Filed by: Pennsylvania Real Estate Investment Trust
Subject Company: Crown American Realty Trust
Pursuant to Rule 425 under the Securities Act of 1933
And Deemed Filed Pursuant to Rule 14a-12
Under the Securities Exchange Act of 1934
Registration Statement File No.: 333-107902
[GRAPHIC OMITTED]
Pennsylvania Real Estate Investment Trust
200 South Broad Street
Philadelphia, PA 19102
www.preit.com
Phone: 215-875-0700
Fax: 215-546-7311
Toll Free: 866-875-0700
AT THE COMPANY
Edward A. Glickman
Executive Vice President and CFO
(215) 875-0700
AT KCSA PUBLIC RELATIONS WORLDWIDE
Todd Fromer
(Investor Relations)
(212) 896-1215
Evan Smith, CFA
(Media Relations)
(212) 896-1251
FOR IMMEDIATE RELEASE
Pennsylvania Real Estate Investment Trust Announces Special Meeting of
Shareholders to Be Held November 11, 2003
Company to Provide Live Webcast
PHILADELPHIA, PA October 9, 2003--Pennsylvania Real Estate Investment Trust
("PREIT") (NYSE: PEI) announced today that it will hold a Special Meeting of
Shareholders on Tuesday, November 11, 2003 at 11:00 a.m. ET to consider and vote
on the approval of the merger agreement with Crown American Realty Trust (NYSE:
CWN), announced May 14, 2003, and other business items. The meeting will be held
at the 200 South Broad Street at Park Hyatt Philadelphia at the Bellevue. A
complete Proxy Statement is being mailed to shareholders of record as of
September 25, 2003. A copy of this document is available on PREIT's website,
www.preit.com.
The Special Meeting of Shareholders will be broadcast in a live
"listen only" mode via the Internet at the Company website, www.preit.com, or at
www.vcall.com. Please allow extra time prior to the scheduled starting time to
visit the site and download any necessary audio software.
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 17.7 million square feet) located in the
eastern United States. PREIT's portfolio currently consists of 32 properties in
7 states. PREIT's portfolio includes 14 shopping malls, 14 strip and power
centers and four industrial properties. In addition, there are two retail
properties under development which PREIT expects will add approximately 0.8
million square feet to its portfolio. PREIT is headquartered in Philadelphia,
Pennsylvania.
This press release contains certain "forward-looking statements"
within the meaning of 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. In
particular, PREIT may not be able to consummate the merger with Crown, or if
such transaction is consummated, PREIT's actual results may differ significantly
from those expressed in any forward-looking statement. Certain factors that
could cause PREIT not to consummate the transaction include, without limitation,
the satisfaction of closing conditions applicable to the transaction (some of
which are beyond PREIT's control). In addition, 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
the properties proposed to be acquired 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.
In connection with the proposed merger between PREIT and Crown American Realty
Trust referenced in the press release, PREIT and Crown American Realty Trust
have filed a joint proxy statement/prospectus on Form S-4 and other materials
with the Securities and Exchange Commission. SECURITY HOLDERS ARE URGED TO READ
THESE MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Investors and security holders may obtain a free copy of these
materials, as well as other materials filed with the Securities and Exchange
Commission concerning PREIT and Crown American Realty Trust, at the Securities
and Exchange Commission's website at http://www.sec.gov. In addition, these
materials and other documents filed by PREIT may be obtained for free by
directing a request to Pennsylvania Real Estate Investment Trust at The
Bellevue, 200 S. Broad Street, Philadelphia, PA 19102; Attn: Investor Relations.
These materials and other documents filed by Crown American Realty Trust may be
obtained for free by directing a request to Crown American Realty at Pasquerilla
Plaza, Johnstown, Pennsylvania 15901; Attn: Investor Relations.