Document:

Form of 4.00% Exchangeable Senior Note due 2012

 Exhibit 4.2 
 [Include only for Global Notes] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) (THE “DEPOSITARY,” WHICH TERM INCLUDES ANY SUCCESSOR DEPOSITARY FOR THE CERTIFICATES) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREIN IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE RULES AND REGULATIONS
THEREUNDER. FOR EACH $1,000 PRINCIPAL AMOUNT OF THIS NOTE, (1) THE ISSUE PRICE IS $985; (2) THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT IS $15; (3) THE ISSUE DATE IS MAY 8, 2007; AND (4) THE YIELD TO MATURITY IS 4.33% (COMPOUNDED
SEMI-ANNUALLY). 
 [Include only for Notes that are Restricted Securities] 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER, PENNSYLVANIA REAL ESTATE INVESTMENT TRUST OR A SUBSIDIARY OF THE ISSUER; OR
(B) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND
TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE). 
 THIS NOTE IS ISSUED
WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE RULES AND REGULATIONS THEREUNDER. FOR EACH $1,000 PRINCIPAL AMOUNT OF THIS NOTE, (1) THE ISSUE PRICE IS $985; 

 
(2) THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT IS $15; (3) THE ISSUE DATE IS MAY 8, 2007; AND (4) THE YIELD TO MATURITY IS 4.33% (COMPOUNDED
SEMI-ANNUALLY). 
 [Include only for Shares of Beneficial Interest that are Restricted Securities] 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES (1) THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER, PREIT ASSOCIATES L.P. OR A
SUBSIDIARY OF THE ISSUER; (B) UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED
UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF
AVAILABLE); OR (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY, FURNISH TO THE TRANSFER AGENT AND THE ISSUER SUCH
CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

 PREIT ASSOCIATES L.P. 
 4.00% EXCHANGEABLE SENIOR NOTES DUE 2012 
 CUSIP No.: 
 ISIN: 
 No.: 
 $[            ] 
 PREIT Associates L.P., a Delaware limited partnership
(herein called the “Issuer,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to Cede & Co., or its registered assigns, the
principal sum of [            ] Million DOLLARS ($[            ]), or such lesser amount as is set forth in the Schedule of
Increases or Decreases in Note on the other side of this Note, on June 1, 2012 at the office or agency of the Issuer maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually on June 1 and December 1 of each year, commencing December 1, 2007, on said principal sum at said
office or agency, in like coin or currency, at the rate per annum of 4.00%, from the June 1 or December 1, as the case may be, next preceding the date of this Note to which interest has been paid or duly provided for, unless no interest
has been paid or duly provided for on the Notes, in which case from May 8, 2007 until payment of said principal sum has been made or duly provided for. The Issuer shall pay interest on any Notes in certificated form by check mailed to the
address of the Person entitled thereto as it appears in the Note Register; provided, however, that a Holder of any Notes in certificated form in the aggregate principal amount of more than $2.0 million may specify by written notice to the
Issuer that it pay interest by wire transfer of immediately available funds to the account specified by the Noteholder in such notice, or on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its
nominee. 
 The Issuer promises to pay interest on overdue principal, premium, if any, and (to the extent that payment of such interest is
enforceable under applicable law) interest at the rate of 1% per annum above the rate borne by the Notes. 
 Reference is made to the
further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to exchange this Note into cash and, if applicable, Shares of Beneficial Interest, cash or a
combination thereof, as the case may be, at the election of the Issuer, on the terms and subject to the limitations referred to on the reverse hereof and as more fully specified in the Indenture. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place. 

 This Note shall not be valid or become obligatory for any purpose until the certificate of authentication
hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the Indenture. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 
 Dated: 
  

			
	PREIT ASSOCIATES L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust, its General Manager
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes described in the within-named Indenture. 
 Dated:

  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF NOTE] 
 PREIT ASSOCIATES L.P. 
 4.00% EXCHANGEABLE SENIOR NOTES DUE 2012

 This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 4.00% Exchangeable Senior Notes due 2012 (herein
called the “Notes”), issued under and pursuant to an Indenture dated as of May 8, 2007 (herein called the “Indenture”), among the Issuer, the Guarantor and U.S. Bank National Association, as trustee (herein
called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the
Issuer and the Holders of the Notes. Defined terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture. 
 If an Event of Default (other than an Event of Default specified in Section 6.01(g), 6.01(h) and 6.01(i)) with respect to the Issuer) occurs and is continuing, the principal of , premium, if any, and accrued and
unpaid interest (including Additional Interest, if any) on all Notes may be declared to be due and payable by either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, and, upon said declaration
the same shall be immediately due and payable, subject only, in the event of a Reporting Event of Default, to the Issuer’s right to pay Additional Interest for the first 180 days of such Reporting Event of Default, as described in
Section 6.01. If an Event of Default specified in Section 6.01(g), 6.01(h) or 6.01(i) of the Indenture occurs with respect to the Issuer, the principal of and premium, if any, and accrued and unpaid interest (including Additional Interest,
if any) on all the Notes, shall be immediately and automatically due and payable without necessity of further action. 
 The Indenture
contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 9.02 of the Indenture.
Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default,
subject to exceptions set forth in the Indenture. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture
shall impair, as among the Issuer and the Holder of the Notes, the obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, and interest (including Additional Interest, if any) on this Note at the
place, at the respective times, at the rate and in the coin or currency herein and in the Indenture prescribed. 

 Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.

