	2		1,355,675
Non-PREIT Owned	10	2,201,382	4	876,720	14	3,078,102	11	3,125,171	4	876,720	15	4,001,891	(1	)	(923,789	)	—	—	(1	)	(923,789	)
TOTAL	61	35,708,200	8	1,131,511	69	36,839,711	60	35,276,314	8	1,131,511	68	36,407,825	1		431,886		—	—	1		431,886

⁽¹⁾ The increase in a result of the acquisitions of Cumberland Mall in Vineland, New Jersey and Gadsden Mall in Gadsden, Alabama.

⁽²⁾ The decrease in a result of the acquisition by PREIT of Cumberland Mall in Vineland, New Jersey.

PAGE 30

Pennsylvania REIT

FLASH REPORT (March 31, 2005)

QUARTERLY COMPARISON

Financial Statement

					Q1 05 (3 months ended 3/31/05)																	Q1 04 (3 months ended 3/31/04)
	Malls		Power and Strip Centers		Retail			Corporate/ Other Properties			TOTAL			% Change		Malls			Power and Strip Centers			Retail			Corporate/ Other Properties			TOTAL
Real Estate Revenues:
Same Store	91,881,007		11,342,218		$	103,223,225		$	124,042		$	103,347,267		0.9	%	$	91,958,501		$	10,385,054		$	102,343,555		$	96,831		$	102,440,386
New	7,473,084		—			7,473,084			495			7,473,579		N/A			—			—			—			—			—
Discontinued Operations	—		—			—			—			—		-100.0	%		6,105,768			182,793			6,288,561			—			6,288,561
Total Real Estate Revenues	99,354,091		11,342,218			110,696,309			124,537			110,820,846		1.9	%		98,064,269			10,567,847			108,632,116			96,831			108,728,947
Property Operating Expenses:
Same Store	(35,541,082	)	(2,443,286	)		(37,984,368	)		(15,509	)		(37,999,877	)	-1.7	%		(36,317,269	)		(2,326,242	)		(38,643,511	)		(12,275	)		(38,655,786	)
New	(3,427,249	)	—			(3,427,249	)		(20	)		(3,427,269	)	N/A			—			—			—			—			—
Discontinued Operations	—		—			—						—		-100.0	%		(3,445,672	)		(55,971	)		(3,501,643	)					(3,501,643	)
Total Property Operating Expenses	(38,968,331	)	(2,443,286	)		(41,411,617	)		(15,529	)		(41,427,146	)	-1.7	%		(39,762,941	)		(2,382,213	)		(42,145,154	)		(12,275	)		(42,157,429	)
NOI:
Same Store	56,339,925		8,898,932			65,238,857			108,533			65,347,390		2.5	%		55,641,232			8,058,812			63,700,044			84,556			63,784,600
New	4,045,835		—			4,045,835			475			4,046,310		N/A			—			—			—			—			—
Discontinued Operations	—		—			—			—			—		-100.0	%		2,660,096			126,822			2,786,918						2,786,918
NOI	60,385,760		8,898,932			69,284,692			109,008			69,393,700		4.2	%		58,301,328			8,185,634			66,486,962			84,556			66,571,518
OTHER INCOME (EXPENSES):
Management Company Revenue	—		—			—			1,438,896			1,438,896		-30.2	%		—			—			—			2,061,769			2,061,769
Interest Income	—		—			—			189,906			189,906		-25.2	%		—			—			—			253,728			253,728
General & Administrative	—		—														—			—
Corporate Payroll and Benefits	—		—			—			(7,123,909	)		(7,123,909	)	-11.3	%		—			—			—			(8,028,893	)		(8,028,893	)
Other G&A Expenses	—		—			—			(2,094,131	)		(2,094,131	)	-19.9	%		—			—			—			(2,613,826	)		(2,613,826	)
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA)	60,385,760		8,898,932			69,284,692			(7,480,230	)		61,804,462		6.1	%		58,301,328			8,185,634			66,486,962			(8,242,666	)		58,244,296
Interest Expense	(16,716,525	)	(1,883,266	)		(18,599,791	)		(3,106,246	)		(21,706,037	)	4.6	%		(17,417,266	)		(1,674,421	)		(19,091,687	)		(1,657,535	)		(20,749,222	)
Depreciation and Amortization	(24,321,058	)	(2,590,560	)		(26,911,618	)		(351,340	)		(27,262,958	)	2.3	%		(24,042,665	)		(2,436,076	)		(26,478,741	)		(180,666	)		(26,659,407	)
Gain (adjustment to gains) on Sale of Interests in RE	60,536					60,536						60,536		N/A			—			—			—			—			—
DISCONTINUED OPERATIONS
Minority Interest of O.P. Unitholders						—			(21,037	)		(21,037	)	N/A									—			(180,440	)		(180,440	)
Gain (adjustment to gains) on Disposition of Discontinued Operations									—			—		N/A									—			(550,000	)		(550,000	)
TOTAL DISCONTINUED OPERATIONS	—		—			—			(21,037	)		(21,037	)	N/A			—			—			—			(730,440	)		(730,440	)
Minority Interest in Properties						(45,459	)		—			(45,459	)	-87.3	%		(357,959	)		—			(357,959	)		—			(357,959	)
Minority Interest of O.P. Unit Holders						—			(1,431,250	)		(1,431,250	)	82.6	%								—			(783,938	)		(783,938	)
NET INCOME	19,408,713		4,425,106			23,833,819			(12,390,103	)		11,398,257		27.2	%		16,841,397			4,075,137			20,916,534			(11,595,245	)		8,963,330
Gains (Adjustments to gains) on Sales of Real Estate	(60,536	)				(60,536	)		—			(60,536	)	N/A									—			550,000			550,000
Depreciation and Amor. of Real Estate	24,254,389		2,590,560			26,844,949			(52,460	)		26,792,489		1.7	%		23,973,221			2,436,076			26,409,297			(52,460	)		26,356,837
Dividends on preferred shares									(3,403,125	)		(3,403,125	)	N/A									—			(3,403,125	)		(3,403,125	)
FFO Adjustments						—			1,452,287			1,452,287		50.6	%								—			964,378			964,378
FFO	43,602,566		7,015,666			50,618,232			(14,393,401	)		36,179,372		8.2	%		40,814,618			6,511,213			47,325,831			(13,536,452	)		33,431,420
Adj. Straight Lining of Base Rents	(911,024	)	(124,376	)		(1,035,400	)		—			(1,035,400	)	-23.3	%		(1,238,280	)		(110,942	)		(1,349,222	)		—			(1,349,222	)
Recurring Capital Expenditures						(2,307,047	)		—			(2,307,047	)	252.4	%								(654,723	)		—			(654,723	)
Tenant Allowances						(3,007,275	)		—			(3,007,275	)	1434.7	%								(195,958	)		—			(195,958	)
Capitalized Leasing Costs						(826,200	)		—			(826,200	)	106.6	%								(400,000	)		—			(400,000	)
Amortization of Debt Premium						(4,804,207	)		—			(4,804,207	)	-1.2	%								(4,864,640	)		—			(4,864,640	)
Amortization of above-and below market lease intangibles						179,259			—			179,259		N/A									204,702			—			204,702
FAD					$	38,817,362			(14,393,401	)	$	24,378,502		-6.9	%							$	40,065,990			(13,536,452	)	$	26,171,579
Total Dividends											$	22,216,310		4.3	%													$	21,301,124
Share Price (at close)											$	40.32		7.1	%													$	37.66
Weighted Average Number of Shares												35,972,274		1.6	%														35,403,257
WA number of Shares and O.P. Units												40,555,612		3.4	%														39,239,401
Net Income per Share (diluted)											$	0.21		31.3	%													$	0.16
FFO/Share and O.P. Units											$	0.89		4.5	%													$	0.85
FAD/Share and O.P. Units											$	0.60		-9.9	%													$	0.67
Dividend/Share and O.P. Units											$	0.54		0.0	%													$	0.54

