Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
PASQUERILLA MARK E
   2. Issuer Name and Ticker or Trading Symbol
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST [PEI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O PENN. REAL ESTATE INVESTMENT TRUST, THE BELLEVUE, 200 S. BROAD STREET		 3. Date of Earliest Transaction (Month/Day/Year)
06/06/2007
(Street)

PHILADELPHIA, PA 19102		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Shares of Beneficial Interest, par value $1.00 per share 06/06/2007   M   1,580,211 A (1) 1,580,211 I By Controlled Entity (5)
Shares of Beneficial Interest, par value $1.00 per share               15,961 D  
Shares of Beneficial Interest, par value $1.00 per share               65,211 I By Partnership (2)
Preferred Shares, par value $.01 per share 06/06/2007   X   14,500 A $ 53.1 14,500 I By Controlled Entity (4) (5)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Units of Class B Limited Partnership Interest (3) 06/06/2007   M(3)     1,580,211   (3)   (3) Shares of Beneficial Interest 1,580,211 $ 0 0 I By Controlled Entity (5)
Call Right $ 53.1 06/06/2007   X     14,500 03/01/2007 03/01/2008 Preferred Shares 14,500 $ 0 0 I By Controlled Entity (5)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
PASQUERILLA MARK E
C/O PENN. REAL ESTATE INVESTMENT TRUST
THE BELLEVUE, 200 S. BROAD STREET
PHILADELPHIA, PA 19102		   X      

Signatures

 Mark E. Pasquerilla   06/06/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The shares were issued to Pasquerilla LLC, an entity controlled by Mr. Pasquerilla, in exchange for a like number of units of class B limited partnership interest ("Class B Units") of PREIT Associates, L.P. The Class B Units were subject to a Call Agreement among Crown Holding Company ("CHC"), Crown Investment Trust ("CIT"), Crown American Properties, L.P. ("CAP") and Pasquerilla Enterprises, L.P. ("PELP"). Pursuant to the Call Agreement, CAP granted PELP a call right with respect to the Class B Units on December 21, 2006. Pasquerilla, LLC obtained the right to receive the shares of beneficial interest through the assignment of that right from PELP at or about the time that CAP redeemed 1,580,211 Class B Units. The issuer is the general partner of PREIT Associates, L.P.
(2) Held by Marenrico Partnership, an entity controlled by Mr. Pasquerilla.
(3) Class B Units are redeemable for cash equal to contemporaneous market prices for shares of beneficial interest in the issuer, Pennsylvania Real Estate Investment Trust, or, at the election of the issuer, a like number of shares of beneficial interest of the issuer. The issuer elected to redeem the Class B Units with shares of beneficial interest. Class B Units have no expiration date and are convertible when issued.
(4) The Preferred Shares were subject to a Call Agreement among CHC, CIT, CAP and PELP. Pursuant to the Call Agreement, CIT granted PELP a call right with respect to the Preferred Shares. Pasquerilla LLC obtained the right to receive the Preferred Shares through the assignment of that right from PELP.
(5) The shares are held by Pasquerilla LLC, an entity controlled by Mr. Pasquerilla.

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