Pennsylvania Real Estate Investment Trust (PREIT) is an integrated, self-managed and self-administered real estate investment trust (REIT). The Company primarily engaged in the ownership, management, development, redevelopment, acquisition and leasing of retail shopping malls and strip, and power centers. The Company has a primary investment focused on retail shopping malls and strip, and power centers located in the eastern half of the United States, primarily in the Mid-Atlantic region. As of December 31, 2008, the Company’s portfolio consisted of a total of 56 properties in 13 states, including 38 shopping malls, 14 strip and power centers, and four properties under development. In January 2008, the Company entered into an agreement under which it acquired a 0.1% general partnership interest and a 49.8% limited partnership interest in Bala Cynwyd Associates, L.P. (BCA). In July 2008, the Company acquired a parcel in Lancaster.