Document:

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                                                                EXHIBIT 10.65

                              EMPLOYMENT AGREEMENT

                  EMPLOYMENT AGREEMENT dated as of September 30, 1997, between
The Rubin Organization, Inc., a Pennsylvania Corporation the name of which is to
be changed to PREIT-RUBIN, INC. ("PREIT-RUBIN"), David Bryant (the "Executive")
and for purposes of Sections 3.2, 3.3 and 3.6 hereof only, Pennsylvania Real
Estate Investment Trust, a Pennsylvania business trust (the "Trust").

                                   BACKGROUND

                  Pursuant to the Contribution Agreement dated as of
July 30, 1997 (the "Contribution Agreement") among the Trust, PREIT Associates,
L.P. (the "Partnership"), PREIT-RUBIN under its current corporate name and
certain individuals affiliated with TRO, the Partnership is acquiring on the
Effective Date (as defined below) 95% of the equity of PREIT-RUBIN. This
Agreement is entered into in anticipation of the closing of the transactions
contemplated by the Contribution Agreement (the "TRO Transactions"). The
Effective Date shall be the date of closing of the TRO Transactions.

                  PREIT-RUBIN desires to employ Executive as Vice President,
Financial Services of PREIT-RUBIN, and Executive desires to be so employed on
the terms and conditions contained in this Agreement.

                  NOW THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein, and intending to be legally bound
hereby, the parties hereto agree as follows:

SECTION 1.  CAPACITY AND DUTIES

                  1.1 Employment; Acceptance of Employment. Commencing on the
Effective Date, PREIT-RUBIN employs Executive and Executive accepts employment
by PREIT-RUBIN for the period and upon the terms and conditions hereinafter set
forth.

                  1.2  Capacity and Duties.

                           (a) Executive shall be employed by PREIT-RUBIN
generally as its Vice President, Financial Services and, subject to the
supervision and control of the Chief Executive Officer of PREIT-RUBIN (the
"CEO"), shall have the duties and authority consistent with his office and as
may from time to time be specified by the CEO. Executive shall report directly
to the CEO in performing his duties hereunder.

                           (b) Except as provided in paragraph 1.2(c) hereof,
Executive shall devote his full working time, energy, skill and best efforts to
the performance of his duties hereunder and shall not be employed by or
participate or engage in or be a part of in any manner the management or
operation of any business enterprise or pursuit other than PREIT-RUBIN and its
direct or indirect Affiliates without the prior written consent of the Board of
Directors of PREIT-RUBIN (the "Board"), which consent may be granted or withheld
in its sole discretion. For purposes of this Agreement, "Affiliate" means any
person or entity controlling, controlled by or under common control with either
PREIT-RUBIN. "Control," as used herein, means the power to direct management and
policies of a person or entity, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the term
"controlling" and "controlled" shall have correlative meanings; provided that,
any person or entity that owns beneficially, either directly or through one or
more intermediaries, more than 20% of the ownership interests in a specified
entity shall be presumed to control such entity for purposes of the definition
of "Affiliate."

                  (c) Executive may continue his investments in the properties
listed on Schedule 1 hereto and, subject to the provisions of Section 5.2
hereof, subsequent properties (collectively, the "Properties") provided that
Executive's activities with respect to such the Properties comply with the
procedures adopted by the Board governing Executive's non-PREIT-RUBIN related
real estate activities (the "Procedures") and further provided that:

                           (A) he shall not devote more than an insignificant
amount of his time to such investments in the aggregate; and

                           (B) his activities in respect to the Properties do
not interfere with, detract from or affect the performance of Executive's duties
for PREIT-RUBIN under this Agreement.

                  Notwithstanding the foregoing, it is understood that Executive
may, on a regular or occasional basis, perform services for one or more entities
in which the Trust has an investment.

                                      -2-
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SECTION 2.  TERM OF EMPLOYMENT

                  2.1 Term. The initial term of Executive's employment hereunder
shall be two years commencing on the Effective Date and shall thereafter
automatically be renewed for additional two year periods unless and until either
party shall give notice of his or its election to terminate Executive's
employment at least six months prior to the end of the then-current term in each
case, unless earlier terminated as hereinafter provided.

SECTION 3.  COMPENSATION

                  3.1 Basic Compensation. As compensation for Executive's
services hereunder, PREIT-RUBIN shall pay to Executive a salary at the annual
rate of $110,000 (the "Base Salary"), payable in accordance with PREIT-RUBIN's
regular payroll practices in effect from time to time during the term of
Executive's employment.

                  3.2 Incentive Compensation. In addition to the Base Salary,
Executive shall be entitled to earn additional compensation (the "Incentive
Compensation"), for the services to be rendered by Executive pursuant to this
Agreement, with respect to each fiscal year during the term of this Agreement
commencing after December 31, 1997, such amount to be determined according to an
incentive compensation plan to be adopted by PREIT-RUBIN prior to the Effective
Date and promptly after its approval as set forth in the following sentence.
Prior to its adoption by PREIT-RUBIN, such incentive plan shall be prepared
under the direction and approved by resolution of the Executive Compensation and
Human Resources Committee of the Board of Trustees of the Trust, which shall
determine that, in its judgment, the incentive compensation plan is reasonable
for the Trust and PREIT-RUBIN and fair to the Executive.