Balance Sheet

	Q1 05																	Q1 04
	Malls			Power and Strip Centers			Retail			Corporate/ Other Properties			Total			% Change		Malls			Power and Strip Centers			Retail			Corporate/ Other Properties			Total
Investment in Real Estate, at cost	$	2,443,131,571		$	315,131,675		$	2,758,263,246		$	28,702,718		$	2,786,965,964		8.4	%	$	2,225,064,658		$	310,335,023		$	2,535,399,681		$	35,257,864		$	2,570,657,545
Accumulated Depreciation		(152,307,877	)		(50,113,733	)		(202,421,610	)		(2,139,471	)		(204,561,081	)	56.4	%		(87,461,869	)		(41,231,237	)		(128,693,106	)		(2,089,311	)		(130,782,417	)
Other Assets		248,497,474			29,581,175			278,078,649			64,321,068			342,399,717		-0.9	%		254,864,736			29,335,209			284,199,945			61,232,687			345,432,632
Total Assets	$	2,539,321,168		$	294,599,117		$	2,833,920,285		$	90,884,315		$	2,924,804,600		5.0	%	$	2,392,467,525		$	298,438,995		$	2,690,906,520		$	94,401,240		$	2,785,307,760
Mortgage Notes	$	1,202,494,716		$	105,050,631		$	1,307,545,347		$	—		$	1,307,545,347		-5.7	%	$	1,297,426,851		$	88,886,924		$	1,386,313,775		$	—		$	1,386,313,775
Line of Credit		—			—			—			402,000,000			402,000,000		120.9	%		—			—			—			182,000,000			182,000,000
Other Liabilities		48,322,804			4,276,216			52,599,020			26,825,828			79,424,848		-9.8	%		47,347,077			5,330,612			52,677,689			35,420,631			88,098,320
Total Liabilities	$	1,250,817,520		$	109,326,847		$	1,360,144,367		$	428,825,828		$	1,788,970,195		8.0	%	$	1,344,773,928		$	94,217,536		$	1,438,991,464		$	217,420,631		$	1,656,412,095
Minority Interest	$	3,448,201		$	—		$	3,448,201		$	138,301,736		$	141,749,937		20.8	%	$	4,420,258		$	126,715.00		$	4,546,973		$	112,836,314		$	117,383,287
Total Shareholders Equity		—			—			—			994,084,468			994,084,468		-1.7	%		—			—			—			1,011,512,378			1,011,512,378
Total Liabilities and Shareholder Equity	$	1,254,265,721		$	109,326,847		$	1,363,592,568		$	1,561,212,032		$	2,924,804,600		5.0	%	$	1,349,194,186		$	94,344,251		$	1,443,538,437		$	1,341,769,323		$	2,785,307,760

NOTE: A reconciliation of the proportionate consolidation method to GAAP is included on pages 32 to 35.

