Exhibit 99.2
PREIT NEWS
FOR RELEASE:
[GRAPHICS OMITTED]
Pennsylvania Real Estate Investment Trust
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
FOR FURTHER INFORMATION:
AT THE COMPANY AT KCSA PUBLIC RELATIONS WORLDWIDE
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Edward A. Glickman Evan Smith, CFA Erica Pettit
Executive Vice President and CFO (Investor Relations) (Media Relations)
(215) 875-0700 (212) 896-1251 (212) 896-1248
FOR IMMEDIATE RELEASE
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Correction to Pennsylvania Real Estate Investment Trust's
February 25, 2004 Earnings Release
Philadelphia, PA, March 3, 2004--Pennsylvania Real Estate Investment
Trust ("PREIT") (NYSE: PEI) today announced that PREIT's press release dated
February 25, 2004 contained a miscalculation in the per share amounts for
PREIT's basic net income and its basic net income from continuing operations for
the calendar year and fourth quarter of 2003. The press release reported basic
net income per share as $9.61 rather than the correct $9.54 for calendar year
2003 and $0.40 rather than the correct $0.35 for the fourth quarter of 2003. The
press release also reported basic net income per share from continuing
operations as $1.43 rather than the correct $1.36 for calendar year 2003 and
$0.35 rather than the correct $0.30 for the fourth quarter of 2003. The
miscalculations occurred when the per share amounts were derived from Net Income
rather than Net Income Allocable to Common Shares. The total amounts for Net
Income and Net Income Allocable to Common Shares were correct in the February
25, 2004 release.
PREIT's February 25, 2004 press release also reported that the amount
of intangible assets acquired in connection with PREIT's merger with Crown
American Realty Trust was $110 million rather than the correct figure of $123.5
million. Due to this difference, PREIT's total intangible assets as of December
31, 2003 were reported in the press release as $168 million rather than the
correct figure of $181.5 million.
Neither of the matters referred to above affected any other financial
information included in the February 25, 2004 press release. These figures will
be presented correctly in PREIT's Quarterly Supplemental Disclosure, which will
be filed with the SEC today and will be available on PREIT's web site at
www.preit.com.
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.
This press release contains certain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, 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. 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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