June investor deck final

1. 1
INVESTOR UPDATE
JUNE 2017

2. PREIT: Company Overview
Strong market position with quality properties concentrated in
mid-Atlantic’s top MSAs
23 million square feet dedicated to retail, dining and
entertainment with an increasingly strong and diversified anchor
mix
Early-mover advantage in rapidly-changing retail environment has
created differentiated platform
Small scale creates outsized growth opportunities through:
• Redevelopment and remerchandising
• Anchor transformation
• Densification
2

3. Key Investment Highlights
• C O N C E N T R A T E D P O R T F O L I O I N D E N S E L Y P O P U L A T E D , H I G H B A R R I E R - T O - E N T R Y
M A R K E T S
• C A P I T A L I Z I N G O N O P P O R T U N I T I E S T O I M P R O V E Q U A L I T Y T H R O U G H
R E M E R C H A N D I S I N G A N D R E D E V E L O P M E N T
• D I V E R S I F I E D T E N A N T M I X : O V E R 1 M I L L I O N S Q U A R E F E E T O F S P A C E A D D E D I N
D I N I N G , E N T E R T A I N M E N T , F A S T F A S H I O N , G R O C E R Y , H E A L T H & W E L L N E S S A N D
O F F - P R I C E C A T E G O R I E S
• I N S U L A T E D P O R T F O L I O C R E A T E S S T A B I L I T Y A N D O P P O R T U N I T Y F O R O U T S I Z E D
G R O W T H
• L I M I T E D A B S O L U T E E X P O S U R E T O S E A R S T H R O U G H P R O A C T I V E R E P L A C E M E N T
E F F O R T
• S U F F I C I E N T L I Q U I D I T Y T O M A N A G E E X I S T I N G P R O J E C T S A S W E L L A S P O T E N T I A L
F U T U R E D E P A R T M E N T S T O R E C L O S U R E S
3

4. Geography
PREIT’s portfolio is primarily located along the east coast with a
concentration in the mid-Atlantic’s top MSA’s - Philadelphia and
Washington DC.
4
Valley Mall
FrancisScott Key Mall
Mall at Prince Georges
Springfield Town Center
Exton Square Mall
Springfield Mall
Cumberland Mall
Moorestown Mall
Cherry Hill Mall
Gloucester PremiumOutlets
Willow Grove Park
Plymouth Meeting Mall
Fashion Outlets
PHILADELPHIA WASHINGTON DC

5. Successful Transformation
P R E I T H A S A T R A C K R E C O R D O F S U C C E S S F U L L Y E X E C U T I N G O N K E Y I N I T I A T I V E S ,
T R A N S F O R M I N G T H E C O M P A N Y A N D I M P R O V I N G T H E Q U A L I T Y O F O U R
P O R T F O L I O .
CREATED A FOCUSED MARKET
STRATEGY
• Concentrated portfolio in densely populated, high barrier-to-entry markets
• >40% of NOI generated from Top 5 assets with sales PSF of $588
OPTIMIZED PORTFOLIO
• Significantly reduced risk profile through strategic disposition program
• Sold 16 low-productivity malls with 2 more on the market
• Capitalizing on opportunities to improve quality through remerchandising and
redevelopment
REVITALIZING CORE ASSETS TO
CAPITALIZE ON RAPIDLY
CHANGING LANDSCAPE
• Sector leading ~20% of space committed to dining & entertainment
• Proactively replace challenged department stores with diverse mix of high-
performance retailers
• Over 1 million square feet of space added in dining, entertainment, fast
fashion, grocery, health & wellness and off-price categories
IMPROVED BALANCE SHEET
• Liquidity; $400 million credit facility with no outstanding balance (as of 4/30/27)
• Well-laddered debt maturities
• $720 million raised through asset sales
• Minimal exposure to floating rate debt
• Roadmap to lower leverage through NOI growth and asset sales
• Targeted leverage below 47% and Debt/EBITDA below 7x
ACHIEVED OPERATIONAL
EXCELLENCE
• Independent sales projection reflects stabilized portfolio reaching ~$540 psf in
2019
• Multi-year plan reflects average NOI growth of 6-8% over 4 years
• Avg Sales/SF of $475 and NOI-weighted sales of $494 (excl. assets marketed for
sale)
5

