Consent of Independent Auditors


We consent to the incorporation by reference in the Registration Statements
(Form S-3 No.33-61115, Form S-8 No. 33-59771, Form S-8 No. 33-59773 and 
Form S-8 No. 33-59767) of Pennsylvania Real Estate Investment Trust of our
report dated October 20, 1995, relating to the financial statements of Lehigh
Valley Associates which report appears in the Annual Report on Form 10-K for
the fiscal year ended August 31, 1995 of Pennsylvania Real Estate Investment
Trust.




                                            /s/ Ernst & Young LLP



Philadelphia, Pennsylvania
November 29, 1995