                  3.3 Executive Benefits. In addition to the compensation
provided for in Sections 3.1 and 3.2, Executive shall be entitled during the
term of his employment to participate in PREIT-RUBIN's benefit plan(s) listed on
Schedule 3.3 hereof at PREIT-RUBIN's cost, subject to such (i) co-payments and
deductibles as are provided for in such plans and (ii) modifications as shall be
generally applicable to senior executives of PREIT-RUBIN.

                  3.4 Vacation. Executive shall be entitled to no fewer than the
number of vacation days during each calendar year during the term of his
employment as is provided generally to other senior officers of PREIT-RUBIN,
during which time his compensation shall be paid in full.

                  3.5 Expense Reimbursement. During the term of his employment,
PREIT-RUBIN shall reimburse Executive for all reasonable expenses incurred by
him in connection with the performance of his duties hereunder in accordance
with its regular reimbursement policies as in effect from time to time and upon
receipt of itemized vouchers therefor and such other supporting information as
PREIT-RUBIN may reasonably require.

                  3.6 Options. Concurrently with the Effective Date, the Trust
shall grant Executive, pursuant to the Trust's 1997 Stock Option Plan adopted by
the Trust on July 8, 1997 (the "Option Plan"), non-qualified options to purchase
5,000 shares of beneficial interest of the Trust (the "Shares") at a cash price
per share as provided for under the Option Plan. The shares shall be exercisable
as follows: the first 25% on or after January 1, 1999, the next 25% on or after
January 1, 2000, the next 25% on or after January 1, 2001 and the final 25% on
or after January 1, 2002.

                                      -3-
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SECTION 4.  TERMINATION OF EMPLOYMENT

                  4.1 Death of Executive. Executive's employment hereunder shall
immediately terminate upon his death, upon which PREIT-RUBIN shall not
thereafter be obligated to make any further payments hereunder other than
amounts (including salary, incentive compensation, expense reimbursement, etc.)
accrued as of the date of Executive's death in accordance with GAAP, as
conclusively determined in the absence of manifest error by the auditors of
PREIT-RUBIN.

                  4.2 Disability of Executive. If Executive, in the reasonable
opinion of a physician selected by PREIT-RUBIN, is or has been unable, for any
reason due to his physical, mental or emotional illness or condition to perform
his duties hereunder for a period of 120 days within five consecutive months,
then PREIT-RUBIN shall have the right to terminate Executive's employment upon
30 days' prior written notice to Executive at any time during the continuation
of such inability, in which event PREIT-RUBIN shall not thereafter be obligated
to make any further payments hereunder other than amounts (including salary,
bonuses, expense reimbursement, etc.) accrued as of the date of such termination
in accordance with GAAP, as conclusively determined in the absence of manifest
error by the auditors of PREIT-RUBIN.

                  4.3 Termination for Cause. Executive's employment hereunder
shall terminate immediately upon notice that PREIT-RUBIN is terminating
Executive for "cause" (as defined herein), in which event PREIT-RUBIN shall not
thereafter be obligated to make any further payments hereunder other than
amounts (including salary, incentive compensation, expense reimbursement, etc.)
accrued under this Agreement as of the date of such termination, in accordance
with GAAP, as conclusively determined in the absence of manifest error by the
auditors of PREIT-RUBIN. As used herein, "cause" shall mean the following:

                           (i) fraud, theft or misappropriation or embezzlement
of the assets or funds of PREIT-RUBIN, the Trust or an affiliate of PREIT-RUBIN;

                           (ii) indictment for a crime involving moral
turpitude;

                           (iii) breach of Executive's obligations under
Sections 5, 6.2 and 6.3 of this Agreement;

                           (iv) failure of Executive to perform his duties to
PREIT-RUBIN, which persists for more than twenty (20) days after written notice
or which recurs; or

                           (v) repeated abuse of alcohol or abuse of other
drugs.

                                      -4-
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                  4.4  Termination without Cause; Change in Control.

                  (a)      In the event that:

                           (i) Executive's employment is terminated for any
reason other than Cause or the death or disability of Executive, then, unless
(ii) below shall be applicable as a result of voluntary termination by the
Executive or by PREIT-RUBIN other than for disability or for Cause, PREIT-RUBIN
shall pay Executive, in a single lump sum, all of the consideration provided for
in Section 3.1 during the remainder of the then-current term (including any
automatic renewal term pursuant to Section 2.1 hereof) of Executive's employment
discounted to present value at the prime rate of interest in effect on the date
of such termination, as reported in The Wall Street Journal and any amounts due
under Section 3.2 for the period of his employment; or

                           (ii) in the event that Executive's employment is
terminated for any reason other than Cause or the death or disability of
Executive or Executive voluntary terminates his employment for Good Reason (as
defined herein) following a Change in Control (as defined herein), PREIT-RUBIN
shall pay Executive up to two times the annual Base Salary provided for in
Section 3.1 and the targeted annual Incentive Compensation to be provided
pursuant to Section 3.2, but in no event more than 2.99 times the "base amount"
as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as
amended (the "Code"), reduced by the present value of non-cash payments
determined under Section 280G(b)(2)(A)(ii) of the Code and the regulations
promulgated thereunder or successor provisions of similar import. The
determination by the auditors of PREIT-RUBIN as to any amounts due Executive
pursuant to this Section 4.4(a)(ii) shall be conclusive in the absence of
manifest error.