 The Notes are issuable in fully registered form, without coupons, in denominations of $1,000 principal amount and any integral multiple of
$1,000. At the office or agency of the Issuer referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax,
assessment or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations. 
 The Issuer shall have the right to redeem the Notes under certain circumstances as set forth in Section 3.01, Section 3.02 and
Section 3.03 of the Indenture. 
 The Notes are not subject to redemption through the operation of any sinking fund. 
 Upon the occurrence of a Designated Event, Holders of Notes shall have the right to require the Issuer to repurchase all or a portion of their Notes
pursuant to Section 3.05 of the Indenture. 
 Subject to and in compliance with the provisions of the Indenture, the Holder hereof shall
have the right to exchange each $1,000 principal amount of this Note into cash and, if applicable, Shares of Beneficial Interest, cash or a combination thereof, as the case may be, at the election of the Issuer, with an aggregate value equal to the
Exchange Value. 
 In the event the Holder surrenders this Note for exchange in connection with certain Designated Events, the Issuer will
increase the Applicable Exchange Rate by the Additional Designated Event Shares as and when provided in the Indenture. 
 Except as expressly
provided in Article 15 of the Indenture, no recourse for the payment of the principal of or any premium or interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or
agreement of the Issuer in the Indenture or any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, partner, member, manager, employee, agent,
officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Issuer or any of the Issuer’s Subsidiaries or of any successor thereto, either directly or through the Guarantor, the General Partner, the Issuer or any of
the Issuer’s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note. 
 In addition to the rights provided to Holders of Notes under the Indenture, Holders shall have all the rights set forth in the Registration Rights Agreement dated as of May 8, 2007, among the Issuer, the Guarantor and the Initial
Purchasers named therein (the “Registration Rights Agreement”). 

 In addition to the rights provided to Holders of Notes under the Indenture, Holders shall have all the
rights set forth in the Registration Rights Agreement dated as of May 8, 2007, among the Issuer, the Guarantor and the Initial Purchasers named therein (the “Registration Rights Agreement”). 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations. 
  

					
	TEN–COM	  	as tenants in common	  	 UNIF GIFT MIN ACT –            
 Custodian             

			
	TEN–ENT	  	as tenant by the entireties	  	(Cust) (Minor)
		
	JT–TEN	  	as joint tenants with right of survivorship and not under Uniform Gifts to Minors Act
			
		  	as tenants in common	  	  

		  		  	  (State)

 Additional abbreviations may also be used though not in the above list.Registration Rights Agreement dated May 8, 2007

 Exhibit 4.3 
 PREIT Associates L.P. 
 $250,000,000 4.00% Exchangeable Senior Notes due 2012 
 Registration Rights Agreement 
 May 8, 2007 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 Citigroup Global Markets Inc. 
 UBS Securities LLC 
 c/o 4 World Financial Center 
 250 Vesey Street 
 New York, NY 10080 
 Ladies and Gentlemen: 
 PREIT Associates L.P., a Delaware limited partnership (the “Operating Partnership”) proposes to issue and sell to certain purchasers (the “Initial Purchasers”) its 4.00% Exchangeable
Senior Notes due 2012 (the “Notes”), upon the terms set forth in the Purchase Agreement by and among the Operating Partnership, Pennsylvania Real Estate Investment Trust (the “Trust”), an unincorporated association
in business trust form created under Pennsylvania law pursuant to a Trust Agreement, and the Initial Purchasers, dated as of May 2, 2007 (the “Purchase Agreement”), relating to the initial placement (the “Initial
Placement”) of the Notes. In certain circumstances, the Notes will be exchangeable for common shares of beneficial interest, par value $1.00 per share (the “Shares”) of the Trust in accordance with the terms of the Notes
and the Indenture (as defined below). The Trust will fully and unconditionally guarantee the payment by the Operating Partnership of principal and interest on the Notes. To induce the Initial Purchasers to enter into the Purchase Agreement and to
satisfy their obligations thereunder, the holders of the Notes will have the benefit of this registration rights agreement by and among the Operating Partnership, the Trust and the Initial Purchasers whereby the Trust agrees with you for your
benefit and the benefit of the holders from time to time of the Notes (including the Initial Purchasers) (each a “Holder” and, collectively, the “Holders”), as follows: 
 1. Definitions. Capitalized terms used herein without definition shall have their respective meanings set forth in the Purchase Agreement. As used
in this Agreement, the following capitalized defined terms shall have the following meanings: 
 “Act” shall mean the Securities Act
of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Affiliate” shall have the meaning
specified in Rule 405 under the Act and the terms “controlling” and “controlled” shall have meanings correlative thereto. 

 “Automatic Shelf Registration Statement” shall mean a Registration Statement filed by a
Well-Known Seasoned Issuer which shall become effective upon filing thereof pursuant to General Instruction I.D for Form S-3. 
 “Broker-Dealer” shall mean any broker or dealer registered as such under the Exchange Act. 
 “Business Day”
shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in New York City. 
 “Closing Date” shall mean the date of the first issuance of the Notes. 
 “Commission” shall mean the Securities and Exchange Commission. 
 “Deferral Period” shall have the meaning indicated in Section 3(i) hereof. 
 “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Exchange Price” shall have the meaning specified in the Indenture. 
 “Final Memorandum” shall mean the final
offering memorandum, dated May 2, 2007, relating to the Notes, including any and all annexes thereto and any information incorporated by reference therein as of such date. 
 “Holder” shall have the meaning set forth in the preamble hereto. 
 “Indenture” shall mean the Indenture relating to the Notes, dated the date hereof, by and among the Operating Partnership, the Trust, as
guarantor, and U.S. Bank National Association, as the same may be amended from time to time in accordance with the terms thereof. 
 “Initial Placement” shall have the meaning set forth in the preamble hereto. 
 “Initial Purchasers” shall have
the meaning set forth in the preamble hereto. 
 “Losses” shall have the meaning set forth in Section 5(d) hereof. 

