EXHIBIT 99.1

          [ON LETTERHEAD OF PENNSYLVANIA REAL ESTATE INVESTMENT TRUST]

PENNSYLVANIA REAL ESTATE                       FOR IMMEDIATE RELEASE
INVESTMENT TRUST ADOPTS                        Contact:  Edward A. Glickman
SHAREHOLDER RIGHTS PLAN                        Executive Vice President and
                                               Chief Financial Officer
                                               215-875-0700

                  Philadelphia, PA, April 30, 1999 -- Pennsylvania Real Estate
Investment Trust (NYSE: PEI) announced today that its Board of Trustees has
adopted a Shareholder Rights Plan (the "Rights Plan") designed to protect
shareholders and assure that they receive fair and equal treatment in the event
of any proposed takeover of the Company. The Board's adoption of the Rights Plan
was not taken in response to any known effort to acquire control of the Company.

                  The Company will make a distribution of one right for each
outstanding share of beneficial interest in the Company to shareholders of
record at the close of business on May 14, 1999. The rights will become
exercisable only in the event that, subject to certain exceptions stated in the
Rights Plan, a person or group acquires beneficial ownership of 15% or more of
the Company's common shares or announces a tender offer for 15% or more of the
Company's common shares. Unless earlier redeemed, the rights will expire on
March 31, 2009. Each right will entitle the holder to purchase one share of
beneficial interest in the Company at an initial exercise price of $70.00 (the
"Exercise Price").

                  Unless the rights are earlier redeemed or exchanged, in the
event a person or group has acquired 15% or more of the Company's common shares,
each holder (other than such person or group, whose rights will upon such
acquisition become null and void) will have the right to receive, upon payment
of the Exercise Price, that number of shares of the Company having a market
value equal to two times the Exercise Price.

                  In addition, unless the rights are earlier redeemed or
exchanged, if, after the time a person or group acquires 15% or more of the
Company's common shares, the Company is acquired in a merger or other business
combination transaction, each right will entitle its holder to purchase (other
than such person or group), for the Exercise Price, that number of shares of the
acquiring company's common stock that has a market value equal to two times the
Exercise Price.

                  PREIT will be entitled to redeem the rights at 1/10 cent per
right (payable, at the option of the Company, in cash or in shares) at any time
until the tenth day following the



public announcement of the acquisition by a person or group of 15% of the
Company's common shares. The Rights Plan further provides that the Company may,
at its option, after a person or group has acquired ownership of 15% or more
(but less than 50%) of the Company's shares, exchange all or part of the rights
(other than the rights held by such person or group) for shares of beneficial
interest of the Company at an exchange ratio of one share per right.

                  The terms of the Rights Plan will not allow the exercise by
any shareholder of any right that would result in a violation of the provisions
of the Company's Amended and Restated Trust Agreement.

                  Commenting on the Rights Plan, Ronald Rubin, the Chief
Executive Officer of the Company, said, "The Board has concluded that this
action represents a prudent step in protecting the investment of our
shareholders while preserving the long-term value of the Company. The Rights
Plan is intended to encourage anyone seeking to acquire the Company or a
significant equity position, to provide equal treatment to all shareholders and
to negotiate with the Board prior to any takeover attempt. We are not taking
this step in response to any effort to acquire control of the Company and we are
not currently aware of any such effort."

                  Details of the Rights Plan will be outlined in materials to be
mailed to shareholders following the May 14, 1999 record date. The terms of the
Rights Agreement between the Company and American Stock Transfer and Trust
Company, the rights agent for the Company, will control all aspects of the
Rights Plan.

                  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
shopping centers (approximately 8 million square feet) and apartment communities
(7,243) units located primarily in the eastern United States. The Company's
portfolio current consists of 47 properties in 10 states. In addition, there are
5 retail properties under development. PREIT is headquartered in Philadelphia,
PA.

                  With the exception of the historical information contained in
the release, the matters described herein contain forward-looking statements
that are made pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements involve various risks and may
cause actual results to differ materially. These risks include, but are not
limited to, the ability of the Company to grow internally or by acquisition, and
to integrate acquired businesses, changing industry and competitive conditions,
and other risks outside the control of the Company referred to in the Company's
registration statements and periodic reports filed with the Securities and
Exchange Commission.

April 30, 1999