Exhibit 99
[GRAPHIC OMITTED] NEWS Pennsylvania Real Estate Investment Trust
PREIT FOR RELESAE 200 South Broad Street
Philadelphia, PA 19102
www.preit.com
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Phone: 215-875-0700
Fax: 215-546-7311
Toll Free: 866-875-0700
AT THE COMPANY AT KCSA PUBLIC RELATIONS WORLDWIDE
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Ronald Rubin Evan Smith, CFA Erica Pettit
Chairman & Chief Executive Officer (Investor Relations) (Media Relations)
(215) 875-0700 (212) 896-1251 (212) 896-1248
Pennsylvania Real Estate Investment Trust to Create Office of the Chairman
Company Announces Executive Changes Effective Upon Filing of the Company's
Financial Statements for 2003 and Appointment of New Chief Financial Officer
PHILADELPHIA, PA, January 21, 2004 - Pennsylvania Real Estate Investment Trust
("PREIT") (NYSE: PEI), today announced that it will create a new five-person
Office of the Chairman and make several executive changes effective upon filing
of the Company's financial statements for 2003, scheduled on or before March 15,
2004, and the appointment of a new Chief Financial Officer.
The Office of the Chairman will consist of PREIT veterans Ronald Rubin, Chairman
and Chief Executive Officer, as well as Jonathan Weller, George Rubin, Edward
Glickman and Joseph Coradino. The five-member committee will serve as the senior
management body to formulate and execute the strategic direction of the Company.
Specifically, the following executive management changes are scheduled to take
effect upon the filing of the Company's financial statements for 2003, and the
appointment of a new Chief Financial Officer:
o Jonathan Weller will become Vice Chairman responsible for formulating
the Company's long-term corporate strategy and working with key Company
stakeholders. Mr. Weller is currently President and Chief Operating
Officer.
o George Rubin will become Vice Chairman responsible for property
development and acquisition initiatives. Currently, Mr. Rubin serves as
President - PREIT Services LLC and PREIT-RUBIN, Inc., the Company's
property development and management businesses, and oversees acquisition
activities.
o Edward Glickman will become President and Chief Operating Officer,
assuming these titles from Mr. Weller. He will be responsible for the
daily operations of the Company. Mr. Glickman is currently the Company's
Chief Financial Officer.
o Joseph Coradino will become President - PREIT Services LLC and
PREIT-RUBIN, Inc., assuming these titles from Mr. George Rubin. Mr.
Coradino currently serves as Executive Vice President - Retail Division,
and in his new capacity will continue to oversee the management and
leasing of the Company's retail portfolio.
The company noted it is in active discussions with a candidate for the position
of Chief Financial Officer, currently held by Edward Glickman.
Ronald Rubin, PREIT's Chairman and Chief Executive Officer said, "These
executive management changes will maximize the strengths of the Company's
executive team and enhance the Company's operational and strategic focus. The
Office of the Chairman will provide a strong leadership platform for future
growth, and meet the needs of an organization that is now the eighth-largest
retail REIT in the United States. The creation of the Office of the Chairman
will also facilitate company policy and succession planning. We are confident
the Company has taken the necessary steps to enhance long-term success and look
forward to a seamless transition as we complete the Company's integration of
recently required assets."
About Pennsylvania Real Estate Investment Trust
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 33.4 million square feet) located in the
eastern United States. PREIT's portfolio currently consists of 58 properties in
14 states. PREIT's portfolio includes 40 shopping malls, 14 strip and power
centers and four industrial properties. PREIT is headquartered in Philadelphia,
Pennsylvania. PREIT's corporate web site can be found at www.preit.com.
This press release contains certain "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934 and the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking statements
relate to expectations, beliefs, projections, future plans and strategies,
anticipated events or 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, assumptions and changes in
circumstances that may cause future events, achievements or results to differ
materially from those expressed by the forward-looking statements. The date of
implementation of the management changes will depend, in part, on the
appointment of a new Chief Financial Officer. 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, including the possibility of outbreak or escalation of war
or terrorist attacks, any of which may cause future events, achievements or
results to differ materially from those expressed by the forward-looking
statements. PREIT does not intend to and disclaims any duty or obligation to
update or revise any forward-looking statements or industry information set
forth in this press release to reflect new information, future events or
otherwise.
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