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PHILADELPHIA--([ BUSINESS WIRE ])--Pennsylvania Real Estate Investment Trust (NYSE: PEI) today announced that it had redeemed the remaining $136.9 million principal amount of its outstanding 4.00% Exchangeable Senior Notes due June 1, 2012.

The Company used $74.7 million in cash and $65.0 million from its Revolving Facility to repay $136.9 million in principal and $2.8 million in accrued interest on the Exchangeable Notes. After the draw from the Revolving Facility to repay a portion of the amount due, there was $185.0 million available under the Revolving Facility.

About Pennsylvania Real Estate Investment Trust

Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. Currently, the Company's portfolio of 49 properties comprises 38 shopping malls, eight community and power centers, and three development properties. The properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region, totaling approximately 33 million square feet of operating space. PREIT, headquartered in Philadelphia, Pennsylvania, is publicly traded on the NYSE under the symbol PEI. The Company's website can be found at [ www.preit.com ].