6. Transformation: By The Numbers
6
2012 2017 Beyond 2018
# of Properties 46 27 25
# of States 13 9 8
# of Markets 20 12 10
Total GLA 33 million 23 million 22 million
Portfolio Sales/SF $365 $465 ~$540
Assets > $500/SF 3 5 >10
% of NOI from assets with sales >
$500 PSF
20% 39% > 55%

7. Strategic Vision
• S t r a t e g i c i n v e s t m e n t a n d e x p a n s i o n i n a t t r a c t i v e
m a r k e t s
• E m p l o y i n g a c o n s u m e r - d r i v e n a p p r o a c h t o t e n a n t m i x
• C a p i t a l i z i n g o n s h i f t i n g c o n s u m e r s h o p p i n g b e h a v i o r s b y
a n t i c i p a t i n g t r e n d s
• D e l i v e r o p e r a t i n g r e s u l t s t h a t r e f l e c t t h e q u a l i t y o f t h e
p o r t f o l i o
• E x p e d i t e c a p i t a l p l a n t o m a x i m i z e l i q u i d i t y a n d r e d u c e
l e v e r a g e s o w e c a n c o n t i n u e t o c a p i t a l i z e o n v a l u e -
e n h a n c i n g o p p o r t u n i t i e s
C O N T I N U E T R A N S F O R M AT I O N I N T O A T O P - T I E R M A L L R E I T T H R O U G H
P O R T F O L I O O P T I M I Z AT I O N , A D I V E R S I F I E D T E N A N T M I X A N D A S T R O N G
B A L A N C E S H E E T T O C A P I TA L I Z E O N O P P O R T U N I T I E S T O C R E AT E V A L U E
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8. A Differentiated Platform
• Insulated Portfolio creates stability
• Small scale results in manageable impact from retailer fallout
• Opportunity for outsized growth upon execution of redevelopment
program
• Strategic position in Top 10 Markets - Philadelphia and Washington DC
• Limited absolute exposure to Sears through proactive replacement effort
• Portfolio Sales productivity exceeds “Low Productivity” Peers
8

9. Sears exposure as a differentiator
9
0 10 20 30 40 50 60 70 80
TCO
CBL
WPG
MAC
GGP
SPG
PEI

10. Underappreciated Quality
10
Add chart of NOI by tier here
% of TTM NOI Sales PSF
% Change in
Sales PSF
Top 5 40.9% $588 1.0%
6-10 16.7% $457 0.4%
11-15 15.5% $406 (3.3%)
16-20 16.0% $350 (3.0%)
Marketed for sale 5.3% $344 (1.3%)
O V E R 4 0 % O F N O I C O M E S F R O M T O P 5 P R O P E R T I E S G E N E R AT I N G S A L E S
P S F O F $ 5 8 8
A V E R A G E P O R T F O L I O S A L E S / S F O F $ 4 7 5 A N D N O I - W E I G H T E D S A L E S O F
$ 4 9 4 ( E X C L . A S S E T S M A R K E T E D F O R S A L E )

11. Quality Differentiator
11
• Current Portfolio (4/30/17)
• Excluding Asset Offered for Sale
• Estimated Stabilized Portfolio Sales (1):
• Fashion Outlets Philadelphia Estimate (2):
• Estimated Stabilized Portfolio Sales:
(1)Gerney Research study dated 5.18.17
(2)Estimated by 3rd party research firm .
~

12. Retail Industry Outlook
• Department Store Rationalization
• Necessary; replacements are a net positive
• Strong demand demonstrated
• Capital is required, but returns are strong
• Specialty Retailer Bankruptcies
• 2017 Bankruptcies: 9 retailers impacting 50 locations in PREIT portfolio
• Strong history of replacements: 75% of 2016 – 2017 spaces covered
• Minimal occupancy impact
• Growing number of uses insulates us from shifts in apparel spending
• Blurring of lines between retail formats
• Best locations wins
• Built in traffic is compelling for traditionally off-mall players
• The best retail experience will blend full and off-price, fast fashion, specialty
boxes, dining, entertainment, health and wellness…under one roof
12