PAGE 31

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

BALANCE SHEET-RECONCILIATION TO GAAP

(Wholly Owned vs. JVs)

	March 31, 2005															December 31, 2004
	Combined TOTAL (1)			Adjust- ments to Equity Method			Subtotal			Assets Held for Sale			TOTAL			Combined TOTAL (1)			Adjust- ments to Equity Method			Subtotal			Assets Held for Sale			TOTAL
ASSETS
Investments in Real Estate, at cost
Retail Properties	$	2,758,263,246		$	(131,361,106	)	$	2,626,902,140		$	(8,108,358	)	$	2,618,793,782		$	2,649,708,369		$	(131,343,981	)	$	2,518,364,388		$	(8,108,066	)	$	2,510,256,322
Industrial Properties		4,006,922			—			4,006,922			(1,502,711	)		2,504,211			2,504,211			—			2,504,211			—			2,504,211
Land Held for Development		9,972,559			—			9,972,559			—			9,972,559			9,862,704			—			9,862,704			—			9,862,704
Construction In Progress		14,723,237			(2,855,424	)		11,867,813			—			11,867,813			13,494,757			(2,542,307	)		10,952,450			—			10,952,450
TOTAL INVEST MENTS IN REAL ESTATE		2,786,965,964			(134,216,530	)		2,652,749,434			(9,611,069	)		2,643,138,365			2,675,570,041			(133,886,288	)		2,541,683,753			(8,108,066	)		2,533,575,687
Accumulated Depreciation		(204,561,081	)		34,988,197			(169,572,884	)		—			(169,572,884	)		(184,908,972	)		34,023,363			(150,885,609	)		—			(150,885,609	)
Net Real Estate		2,582,404,883			(99,228,333	)		2,483,176,550			(9,611,069	)		2,473,565,481			2,490,661,069			(99,862,925	)		2,390,798,144			(8,108,066	)		2,382,690,078
Investment in and advances to Partnerships		—			27,056,312			27,056,312			—			27,056,312			—			27,243,862			27,243,862			—			27,243,862
		2,582,404,883			(72,172,021	)		2,510,232,862			(9,611,069	)		2,500,621,793			2,490,661,069			(72,619,063	)		2,418,042,006			(8,108,066	)		2,409,933,940
Other Assets:
Cash and Cash Equivalents		34,378,813			(3,968,408	)		30,410,405			—			30,410,405			45,949,300			(5,609,103	)		40,340,197			—			40,340,197
Rents and Other Receivables		43,961,698			(11,307,638	)		32,654,060			—			32,654,060			43,305,591			(11,328,239	)		31,977,352			—			31,977,352
Assets held for sale		7,175,245			—			7,175,245			9,611,069			16,786,314			6,837,914			—			6,837,914			8,108,066			14,945,980
Intangible Assets (2)		181,069,633			—			181,069,633			—			181,069,633			171,849,678			—			171,849,678			—			171,849,678
Deferred Costs, Prepaid Taxes & Exp. & Other Assets		75,814,328			(7,297,142	)		68,517,186						68,517,186			69,906,200			(7,550,567	)		62,355,633			—			62,355,633
TOTAL OTHER ASSETS		342,399,717			(22,573,188	)		319,826,529			9,611,069			329,437,598			337,848,683			(24,487,909	)		313,360,774			8,108,066			321,468,840
TOTAL ASSETS		2,924,804,600			(94,745,209	)		2,830,059,391			—			2,830,059,391			2,828,509,752			(97,106,972	)		2,731,402,780			—			2,731,402,780
LIABILITIES AND SHARE HOLDERS’ EQUITY
Liabilities:
Mortgage Notes Payable		1,253,510,523			(106,947,723	)		1,146,562,800			(17,113,872	)		1,129,448,928			1,269,992,376			(107,513,205	)		1,162,479,171			(17,399,761	)		1,145,079,410
Mortgage Debt Premium (3)		54,034,824			—			54,034,824			—			54,034,824			56,134,624			—			56,134,624			—			56,134,624
Bank Loans Payable		402,000,000			—			402,000,000			—			402,000,000			271,000,000			—			271,000,000			—			271,000,000
Assets held for sale		1,616,876			—			1,616,876			17,113,872			18,730,748			1,156,442			—			1,156,442			17,399,761			18,556,203
Other Liabilities (4)		77,807,972			12,202,514			90,010,486			—			90,010,486			93,791,391			10,406,233			104,197,624			—			104,197,624
TOTAL LIABILITIES		1,788,970,195			(94,745,209	)		1,694,224,986			—			1,694,224,986			1,692,074,833			(97,106,972	)		1,594,967,861			—			1,594,967,861
Minority Interest		141,749,937			—			141,749,937			—			141,749,937			131,968,917			—			131,968,917			—			131,968,917
Shareholders’ Equity:
Shares of Beneficial Interest at $1 Par		36,474,673			—			36,474,673			—			36,474,673			36,272,160			—			36,272,160			—			36,272,160
Preferred Shares $0.01 Par		24,750			—			24,750			—			24,750			24,750			—			24,750			—			24,750
Capital Contributed in Excess of Par		907,811,709			—			907,811,709			—			907,811,709			899,506,128			—			899,506,128			—			899,506,128
Restricted Stock		(14,945,044	)		—			(14,945,044	)		—			(14,945,044	)		(7,736,812	)		—			(7,736,812	)		—			(7,736,812	)
Accumulated Other Comprehensive Loss		(1,812,340	)		—			(1,812,340	)		—			(1,812,340	)		(1,821,457	)		—			(1,821,457	)		—			(1,821,457	)
Retained Earnings		66,530,720			—			66,530,720			—			66,530,720			78,221,233			—			78,221,233			—			78,221,233
TOTAL SHAREHOLDERS’ EQUITY		994,084,468			—			994,084,468			—			994,084,468			1,004,466,002			—			1,004,466,002			—			1,004,466,002
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,924,804,600		$	(94,745,209	)	$	2,830,059,391		$	—		$	2,830,059,391		$	2,828,509,752		$	(97,106,972	)	$	2,731,402,780		$	—		$	2,731,402,780