                  Upon making the payments described in this Section 4.4(a),
PREIT-RUBIN shall have no further obligation to Executive hereunder.

                  (b) As used in this Section 4.4, the term "Good Reason" shall
mean a material breach of PREIT-RUBIN's obligations under this Agreement,
provided that PREIT-RUBIN has not remedied such breach after notice and a
reasonable opportunity to cure or the involuntary change of Executive's
principal office to a location more than 30 miles from its location immediately
prior to such change.

                  (c) As used in this Section 4.4, a "Change in Control" means:

                           (i) the acquisition by any person, entity or group
required to file a Schedule 13D or Schedule 14D-1 promulgated under the
Securities Exchange Act of 1934 (the "Exchange Act") (excluding, for this
purpose, the Trust, its affiliates, any employee benefit plan (or related trust)
of the Trust or its affiliates which acquires beneficial ownership of voting
securities of the Trust) or any acquisition by any person entitled to file Form
13G under the Exchange Act with respect to such acquisition of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of 51% or more of either the then outstanding shares of beneficial interest or
the combined voting power of the Trust's then outstanding voting securities
entitled to vote generally in the election of trustees (the "Outstanding
Shares"); or

                           (ii) the election or appointment to the Board of
Trustees of the Trust, or resignation of or removal from the Board of Trustees
of the Trust by virtue of which the Continuing Trustees (as defined below) no
longer constitute at least a majority of the Board of Trustees of the Trust; or

                           (iii) approval by the shareholders of the Trust of:
(A) a reorganization, merger or consolidation, or (B) a liquidation or
dissolution of the Trust or the sale, transfer, lease or other disposition of
all or substantially all of the assets of the Trust, whether such assets are
held directly or indirectly, (the events referred to in this Section
4.4(b)(iii)(A) and (B) being referred to hereafter as a "Business Combination")
unless, following such Business Combination, (x) all or substantially all of the
individuals and entities who were the beneficial owners of the Outstanding
Shares immediately prior to such Business Combination beneficially own, directly
or indirectly, more than 51% of, respectively, the then outstanding shares of
stock and the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of trustees, as the case may be, of
the entity resulting from such Business Combination (including, without
limitation, an entity which as a result of such transactions owns the Trust or
all or substantially all of the Trust's assets either directly or through one or
more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination of the Outstanding Shares, (y) no
person, excluding any employee benefit plan (or related trust) of the Trust or
such entity resulting from such Business Combination, beneficially owns,
directly or indirectly, 49% or more of, respectively, the then outstanding
shares of stock of the entity resulting from such Business Combination or the
combined voting power of the then outstanding voting securities of such entity
except to the extent that such ownership existed prior to the Business

                                      -5-
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Combination and (z) at least a majority of the members of the board of trustees
or directors of the entity resulting from such Business Combination were
Continuing Trustees at the time of the execution of the initial agreement, or of
the action of the Board, providing for such Business Combination; or

                           (iv) a change in control of the Trust that would be
required to be reported in response to Item 6(e) of Schedule 14A of Regulation
14A promulgated under the Exchange Act, as in effect on the date hereof, whether
or not the Trust is then subject to such reporting requirements.

                  (d) In the event that the Trust elects not to renew this
Agreement pursuant to Section 2.1 hereof, in addition to its obligations to
Executive under Section 3 for the balance of the then-current term of
employment, PREIT-RUBIN shall pay Executive six months' Base Salary, and
PREIT-RUBIN shall not be obligated to make any further payments to Executive
hereunder.

                  As used in this Section 4.4, the terms "person" and
"beneficial owner" have the same meanings as such terms under Section 13(d) of
the Securities Exchange Act of 1934 and the rules and regulations thereunder. As
used herein, "Continuing Trustees" means those trustees duly elected prior to
the time that any person, entity or group of associated persons acting in
concert has acquired beneficial ownership (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934) of 50% or more of the then outstanding shares
of capital stock of the Trust entitled to vote for the election of trustees of
the Trust, and those trustees who were recommended to succeed Continuing
Trustees by a majority of Continuing Trustees including but not limited to the
trustees designated by TRO who are elected by the Continuing Trustees in
connection with the TRO Transactions.

SECTION 5.  RESTRICTIVE COVENANTS

                  5.1 Confidentiality. Executive acknowledges a duty of
confidentiality owed to PREIT-RUBIN and shall not, directly or indirectly, at
any time during or after his employment by PREIT-RUBIN, retain in writing, use,
divulge, furnish, or make accessible to anyone, without the express
authorization of the Board, any trade secret, private or confidential
information or knowledge of PREIT-RUBIN or any of its affiliates obtained or
acquired by him while so employed by PREIT-RUBIN or by TRO or any predecessors
thereto. All computer software, books, records, and files and know-how generated
or acquired while an employee of PREIT-RUBIN or any of its predecessors, are
acknowledged to be the property of PREIT-RUBIN and shall not be duplicated,
removed from PREIT-RUBIN's possession or made use of other than in pursuit of
PREIT-RUBIN's or its affiliates' businesses and, upon termination of employment
for any reason, Executive shall deliver to PREIT-RUBIN, without further demand,
all copies thereof which are then in his possession or under his control. The
provisions of this Section 5.1 shall not apply to information which (i) is or
becomes generally available to the public other than as a result of disclosure
by Executive, (ii) was available to Executive on a non-confidential basis prior
to its disclosure to Executive, (iii) becomes available to Executive on a
non-confidential basis from a source other than the Trust or its affiliates, or
(iv) is required to be disclosed by law or by order of a court or governmental
authority.

