Pennsylvania Real Estate Investment Trust is a Pennsylvania business trust founded in 1960. It is a fully integrated, self-managed and self-administered REIT in the United States. The Company is engaged in the ownership, management, leasing, acquisition, redevelopment, development and disposition of enclosed malls. It owns interests in 43 retail properties, of which 40 are operating properties and three are development properties. The 40 operating properties, which are classified in continuing operations, include 35 enclosed malls and five power and strip centers and operate in 11 states. The Company competes with other public and private retail real estate companies, including companies that own or manage malls, power centers, strip centers, lifestyle centers, factory outlet centers, theme or festival centers and community centers, as well as other commercial real estate developers and real estate owners, particularly those with properties near its properties, on the basis of several factors, including location and rent charged. The Company is subject to certain risks that can affect the ability of its retail properties to generate sufficient revenue to meet its operating and other expenses, including debt service, to make capital expenditures and to make distributions to its shareholders, subject to the terms and conditions of its Credit Agreements.