	March 31, 2004
	Combined TOTAL (1)			Adjust- ments to Equity Method			Subtotal			Assets Held for Sale			TOTAL
ASSETS
Investments in Real Estate, at cost
Retail Properties	$	2,535,399,681		$	(135,981,353	)	$	2,399,418,328		$	(96,448,111	)	$	2,302,970,217
Industrial Properties		2,504,211			—			2,504,211			—			2,504,211
Land Held for Development		9,397,945			—			9,397,945			—			9,397,945
Construction In Progress		23,355,708			(1,506,178	)		21,849,530			—			21,849,530
TOTAL INVESTMENTS IN REAL ESTATE		2,570,657,545			(137,487,531	)		2,433,170,014			(96,448,111	)		2,336,721,903
Accumulated Depreciation		(130,782,417	)		32,248,911			(98,533,506	)		—			(98,533,506	)
Net Real Estate		2,439,875,128			(105,238,620	)		2,334,636,508			(96,448,111	)		2,238,188,397
Investment in and advances to Partnerships		—			31,788,460			31,788,460			—			31,788,460
		2,439,875,128			(73,450,160	)		2,366,424,968			(96,448,111	)		2,269,976,857
Other Assets:
Cash and Cash Equivalents		37,024,603			(4,459,678	)		32,564,925						32,564,925
Rents and Other Receivables		34,051,459			(7,921,525	)		26,129,934			—			26,129,934
Assets held for sale		37,383,935			—			37,383,935			96,448,111			133,832,046
Intangible Assets (2)		171,993,180			—			171,993,180			—			171,993,180
Deferred Costs, Prepaid Taxes & Exp. & Other Assets		64,979,455			(11,737,281	)		53,242,174						53,242,174
TOTAL OTHER ASSETS		345,432,632			(24,118,484	)		321,314,148			96,448,111			417,762,259
TOTAL ASSETS		2,785,307,760			(97,568,644	)		2,687,739,116			—			2,687,739,116
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Mortgage Notes Payable		1,315,690,169			(109,096,195	)		1,206,593,974			(60,461,378	)		1,146,132,596
Mortgage Debt Premium (3)		70,623,606			—			70,623,606			(4,121,413	)		66,502,193
Bank Loans Payable		182,000,000			—			182,000,000			—			182,000,000
Assets held for sale		4,365,915			—			4,365,915			64,582,791			68,948,706
Other Liabilities (4)		83,732,405			11,527,551			95,259,956			—			95,259,956
TOTAL LIABILITIES		1,656,412,095			(97,568,644	)		1,558,843,451			—			1,558,843,451
Minority Interest		117,383,287			—			117,383,287			—			117,383,287
Shareholders’ Equity:
Shares of Beneficial Interest at $1 Par		35,781,922			—			35,781,922			—			35,781,922
Preferred Shares $0.01 Par		24750			—			24750			—			24750
Capital Contributed in Excess of Par		884,677,043			—			884,677,043			—			884,677,043
Restricted Stock		(9,311,239	)		—			(9,311,239	)		—			(9,311,239	)
Accumulated Other Comprehensive Loss		(1,927,948	)		—			(1,927,948	)		—			(1,927,948	)
Retained Earnings		102,267,850			—			102,267,850			—			102,267,850
TOTAL SHAREHOLDERS’ EQUITY		1,011,512,378			—			1,011,512,378			—			1,011,512,378
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	2,785,307,760		$	(97,568,644	)	$	2,687,739,116		$	—		$	2,687,739,116

^{(1) Includes PREIT’s percent of partnership investments that is “grossed up” to reflect the Company’s share of the Total Assets and Liabilities of the underlying properties. The Company calculates the “gross up” by applying its percentage ownership interest to the historical financial statements of its equity method investments.}

^{(2) Includes value of acquired in-place leases and above-market value of leases recorded in connection with the acquisition of properties since 2002. Purchase accounting rules require a purchaser to separately value the leases that are in place at the acquisition date, as well as the above- or below-market values of the leases.}

^{(3) Represents premium that is recorded in connection with debt assumed when a property is purchased. The debt is marked to market at the acquisition date and the premium is amortized through interest expense over the remaining term of the debt.}

^{(4) For Wholly Owned Properties, Other Liabilities includes Tenant Deposits and Deferred Rents, Accrued Pension and Retirement Benefits, Accrued Expenses and Other Liabilities including Deficit Partnership Investments.}