                  5.2 Noncompetition. During the term of Executive's employment
and for six months after termination of Executive's employment for Cause,
Executive shall not directly or indirectly: (a) engage, anywhere within
twenty-five (25) miles of any property in which the Trust or an Affiliate of the
Trust has a direct or indirect ownership interest (the "Trust Properties") (i)
in the acquisition or development of any apartment properties or shopping
centers in competition with any apartment properties or shopping centers, which
at any time during the term of Executive's employment the Trust or an Affiliate
thereof has a direct or indirect ownership interest or (ii) in the management or
leasing of any property in competition with the Trust Properties; or (b) be or
become a stockholder, partner, owner, officer, director or employee or agent of,
or a consultant to or give financial or other assistance to, any person or
entity considering engaging in any such activities or so engaged; provided,
however, that nothing herein shall prohibit the Executive and his affiliates
from (i) owning, as passive investors, in the aggregate not more than 2% of the
outstanding publicly traded stock of any corporation so engaged or (ii)
acquiring, developing, managing or leasing any properties not in competition
with the Trust or any affiliate thereof, subject to sections 1.2(b) and (c)
hereof. The duration of the Executive's covenants set forth in this Section 5.2
shall be extended by a period of time equal to the number of days, if any,
during which the Executive is in violation of the provisions hereof.

                                      -6-
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                  5.3  Injunctive and Other Relief.

                           (a) Executive acknowledges that the covenants
contained in Sections 5 and 6.3 herein are fair and reasonable in light of the
consideration paid hereunder and to protect the Trust's investments under the
Contribution Agreement, and damages alone shall not be an adequate remedy for
any breach by Executive of his covenants contained herein and accordingly, in
addition to any other remedies which PREIT-RUBIN may have, PREIT-RUBIN shall be
entitled to injunctive relief in any court of competent jurisdiction for any
breach or threatened breach of any such covenants by Executive. Nothing
contained herein shall prevent or delay PREIT-RUBIN from seeking, in any court
of competent jurisdiction, specific performance or other equitable remedies in
the event of any breach or intended breach by Executive of any of its
obligations hereunder.

                           (b) In addition to such equitable relief with respect
to Sections 5 and 6.3, PREIT-RUBIN shall be entitled to monetary damages for any
breach in an amount deemed reasonable to cover all actual and consequential
losses, plus all monies received by Executive as a result of said breach by
Executive.

                           (c) In the event that PREIT-RUBIN or Executive incurs
counsel fees or other costs and expenses in connection with the enforcement of
any and all of their respective rights under this Agreement, including any
arbitration proceeding pursuant to Section 6.1 hereof, the substantially
prevailing party shall be entitled to receive reasonable attorneys' fees and
costs and expenses in connection with the enforcement of such prevailing party's
rights.

SECTION 6.  MISCELLANEOUS

                  6.1  Arbitration.

                           (a) All disputes arising out of or relating to this
Agreement which cannot be settled by the parties shall be settled by arbitration
in Philadelphia, Pennsylvania, pursuant to the rules and regulations then
obtaining of the American Arbitration Association; provided that nothing herein
shall preclude PREIT-RUBIN from seeking, in any court of competent jurisdiction,
damages, specific performance or other equitable remedies in the case of any
breach or threatened breach by Executive of Sections 5 or 6.3 hereof. The
decision of the arbitrators shall be final and binding upon the parties, and
judgment upon such decision may be entered in any court of competent
jurisdiction.

                           (b) Discovery shall be allowed pursuant to the
intendment of the United States Federal Rules of Civil Procedure and as the
arbitrators determine appropriate under the circumstances.

                           (c) The arbitration tribunal shall be formed of three
(3) arbitrators, one to be appointed by each party, and the third to be
appointed by the first two arbitrators. Such arbitrators shall be required to
apply the contractual provisions hereof in deciding any matter submitted to them
and shall not have any authority, by reason of this Agreement or otherwise, to
render a decision that is contrary to the mutual intent of the parties as set
forth in this Agreement.

                  6.2 Prior Employment. Executive represents and warrants that,
on the date hereof, he is not a party to any other employment, non-competition,
joint venture, partnership or other agreement or restriction that could
interfere with his employment with PREIT-RUBIN or his or PREIT-RUBIN's rights
and obligations hereunder; and that his acceptance of employment with
PREIT-RUBIN and the performance of his duties hereunder will not breach the
provisions of any contract, agreement, or understanding to which he is party or
any duty owed by him to any other person. Executive warrants and covenants that
he will not hereafter become a party to or be bound by any such conflicting
agreement.

                  6.3 Solicitation of Employees. During the term of Executive's
employment and for two years thereafter, Executive shall not directly or
indirectly solicit or contact any person who is employed by PREIT-RUBIN, the
Partnership of any Affiliate of either thereof with a view to the engagement or
employment of such person by any person or entity or otherwise interfere with
the employment relationship of any employee of the Trust or of any Affiliate of
either thereof.

