Insider Trades - BELL JONATHEN

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BELL JONATHEN: Declared Holdings
Company/Relationship	Reported	Shares	Ownership
PENN REAL ESTATE TR Officer NYSE:PEI (historical quotes, profile, SEC, other insiders)	18-Mar-09	29,037	Direct

Insider & restricted shareholder transactions reported over the last two years
Date Shares Stock Transaction
18-Mar-09 10,775 PEI Acquisition (Non Open Market)
17-Feb-09 990 PEI Disposition (Non Open Market) at $4.36 per share.
(Value of $4,316)
20-Feb-08 3,068 PEI Acquisition (Non Open Market)
15-Feb-08 861 PEI Disposition (Non Open Market) at $25.62 per share.
(Value of $22,058)

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Insider & restricted shareholder transactions reported over the last two years
Date	Shares	Stock	Transaction
18-Mar-09	10,775	PEI	Acquisition (Non Open Market)
17-Feb-09	990	PEI	Disposition (Non Open Market) at $4.36 per share. (Value of $4,316)
20-Feb-08	3,068	PEI	Acquisition (Non Open Market)
15-Feb-08	861	PEI	Disposition (Non Open Market) at $25.62 per share. (Value of $22,058)