13. Balanced Department Store Risk
December 31, 2011 Pro-forma (1)
Macy’s 24 15
JC Penney 29 16
Sears/K Mart 27 7 (2)
Boscov’s 9 6
Bon Ton 12 1
Dillard’s 3 1
Von Maur -- 1
Burlington 6 3
Century 21 Dept Stores -- 1
DICK’s Sporting Goods 2 5
Gander Mountain (BK) 1 --
Nordstrom/Rack 1 3
Round 1 Entertainment -- 1
Saks OFF 5th -- 2
Target 2 3
TJX 3 8
Whole Foods 1 2
13
(1) Includes executed leases and transactions in progress that haven’t taken occupancy and excludes
announced disposition properties
(2) PRIMARK occupied majority of Sears store at Willow Grove Park

14. Department Store Review
Tenant Internal Assessment
JC Penney
• 2 locations potentially at risk
• Right-size and relocate 1
• Upgrade 1
Macy’s • None with near term risk
Bon-Ton
• Sell 1
• Close 1
• 1 Remaining
Sears
• Sell 2
• Proactively recapture 2
• 5 Remaining
14
P R E I T H A S C A R E F U L LY R E V I E W E D A L L A N C H O R S I N T H E P O R T F O L I O T O
A S S E S S P O T E N T I A L F O R A D D I T I O N A L C L O S U R E S

15. Anchor Replacement Track Record
Property Tenant Size
(SF)
Status/Description
Cumberland Mall DICK’S Sporting Goods 50,000
Opened 10/16 in former JC Penney store
location
Willow Grove Park Primark 80,000 Opened 7/16 in portion of Sears store
Viewmont Mall
Home Goods,
DICK’s Sporting Goods and Field &
Stream
23,000
90,000
Under construction for Q4 2017 opening
in former Sears store
Exton Square Round 1 Entertainment 58,000 Opened 12/16 in former JC Penney store
Exton Square Whole Foods Market 55,000
Under construction for 2017 opening
replacing K Mart
Capital City Mall DICK’s Sporting Goods 50,000
Lease Executed for Q4 17 opening
replacing Sears
Woodland Mall Von Maur 90,000
Lease Executed for Q4 19 opening
replacing Sears
Magnolia Mall Burlington 50,000
Lease Executed for Q4 17 opening
replacing Sears
15
9 A N C H O R L O C A T I O N S I N T R A N S I T I O N I N P O R T F O L I O
7 R E P L A C E M E N T T E N A N T S A R E U N D E R C O N S T R U C T I O N
5 N E W A N C H O R S W I L L B E P A Y I N G R E N T B E F O R E T H E E N D O F 2 0 1 7 ; 2 O F T H E S E
W I L L R E P L A C E S E A R S S T O R E S T H A T C L O S E D A T E N D O F Q 1 1 7

16. Track Record of Replacing Tenants
GLA impacted % Covered (1)
2016 Bankruptcies 236,394 70%
2017 YTD Bankruptcies 295,331 80%
Total 531,725 76%
P R E I T ’ S R E L AT I V E LY S M A L L P O R T F O L I O , L O C AT E D I N H I G H Q U A L I T Y
M A R K E T S , I S P R O T E C T E D F R O M M AT E R I A L I M PA C T R E L AT E D T O R E TA I L E R
F A L L O U T.
For tenants that filed for Bankruptcy protection in 2017, PREIT currently
expects only 20 stores to close within its portfolio.
16
(1) Data as of March 31, 2017

17. Expanding Retailers
T E N A N T S H A V E B E C O M E A G N O S T I C T O R E TA I L F O R M AT A N D A R E
F O C U S E D O N L O C AT I O N A N D P O S I T I O N I N G A B O V E A L L E L S E
Performing Mall Retailers
Fast Fashion
Shoes/Athletic Shoes
Off-Price / Value
17

