UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

SCHEDULE 13G

Pennsylvania Real Estate Investment Trust

 

Ordinary Shares

709102107

December 31, 2007

(Date of Event Which Requires Filing of this Statement)

     Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

		o      Rule 13d-1(b)
		þ      Rule 13d-1(c)
		o       Rule 13d-1(d)

 

 

CUSIP No. 709102107		13G		Page 2 of 9 Pages

¹ These shares are held by indirect subsidiaries of ING Groep N.V. in their role as a discretionary manager of client portfolios.

CUSIP No. 709102107		13G		Page 3 of 9 Pages

² ING Clarion Real Estate Securities, L.P. is a wholly owned indirect subsidiary of ING Groep N.V.

CUSIP No. 709102107		13G		Page 4 of 9 Pages

Item 1(a).		Name of Issuer:
		Pennsylvania Real Estate Investment Trust
Item 1(b).		Address of Issuer's Principal Executive Offices:
		The Bellevue
		200 S. Board Street
		Philadelphia, PA 19102
Item 2(a).		Name of Person Filing:
		ING Groep N.V.
		ING Clarion Real Estate Securities, L.P.
Item 2(b).		Address of Principal Business Office or, if None, Residence:
		ING Groep N.V.:
		Amstelveenseweg 500
		1081 KL Amsterdam
		P.O. Box 810
		1000 AV Amsterdam
		The Netherlands
		ING Clarion Real Estate Securities, L.P.
		201 King of Prussia Road
		Suite 600
		Radnor, PA 19087
Item 2(c).		Citizenship:
		See item 4 on Page 2
		See item 4 on Page 3
Item 2(d).		Title of Class of Securities:
		Ordinary Shares
Item 2(e).		CUSIP Number:
		709102107
Item 3.		If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a: (Not Applicable)

(a) o		Broker or dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);
(b) o		Bank as defined in Section 3(a)(6) of the Exchange Act;

CUSIP No. 709102107		13G		Page 5 of 9 Pages

(c) o		Insurance company as defined in Section 3(a)(19) of the Exchange Act;
(d) o		Investment company registered under Section 8 of the Investment Company Act of 1940, as amended (the “Investment Company Act”);
(e) o		Investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E) under the Exchange Act;
(f) o		Employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F) under the Exchange Act;
(g) o		Parent holding company or control person in accordance with Rule 13d-1(b)(ii)(G) under the Exchange Act;
(h) o		Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;
(i) o		Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;
(j) o		Group in accordance with Rule 13d-1(b)(1)(ii)(J) under the Exchange Act.

Item 4.		Ownership.

     (a) Amount beneficially owned:

		See item 9 on Page 2 See item 9 on Page 3

     (b) Percent of class:

		See item 11 on Page 2 See item 11 on Page 3

(c) Number of shares as to which such person has:

		(i)		Sole power to vote or to direct the vote:
				See item 5 on Page 2 See item 5 on Page 3
		(ii)		Shared power to vote or to direct the vote:
				See item 6 on Page 2 See item 6 on Page 3

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		(iii)		Sole power to dispose or to direct the disposition of:
				See item 7 on Page 2 See item 7 on Page 3
		(iv)		Shared power to dispose or to direct the disposition of:
				See item 8 on Page 2 See item 8 on Page 3

Item 5.		Ownership of Five Percent or Less of a Class.
		Not Applicable
Item 6.		Ownership of More than Five Percent on Behalf of Another Person.
		Not Applicable
Item 7.		Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
		Not Applicable
Item 8.		Identification and Classification of Members of the Group.
		Not Applicable
Item 9.		Notice of Dissolution of Group.
		Not Applicable
Item 10.		Certification.
		By signing below we certify that, to the best of our knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

		February 14, 2008   (Date)
		ING GROEP N.V.
		By:
		/s/ Eric E. Ribbers
		(Signature)
		Eric E. Ribbers
		Senior Compliance Officer   (Name/Title)
		/s/ Carl-Eric M. Rasch
		(Signature)
		Carl-Eric M. Rasch
		Head of Compliance, Regulator & Industry Body Liaison Netherlands   (Name/Title)

CUSIP No. 709102107		13G		Page 8 of 9 Pages

SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

		February 14, 2008
		(Date)
		ING CLARION REAL ESTATE SECURITIES, L.P.
		By:
		/s/ William Zitelli
		(Signature)
		William Zitelli Chief Compliance Officer
		(Name/Title)

CUSIP No. 709102107		13G		Page 9 of 9 Pages

Exhibit A to Schedule 13G

Joint Filing Agreement
Pursuant to Rule 13d-1(k)

     The undersigned persons (the “Reporting Persons”) hereby agree that a joint statement on this Schedule 13G, and any amendments thereto, be filed on their behalf by ING Groep N.V.

     Each of the Reporting Persons is responsible for the completeness and accuracy of the information concerning each of them contained therein, but none of the Reporting Persons is responsible for the completeness or accuracy of the information concerning any other Reporting Person.

Date: February 14, 2008