PREIT to Install 1,600 kW Rooftop Solar System at Cherry Hill Mall

PHILADELPHIA, Oct. 1, 2014 /PRNewswire/ -- Pennsylvania Real Estate Investment (PREIT/NYSE: PEI) today announced that it has entered into an agreement with Safari Energy, a leading provider of solar energy solutions to REITs,  to install more than 5,000 solar panels on the rooftop of  Cherry Hill Mall, in Cherry Hill, NJ. Under the terms of the agreement, Safari will develop, finance and build the project, and PREIT will receive lease income and also benefit from reduced electricity costs.

With the 1,600 kW rooftop solar system, PREIT will convert unused roof space at Cherry Hill Mall into a productive source of lease income while at the same time significantly reducing the Company's energy expenditures. The system, which will be installed by the end of 2015, is expected to generate 1.8 million kilowatt hours of green energy per year, the lifetime equivalent of eliminating 81,140 barrels of oil.

Cherry Hill Mall's rooftop solar system will be the first solar project for PREIT.  The Company is committed to exploring all opportunities to create shareholder value, as well as reducing its carbon footprint and energy consumption throughout its portfolio. PREIT and Safari are working together to explore additional solar opportunities at other PREIT centers.

"By implementing PREIT's first-ever solar energy project at Cherry Hill Mall, we are creating significant economic value as well as generating environmental benefits," says Joseph F. Coradino, PREIT CEO.  "We are committed to advancing our sustainability practices in the everyday operation of our centers."

About Pennsylvania Real Estate Investment Trust

PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve.  Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates over 30 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia.  PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI.  Information about the Company can be found at www.preit.com or on Twitter or LinkedIn.

CONTACT:
Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
[email protected]

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SOURCE PREIT