                  6.4 Indemnification. During the term of this Agreement,
PREIT-RUBIN shall indemnify and defend Executive against all claims arising out
of Executive's activities as an officer or employee of PREIT-RUBIN to the
fullest extent permitted under PREIT-RUBIN's Articles of Incorporation, provided
that PREIT-RUBIN shall not indemnify Executive for any claims in connection with
liabilities arising under the Contribution Agreement or any document
contemplated therein. In addition to the foregoing, Executive shall, upon
reasonable notice, furnish such information and proper assistance to PREIT-RUBIN
as may reasonably be required by PREIT-RUBIN in connection with any litigation
in which it or its Affiliates are, or may become, parties.

                                      -7-
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                  6.5 Severability. The invalidity or unenforceability of any
particular provision or part of any provision of this Agreement shall not affect
the other provisions or parts hereof. If any provision hereof is determined to
be invalid or unenforceable by a court of competent jurisdiction by reason of
the duration or geographical scope of the covenants contained therein, such
duration or geographical scope, or both, shall be considered to be reduced to a
duration or geographical scope to the extent necessary to cure such invalidity.

                  6.6 Assignment. This Agreement shall not be assignable by
Executive, and shall be assignable by PREIT-RUBIN only to any person or entity
which may become a successor in interest (by purchase of assets or shares, or by
merger, or otherwise) to PREIT-RUBIN in the business or a portion of the
business presently operated by it or to an affiliate controlled by PREIT-RUBIN.
Subject to the foregoing, this Agreement and the rights and obligations set
forth herein shall inure to the benefit of, and be binding upon, the parties
hereto and each of their respective permitted successors, assigns, heirs,
executors and administrators.

                  6.7 Notices. All notices hereunder shall be in writing and
shall be sufficiently given if hand-delivered, sent by documented overnight
delivery service or registered or certified mail, postage prepaid, return
receipt requested or by telegram, fax or telecopy (confirmed by U.S. mail),
receipt acknowledged, addressed as set forth below or to such other person
and/or at such other address as may be furnished in writing by any party hereto
to the other. Any such notice shall be deemed to have been given as of the date
received, in the case of personal delivery, or on the date shown on the receipt
or confirmation therefor, in all other cases. Any and all service of process and
any other notice in any action, suit or proceeding shall be effective against
any party if given as provided in this Agreement; provided that nothing herein
shall be deemed to affect the right of any party to serve process in any other
manner permitted by law.

                           (a)      If to PREIT-RUBIN:

                           PREIT-RUBIN, Inc.
                           The Bellevue
                           200 South Broad Street
                           3rd Floor
                           Philadelphia, PA 19102
                           Tel:  (215) 542-4180
                           Fax:  (215) 542-9179

                           Attention:  George Rubin, President

                           With a copy to:

                           Drinker Biddle & Reath LLP
                           Philadelphia National Bank Building
                           1345 Chestnut Street
                           Philadelphia, PA  19107-3496
                           Tel: (215) 988-2794
                           Fax: (215) 988-2757

                           Attention: Howard A. Blum, Esq.

                  (b)      If to Executive:

                           David Bryant
                           [address]

                           With a copy to:

                           Klehr, Harrison, Harvey, Branzburg & Ellers, LLP
                           1401 Walnut Street
                           Philadelphia, PA  19102
                           Tel:  (215) 569-6060
                           Fax:  (215) 568-6603

                           Attn:  Leonard H. Klehr, Esq.

                  6.8 Entire Agreement and Modification. This Agreement
constitutes the entire agreement between the parties hereto with respect to the
matters contemplated herein and supersedes all prior agreements and
understandings with respect thereto. Any amendment, modification, or waiver of
this Agreement shall not be effective unless in writing. Neither the failure nor
any delay on the part of any party to exercise any right, remedy, power or
privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power, or privilege
with respect to any occurrence or be construed as a waiver of any right, remedy,
power, or privilege with respect to any other occurrence.

                                      -8-
<PAGE>

                  6.9 Governing Law. This Agreement is made pursuant to, and
shall be construed and enforced in accordance with, the internal laws of the
Commonwealth of Pennsylvania (and United States federal law, to the extent
applicable), without giving effect to otherwise applicable principles of
conflicts of law.

                  6.10 Headings; Counterparts. The headings of paragraphs in
this Agreement are for convenience only and shall not affect its interpretation.
This Agreement may be executed in two or more counterparts, each of which shall
be deemed to be an original and all of which, when taken together, shall be
deemed to constitute but one and the same Agreement.

                  6.11 Delegation. Any action hereunder that may be taken or
directed by the Board may be delegated by the Board to a Committee consisting
entirely or principally of directors or officers or to an individual director or
officer and the determination of such Committee or individual shall have the
same effect hereunder as a determination of the Board.

                  6.12 Effective Date. This Agreement shall take effect on the
Effective Date. If the Contribution Agreement shall be terminated prior to the
Effective Date, this Agreement shall have no force or effect and neither the
Trust nor Executive shall have any liability to the other by reason of the
provisions of this Agreement.

                                      -9-
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                  IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first above written.

                                            THE RUBIN ORGANIZATION, INC.