PAGE 32

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

INCOME STATEMENT-RECONCILIATION TO GAAP ⁽¹⁾

QUARTERLY COMPARISON

(Wholly Owned vs. Partnerships)	Q1 05 (3 months ended 3/31/05)																	Q1 04 (3 months ended 3/31/04)
	Combined TOTAL (2)			Adjustments to Equity Method			Subtotal			Assets Held for Sale			Total			TOTAL% CHANGE		Combined TOTAL (2)			Adjustments to Equity Method			Subtotal			Assets Held for Sale			Total
Base Rents (Net of Vacancies)	$	71,053,672		$	(5,254,075	)	$	65,799,597		$	(796,139	)	$	65,003,458		8.1	%	$	70,122,041		$	(5,155,520	)	$	64,966,521			(4,858,259	)	$	60,108,262
Straight-Lining of Base Rents		1,035,400			(31,186	)		1,004,214			(5,616	)		998,598		-19.2	%		1,349,222			(39,437	)		1,309,785			(74,438	)		1,235,347
Percentage Rents		2,355,213			(21,670	)		2,333,543			—			2,333,543		7.4	%		2,552,808			(237,047	)		2,315,761			(143,117	)		2,172,644
Expense Reimbursables		32,640,568			(1,564,405	)		31,076,163			(515,006	)		30,561,157		7.1	%		32,375,641			(1,590,403	)		30,785,238			(2,254,974	)		28,530,264
Lease Termination		1,576,685			(138,444	)		1,438,241			—			1,438,241		N/A			26,689			—			26,689			—			26,689
Other Real Estate Revenues		2,159,308			(121,658	)		2,037,650			(31,682	)		2,005,968		3.8	%		2,302,546			(165,436	)		2,137,110			(204,948	)		1,932,162
TOTAL REAL ESTATE REVENUES		110,820,846			(7,131,438	)		103,689,408			(1,348,443	)		102,340,965		8.9	%		108,728,947			(7,187,843	)		101,541,104			(7,535,736	)		94,005,368
Operating and Maintenance		(31,177,877	)		1,665,637			(29,512,240	)		728,430			(28,783,810	)	6.4	%		(32,405,258	)		1,717,568			(30,687,690	)		3,634,729			(27,052,961	)
Real Estate Taxes		(10,249,269	)		624,793			(9,624,476	)		123,688			(9,500,788	)	10.7	%		(9,752,171	)		577,269			(9,174,902	)		594,035			(8,580,867	)
TOTAL PROPERTY OPERATING EXPENSES		(41,427,146	)		2,290,430			(39,136,716	)		852,118			(38,284,598	)	7.4	%		(42,157,429	)		2,294,837			(39,862,592	)		4,228,764			(35,633,828	)
NET OPERATING INCOME		69,393,700			(4,841,008	)		64,552,692			(496,325	)		64,056,367		9.7	%		66,571,518			(4,893,006	)		61,678,512			(3,306,972	)		58,371,540
OTHER INCOME (EXPENSES)
Management Company Revenue		1,438,896			—			1,438,896						1,438,896		-30.2	%		2,061,769			—			2,061,769			—			2,061,769
Interest Income		189,906			—			189,906						189,906		-25.2	%		253,728			—			253,728			—			253,728
General & Administrative:
Corporate Payroll and Benefits		(7,123,909	)		—			(7,123,909	)					(7,123,909	)	-11.3	%		(8,028,893	)		—			(8,028,893	)		—			(8,028,893	)
Other G&A Expenses		(2,094,131	)		—			(2,094,131	)					(2,094,131	)	-19.9	%		(2,613,826	)		—			(2,613,826	)		—			(2,613,826	)
Earnings before interest, taxes, depreciation and amortization (EBITDA)		61,804,462			(4,841,008	)		56,963,454			(496,325	)		56,467,129		12.8	%		58,244,296			(4,893,006	)		53,351,290			(3,306,972	)		50,044,318
Interest Expense (1)		(21,706,037	)		2,039,920			(19,666,117	)		310,178			(19,355,939	)	8.7	%		(20,749,222	)		2,050,359			(18,698,863	)		891,415			(17,807,448	)
Depreciation & Amortization		(27,262,958	)		1,150,965			(26,111,993	)		—			(26,111,993	)	2.1	%		(26,659,407	)		1,077,961			(25,581,446	)		—			(25,581,446	)
TOTAL EXPENSES		(48,968,995	)		3,190,885			(45,778,110	)		310,178			(45,467,932	)	4.8	%		(47,408,629	)		3,128,320			(44,280,309	)		891,415			(43,388,894	)
Equity in Income of partnerships		—			1,650,123			1,650,123						1,650,123								1,764,686			1,764,686						1,764,686
Gains on sales of interests in Real Estate		60,536			—			60,536			—			60,536		N/A			—			—			—			—			—
Income before Minority Interest		12,896,003			—			12,896,003			(186,147	)		12,709,856		50.9	%		10,835,667			—			10,835,667			(2,415,557	)		8,420,110
Minority Interest in Properties		(45,459	)		—			(45,459	)		—			(45,459	)				(357,959	)					(357,959	)		8,017			(349,942	)
Minority Interest of O.P. Unitholders		(1,431,250	)		—			(1,431,250	)		—			(1,431,250	)	82.6	%		(783,938	)		—			(783,938	)		—			(783,938	)
Income from Operations		11,419,294			—			11,419,294			(186,147	)		11,233,147		54.2	%		9,693,770			—			9,693,770			(2,407,540	)		7,286,230
Discontinued Operations:
Income from Discontinued Operations		—			—			—			186,147			186,147		-92.3	%		—			—			—			2,415,557			2,415,557
Minority Interest in properties		—			—			—			—			—					—			—			—			(8,017	)		(8,017	)
Minority Interest of O.P. Unitholders		(21,037	)		—			(21,037	)		—			(21,037	)	N/A			(180,440	)		—			(180,440	)		—			(180,440	)
Adjustments to gains on Disposition of Discontinued Operations		—			—			—			—			—		N/A			(550,000	)		—			(550,000	)		—			(550,000	)
TOTAL DISCONTINUED OPERATIONS		(21,037	)		—			(21,037	)		186,147			165,110		N/A			(730,440	)		—			(730,440	)		2,407,540			1,677,100
NET INCOME	$	11,398,257		$	—		$	11,398,257		$	—		$	11,398,257		27.2	%	$	8,963,330		$	—		$	8,963,330		$	—		$	8,963,330