“Majority Holders” shall mean, on any date, Holders of a majority of the Shares registered under the Shelf Registration Statement.

 “Managing Underwriters” shall mean the investment banker or investment bankers and manager or managers that administer an
underwritten offering, if any, conducted pursuant to Section 6 hereof. 
 “NASD Rules” shall mean the Conduct Rules and the
By-Laws of the National Association of Securities Dealers, Inc. 
  

 2 

 “Note” shall have the meaning set forth in the preamble. 
 “Notice and Questionnaire” shall mean a written notice delivered to the Trust substantially in the form attached as Annex A to the Final
Memorandum. 
 “Notice Holder” shall mean, on any date, any Holder of Registrable Securities that has delivered a properly
completed Notice and Questionnaire to the Trust on or prior to such date. 
 “Operating Partnership” shall have the meaning set
forth in the preamble hereto. 
 “Prospectus” shall mean a prospectus included in the Shelf Registration Statement (including,
without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A or Rule 430B under the Act), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion of the Shares covered by the Shelf Registration Statement, and all amendments and supplements thereto, including any and all exhibits thereto and any information
incorporated by reference therein. 
 “Purchase Agreement” shall have the meaning set forth in the preamble hereto. 
 “Registrable Securities” shall mean shares of Shares initially issuable in exchange for the Notes initially sold to the Initial Purchasers
pursuant to the Purchase Agreement other than those that have (i) been registered under the Shelf Registration Statement and disposed of in accordance therewith, (ii) become eligible to be sold without restriction as contemplated by Rule
144(k) under the Act or any successor rule or regulation thereto that may be adopted by the Commission, (iii) ceased to be outstanding, whether as a result of redemption, repurchase, cancellation, exchange or otherwise, or (iv) been sold
to the public pursuant to Rule 144 under the Act. 
 “Registration Default Damages” shall have the meaning set forth in
Section 7 hereof. 
 “Shares” shall have the meaning set forth in the preamble hereto. 
 “Shelf Registration Period” shall have the meaning set forth in Section 2(c) hereof. 
 “Shelf Registration Statement” shall mean a “shelf” registration statement of the Trust pursuant to the provisions of Section 2
hereof which covers some or all of the Shares on an appropriate form under Rule 415 under the Act, or any similar rule that may be adopted by the Commission, amendments and supplements to such registration statement, including post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
 “Trust” shall have the meaning set forth in the preamble hereto. 
  

 3 

 “underwriter” shall mean any underwriter of Shares in connection with an offering thereof under
the Shelf Registration Statement. 
 “Well-Known Seasoned Issuer” shall have the meaning set forth in Rule 405 under the Act.

 2. Shelf Registration. (a) The Trust shall as promptly as practicable (but in no event more than 120 days after the Closing Date)
file with the Commission a Shelf Registration Statement (which shall be, if the Trust is then a Well-Known Seasoned Issuer, an Automatic Shelf Registration Statement) providing for the registration of, and the sale on a continuous or delayed basis
by the Holders of, all of the Registrable Securities, from time to time in accordance with the methods of distribution elected by such Holders, pursuant to Rule 415 under the Act or any similar rule that may be adopted by the Commission. 

(b) If the Shelf Registration Statement is not an Automatic Shelf Registration Statement, the Trust shall use its commercially reasonable efforts to
cause the Shelf Registration Statement to become or be declared effective under the Act no later than 210 days after the Closing Date. 
 (c) The Trust shall use its commercially reasonable efforts to keep the Shelf Registration
Statement continuously effective, supplemented and amended as required by the Act, in order to permit the Prospectus forming part thereof to be usable by Holders for a period (the “Shelf Registration Period”) from the date the Shelf
Registration Statement is declared effective by the Commission (or becomes effective in the case of an Automatic Shelf Registration Statement) until the earlier of (i) the 20th trading day immediately following the maturity date of the Notes or (ii) the date upon which there are no Notes or Registrable Securities outstanding.
The Trust shall be deemed not to have used its commercially reasonable efforts to keep the Shelf Registration Statement effective during the Shelf Registration Period if it voluntarily takes any action that would result in Holders of Registrable
Securities not being able to offer and sell such Shares at any time during the Shelf Registration Period, unless such action is (x) required by applicable law or otherwise undertaken by the Trust in good faith and for valid business
reasons (not including avoidance of the Trust’s obligations hereunder), including the acquisition or divestiture of assets, and (y) permitted by Section 3(i) hereof. None of the Trust, the Operating Partnership or any of their
respective securityholders (other than Holders of Registrable Securities) shall have the right to include any securities of the Trust or the Operating Partnership in any Shelf Registration Statement other than Registrable Securities. 
 (d) The Trust shall cause the Shelf Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date
of the Shelf Registration Statement or such amendment or supplement, (i) to comply in all material respects with the applicable requirements of the Act; and (ii) not to contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading. 
 (e) The Trust shall issue a press release through a reputable national newswire service announcing the anticipated effective date of the Shelf
Registration Statement at least 15 

  