18. Expanding Retailers - continued
T E N A N T S H A V E B E C O M E A G N O S T I C T O R E TA I L F O R M AT A N D A R E
F O C U S E D O N L O C AT I O N A N D P O S I T I O N I N G A B O V E A L L E L S E
Grocery
Fitness
Big Box
Entertainme
nt
Dining
18

19. New-to-Portfolio Tenants
P R E I T H A S P R I O R I T I Z E D D I V E R S I F Y I N G O U R T E N A N T M I X . W E H A D 8 2
M E E T I N G S W I T H N E W T O P O R T F O L I O T E N A N T S AT I C S C R E C O N .
• Fashion - 15
• Experiential / Entertainment - 8
• Jewelry & Accessories - 5
• Home Décor - 7
• Fast Casual Dining - 17
• Full Service Dining - 8
• Grocery & Organic Markets - 2
• Specialty Food Retailers – 10
• Fitness - 3
• Online Retailers – 2
• Other - 5
19
In 2016, PREIT met with 74 such tenants, 4 of which result in executed leases

20. Investing in Top US Markets with Attractive
Growth Opportunities
• Philadelphia
• 2nd Largest Metropolis on East Coast
• PREIT is a dominant mall landlord in this key market, 6th largest in the county, boasting:
• 1 of 2 Bloomingdales stores in the region
• 1 of 2 Nordstrom stores in the region
• 1 of 2 PRIMARK stores in region
• Only LEGOLAND Discovery Center in the region
• Ranks #1 for millenial population growth since 2005
• Current projects and densification efforts underway:
• Fashion Outlets Philadelphia
• Plymouth Meeting
• Exton Square
• Moorestown
• Washington DC
• 7th largest city in US
• PREIT owns 25% of the malls in the region anchored by Springfield Town Center, located in
Fairfax County.
• Investments being made to Mall at Prince Georges and Valley Mall will strengthen our base
in this market
• Strong densification and mixed use opportunities at Mall at Prince Georges and Springfield
Town Center
20

21. Redevelopment & Anchor Repositioning Strategy
21
• Proactively identify market-position improvement opportunities including: Anchor
replacement, remerchandising, renovation and densification
• Priority given to A malls and high-quality B’s that are cap rate transformative
• Targeted returns of 200-300 bps over trading cap rate
• Minimum leasing thresholds required before commitment is finalized
I N V E S T I N G I N E X I S T I N G A S S E T S I N S T R O N G , G R O W I N G M A R K E T S W H E R E
L O N G - T E R M A S S E T V A L U E C A N B E E N H A N C E D .

22. Redevelopment Underway
Project Description
Fashion Outlets of
Philadelphia
Complete transformation of former Gallery mall stretching 4 blocks in
downtown Philadelphia. Project will offer a fusion of outlet, popular
flagship retail, destination dining experiences and entertainment offerings.
Opening in 2018.
Exton Square Mall
Located in Chester County, the wealthiest and fastest growing in PA, the
property will see an increase in traffic with the addition of a Whole Foods
Market and family entertainment destination, Round 1 which opened in
December 2016. Pursuing potential multi-family addition.
Plymouth Meeting Mall
Capitalizing on the over 90 million cars passing the center every year and
expanding the mall’s trade area, the addition of LEGOLAND Discovery
Center in Spring 2017 will complement an already unique experience that
combines great shopping with destination entertainment, high quality
dining and a gourmet grocer. The Macy’s recapture will create an
opportunity to expand the plaza shops and add destination retail.
Mall at Prince Georges
Just 2 miles from the University of Maryland and minutes from Washington
DC, The Mall at Prince Georges is strengthened by $1 billion in
development in the immediate trade area. A remerchandising program is
underway, highlighted by H&M, DSW and ULTA. 73% of the non-anchor
space will be updated with new tenants or new store prototypes. The
addition of fast casual restaurants along the exterior of the mall will add to
the curb appeal of the property and increase mall traffic. Opening in 2017.
22

