Business background

Pennsylvania Real Estate Investment Trust (“PREIT” or the “Company”) is a publicly traded real estate investment trust (NYSE:PEI) that owns and manages innovative properties developed to be thoughtful, community-focused resorts.

Strong portfolio of carefully curated retail and lifestyle offerings

with in-destination dining and entertainment experiences with

Key facts and figures

18 shopping centers

$597 sales/PC

Totaling +16mm square

Core portfolio, excluding

feet

Cumberland Shopping Center

tremendous opportunity to create dynamic multi-use destinations

Presence in carefully selected geographical areas to secure the market

dominance, especially in Philadelphia and Washington, D.C.

metropolitan areas

Focused on improving the quality of its portfolio through

redevelopment, repositioning of anchors, diversification of its mix of tenants and

densify properties by adding a mix of uses

Over the past decade, PREIT has carried out a mandate to increase

the quality of its portfolio

Replacement of 19 anchor boxes by more than 40 new tenants

Disposal of 19 lower quality assets or 40% of the asset base

resulting in nearly $900 million from disposals, a

of which a significant part has been invested via the redevelopment of the

remaining assets

95.6%

Total core portfolio

Rented space(1)

885k

Average population

$426 million

Invested in portfolio

since 2016

8.7%

Quarterly average

Renewal spreads

$85,000

Median household income

23 years

Medium management

mandate within the Company

Source: Company management, documents filed by the company.

2

(1) As of September 30, 2022.

Quarterly and year-to-date comparable store NOI, excluding lease termination revenue, increased 3.3% and 3.5%, respectively, due to higher revenue from occupancy gains

The Company used proceeds from the sale of assets and excess cash from operations to repay debt of $148 million during the ten months ended October 31, 2022.

The Company has sent a notice electing to extend its credit facility and has satisfied the new margin requirement on Fashion District Philadelphia.

Closed on asset sale, generating over $110 million in gross proceeds with additional $130 million in ongoing capital raising operations.

Year-to-date FFO improved from $2.08/share to $0.38/share for the nine months ended September 30, 2022 compared to the comparable period of 2021

3

Total Core Mall leased

at 95.6%, driven by new record rental activity in 2021

300,000 square feet of leases

signed for future openings,

should contribute

annual gross rent of $7.0

million

Total occupancy of the main mall

increased by 480 base

peak at 94.4%

Quarterly renewal spreads were 8.7%; highest in over four years

4

Construction has begun on a new self-storage facility in previously unused underground space at Prince George’s Shopping Center in Hyattsville, MD.

To Moorestown MallCooper University Healthcare has begun construction on its facility which is expected to open in the second half of 2023. Construction is underway for the 375-unit building with initial occupancy expected in the fall of 2024.

Tenant work is underway for a new prototype, 32,000 square foot, LEGO® Discovery Center at Downtown Springfield with an expected opening in the third quarter of 2023. In addition, the proposed developments of apartments and hotels

will make the building more attractive to customers and candidate tenants.

Cherry Hill Shopping Center continues to attract new portfolio tenants: previous new store openings from Warby Parker and Marc Cain will be complemented by our first Levi’s, Psycho, Bunny and Eddie V’s.

5

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Disclaimer

PREIT – Pennsylvania Real Estate Investment Trust published this content on November 11, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Nov 11, 2022 8:21:03 PM UTC.

Public now 2022

All the latest from PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

Sales 2021 293M

Net income 2021 -133M

Net debt 2021 1,864 million

PER 2021 ratio -0.50x
2021 performance
Capitalization 15.2 million
15.2 million
EV / Sales 2020 7.57x
EV / Sales 2021 6.64x
# of employees 158
Floating 33.4%

Chart PENNSYLVANIA REAL ESTATE INVESTMENT TRUST


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