PREIT to Create Office of Chairman

Pennsylvania Real Estate Investment Trust, Philadelphia, has announced that it will soon create a five-person Office of the Chairman and make several executive changes.PREIT said the new office -- which will formulate and execute the company's strategic direction -- will consist of Ronald Rubin, the company's chairman and chief executive officer, and Jonathan Weller, George Rubin, Edward Glickman, and Joseph Coradino. Mr. Weller will become a vice chairman and will be responsible for formulating long-term corporate strategy. George Rubin will become a vice chairman and will be responsible for property development and acquisition initiatives. Mr. Glickman will become president and chief operating officer. And Mr. Coradino will become president of PREIT Services LLC and PREIT-Rubin Inc. The changes will take effect upon the filing of the company's 2003 financial statements, which is scheduled to occur on or before March 15. PREIT can be found online at http://www.preit.com.