23. Anchor Replacement Update
23
• Negotiating LOIs for 5 tenants in
139,000 sf
• Tenants include several off-price
merchants and new-to-region
entertainment facility
Plymouth Meeting Mall – Macy’s
• Negotiating leases for 2 new-to-market
destination tenants for 42,000 sf
• Negotiating LOIs for 2 additional tenants
including big box and grocery tenants in ~
50,000 sf
Moorestown Mall – Macy’s

24. Our Strategy at Work:
Fashion Outlets Philadelphia –Transformation
24
THE STORY: Spanning 4 city blocks, the Fashion Outlets Philadelphia will represent a unique
metropolitan experience blending flagship and outlet retail destination dining experiences and
entertainment offerings. Opening in 2018 with bright, contemporary spaces that will welcome
shoppers and reconnect to Market Street with accessible storefronts, sidewalk cafés, a new
streetscape, digital signage and graphics, all complementing the existing office space.
STATUS:
Opening: 2018
Stabilization:
2020
Incremental Cost:
$153-$183
million
Incremental
Return:
8-9%
Leasing Status:
70% of space
committed

25. Our Strategy at Work:
Fashion Outlets Philadelphia –Transformation
25

26. Our Strategy at Work:
Springfield Town Center - Densification
26
THE STORY: PREIT acquired Springfield Town Center in 2015, following its successful full-scale remodel.
Along with the mall, PREIT acquired the ability to add over 3 million square feet of mixed use to the
periphery. With the property marching toward stabilization, over 90% occupied and growing sales, we
look toward the future of this mixed-use opportunity that will add tremendous value.
STATUS:
Planning

27. Our Strategy at Work:
Viewmont Mall – Anchor Transformation
27
THE STORY: Viewmont Mall has recently been a focus in PREIT's remerchandising strategy. Viewmont's
tenancy upgrade cemented its position as the dominant shopping and recreational destination in the
Scranton/Wilkes-Barre region. The addition of Ulta, Buffalo Wild Wings, Forever 21 and Yankee Candle
along with new prototype store for a majority of key, national retailers, set the stage for a second phase
of redevelopment. A proactive recapture of the Sears space has paved the way for a new combination
Dick’s Sporting Goods / Field & Stream store accompanied by HomeGoods, all opening in Fall 2017,
adding to the mall’s impressive line up of destination, traffic driving tenants.
STATUS:
Opening: 2017
Stabilization: 2018
Incremental Cost:
$21-$22 million
Incremental
Return:
8-9%
Leasing Status:
Anchors under
construction

28. Our Strategy at Work:
Mall at Prince Georges - Remerchandising
28
THE STORY: Just 2 miles from the University of Maryland and minutes from Washington DC, the Mall at
Prince Georges’ position in the market is strengthened by the volume of development immediately
surrounding the property – over $1 billion in recent development has occurred in the trade area. A
remerchandising program, highlighted by H&M, DSW, ULTA. 73% of the non-anchor space will be
updated with new tenants or new store prototypes.
The addition of fast casual restaurants along the exterior of the mall will add to the curb appeal of the
property and increase mall traffic.
STATUS:
Opening: 2017-
2018
Stabilization: 2019
Project Cost:
$30-31 million
Incremental
Return: 8-9%
Leasing Status:
DSW/ULTA
executed for ’18
openings
Small shop leasing
80%
4 Fast Casual
leases being
negotiated

29. Balance Sheet Strategy
We l l - l a d d e r e d d e b t m a t u r i t i e s
• Only one significant mortgage loan maturity between now and July 2020
• Credit facility has 3 years of term remaining including extension options
M i n i m a l e x p o s u r e t o f l o a t i n g r a t e d e b t
• 96% of debt is fixed or swapped to fixed
S u f f i c i e n t l i q u i d i t y b e y o n d p r o g r a m m e d c a p i t a l n e e d s
• < $10 million currently outstanding under $400 million credit facility
S t r o n g d i v i d e n d c o v e r a g e
• 46% FFO payout ratio
• 82% FAD payout ratio
O U R G O A L I S T O M A I N TA I N F L E X I B I L I T Y T O C A P I TA L I Z E O N
O P P O R T U N I T I E S A N D E N S U R E S TA B I L I T Y D U R I N G C H A L L E N G I N G T I M E S
29

