JoAnne A. Epps - Jun 5, 2023 Form 4 Insider Report for PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (PRET)

Role: Director
Signature: /s/ Lisa M. Most (attorney-in-fact)
Stock symbol: PRET
Transactions as of: Jun 5, 2023
Transactions value $: -$10,439
Form type: 4
Date filed: 6/7/2023, 04:05 PM
Previous 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		+17.4K	+200.45%		26.1K	Jun 5, 2023	Direct	F1
transaction	PRET	Shares of Beneficial Interest, par value $1.00 per share	Disposed to Issuer	-$10.4K	-17.4K	-66.72%	$0.60	8.7K	Jun 5, 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		-17.4K	-100%		0	Jun 5, 2023	Shares of Beneficial Interest	17.4K		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 under the issuer's Amended and Restated Pennsylvania Real Estate Investment Trust 2018 Equity Incentive Plan. 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 June 5, 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 RSU grant consisted of 17,431 RSUs (this reflects the adjusted RSU total following the reverse share split, effective as of June 16, 2022) granted on June 3, 2022, with all RSUs vesting on June 5, 2023 (the first business day after June 3, 2023).

Content

Consists of restricted share units ("RSUs") granted under the issuer's Amended and Restated Pennsylvania Real Estate Investment Trust 2018 Equity Incentive Plan. 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 June 5, 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 RSU grant consisted of 17,431 RSUs (this reflects the adjusted RSU total following the reverse share split, effective as of June 16, 2022) granted on June 3, 2022, with all RSUs vesting on June 5, 2023 (the first business day after June 3, 2023).