I N V E S TO R U P D AT E N O V E M B E R

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Homer McDonald
5 years ago
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1 I N V E S TO R U P D AT E N O V E M B E R

2 PREIT: Company Overview 2

3 Geography 3

4 Q Highlights $475 psf 3.2% 5.8% 475,000 square feet 200 basis point 4

5 Diversified Tenant Base Entertainment Off Price Fast Fashion Dining Apparel & Accessories 5

6 Since August. Viewmont Mall Magnolia Mall Capital City Mall Valley View Mall Cherry Hill Mall Dartmouth Mall Wyoming Valley Mall 6

7 Since August. Sale of Logan Valley Mall 6.875% Series D Preferred Shares Sale of 801 Market Street Office Lehigh Valley Mall Refinancing 7

8 Differentiated from B-Mall Players Source: Green Street Advisors 8

9 Sears exposure as a differentiator Based on SunTrust Robinson Humphrey analyst report 9

10 Successful Transformation 10

11 Underappreciated Quality Add chart of NOI by tier here 11

12 Quality Differentiator ~ (1)Gerney Research study dated (2)Estimated by 3 rd party research firm. 12

13 Track Record of Replacing Tenants GLA impacted % Covered (1) 2016 Bankruptcies 216,136 84% 2017 YTD Bankruptcies 497,914 83% Total 714,050 83% (1) Data as of September 30,

14 Recently Opened Tenants and Executed Pipeline 568K sf 186K sf 474K sf 14

15 Other NOI-driving Initiatives 186K sf 568K sf 474K sf 15

16 Expanding Retailers 16

17 Expanding Retailers - continued 17

18 Redevelopment & Anchor Repositioning Strategy 18

19 Completed Anchor Enhancements 19

20 Anchor Replacement Status Prior Tenant Property Tenant Status/Description 20

21 Sears Recapture Success 21

22 Viewmont Mall 22

23 Viewmont Mall 23

24 Viewmont Mall 24

25 Capital City Mall 25

26 Capital City Mall 26

27 Capital City Mall 27

28 Magnolia Mall 28

29 Magnolia Mall 29

30 Magnolia Mall 30

31 Valley Mall Anchor Enhancement: Fashion, Fitness, Food, Fun 31

32 Mall at Prince Georges: MPG 32

33 MPG Remerchandising 33

34 MPG: Construction in Progress 34

35 MPG: Introducing New Brands 35

36 Woodland Mall 36

37 Woodland Mall 37

38 Woodland Mall 38

39 Woodland Mall 39

40 Fashion District Philadelphia 40

41 Fashion District Philadelphia 41

42 Fashion District Philadelphia 42

43 Fashion District Philadelphia 43

44 Fashion District Philadelphia 44

45 Balance Sheet Strategy WELL-LADDERED DEBT MATURITIES MINIMAL EXPOSURE TO FLOATING RATE DEBT SUFFICIENT LIQUIDITY BEYOND COMMITTED CAPITAL NEEDS STRONG DIVIDEND COVERAGE 45

46 Addressing Capital Plan & Liquidity (millions) As of September 30,

47 Redevelopment Spend Forecast (1) At PREIT's estimated share. Amounts shown are net of any expected tenant reimbursements, parcel sales, tax credits or other incentives. 47

48 Status of Capital Raising Initiatives Initiative Status Non-Operating Asset Sales Negotiating contracts on land parcels in Chester County,PA and Gainesville, FL. Retained land parcel at Beaver Valley mall SOLD Densification/Air Rights Sales Negotiating agreement of sale for Air Rights at FOP Executed Agreement for land sale at Exton anticipated closing in 2018 Sale of Interests in Operating Assets Logan Valley Mall SOLD 801 Market SOLD Valley View Mall being marketed Negotiating contract for 907 Market Office Marketing interest in several medium-high quality malls through 3 rd party broker Financings Construction Loans & Excess Proceeds on Mortgage Refinancings Discussions underway for Phase I Loan on FDP Additional proceeds for Viewmont Mall following completion of Sears replacement Lehigh Valley early refinance COMPLETE 48

49 Well-Laddered Debt Maturities $500 $400 $300 $200 $100 $

50 Key Investment Highlights high barrier-to-entry markets improve quality Diversified tenant mix proactive replacement Sufficient liquidity 50

51 Forward Looking Statement

Quality Properties in Compelling Markets I N V E S T O R U P D AT E M A R C H

Quality Properties in Compelling Markets I N V E S T O R U P D AT E M A R C H 2 0 1 7 PREIT s STRATEGIC VISION Quality continues to be PREIT s guiding principle to achieve its strategic vision by 2020