30. Addressing Capital Plan & Liquidity (millions)
2017 - 2020
Committed Redevelopment Spend remaining $237-$284
Capital Reserve for Unspecified Projects $100-$125
Total Redevelopment Spend $337-$409
Sale of Interests in Operating Assets $125-$200
Financings – Construction Loans & Excess Proceeds on
Mortgage Refinancings
$175 - $250
Non-Operating Asset Sales $25-$27
Densification/Air Rights Sales $15-$18
Range of Potential Future Sources $340 - $495
Credit Facility Capacity $400
Liquidity $403-$486
30

31. 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.
Incurred Remaining to Spend (1)
Property Through 3/31/17 Low High
Fashion Outlets of Philadelphia $67.5 $85.0 $115.0
Mall at Prince Georges 5.4 24.6 25.6
Sears replacements
Woodland Mall 28.9 77.1 85.1
Capital City Mall 6.6 21.4 23.4
Viewmont Mall 10.1 10.9 11.9
Magnolia Mall 1.5 13.5 17.5
Macy's replacements
Valley View Mall 0.3 3.2 3.7
Other remerchandising
Exton Mall 28.9 0.1 0.1
Plymouth Meeting Mall 5.3 1.7 1.7
Total Committed Redevelopment Spending 237.5 284.0
Reserve for Unspecified Projects 100.0 125.0
Total Redevelopment Spending $154.5 $337.5 $409.0
31

32. Redevelopment Spend Timing
(1) Range of spending forecasted for future periods. Mid-point of annual range sums to high end of the remaining
to spend column on page 28.
Projected Spending Period (1)
Property 2017 2018 2019 2020
Fashion Outlets of Philadelphia
Mall at Prince Georges
Sears replacements
Woodland Mall
Capital City Mall
Viewmont Mall
Magnolia Mall
Macy's replacements
Moorestown Mall
Plymouth Meeting Mall
Valley Mall
Valley View Mall
Other
Exton Mall
Plymouth Meeting Mall
Other
Total $130-$150 $160-$180 $70-$90 $17-$21
32

33. Sources of Funds
Range of
Proceeds
(millions) (1)
Anticipated
Completion
Sale of Interests in Operating Assets
$125-$200 2H 17 – 1H 18
Financings – Construction Loans & Excess
Proceeds on Mortgage Refinancings $175 - $250 Q4 17- Q1 20
Non-Operating Asset Sales
$25-$27 2H 17- 18
Densification/Air Rights Sales
$15-$18 2H 17 – 1H 18
Range of Potential Future Sources $340 - $495
(1)From March 31, 2017; excludes proceeds from asset sales completed in January as well as Series C
Preferred Shares issued in January.
33

34. 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 under contract for Q2 17
closing
Densification/Air Rights Sales • Negotiating agreement of sale for Air Rights at FOP
• Offers received for land sale to multi-family developers at Exton
Square
• Finalizing agreement and pursuing entitlements for extended stay
hotel at Plymouth Meeting
Sale of Interests in Operating Assets • Logan Valley and Valley View Malls marketed for sale
• Marketing interest in several medium-high quality malls through 3rd
party broker
• Negotiating agreement of sale to sell non-core office space
Financings – Construction Loans & Excess
Proceeds on Mortgage Refinancings
• Discussions underway for Phase I Construction Loan on FOP
• Additional proceeds for Viewmont Mall following completion of
Sears replacement
34

35. 35
• Maturities shown reflect available extension options.
• No amounts are currently outstanding under $400M Credit Facility, which can be extended until June 2020.
Well-Laddered Debt Maturities
$0
$100
$200
$300
$400
$500
2017 2018 2019 2020 2021 2022 2023 2024 2025
Mortgage Loans Term Loans Credit Facility