 4 

 
Business Days prior to the anticipated effective date thereof. Each Holder of Registrable Securities agrees to deliver a Notice and Questionnaire and such
other information as the Trust may reasonably request in writing, if any, to the Trust at least ten Business Days prior to the anticipated effective date of the Shelf Registration Statement as announced in the press release. From and after the
effective date of the Shelf Registration Statement, the Trust shall use commercially reasonable efforts, as promptly as is practicable after the date a Notice and Questionnaire is delivered, and in any event within 20 Business Days after such date,
(i) if required by applicable law, to file with the Commission a post-effective amendment to the Shelf Registration Statement or to prepare and, if permitted or required by applicable law, to file a supplement to the related Prospectus or an
amendment or supplement to any document incorporated therein by reference or file any other required document so that the Holder delivering such Notice and Questionnaire is named as a selling securityholder in the Shelf Registration Statement and
the related Prospectus, and so that such Holder is permitted to deliver such Prospectus to purchasers of the Registrable Securities in accordance with applicable law and, if the Trust shall file a post-effective amendment to the Shelf Registration
Statement, use its commercially reasonable efforts to cause such post-effective amendment to be declared effective under the Act as promptly as is practicable; provided, that the Trust shall not be required to file more than two post-effective
amendments in any 90-day period in accordance with this Section 2(e)(i); (ii) provide such Holder, upon request, copies of any documents filed pursuant to Section 2(e)(i) hereof; and (iii) notify such Holder as promptly as
practicable after the effectiveness under the Act of any post-effective amendment filed or the filing of any supplement to the related Prospectus, pursuant to Section 2(e)(i) hereof; provided, that if such Notice and Questionnaire is
delivered during a Deferral Period, the Trust shall so inform the Holder delivering such Notice and Questionnaire and shall take the actions set forth in clauses (i), (ii) and (iii) above upon expiration of the Deferral Period in
accordance with Section 3(i) hereof. Notwithstanding anything contained herein to the contrary, the Trust shall be under no obligation to name any Holder that is not a Notice Holder as a selling securityholder in the Shelf Registration
Statement or related Prospectus; provided, however, that any Holder that becomes a Notice Holder pursuant to the provisions of this Section 2(e) (whether or not such Holder was a Notice Holder at the effective date of the Shelf
Registration Statement) shall be named as a selling securityholder in the Shelf Registration Statement or related Prospectus in accordance with the requirements of this Section 2(e). Notwithstanding the foregoing, if (A) the Notes are
called for redemption and the then prevailing market price of the Shares is above the Exchange Price or (B) the Notes are exchanged as provided for in Section [13.01(i), 13.01(ii) or 13.01(iv)] of the Indenture, then the Trust shall use
commercially reasonable efforts to file the post-effective amendment or supplement to the related Prospectus within five Business Days of the redemption date or the end of the exchange period, as applicable. 
 3. Registration Procedures. The following provisions shall apply in connection with the Shelf Registration Statement. 
 (a) The Trust shall: 
 (i)
furnish to each of the Initial Purchasers and to counsel for the Notice Holders (as appointed in accordance with Section 4), not less than five Business Days prior to the filing thereof with the Commission, a copy of the Shelf Registration
Statement and each amendment thereto and each amendment or 

  

 5 

 
supplement, if any, to the Prospectus included therein (including all documents incorporated by reference therein after the initial filing) and shall use its
commercially reasonable efforts to reflect in each such document, when so filed with the Commission, such comments as the Initial Purchasers reasonably propose; and 
 (ii) include information regarding the Notice Holders and the methods of distribution they have elected for their Registrable Securities
provided to the Trust in Notices and Questionnaires as necessary to permit such distribution by the methods specified therein. 
 (b) The
Trust shall ensure that: 
 (i) the Shelf Registration Statement and any amendment thereto and any Prospectus forming part
thereof and any amendment or supplement thereto complies in all material respects with the Act; and 
 (ii) the Shelf
Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading. 
 (c) The Trust shall advise the Initial Purchasers, the Notice Holders and any underwriter that has provided in writing to the
Trust a telephone or facsimile number and address for notices, and confirm such advice in writing (which notice pursuant to clauses (ii) through (v) hereof shall be accompanied by an instruction to suspend the use of the Prospectus until
the Trust shall have remedied the basis for such suspension): 
 (i) when the Shelf Registration Statement and any amendment
thereto has been filed with the Commission and when the Shelf Registration Statement or any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission for any amendment or supplement to the Shelf Registration Statement or the Prospectus or for additional information; 
 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Shelf Registration Statement or the
institution or threatening of any proceeding for that purpose; 
 (iv) of the receipt by the Trust of any notification with
respect to the suspension of the qualification of the Shares included therein for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose; and 
 (v) of the happening of any event that requires any change in the Shelf Registration Statement or the Prospectus so that, as of such date,
they (A) do not contain any untrue statement of a material fact and (B) do not omit to state a 

  

