I N V E S TO R U P D AT E N O V E M B E R 2 0 1 7 1
PREIT: Company Overview 2
Geography 3
Q3 2017 Highlights $475 psf 3.2% 5.8% 475,000 square feet 200 basis point 4
Diversified Tenant Base Entertainment Off Price Fast Fashion Dining Apparel & Accessories 5
Since August. Viewmont Mall Magnolia Mall Capital City Mall Valley View Mall Cherry Hill Mall Dartmouth Mall Wyoming Valley Mall 6
Since August. Sale of Logan Valley Mall 6.875% Series D Preferred Shares Sale of 801 Market Street Office Lehigh Valley Mall Refinancing 7
Differentiated from B-Mall Players Source: Green Street Advisors 8
Sears exposure as a differentiator Based on SunTrust Robinson Humphrey analyst report 9
Successful Transformation 10
Underappreciated Quality Add chart of NOI by tier here 11
Quality Differentiator ~ (1)Gerney Research study dated 5.18.17 (2)Estimated by 3 rd party research firm. 12
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, 2017 13
Recently Opened Tenants and Executed Pipeline 568K sf 186K sf 474K sf 14
Other NOI-driving Initiatives 186K sf 568K sf 474K sf 15
Expanding Retailers 16
Expanding Retailers - continued 17
Redevelopment & Anchor Repositioning Strategy 18
Completed Anchor Enhancements 19
Anchor Replacement Status Prior Tenant Property Tenant Status/Description 20
Sears Recapture Success 21
Viewmont Mall 22
Viewmont Mall 23
Viewmont Mall 24
Capital City Mall 25
Capital City Mall 26
Capital City Mall 27
Magnolia Mall 28
Magnolia Mall 29
Magnolia Mall 30
Valley Mall Anchor Enhancement: Fashion, Fitness, Food, Fun 31
Mall at Prince Georges: MPG 32
MPG Remerchandising 33
MPG: Construction in Progress 34
MPG: Introducing New Brands 35
Woodland Mall 36
Woodland Mall 37
Woodland Mall 38
Woodland Mall 39
Fashion District Philadelphia 40
Fashion District Philadelphia 41
Fashion District Philadelphia 42
Fashion District Philadelphia 43
Fashion District Philadelphia 44
Balance Sheet Strategy WELL-LADDERED DEBT MATURITIES MINIMAL EXPOSURE TO FLOATING RATE DEBT SUFFICIENT LIQUIDITY BEYOND COMMITTED CAPITAL NEEDS STRONG DIVIDEND COVERAGE 45
Addressing Capital Plan & Liquidity (millions) 2017-2020 As of September 30, 2017 46
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
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
Well-Laddered Debt Maturities $500 $400 $300 $200 $100 $0 2017 2018 2019 2020 2021 2022 2023 2024 2025 49
Key Investment Highlights high barrier-to-entry markets improve quality Diversified tenant mix proactive replacement Sufficient liquidity 50
Forward Looking Statement