<ARTICLE> 5 <CIK> 0000077281 <NAME> PENNSYLVANIA REAL ESTATE INVESTMENT TRUST <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> OCT-01-1997 <PERIOD-END> DEC-31-1997 <CASH> 1,324,000 <SECURITIES> 0 <RECEIVABLES> 32,626,000 <ALLOWANCES> 1,770,000 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 286,557,000 <DEPRECIATION> 53,171,000 <TOTAL-ASSETS> 265,566,000 <CURRENT-LIABILITIES> 23,097,000 <BONDS> 103,939,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 13,289,000 <OTHER-SE> 125,241,000 <TOTAL-LIABILITY-AND-EQUITY> 265,566,000 <SALES> 13,753,000 <TOTAL-REVENUES> 17,336,000 <CGS> 0 <TOTAL-COSTS> 8,296,000 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 3,604,000 <INCOME-PRETAX> 5,436,000 <INCOME-TAX> 0 <INCOME-CONTINUING> 5,436,000 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 5,436,000 <EPS-PRIMARY> 0.57 <EPS-DILUTED> 0.57