March investor-update-final-(1)

2. PREIT: Company Overview
Underappreciated value
quality properties
strong and diversified anchor mix
differentiated platform
outsized growth
2

3. Ahead of the Curve in Improving Environment
3
low-productivity mall disposition
higher quality portfolio
anchor replacement
diversified tenant mix
Sales Same Store NOI growth
liquidity

4. Underappreciated Quality
4

5. Ahead of the Curve in Improving Environment
5
low-productivity mall disposition
higher quality portfolio
anchor replacement
diversified tenant mix
Sales Same Store NOI growth
liquidity

6. Completed Anchor Enhancements
6

7. Anchor Replacement Status
Prior Tenant Property Tenant Status/Description
7

8. Anchor Replacement Program
8

9. Anchor exposure as a differentiator
9

10. 10
Diversified Tenant Base

11. Ahead of the Curve in Improving Environment
11
low-productivity mall disposition
higher quality portfolio
anchor replacement
diversified tenant mix
Sales Same Store NOI growth
liquidity

12. A Distinguished Quality Mall REIT
12

13. Operational Highlights
13
$481 psf
1.3%
4.0%
6.6%
180 basis points 94.9%

14. 14
Other NOI-driving Initiatives
474K sf
186K sf
568K sf
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15. Ahead of the Curve in Improving Environment
15
low-productivity mall disposition
higher quality portfolio
anchor replacement
diversified tenant mix
Sales Same Store NOI growth
liquidity

16. Liquidity and Spending Vitals
CURRENT LIQUIDITY
REMAINING SPENDING
PROCEEDS FROM REMAINING NON-CORE SALES
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16

17. Balance Sheet Strategy
WELL-LADDERED DEBT MATURITIES
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MINIMAL EXPOSURE TO FLOATING RATE DEBT
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SUFFICIENT LIQUIDITY BEYOND COMMITTED CAPITAL NEEDS
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STRONG DIVIDEND COVERAGE
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17

18. 2017-18 Capital Raising Initiatives
18

19. 19
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Well-Laddered Debt Maturities
$0
$100
$200
$300
$400
$500
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

20. 2018 FFO Guidance
20

21. 2018 FFO Guidance – Reconciliation to GAAP
21

22. Delivering Results in Focus Areas
22
Record Leasing Anchor
Replacement
Same Store NOI
Capital Plan

23. Redevelopment Appendix
23

24. Redevelopment & Anchor Repositioning Strategy
24
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25. Sears Recapture Success
25

26. Viewmont Mall
26

27. Viewmont Mall
27

28. Viewmont Mall
28

29. Capital City Mall
29

30. Capital City Mall
30

31. Capital City Mall
31

32. Magnolia Mall
32

33. Magnolia Mall
33

34. Valley Mall Anchor Enhancement:
Fashion, Fitness, Food, Fun
34

35. Valley Mall
35

36. Mall at Prince Georges: MPG
36

37. MPG Remerchandising
37

38. MPG: Construction in Progress
38

39. MPG: Introducing New Brands
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40. Woodland Mall
40

41. Woodland Mall
41
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42. Woodland Mall
42

43. Woodland Mall
43

44. Fashion District Philadelphia
44

45. Fashion District Philadelphia
45

46. Fashion District Philadelphia
46

47. Fashion District Philadelphia
47

48. Geography
48

49. Forward Looking Statement