36. Strategic Vision
• S t r a t e g i c i n v e s t m e n t a n d e x p a n s i o n i n a t t r a c t i v e
m a r k e t s
• E m p l o y i n g a c o n s u m e r - d r i v e n a p p r o a c h t o t e n a n t m i x
• C a p i t a l i z i n g o n s h i f t i n g c o n s u m e r s h o p p i n g b e h a v i o r s b y
a n t i c i p a t i n g t r e n d s
• D e l i v e r o p e r a t i n g r e s u l t s t h a t r e f l e c t t h e q u a l i t y o f t h e
p o r t f o l i o
• E x p e d i t e c a p i t a l p l a n t o m a x i m i z e l i q u i d i t y a n d r e d u c e
l e v e r a g e s o w e c a n c o n t i n u e t o c a p i t a l i z e o n v a l u e -
e n h a n c i n g o p p o r t u n i t i e s
C O N T I N U E T R A N S F O R M AT I O N I N T O A T O P - T I E R M A L L R E I T T H R O U G H
P O R T F O L I O O P T I M I Z AT I O N , A D I V E R S I F I E D T E N A N T M I X A N D A S T R O N G
B A L A N C E S H E E T T O C A P I TA L I Z E O N O P P O R T U N I T I E S T O C R E AT E V A L U E
36

37. Forward Looking Statement
This presentation, together with other statements and information publicly disseminated by us, contain certain “forward-looking
statements” within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections,
future plans, strategies, anticipated events, trends and other matters that are not historical facts. When used, the words “anticipate,”
“believe,” “estimate,” “target,” “goal,” ”expect,” “intend.” “may,” “plan,” “project,” “result,” “should,” “will,” and similar expressions,
which do not relate solely to historical matters, are intended to identify forward looking statements. We caution investors that any
forward looking statements presented in this presentation and the documents that we may incorporate by reference into this
document are based on management’s beliefs and assumptions made by, and currently available to management. These forward-
looking statements reflect our current views about future events, achievements or results and are subject to risks, uncertainties and
changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied
by the forward-looking statements. In particular, our business might be materially and adversely affected by uncertainties affecting
real estate businesses generally as well as the following, among other factors:
Changes in the retail and real estate industries, including consolidation and store closings, particularly among anchor tenants; our
ability to maintain and increase property occupancy, sales and rental rates, in light of the relatively high number of leases that have
expired or are expiring in the next two years; increases in operating costs that cannot be passed on to tenants; current economic
conditions and the state of employment growth and consumer confidence and spending, and the corresponding effects on tenant
business performance, prospects, solvency and leasing decisions and on our cash flows, and the value and potential impairment of our
properties; the effects of online shopping and other uses of technology on our retail tenants; risks related to our development and
redevelopment activities; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on
traffic and sales; our ability to identify and execute on suitable acquisition opportunities and to integrate acquired properties into our
portfolio; our partnerships and joint ventures with third parties to acquire or develop properties concentration of our properties in the
Mid-Atlantic region; changes in local market conditions, such as the supply of or demand for retail space, or other competitive factors;
changes to our corporate management team and any resulting modifications to our business strategies; our ability to sell properties
that we seek to dispose of or our ability to obtain prices we seek; potential losses on impairment of certain long-lived assets, such as
real estate, or of intangible assets, such as goodwill, including such losses that we might be required to record in connection with any
dispositions of assets; our substantial debt and liquidation preference of our preferred shares and our high leverage ratio; constraining
leverage, unencumbered debt yield, interest and tangible net worth covenants under our principal credit agreements; our ability to
refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through joint
ventures or other partnerships, through sales of properties or interests in properties, through the issuance of equity or equity-related
securities if market conditions are favorable, or through other actions; our short- and long-term liquidity position; potential dilution
from any capital raising transactions or other equity issuances; and general economic, financial and political conditions, including credit
and capital market conditions, changes in interest rates or unemployment.
Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our
forward-looking statements include those discussed herein and in our Annual Report on Form 10-K for the year ended December 31,
2016 in the section entitled “Item 1A. Risk Factors.” We do not intend to update or revise any forward-looking statements to reflect
new information, future events or otherwise.