Lisa M. Most - Mar 31, 2022 Form 4 Insider Report for PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (PRET)

Role: EVP - GC, CCO & Secretary
Signature: /s/ Lisa M. Most
Stock symbol: PRET
Transactions as of: Mar 31, 2022
Transactions value $: -$21,210
Form type: 4
Date filed: 4/4/2022, 05:01 PM
Previous filing: Mar 8, 2022
Next filing: Jan 4, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PRET	Shares of Beneficial Interest, par value $1.00 per share	Options Exercise		+33.4K	+28.85%		149K	Mar 31, 2022	Direct	F1
transaction	PRET	Shares of Beneficial Interest, par value $1.00 per share	Disposed to Issuer	-$21.2K	-33.4K	-22.39%	$0.64	116K	Mar 31, 2022	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PRET	Restricted Share Units	Options Exercise		-33.4K	-33.33%		66.8K	Mar 31, 2022	Shares of Beneficial Interest	33.4K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Consists of restricted share units ("RSUs") granted pursuant to the issuer's 2021-2023 Equity Award Program (the "2021-2023 Program"). Each RSU represents a contingent right to receive one share of Beneficial Interest, par value $1.00 per share (a "Share"), of the issuer. The RSUs may be settled in Shares or cash in the discretion of the issuer's Compensation Committee. The Compensation Committee determined to settle the RSUs that vested on March 31, 2022 for cash. For purposes of this Form 4, the cash settlement of the vested RSUs has been presented as the conversion of the vested RSUs into Shares and the simultaneous disposition of Shares to the issuer for cash.
F2	The 2021-2023 Program RSU grant consisted of 100,171 RSUs granted on March 31, 2021, with the RSUs vesting in three equal annual installments beginning on March 31, 2022.

Content

Consists of restricted share units ("RSUs") granted pursuant to the issuer's 2021-2023 Equity Award Program (the "2021-2023 Program"). Each RSU represents a contingent right to receive one share of Beneficial Interest, par value $1.00 per share (a "Share"), of the issuer. The RSUs may be settled in Shares or cash in the discretion of the issuer's Compensation Committee. The Compensation Committee determined to settle the RSUs that vested on March 31, 2022 for cash. For purposes of this Form 4, the cash settlement of the vested RSUs has been presented as the conversion of the vested RSUs into Shares and the simultaneous disposition of Shares to the issuer for cash.

The 2021-2023 Program RSU grant consisted of 100,171 RSUs granted on March 31, 2021, with the RSUs vesting in three equal annual installments beginning on March 31, 2022.