                                            By /s/ George Rubin
                                               --------------------------------
                                               Name: George Rubin
                                               Title:  President

                                               /s/ David Bryant
                                               --------------------------------
                                               David Bryant

Accepted and Agreed as to
Sections 3.2, 3.3 and 3.6 hereto:

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

By: /s/ Jeffrey Linn
    ------------------------
    Name: Jeffrey Linn
    Title:  Secretary

                                      -10-
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                                   Schedule 1

OPERATING PROPERTIES
--------------------

Retail
------

Court at Oxford Valley                              -  Oxford Valley, PA
Northeast Tower Center                              -  Philadelphia, PA
Christiana Mall                                     -  Newark, DE
Cumberland Mall                                     -  Vineland, NJ
Fairfield Mall                                      -  Chicopee, MA
The Shops at The Bellevue                           -  Philadelphia, PA
17th & Chestnut (former Herman's)                   -  Philadelphia, PA
20th & Erie (Riteway)                               -  Philadelphia, PA
Richmond & Bristol (Thriftway)                      -  Philadelphia, PA
Castor & Sedgley (Shop'n Bag)                       -  Philadelphia, PA
5th & Pine (A&P)                                    -  Philadelphia, PA
Route 23 & Youngsford Road (A&P)                    -  Gladwyne, PA
125 City Line Avenue (PNC Branch)                   -  Philadelphia, PA
Plaza at Willow Grove (restaurants/stores)          -  Willow Grove, PA
Trolley Shop (Pan Ivy)                              -  Willow Grove, PA

Office Buildings
----------------

Offices at The Bellevue                             -  Philadelphia, PA
Mellon Bank Center                                  -  Philadelphia, PA
Six Penn Center                                     -  Philadelphia, PA
210 West Washington Square                          -  Philadelphia, PA
400 Market Street                                   -  Philadelphia, PA
555 City Line Avenue                                -  Philadelphia, PA
40 South Monument Road                              -  Bala Cynwyd, PA
1626 Locust Street                                  -  Philadelphia, PA
Former Meridian Bank Building                       -  Philadelphia, PA

Hotel
-----

The Bellevue Park Hyatt                             -  Philadelphia, PA

Residential
-----------

None

Other
-----

The Sporting Club at The Bellevue                   -  Philadelphia, PA
Toyota Dealership                                   -  Runnemede, NJ

                                      -11-
<PAGE>

DEVELOPMENT PROJECTS/LAND
-------------------------

Retail and Mixed Use
--------------------

Hillview Shopping Center                              -  Cherry Hill, NJ
Northeast Tower Center                                -  Philadelphia, PA
Blue Route Metroplex                                  -  Plymouth Meeting, PA
Burlington Towne Center                               -  Burlington, NJ
Christiana Power Center (Phase I)                     -  Newark, DE
Christiana Power Center (Phase II)                    -  Newark, DE
Howell Township Center                                -  Howell, NJ
Red Rose Commons                                      -  Lancaster, PA
Springfield Park (Wanamakers)                         -  Springfield, PA
Jenkintown Center (Wanamakers)                        -  Jenkintown, PA
Concord Pike                                          -  Wilmington, DE
Girard Estate (11th & Market Streets)                 -  Philadelphia, PA
Delaware Avenue                                       -  Philadelphia, PA
Miron-Newburgh Power Center                           -  Newburgh, NY
South Albany Power Center                             -  Bethlehem, NY

Office
------

Six Penn Center                                       -  Philadelphia, PA
Land at Route 3 and 1-476                             -  Marple Township, PA
10th & Filbert Streets (Greyhound Bus
  Terminal)                                           -  Philadelphia, PA
17th & Kennedy Streets (parking lot)                  -  Philadelphia, PA

Residential
-----------

2400 Locust Street                                    -  Philadelphia, PA
Western Savings Building                              -  Philadelphia, PA

Hotel
-----

PSFS Building                                         -  Philadelphia, PA

Other
-----

Sports World/Stadium Complex                          -  Philadelphia, PA
Land Parcel                                           -  Ventnor, NJ

                                      -12-
<PAGE>

                      Schedule 3.3 To Employment Agreement

The following is a list of benefits available to Executive. The Executive has
access to these though he may choose not enroll in all of them.

Medical Plan
------------
Choice of Point of Service or HMO plans available; plans include: Keystone East
Health Plan, Keystone Point of Service, US Healthcare Patriot V, Quality Point
of Service

Dental Plan
-----------
Traditional/DMO plan - Prudential

Life Insurance
--------------
Core of $10,000 - Fortis
Buy-up available for Executive to $300,000 and dependent life insurance
available - Fortis

AD&D Insurance
--------------
Core of $10,000 - Fortis
Buy-up available for Executive to $310,000 and dependents AD&D insurance
available - AIG

STD Insurance
-------------
Provides 50% or 100% of weekly salary up to cap of $1,200 per week after the 4th
week - self insured

LTD Insurance
-------------
Core of 50% of monthly salary up to cap of $1,000 per month - Fortis
Buy-up available for 60% of monthly salary up to cap of $3,750 per month
- Fortis
Executive LTD at 60% of monthly earnings up to a cap of $8,000 - Provident

Business Travel Accident Insurance
----------------------------------
Up to $100,000 benefit - CIGNA

Employee Assistance Program
---------------------------
Core benefit provided at no cost to Executive - Directions

Vision Care Plan
----------------
Provides discounts on eyeware - Outlook Vision Services

Flexible Spending Accounts
--------------------------
Both Medical and Dependent Care FSA available; $2,000 in medical FSA allowed,
$5,000 in dependent FSA allowed. [Not available for partners over 2%]

401(k) Plan
-----------
Executive contribution of 1-15% of salary
Company match of 75% up to the first 4% of Executive's contributions
Then match equals 50% up to the next 2% of Executive's contributions<PAGE>

                                                                 EXHIBIT 10.66

                              EMPLOYMENT AGREEMENT

                  This Agreement is made as of the 1st day of January, 1998,
between Pennsylvania Real Estate Investment Trust ("PREIT") and Raymond J. Trost
("Employee").