⁽¹⁾ Capitalized interest expense of $390,000 is not included in the quarter ended 3/31/05 and $195,000 is not included in the quarter ended 3/31/04.

⁽²⁾ Includes PREIT’s percent of partnership investments that is “grossed up” to reflect the Trust’s share of the Total Revenues and Expenses of the underlying properties. The Company calculates the “gross up” by applying its percentage ownership interest to the historical financial statements of its equity method investments.

PAGE 33

Pennsylvania REIT

FLASH REPORT-RECONCILIATION TO GAAP (March 31, 2005)

QUARTERLY COMPARISON

Financial Statement

	Q1 05															Q1 04
	(3 months ended 3/31/05)															(3 months ended 3/31/04)
	Combined TOTAL			Adjustments to Equity Method			Subtotal			Assets Held for Sale			Total			Combined TOTAL			Adjustments to Equity Method			Subtotal			Assets Held for Sale			Total
Real Estate Revenues:
Same Store	$	103,347,267			(7,131,438	)	$	96,215,829			—		$	96,215,829		$	102,440,386			(7,005,050	)	$	95,435,336			—		$	95,435,336
New		7,473,579			—			7,473,579			—			7,473,579			—			—			—			—			—
Discontinued		—			—			—			(1,348,443	)		(1,348,443	)		6,288,561			(182,793	)		6,105,768			(7,535,736	)		(1,429,968	)
Total Real Estate Revenues		110,820,846			(7,131,438	)		103,689,408			(1,348,443	)		102,340,965			108,728,947			(7,187,843	)		101,541,104			(7,535,736	)		94,005,368
Operating Expenses:
Same Store		(37,999,877	)		2,290,430			(35,709,447	)		—			(35,709,447	)		(38,655,786	)		2,238,866			(36,416,920	)		—			(36,416,920	)
New		(3,427,269	)		—			(3,427,269	)		—			(3,427,269	)		—			—			—			—			—
Discontinued		—			—			—			852,118			852,118			(3,501,643	)		55,971			(3,445,672	)		4,228,764			783,092
Total Property Operating Expenses		(41,427,146	)		2,290,430			(39,136,716	)		852,118			(38,284,598	)		(42,157,429	)		2,294,837			(39,862,592	)		4,228,764			(35,633,828	)
NOI:
Same Store		65,347,390			(4,841,008	)		60,506,382			—			60,506,382			63,784,600			(4,766,184	)		59,018,416			—			59,018,416
New		4,046,310			—			4,046,310			—			4,046,310			—			—			—			—			—
Discontinued		—			—			—			(496,325	)		(496,325	)		2,786,918			(126,822	)		2,660,096			(3,306,972	)		(646,876	)
NOI		69,393,700			(4,841,008	)		64,552,692			(496,325	)		64,056,367			66,571,518			(4,893,006	)		61,678,512			(3,306,972	)		58,371,540
OTHER INCOME (EXPENSES):
Management Company Revenue		1,438,896			—			1,438,896			—			1,438,896			2,061,769			—			2,061,769			—			2,061,769
Interest Income		189,906			—			189,906			—			189,906			253,728			—			253,728			—			253,728
General & Administrative:																													—
Corporate Payroll and Benefits		(7,123,909	)		—			(7,123,909	)		—			(7,123,909	)		(8,028,893	)		—			(8,028,893	)		—			(8,028,893	)
Other G&A Expenses		(2,094,131	)		—			(2,094,131	)		—			(2,094,131	)		(2,613,826	)		—			(2,613,826	)		—			(2,613,826	)
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA)		61,804,462			(4,841,008	)		56,963,454			(496,325	)		56,467,129			58,244,296			(4,893,006	)		53,351,290			(3,306,972	)		50,044,318
Interest Expense		(21,706,037	)		2,039,920			(19,666,117	)	$	310,178			(19,355,939	)		(20,749,222	)		2,050,359			(18,698,863	)		891,415			(17,807,448	)
Depreciation and Amortization		(27,262,958	)		1,150,965			(26,111,993	)		—			(26,111,993	)		(26,659,407	)		1,077,961			(25,581,446	)		—			(25,581,446	)
Gain (adjustment to gains) on Sale of Interests in RE		60,536			—			60,536			—			60,536			—			—			—			—			—
Equity in income of partnerships		—			1,650,123			1,650,123			—			1,650,123						1,764,686			1,764,686			—			1,764,686
DISCONTINUED OPERATIONS:		—			—			—															—
Income from Disposed Real Estate		—			—			—			186,147			186,147			—			—			—			2,415,557			2,415,557
Minority Interest in properties		—			—			—			—			—												(8,017	)		(8,017	)
Minority Interest of O.P. Unitholders		(21,037	)		—			(21,037	)		—			(21,037	)		(180,440	)		—			(180,440	)		—			(180,440	)
Gains (adjustments to gains) on Disposition of Discontinued Operations		—			—			—						—			(550,000	)					(550,000	)		—			(550,000	)
TOTAL DISCONTINUED OPERATIONS		(21,037	)		—			(21,037	)		186,147			165,110			(730,440	)		—			(730,440	)		2,407,540			1,677,100
Minority Interest in Properties		(45,459	)		—			(45,459	)		—			(45,459	)		(357,959	)		—			(357,959	)		8,017			(349,942	)
