PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 5,500,000 Shares of Beneficial Interest UNDERWRITING AGREEMENTPennsylvania Real Estate Investment Trust • August 21st, 2003 • Real estate investment trusts • New York
Pennsylvania Real Estate Investment Trust, an unincorporated association in business trust form created under Pennsylvania law pursuant to a Trust Agreement (the "Trust"), proposes to sell to Lehman Brothers Inc. (the "Underwriter") 5,500,000 shares (the "Firm Shares") of the Trust's Shares of Beneficial Interest, par value $1.00 per share, together with associated rights. In addition, the Trust proposes to grant to the Underwriter an option to purchase up to an additional 825,000 Shares of Beneficial Interest on the terms and for the purposes set forth in Section 2 (the "Option Shares"). The Firm Shares and the Option Shares, if purchased, are hereinafter collectively called the "Shares." This is to confirm the agreement between the Trust, PREIT Associates, L.P. (the "Operating Partnership") and the Underwriter (the "Underwriter") concerning the purchase of the Shares from the Trust by the Underwriter.