 6 

 
material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances
under which they were made) not misleading. 
 (d) The Trust shall use its commercially reasonable efforts to prevent the issuance of any
order suspending the effectiveness of the Shelf Registration Statement or the qualification of the securities therein for sale in any jurisdiction and, if issued, to obtain as soon as possible the withdrawal thereof. The Trust shall undertake
additional reasonable actions as required to permit unrestricted resales of the Shares in accordance with the terms and conditions of this Agreement. 
 (e) Upon request, the Trust shall furnish to each Notice Holder, without charge, at least one copy of the Shelf Registration Statement and any post-effective amendment thereto, including all material incorporated
therein by reference, and, if a Notice Holder so requests in writing, all exhibits thereto (including exhibits incorporated by reference therein). 
 (f) During the Shelf Registration Period, the Trust shall promptly deliver to each Initial Purchaser, each Notice Holder, and any sales or placement agents or underwriters acting on their behalf, without charge, as many copies of the
Prospectus (including the preliminary Prospectus, if any) included in the Shelf Registration Statement and any amendment or supplement thereto as any such person may reasonably request. The Trust consents to the use of the Prospectus or any
amendment or supplement thereto by each of the foregoing in connection with the offering and sale of the Shares. 
 (g) Prior to any offering
of Shares pursuant to the Shelf Registration Statement, the Trust shall arrange for the qualification of the Shares for sale under the laws of such jurisdictions as any Notice Holder shall reasonably request and shall maintain such qualification in
effect so long as required; provided that in no event shall the Trust be obligated to qualify to do business in any jurisdiction where it is not then so qualified or to take any action that would subject it to service of process in suits, other than
those arising out of the Initial Placement or any offering pursuant to the Shelf Registration Statement, in any jurisdiction where it is not then so subject. 
 (h) Upon the occurrence of any event contemplated by subsections (c)(ii) through (v) above, the Trust shall promptly (or within the time period provided for by Section 3(i) hereof, if applicable)
prepare a post-effective amendment to the Shelf Registration Statement or an amendment or supplement to the related Prospectus or file any other required document so that, as thereafter delivered to Initial Purchasers of the securities included
therein, the Prospectus will not include an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading. 
 (i) Upon the occurrence or existence of any pending corporate development, public filings with the Commission or any
other material event that, in the reasonable judgment of the Trust, makes it appropriate to suspend the availability of the Shelf Registration Statement and the related Prospectus, the Trust shall give notice (without notice of the nature or details
of such events) to the Notice Holders that the availability of the Shelf Registration Statement is 

  

 7 

 
suspended and, upon actual receipt of any such notice, each Notice Holder agrees not to sell any Registrable Securities pursuant to the Shelf Registration
Statement until such Notice Holder’s receipt of copies of the supplemented or amended Prospectus provided for in Section 3(h) hereof, or until it is advised in writing by the Trust that the Prospectus may be used, and has received copies
of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. The period during which the availability of the Shelf Registration Statement and any Prospectus is suspended (the
“Deferral Period”) shall not exceed 45 days in any 90-day period or 90 days in any 360-day period; provided, that, if the event triggering the Deferral Period relates to a proposed or pending material business
transaction, the disclosure of which the board of directors of the Trust determines in good faith would be reasonably likely to impede the ability to consummate the transaction or would otherwise be seriously detrimental to the Trust and its
subsidiaries taken a whole, the Trust may extend the Deferral Period from 45 days to 60 days in any 90-day period or from 90 days to 120 days in any 360-day period. 
 (j) The Trust shall comply with all applicable rules and regulations of the Commission and shall make generally available to its securityholders an earnings statement satisfying the provisions of Section 11(a)
of, and Rule 158 under, the Act as soon as practicable after the effective date of the Shelf Registration Statement and in any event no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning
with the first month of the Trust’s first fiscal quarter commencing after the effective date of the Shelf Registration Statement. 
 (k)
The Trust may require each Holder of Shares to be sold pursuant to the Shelf Registration Statement to furnish to the Trust such information regarding the Holder and the distribution of such Shares as the Trust may from time to time reasonably
require for inclusion in the Shelf Registration Statement. The Trust may exclude from the Shelf Registration Statement the Shares of any Holder that unreasonably fails to furnish such information within ten Business Days after receiving such
request. 
 (l) Subject to Section 6 hereof, the Trust shall enter into customary agreements (including, if requested, an underwriting
agreement in customary form) and take all other appropriate actions in order to expedite or facilitate the registration or the disposition of the Shares, and in connection therewith, if an underwriting agreement is entered into, cause the same to
contain customary indemnification provisions and procedures. 
 (m) Subject to Section 6 hereof, the Trust shall: 
 (i) make reasonably available for inspection by the Holders of Shares to be registered thereunder, any underwriter participating in any
disposition pursuant to the Shelf Registration Statement, and any attorney, accountant or other agent retained by the Holders or any such underwriter all relevant financial and other records and pertinent corporate documents of the Trust and its
subsidiaries; 
 (ii) cause the Trust’s officers, directors, employees, accountants and auditors to supply all relevant
information reasonably requested by the Holders or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement as is customary for similar due diligence examinations; 
  

 8 

 (iii) make such representations and warranties to the Holders of Shares registered
thereunder and the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in the Purchase Agreement;

 (iv) obtain opinions of counsel to the Trust and updates thereof (which counsel and opinions (in form, scope and substance)
shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the underwriters, if any, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other
matters as may be reasonably requested by such Holders and underwriters; 
 (v) obtain “comfort” letters and updates
thereof from the independent certified public accountants of the Trust (and, if necessary, any other independent certified public accountants of any subsidiary of the Trust or of any business acquired by the Trust for which financial statements and
financial data are, or are required to be, included in the Shelf Registration Statement), addressed to each selling Holder of Shares registered thereunder and the underwriters, if any, in customary form and covering matters of the type customarily
covered in “comfort” letters in connection with primary underwritten offerings; and 
 (vi) deliver such documents
and certificates as may be reasonably requested by the Majority Holders or the Managing Underwriters, if any, including those to evidence compliance with Section 3(i) hereof and with any customary conditions contained in the underwriting
agreement or other agreement entered into by the Trust. 
 The actions set forth in clauses (iii) through (vi) of this paragraph (m) shall be
performed in connection with any underwriting or similar agreement as and to the extent required thereunder. 
 (n) In the event that any
Broker-Dealer shall underwrite any Shares or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the NASD Rules) thereof, whether as a Holder of such Shares or as an
underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Trust shall assist such Broker-Dealer in complying with the NASD Rules. 
 (o) The Trust shall use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Shares covered by the
Shelf Registration Statement. 
 4. Registration Expenses. The Trust shall bear all expenses incurred in connection with the
performance of its obligations under Sections 2 and 3 hereof and shall reimburse the Holders for the reasonable fees and disbursements of one firm or counsel (which shall initially be Davis Polk & Wardwell, but which may be another
nationally recognized law 