Extraordinary item (Loss on early extinguishment of debt)		—			—			—			—			—			—			—			—			—			—
Minority Interest of O.P. Unitholders		(1,431,250	)		—			(1,431,250	)		—			(1,431,250	)		(783,938	)		—			(783,938	)		—			(783,938	)
NET INCOME		11,398,257			—			11,398,257			—			11,398,257			8,963,330			—			8,963,330			—			8,963,330
Gain on Sale of Real Estate		(60,536	)		—			(60,536	)		—			(60,536	)		550,000			—			550,000			—			550,000
Depreciation and Amor. of Real Estate		26,792,489			—			26,792,489			—			26,792,489			26,356,837			—			26,356,837			—			26,356,837
Dividends on preferred shares		(3,403,125	)		—			(3,403,125	)		—			(3,403,125	)		(3,403,125	)		—			(3,403,125	)		—			(3,403,125	)
FFO Adjustments		1,452,287			—			1,452,287			—			1,452,287			964,378			—			964,378			—			964,378
FFO		36,179,372			—			36,179,372			—			36,179,372			33,500,864			—			33,500,864			—			33,500,864
Adj. Straight Lining of Base Rents		(1,035,400	)		—			(1,035,400	)		—			(1,035,400	)		(1,349,222	)		—			(1,349,222	)		—			(1,349,222	)
Recurring Capital Expenditures		(2,307,047	)		—			(2,307,047	)		—			(2,307,047	)		(654,723	)		—			(654,723	)		—			(654,723	)
Tenant allowances		(3,007,275	)		—			(3,007,275	)		—			(3,007,275	)		(195,958	)		—			(195,958	)					(195,958	)
Capitalized Leasing Costs		(826,200	)		—			(826,200	)		—			(826,200	)		(400,000	)		—			(400,000	)					(400,000	)
Amortization of Debt Premium		(4,804,207	)		—			(4,804,207	)		—			(4,804,207	)		(4,864,640	)		—			(4,864,640	)					(4,864,640	)
Amortization of above-and below market lease intangibles		179,259			—			179,259			—			179,259			204,702			—			207,702			—			204,702
FAD	$	24,378,502		$	—		$	24,378,502		$	—		$	24,378,502		$	26,171,579		$	—		$	26,171,579		$	—		$	26,171,579
Total Dividends													$	22,216,310														$	21,301,124
Share Price (at close)													$	40.32														$	37.66
Weighted Average Number of Shares														35,972,274															35,403,257
WA number of Shares and OP Units														40,555,612															39,239,401
Net Income per Share (basic)													$	0.21														$	0.16
FFO/Share and OP Units													$	0.89														$	0.85
FAD/Share and OP Units													$	0.60														$	0.67
Dividend/Share and OP Units													$	0.54														$	0.54
Balance Sheet
	Combined Total			Adjustments to Equity Method			Subtotal			Assets Held for Sale			TOTAL			Combined Total			Adjustments to Equity Method			Subtotal			Assets Held for Sale			TOTAL
Investment in Real Estate, at cost	$	2,786,965,964		$	(134,216,530	)	$	2,652,749,434		$	(9,611,069	)	$	2,643,138,365		$	2,570,657,545		$	(137,487,531	)	$	2,433,170,014			(96,448,111	)	$	2,336,721,903
Accumulated Depreciation		(204,561,081	)		34,988,197			(169,572,884	)		—			(169,572,884	)		(130,782,417	)		32,248,911			(98,533,506	)		—			(98,533,506	)
Investment in and advances to partnership		—			27,056,312			27,056,312			—			27,056,312			—			31,788,460			31,788,460			—			31,788,460
Other Assets		342,399,717			(22,573,188	)	$	319,826,529			9,611,069			329,437,598			345,432,632			(24,118,484	)	$	321,314,148			96,448,111			417,762,259
Total Assets	$	2,924,804,600		$	(94,745,209	)	$	2,830,059,391		$	—		$	2,830,059,391		$	2,785,307,760		$	(97,568,644	)	$	2,687,739,116			—		$	2,687,739,116
Mortgage Notes.	$	1,307,545,347		$	(106,947,723	)	$	1,200,597,624		$	(17,113,872	)	$	1,183,483,752		$	1,386,313,775		$	(109,096,195	)	$	1,277,217,580		$	(64,582,791	)	$	1,212,634,789
Line of Credit		402,000,000			—			402,000,000			—			402,000,000			182,000,000			—			182,000,000		$	—			182,000,000
Other Liabilities		79,424,848			12,202,514			91,627,362			17,113,872			108,741,234			88,098,320			11,527,551			99,625,871			64,582,791			164,208,662
Total Liabilities	$	1,788,970,195		$	(94,745,209	)	$	1,694,224,986		$	—		$	1,694,224,986		$	1,656,412,095		$	(97,568,644	)	$	1,558,843,451			—		$	1,558,843,451
Minority Interest	$	141,749,937		$	—		$	141,749,937		$	—		$	141,749,937		$	117,383,287		$	—		$	117,383,287		$	—		$	117,383,287
Total Shareholders’ Equity		994,084,468			—			994,084,468			—			994,084,468			1,011,512,378			—			1,011,512,378			—			1,011,512,378
Total Liabilities and Shareholder Equity	$	2,924,804,600		$	(94,745,209	)	$	2,830,059,391		$	—		$	2,830,059,391		$	2,785,307,760		$	(97,568,644	)	$	2,687,739,116			—		$	2,687,739,116

