Andrew Ioannou

Preit (February 28th, 2017)

This letter will constitute an amendment to the Plan solely with respect to you and shall not affect the Plan in any respect as to any other past, present or future Eligible Employee. The Executive Compensation and Human Resources Committee (the "Committee") has approved, subject to your acceptance by signing a copy of this letter, the following amendments to the Plan applicable solely to you. You understand that similar or dissimilar individual amendments may be entered into concurrently or from time to time hereafter with other individual employees, which amendments will not affect the Plan as applied to you. Subject to your acceptance below, the following amendments to the Plan shall be given effect on and as of April 10, 2013:

Fourth Amendment to Seven-Year Term Loan Agreement (July 28th, 2016)

THIS FOURTH AMENDMENT TO SEVEN-YEAR TERM LOAN AGREEMENT (this "Amendment") dated as of June 30, 2016, by and among PREIT Associates, L.P., a Delaware limited partnership ("PREIT"), PREIT-RUBIN, INC., a Pennsylvania corporation ("PREIT-RUBIN"), PENNSYLVANIA REAL ESTATE INVESTMENT TRUST, a Pennsylvania business trust (the "Parent"; together with PREIT and PREIT-RUBIN each individually, a "Borrower" and collectively, the "Borrower"), each of the LENDERS (as defined below) and WELLS FARGO BANK, NATIONAL ASSOCIATION (the "Administrative Agent").