Lisa M. Most - Mar 31, 2023 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, 2023
Transactions value $: -$2,404
Form type: 4
Date filed: 4/4/2023, 04:05 PM
Previous filing: Mar 8, 2023
Next filing: Apr 3, 2024

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		+2.23K	+33.12%		8.95K	Mar 31, 2023	Direct	F1
transaction	PRET	Shares of Beneficial Interest, par value $1.00 per share	Disposed to Issuer	-$2.4K	-2.23K	-24.88%	$1.08	6.72K	Mar 31, 2023	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		-2.23K	-50%		2.23K	Mar 31, 2023	Shares of Beneficial Interest	2.23K		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, 2023 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 6,678 RSUs (this reflects the adjusted RSU total following the reverse share split, effective as of June 16, 2022) 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, 2023 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 6,678 RSUs (this reflects the adjusted RSU total following the reverse share split, effective as of June 16, 2022) granted on March 31, 2021, with the RSUs vesting in three equal annual installments beginning on March 31, 2022.