  

 9 

 
firm experienced in securities matters designated by the Majority Holders) to act as counsel for the Holders in connection therewith; provided, however, that
such expenses shall not include, and the Trust shall not have any obligation to pay, any underwriting fees, discounts or commissions attributable to the sale of such Registrable Securities, or any fees and expenses of any Broker-Dealer or other
financial intermediary engaged by any Holder. 
 5. Indemnification and Contribution. (a) The Trust and the Operating Partnership
agree to indemnify and hold harmless each Holder of Shares covered by the Shelf Registration Statement, each Initial Purchaser, the directors, officers, employees, Affiliates and agents of each such Holder or Initial Purchaser and each person who
controls any such Holder or Initial Purchaser within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the
Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Shelf Registration Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or arise out of
or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of any preliminary Prospectus or the Prospectus, in the light of the
circumstances under which they were made) not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim,
damage, liability or action; provided, however, that the Trust and the Operating Partnership will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such
untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Trust by or on behalf of the party claiming indemnification specifically for
inclusion therein. This indemnity agreement shall be in addition to any liability that the Trust and the Operating Partnership may otherwise have to the indemnified party. 
 The Trust and the Operating Partnership also agree to indemnify as provided in this Section 5(a) or contribute as provided in Section 5(d)
hereof to Losses of each underwriter, if any, of Shares registered under the Shelf Registration Statement, its directors, officers, employees, Affiliates or agents and each person who controls such underwriter on substantially the same basis as that
of the indemnification of the Initial Purchasers and the selling Holders provided in this paragraph (a) and shall, if requested by any Holder, enter into an underwriting agreement reflecting such agreement, as provided in Section 3(l)
hereof. 
 (b) Each Holder of securities covered by the Shelf Registration Statement (including each Initial Purchaser that is a Holder, in
such capacity) severally and not jointly agrees to indemnify and hold harmless the Trust and the Operating Partnership, each of its directors, each of its officers who signs the Shelf Registration Statement and each person who controls the Trust or
the Operating Partnership within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Trust and the Operating Partnership to each such Holder, but only with reference to written information
relating to such Holder furnished to the Trust by or on behalf of such Holder specifically for inclusion in the 

  

 10 

 
documents referred to in the foregoing indemnity. This indemnity agreement shall be acknowledged by each Notice Holder that is not an Initial Purchaser in
such Notice Holder’s Notice and Questionnaire and shall be in addition to any liability that any such Notice Holder may otherwise have to the Trust or the Operating Partnership. 
 (c) Promptly after receipt by an indemnified party under this Section 5 or notice of the commencement of any action, such indemnified party will, if
a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it
from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will
not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel
(including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not
thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth below); provided, however, that
such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified party in an action, the indemnified party shall
have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent
the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party
shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have
employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ
separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified party, settle or compromise or consent to the entry of any judgment with respect to any pending or
threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential parties to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of such indemnified party from all liability arising out of such claim, action, suit or proceeding. 
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 5 is unavailable to or insufficient to hold harmless an indemnified party for any reason, then each applicable
indemnifying party shall have a joint and several obligation to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending loss, claim,
liability, damage or action) (collectively “Losses”) to which such indemnified party may be subject in such proportion as is appropriate to reflect the relative benefits received by such indemnifying party, 

  

 11 

 
on the one hand, and such indemnified party, on the other hand, from the Initial Placement and the Shelf Registration Statement which resulted in such
Losses; provided, however, that in no case shall any Initial Purchaser be responsible, in the aggregate, for any amount in excess of the commission applicable to the Notes, as set forth in the Final Memorandum, nor shall any
underwriter be responsible for any amount in excess of the underwriting discount or commission applicable to the securities purchased by such underwriter under the Shelf Registration Statement which resulted in such Losses. If the allocation
provided by the immediately preceding sentence is unavailable for any reason, the indemnifying party and the indemnified party shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative
fault of such indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received
by the Trust and the Operating Partnership shall be deemed to be equal to the total net proceeds from the Initial Placement (before deducting expenses) as set forth in the Final Memorandum. Benefits received by the Initial Purchasers shall be deemed
to be equal to the total commissions as set forth in the Final Memorandum, and benefits received by any other Holders shall be deemed to be equal to the value of receiving Shares registered under the Act. Benefits received by any underwriter shall
be deemed to be equal to the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus forming a part of the Shelf Registration Statement which resulted in such Losses. Relative fault shall be determined by
reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information provided by the indemnifying party, on the one hand, or by the
indemnified party, on the other hand, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The parties agree that it would not be just and equitable if
contribution were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding
the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 5, each person who controls a Holder within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of such Holder shall have the same rights to
contribution as such Holder, and each person who controls the Trust or the Operating Partnership within the meaning of either the Act or the Exchange Act, each officer of the Trust or the Operating Partnership who shall have signed the Shelf
Registration Statement and each director of the Trust or the Operating Partnership shall have the same rights to contribution as the Trust and the Operating Partnership, subject in each case to the applicable terms and conditions of this paragraph
(d). 
 (e) The provisions of this Section 5 shall remain in full force and effect, regardless of any investigation made by or on behalf
of any Holder or the Trust or the Operating Partnership or any of the indemnified persons referred to in this Section 5, and shall survive the sale by a Holder of securities covered by the Shelf Registration Statement. 
 6. Underwritten Registrations. (a) In no event will the method of distribution of Registrable Securities take the form of an underwritten offering
without the prior written consent of the Trust. 
  