PAGE 35

Pennsylvania REIT

QUARTERLY SUPPLEMENTAL DISCLOSURE (March 31, 2005)

Definitions

Funds From Operations (FFO)

The National Association of Real Estate Investment Trusts (“NAREIT”) defines Funds From Operations (“FFO”) which is a non-GAAP measure, as income before gains (losses) on sales of property and extraordinary items (computed in accordance with GAAP); plus real estate depreciation; plus or minus adjustments for unconsolidated partnership to reflect funds from operations on the same basis. FFO is a commonly used measure of operating performance and profitability in the REIT industry, and we use FFO as a supplemental non-GAAP measure to compare our company’s performance to that of our industry peers. In addition, we use FFO as a performance measure for determining bonus amounts earned under certain of our performance-based executive compensation programs. The Company computes FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently than the Company.

FFO does not include gains (losses) on real estate assets, which are included in the determination of net income in accordance with GAAP. Accordingly, FFO is not a comprehensive measure of our operating cash flows. In addition, since FFO does not include depreciation on real estate assets, FFO may not be a useful performance measure when comparing our operating performance to that of other non-real estate commercial enterprises. We compensate for these limitations by using FFO in conjunction with other GAAP financial performance measures, such as net income and net cash provided by operating activities, and other non-GAAP financial performance measures such as net operating income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net income (determined in accordance with GAAP) as an indication of the Company's financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, nor is it indicative of funds available for the Company's cash needs, including its ability to make cash distributions.

The Company believes that net income is the most directly comparable GAAP measurement to FFO. The Company believes that FFO is helpful to management and investors as a measure of operating performance because it excludes various items included in net income that do not relate to or are not indicative of operating performance, such as various non-recurring items that are considered extraordinary under GAAP, gains on sales of real estate and depreciation and amortization of real estate.

Net Operating Income (NOI)

Net operating income (“NOI”) which is a non-GAAP measure is derived from revenues (determined in accordance with GAAP) minus property operating expenses (determined in accordance with GAAP). Net operating income is a non-GAAP measure. It does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net income (determined in accordance with GAAP) as an indication of the Company’s financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity; nor is it indicative of funds available for the Company’s cash needs, including its ability to make cash distributions. The Company believes that net income is the most directly comparable GAAP measurement to net operating income.

The Company believes that net operating income is helpful to management and investors as a measure of operating performance because it is an indicator of the return on property investment, and provides a method of comparing property performance over time. Net operating income excludes general and administrative expenses, management company revenues, interest income, interest expense, depreciation and amortization, income from discontinued operations and gains on sales of interests in real estate.

Funds Available for Distribution (FAD)

FAD also referred to as Cash Available for Distributions (CAD) and adjusted FFO (AFFO). FAD refers to a computation made by analysts and investors to measure a real estate company’s cash flows generated by operations. FAD is calculated by subtracting from FFO (1) normalized recurring capital expenditures that are capitalized but necessary to maintain a REIT’s properties and (2) straight-line rents.

The Company believes that net income is the most directly comparable GAAP measurement to FAD. The Company believes FAD provides a meaningful indicator of its ability to fund cash needs and to make cash distributions to equity owners. In addition, the Company feels to further understand its liquidity, FAD should be compared with its cash flow from operating activities determined in accordance with GAAP, as presented in its consolidated financial statements. The computation of FAD may not be comparable to FAD reported by other REITs or real estate companies and FAD does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, or as an alternative to net cash flow from operating activities (determined in accordance with GAAP), as a measure of our liquidity.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)

Earnings before interest, taxes, depreciation and amortization. On a property level, EBITDA and NOI are equivalent; however, certain corporate revenues and expenses are added and deducted to/from NOI to derive EBITDA on a company wide basis. Specifically, management company revenues and interest income are added to NOI while corporate payroll and other General and Administrative expenses are deducted from NOI to calculate EBITDA.

The Company believes that net income is the most directly comparable GAAP measurement to EBITDA. The Company believes that EBITDA helps the Company and its investors evaluate the ongoing operating performance of its properties and facilitate comparisons with other REITs and real estate companies. These measures assist management by providing a baseline to assess property-level results, particularly as the Company acquires or sells assets. The EBITDA measures presented by the Company may not be comparable to other similarly titled measures of other companies.

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