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 *
RUBIN GEORGE F
   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
__X__ Officer (give title below) _____ Other (specify below)
Vice Chairman
(Last)
(First)
(Middle)
C/O PENN. REAL ESTATE INVESTMENT TRUST, THE BELLEVUE, 200 S. BROAD ST.		 3. Date of Earliest Transaction (Month/Day/Year)
09/20/2007
(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 09/20/2007   M   25,000 A $ 25.41 106,579 D  
Shares of Beneficial Interest, par value $1.00 per share 09/20/2007   F   18,715 D $ 39.52 87,864 D  
Shares of Beneficial Interest, par value $1.00 per share               7,835 I By Trust (1)
Shares of Beneficial Interest, par value $1.00 per share               900 I By Trust (2)
Shares of Beneficial Interest, par value $1.00 per share               500 I By Spouse (3)

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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
Employee Share Option (Right to Buy) $ 25.41 09/20/2007   M     25,000   (4) 09/29/2007 Shares of Beneficial Interest, par value $1.00 per share 25,000 $ 0 0 D  
Units of Class A Limited Partnership Interest (5) 08/31/2007   G V 100,000     (5)   (5) Shares of Beneficial Interest, par value $1.00 per share 100,000 $ 0 100,000 I By GRAT (6)
Units of Class A Limited Partnership Interest (5) 08/31/2007   G V 100,000     (5)   (5) Shares of Beneficial Interest, par value $1.00 per share 100,000 $ 0 100,000 I By GRAT (7)
Units of Class A Limited Partnership Interest (5)               (5)   (5) Shares of Beneficial Interest, par value $1.00 per share 346,907   346,907 D  
Units of Class A Limited Partnership Interest (5)               (5)   (5) Shares of Beneficial Interest, par value $1.00 per share 86,934   86,934 I By the Non-QTIP Marital Trust U/W of Richard I. Rubin (8)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
RUBIN GEORGE F
C/O PENN. REAL ESTATE INVESTMENT TRUST
THE BELLEVUE, 200 S. BROAD ST.
PHILADELPHIA, PA 19102		   X     Vice Chairman  

Signatures

 George F. Rubin   09/24/2007
**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) Held by a trust of which Mr. Rubin is a trustee.
(2) Held by a trust the beneficiary of which is Mr. Rubin's daughter. Mr. Rubin disclaims beneficial ownership of these shares.
(3) Held by Mr. Rubin's spouse. Mr. Rubin disclaims beneficial ownership of these shares.
(4) The option vested in equal installments on January 1, 1999, 2000, 2001 and 2002.
(5) The derivative securities are units of Class A Limited Partnership Interest (the "Units") in PREIT Associates, L.P., the operating partnership of the issuer. The Units are generally redeemable one year after the date of issuance in consideration for cash equal to the contemporaneous market price of shares of beneficial interest in the issuer or, at the election of the issuer, for a like number of shares of beneficial interest in the issuer, without payment of any conversion or exercise price. These derivative securities are currently redeemable, but have not been redeemed. The Units have no expiration date.
(6) The Ronald Rubin 2007 GRAT is the holder of these securities. George Rubin is the trustee of this GRAT. A gift of these securities was received by this GRAT on August 31, 2007. George F. Rubin and Ronald Rubin are brothers.
(7) A second Ronald Rubin 2007 GRAT is the holder of these securities. George Rubin is the trustee of this GRAT. A gift of these securities was received by this GRAT on August 31, 2007. George F. Rubin and Ronald Rubin are brothers.
(8) The Non-QTIP Marital Trust U/W of Richard I. Rubin (the "Marital Trust") is the holder of these securities. Mr. Rubin is a beneficiary of the Marital Trust. Mr. Rubin disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

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