                             Background of Agreement

                  Employee has, since 1983, served PREIT in various capacities,
including since 1994 as Manager of PREIT's multi-family properties, and is
currently serving as Vice President-Asset Management. The parties are entering
into this Agreement to set forth their understandings with respect to the
continued employment of Employee.

                  NOW, THEREFORE, the parties hereto, intending to be legally
bound hereby and in consideration of the mutual covenants herein contained,
agree as follows:

                                      -2-

<PAGE>

                  1. Employment. PREIT hereby employs the Employee, and the
Employee hereby accepts employment, upon the terms and conditions set forth
herein.

                  2. Duties. Employee shall serve PREIT in the position of Vice
President-Asset Management with duties and responsibilities generally consistent
with those currently performed or in such other capacity as shall be determined
by the Board of Trustees and as shall be consistent with Employee's skills and
experience. Employee shall devote his entire business time, attention and best
efforts to the performance of his duties hereunder and shall not, during the
term of his employment, be engaged in any other business activity (whether or
not such business activity is pursued for gain, profit or other pecuniary
advantage) that would interfere with the services to be rendered by Employee
hereunder. However, this provision shall not prevent Employee from investing his
assets in such form or manner as will not require any services on his part in
the operation of the affairs of the companies in which investments are made.

                  3. Term. The term of employment hereunder shall expire on
December 31, 1999. Upon the expiration of such period, the term of employment
shall be automatically extended for successive of terms of one year each, unless
either party gives the other not less than one hundred eighty (180) days written
notice prior to the expiration of the term of its or his intention not to extend
the term of such employment. If such notice is given, the term of employment
shall terminate at the end of the then current term.

                  4. Basic Compensation. PREIT agrees to pay and Employee agrees
to accept, as the basic compensation for all services to be rendered by Employee
hereunder, the sum of One Hundred Thousand Dollars ($100,000) per annum, payable
in approximately equal weekly, bi-monthly or monthly installments. The Board of
Trustees of PREIT (or any committee of the Board thereunto authorized), in its
sole discretion, may increase (but not decrease) the annual basic compensation
payable hereunder at any time or times during the term hereof.

<PAGE>

                  5. Working Facilities and Expenses. PREIT shall furnish
Employee with appropriate office space and other facilities and services
suitable to his employment hereunder and adequate for the performance of his
duties. PREIT shall also pay directly or reimburse to Employee all
business-related expenses incurred in the course of his duties hereunder against
receipt of verification thereof.

                  6. Termination of Employment. In addition to the provisions of
Section 3 hereof, Employee's employment:

                           6.1 May be terminated by PREIT for "good cause." The
term "good cause" shall mean (I) dishonesty; (ii) conduct on the part of
Employee intended to or likely to injure the business of PREIT; (iii) Employee's
(a) indictment for a crime involving moral turpitude relating to his employment
or (b) conviction for a crime involving moral turpitude not involving
employment, whether or not an appeal shall be pending; (iv) insobriety repeated
after notice to Employee by PREIT; or (v) a material failure of Employee to
perform or observe the provisions of this Agreement (other than by reason of
illness or incapacity) which persists for more than ten (10) days after written
notice is given to Employee describing such failure.

                           6.2 May be terminated by PREIT in the event that
Employee shall become disabled, as set forth in and pursuant to the notice
provisions of Section 8 hereof.

                           6.3 Shall be terminated upon the death of Employee.

                           In the event that Executive's employment is
terminated pursuant to this Section 6, PREIT shall not thereafter be obligated
to make any further payments hereunder other than amounts (including salary,
bonuses, if any, and expense reimbursements) accrued as of the date of such
termination in accordance with United States generally accepted accounting
principles, as conclusively determined in the absence of manifest error by
PREIT's auditors.

                                      -2-
<PAGE>

                  7. Termination Without Cause. In the event that Executive's
employment is terminated for any reason other than pursuant to Sections 6.1, 6.2
and 6.3, PREIT shall pay Executive, in a single lump sum, all of the
consideration provided for in Section 4 in respect of the remainder of the
then-current term (including any automatic renewal pursuant to Section 3) of
Executive's employment discounted to present value at the prime rate of interest
in effect on the date of such termination, as reported in The Wall Street
Journal.