 12 

 (b) If any shares of Shares covered by the Shelf Registration Statement are to be sold in an underwritten
offering, the Managing Underwriters shall be selected by the Trust, subject to the prior written consent of the Majority Holders, which consent shall not be unreasonably withheld. 
 (c) No person may participate in any underwritten offering pursuant to the Shelf Registration Statement unless such person (i) agrees to sell such
person’s shares of Shares on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements; and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
 7.
Registration Defaults. If any of the following events shall occur, then the Trust shall pay liquidated damages (the “Registration Default Damages”) to the Holders as follows: 
 (a) if the Shelf Registration Statement (which shall be, if the Trust is then a Well-Known Seasoned Issuer, an Automatic Shelf Registration Statement) is
not filed with the Commission on or prior to the 120th day following the Closing Date, then commencing on the 121st day after the Closing Date, Registration Default Damages shall accrue on the aggregate outstanding principal amount of the Notes, at
a rate of 0.25% per annum for the first 90 days from and including such 121st day and 0.50% per annum thereafter; or 
 (b) if the
Shelf Registration Statement is not declared effective by the Commission (or has not become effective in the case of an Automatic Shelf Registration Statement) on or prior to the 210th day following the Closing Date, then commencing on the 211th day
after the Closing Date, Registration Default Damages shall accrue on the aggregate outstanding principal amount of the Notes, at a rate of 0.25% per annum for the first 90 days from and including such 211th day and 0.50% per annum
thereafter; or 
 (c) if the Shelf Registration Statement has been declared or becomes effective but ceases to be effective or usable for the
offer and sale of the Registrable Securities, other than in connection with (A) a Deferral Period or (B) as a result of a requirement to file a post-effective amendment or supplement to the Prospectus to make changes to the information
regarding selling securityholders or the plan of distribution provided for therein, at any time during the Shelf Registration Period and the Trust does not cure the lapse of effectiveness or usability within ten Business Days (or, if a Deferral
Period is then in effect and subject to the 20 Business Day filing requirement and the proviso regarding the filing of post-effective amendments in Section 2(e) with respect to any Notice and Questionnaire received during such period, within
ten Business Days following the expiration of such Deferral Period or period permitted pursuant to Section 2(e)) then Registration Default Damages shall accrue on the aggregate outstanding principal amount of the Notes at a rate of
0.25% per annum for the first 90 days from and including the day following such tenth Business Day and 0.50% per annum thereafter; or 
 (d) if the Trust through its omission fails to name as a selling securityholder any Holder that had complied timely with its obligations hereunder in a manner to entitle such 

  

 13 

 
Holder to be so named in (i) the Shelf Registration Statement at the time it first became effective or (ii) any Prospectus at the later of time of
filing thereof or the time the Shelf Registration Statement of which the Prospectus forms a part becomes effective then Registration Default Damages shall accrue, on the aggregate outstanding principal amount of the Notes held by such Holder, at a
rate of 0.25% per annum for the first 90 days from and including the day following the effective date of such Shelf Registration Statement or the time of filing of such Prospectus, as the case may be, and 0.50% per annum thereafter; or

 (e) if the aggregate duration of Deferral Periods in any period exceeds the number of days permitted in respect of such period pursuant to
Section 3(i) hereof, then commencing on the day the aggregate duration of Deferral Periods in any period exceeds the number of days permitted in respect of such period, Registration Default Damages shall accrue on the aggregate outstanding
principal amount of the Notes at a rate of 0.25% per annum for the first 90 days from and including such date, and 0.50% per annum thereafter; 
 provided, however, that (1) upon the filing of the Shelf Registration Statement (in the case of paragraph (a) above), (2) upon the effectiveness of the Shelf Registration Statement (in the case of paragraph
(b) above), (3) upon such time as the Shelf Registration Statement which had ceased to remain effective or usable for resales again becomes effective and usable for resales (in the case of paragraph (c) above), (4) upon the time
such Holder is permitted to sell its Registrable Securities pursuant to any Shelf Registration Statement and Prospectus in accordance with applicable law (in the case of paragraph (d) above) or (5) upon the termination of the Deferral
Period that caused the limit on the aggregate duration of Deferral Periods in a period set forth in Section 3(i) to be exceeded (in the case of paragraph (e) above), the Registration Default Damages shall cease to accrue. 
 Any amounts of Registration Default Damages due pursuant to this Section 7 will be payable in cash on the next succeeding interest payment date to
Holders entitled to receive such Registration Default Damages on the relevant record dates for the payment of interest. If any Note ceases to be outstanding during any period for which Registration Default Damages are accruing, the Trust will
prorate the Registration Default Damages payable with respect to such Note. 
 The Registration Default Damages rate on the Notes shall not
exceed in the aggregate 0.50% per annum and shall not be payable under more than one clause above for any given period of time, except that if Registration Default Damages would be payable because of more than one Registration Default, but at a
rate of 0.25% per annum under one Registration Default and at a rate of 0.50% per annum under the other, then the Registration Default Damages rate shall be the higher rate of 0.50% per annum. Other than the Trust’s obligation to
pay Registration Default Damages in accordance with this Section 7, neither the Trust nor the Operating Partnership will have any liability for damages with respect to a Registration Default. 
 Notwithstanding any provision in this Agreement, in no event shall Registration Default Damages accrue to holders of Shares issued upon exchange of
Notes. In lieu thereof, the Trust shall increase the Exchange Rate (as defined in the Indenture) by 3% for each $1,000 principal amount of Notes exchanged at a time when such Registration Default has occurred and is continuing. 
  

 14 

 In no event shall Registration Default Damages, together with Additional Interest (as defined in the
Indenture) relating to a Reporting Event of Default (as defined in the Indenture), accrue on the Notes at a per annum rate, in the aggregate, in excess of 0.50% per annum, regardless of the number of events or circumstances giving rise to the
requirement to pay such Registration Default Damages and Additional Interest. 
 8. No Inconsistent Agreements. Neither the Trust nor
the Operating Partnership has entered into, and each agrees not to enter into, any agreement with respect to its securities that is inconsistent with the registration rights granted to the Holders herein. 
 9. Rule 144A and Rule 144. So long as any Registrable Securities remain outstanding, the Trust shall use its commercially reasonable efforts to
file the reports required to be filed by it under Rule 144A(d)(4) under the Act and the Exchange Act in a timely manner and, if at anytime the Trust is not required to file such reports, it will, upon the written request of any Holder of Registrable
Securities, make publicly available other information so long as necessary to permit sales of such Holder’s Registrable Securities pursuant to Rules 144 and 144A of the Act. The Trust covenants that it will take such further action as any
Holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Act within the limitation of the exemptions provided by Rules
144 and 144A (including, without limitation, the requirements of Rule 144A(d)(4)). Upon the written request of any Holder of Registrable Securities, the Trust shall deliver to such Holder a written statement as to whether it has complied with such
requirements. Notwithstanding the foregoing, nothing in this Section 9 shall be deemed to require the Trust or the Operating Partnership to register any of its securities pursuant to the Exchange Act. 
 10. Listing. So long as any Registrable Securities are outstanding, the Trust shall use its commercially reasonable efforts to maintain the
approval of the Shares for listing on the New York Stock Exchange or such other exchange or trading market as the Shares is then listed. 
 11. Amendments and Waivers. The provisions of this Agreement may not be amended, qualified, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Trust has obtained
the written consent of the Majority Holders; provided that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Trust shall obtain the written consent of each such Initial
Purchaser against which such amendment, qualification, supplement, waiver or consent is to be effective; provided, further, that no amendment, qualification, supplement, waiver or consent with respect
to Section 7 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder; and provided, further, that the provisions of this Section 11 may not be amended, qualified, modified
or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Trust has obtained the written consent of the Initial Purchasers and each Holder. 
 12. Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier or air courier guaranteeing overnight delivery: 
  

 15 

 (a) if to a Holder, at the most current address given by such holder to the Trust in accordance with the
provisions of the Notice and Questionnaire; 
 (b) if to the Initial Purchasers, initially at the address or addresses set forth in the
Purchase Agreement; and 
 (c) if to the Trust or the Operating Partnership, initially at its address set forth in the Purchase Agreement.

 All such notices and communications shall be deemed to have been duly given when received. 
 The Initial Purchasers, the Trust or the Operating Partnership by notice to the other parties may designate additional or different addresses for
subsequent notices or communications. 
 Notwithstanding the foregoing, notices given to Holders (i) holding Notes in book-entry form
may be given through the facilities of DTC or any successor depository and (ii) may be given by e-mail at the e-mail address provided by such Holder in accordance with the provisions of the Notice and Questionnaire. 
 13. Remedies. Each Holder, in addition to being entitled to exercise all rights provided to it herein or in the Purchase Agreement or granted by
law, including recovery of liquidated or other damages, will be entitled to specific performance of its rights under this Agreement. The Trust and the Operating Partnership agree that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by them of the provisions of this Agreement and hereby agree to waive in any action for specific performance the defense that a remedy at law would be adequate. 
 14. Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective successors and assigns,
including, without the need for an express assignment or any consent by the Trust or the Operating Partnership thereto, subsequent Holders of Registrable Securities, and the indemnified persons referred to in Section 5 hereof. The Trust and the
Operating Partnership hereby agree to extend the benefits of this Agreement to any Holder of Registrable Securities, and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto. 
 15. Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original and all of which together
shall constitute one and the same agreement. 
 16. Headings. The section headings used herein are for convenience only and shall not
affect the construction hereof. 
 17. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of New York applicable to contracts made and to be performed in the State of New York. The parties hereto each hereby waive any right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this
Agreement. 
  

 16 

 18. Severability. In the event that any one of more of the provisions contained herein, or the
application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall
not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
 19. Shares Held by the Trust, etc. Whenever the consent or approval of Holders of a specified percentage of Shares is required hereunder, Shares
held by the Trust or its Affiliates (other than subsequent Holders of Shares if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Shares) shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage. 
 [Signature Page Follows] 
  

 17 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement by and among the Trust, the Operating Partnership and the several Initial Purchasers. 
  

			
	Very truly yours,
	
	PREIT ASSOCIATES L.P.
		
	By:	 	Pennsylvania Real Estate Investment Trust, its General Manager
		
	By:	 	 /s/ Bruce Goldman

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President and General Counsel
	
	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
		
	By:	 	 /s/ Bruce Goldman

	Name:	 	Bruce Goldman
	Title:	 	Executive Vice President and General Counsel

 [Signature Page to Registration Rights Agreement] 

			
	The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
	
	 MERRILL LYNCH, PIERCE, FENNER & SMITH
                               INCORPORATED

		
	By:	 	 /s/ Brian C. Porter

	Name:	 	Brian C. Porter
	Title:	 	Vice President
	
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ Jon Mehlman

	Name:	 	Jon Mehlman
	Title:	 	Managing Director
	
	UBS SECURITIES LLC
		
	By:	 	 /s/ John Brady

	Name:	 	John Brady
	Title:	 	Managing Director
		
	By:	 	 /s/ Jennifer Sheng

	Name:	 	Jennifer Sheng
	Title:	 	Assistant Director

 [Signature Page to Registration Rights Agreement]

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