                  8. Disability.

                           8.1 Effect of Disability. In the event that during
the term of employment Employee shall become disabled so that he is unable to
perform his duties hereunder, the compensation herein provided shall continue to
be paid until PREIT exercises its rights of termination set forth herein. Should
the disability continue for more than six (6) consecutive months or should such
disability exist for more than nine (9) months in any twelve (12) month period,
PREIT shall have the right to terminate the term of employment, without further
liability to pay compensation hereunder, by giving Employee thirty (30) days
notice of its intention to do so. If Employee shall resume his duties within
thirty (30) days after such notice is given and shall perform such duties on a
regular basis for three (3) consecutive months thereafter, the term of
employment shall continue in full force and effect and the notice of intention
to terminate shall have no further force or validity; otherwise, the term of
employment shall terminate at the end of such thirty (30) day period or, if
applicable, upon the recurrence of disability during the three (3) month period.

                           8.2 Determination of Disability. Employee shall be
deemed disabled for purposes of this Agreement either (I) if he is deemed
disabled for purposes of any disability policy, group or individual, paid for by
PREIT and at the time in effect, or (ii) if no such disability policy is then in
effect, by an independent referee licensed to practice medicine selected by the
Board of Trustees of PREIT and approved by Employee or in the event that PREIT

                                      -3-
<PAGE>

and Employee are unable to agree on a single referee, then by a panel of three
(3) independent referees licensed to practice medicine, one of whom shall be
selected by the Board of Trustees, one by Employee and the third by the other
two (2) referees.

                           8.3 Clarification. Employee shall not be entitled to
the benefits of Sections 8.1 and 8.2 hereof if he should become disabled after
his employment has been terminated pursuant to the provisions of Section 6.1
hereof.

                  9. Additional Benefits.

                           9.1 Employee shall be entitled to receive benefits
generally equivalent to those presently provided to him in the course of his
employment with PREIT and such additional benefits as may be provided to a
majority of the other executive employees of PREIT, including, without
limitation, participation in the PREIT incentive compensation plan in accordance
with the terms of the plan.

                           9.2 Employee shall be entitled to paid vacation in
accordance with past practice in this regard.

                  10. Trade Secrets; Confidential Information. In the event
that, during the course of his employment hereunder, Employee shall obtain
information concerning trade secrets or other matters confidential to the
business of PREIT, Employee agrees not to disclose any such information, during
or after his term of employment, to any person, firm, corporation or other
entity for any reason whatsoever.

                  11. Restrictive Covenant. During the term set forth in Section
3 of this Agreement, unless PREIT shall have willfully failed to comply with its
material obligations to Employee hereunder, which failure shall persist after
notice thereof, Employee shall not, directly or indirectly, engage in rendering
of service to, act on behalf of, be connected with, furnish consulting services
to, or be employed by, any real estate investment trust (other than PREIT or an
affiliate or subsidiary of PREIT) or any person, corporation, partnership or
other entity within a one hundred (100) mile radius of the principal office of
PREIT, which invests, directly or through partnerships, corporations or other
entities in shopping centers or apartment complexes.

                                      -4-
<PAGE>

                  12. Notices. Any notice required, permitted or referred to
under this Agreement shall be in writing and shall be deemed to have been given
when delivered personally or sent by registered or certified mail, postage
prepaid, addressed as follows:

                           If to Employee:

                                    Mr. Raymond J. Trost
                                    495 Lamont Street
                                    Philadelphia, PA  19128

                           If to PREIT:

                                    Pennsylvania Real Estate Investment Trust
                                    455 Pennsylvania Avenue, Suite 135
                                    Fort Washington, Pennsylvania  19034
                                    Attention:  Jonathan B. Weller, President

The designation of the person to be so notified or the address of such person
for the purposes of such notice may be changed from time to time by a similar
notice to be effective ten (10) days after such change designation is supplied.

                  13. Binding Effect. This Agreement and all of the terms hereof
shall be binding upon and inure to the benefit of the parties hereto and their
respective heirs, successors, administrators and assigns.

                  14. Location of Employment. Employee's place of employment
shall remain in Fort Washington or in Pennsylvania within a twenty (20) mile
radius of Philadelphia.

                  15. Severability. If any term or provision of this Agreement
is held to be invalid or unenforceable for any reason, such invalidity or
unenforceability shall not affect any other term or provision hereof, and this
Agreement shall continue in full force and effect as if such invalid or
unenforceable term or provision (to the extent of the invalidity or
unenforceability) had not been contained herein.

                                      -5-
<PAGE>

                  16. Headings. The section headings in this Agreement are for
reference purposes only and shall not define, limit or affect the meaning or
interpretation of this Agreement.

                  17. Applicable Law. This Agreement shall be construed and
enforced in accordance with the laws of the Commonwealth of Pennsylvania.

                  18. Entire Agreement. This Agreement contains the entire
agreement and understanding between the parties hereto with respect to the
subject matter hereof and supersedes all prior negotiations, understandings and
agreements, if any, with respect to such subject matter and there are no
agreements other than those set forth, provided for, or referred to herein. This
Agreement may not be amended or modified orally, nor may its provisions be
waived orally, but such may be done only in writing, signed by the party against
whom enforcement of any amendment, modification or waiver is sought.

                  IN WITNESS WHEREOF, the parties have executed this Agreement
on the day and year first above written.

                                        PENNSYLVANIA REAL ESTATE
                                        INVESTMENT TRUST

                                        By: /s/ Jonathan B. Weller
                                           ----------------------------------
                                                Jonathan B. Weller, Trustee

                                        EMPLOYEE

                                        /s/ Raymond Trost
                                        ---------------------------
                                        Raymond Trost

                                      -6-

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