November investor final

1. 1
INVESTOR UPDATE
NOVEMBER 2017

2. PREIT: Company Overview
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3. Geography
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4. Q3 2017 Highlights
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$475 psf
3.2%
5.8%
475,000 square feet 200 basis point

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

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

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

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

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

10. Successful Transformation
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11. Underappreciated Quality
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Add chart of NOI by tier here

12. Quality Differentiator
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(1)Gerney Research study dated 5.18.17
(2)Estimated by 3rd party research firm .
~

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%
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(1) Data as of September 30, 2017

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

15. 15
Other NOI-driving Initiatives
474K sf
186K sf
568K sf
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16. Expanding Retailers
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17. Expanding Retailers - continued
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18. Redevelopment & Anchor Repositioning Strategy
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19. Completed Anchor Enhancements
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20. Anchor Replacement Status
Prior Tenant Property Tenant Status/Description
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21. Sears Recapture Success
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22. Viewmont Mall
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23. Viewmont Mall
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24. Viewmont Mall
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25. Capital City Mall
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26. Capital City Mall
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27. Capital City Mall
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28. Magnolia Mall
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29. Magnolia Mall
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30. Magnolia Mall
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31. Valley Mall Anchor Enhancement:
Fashion, Fitness, Food, Fun
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32. Mall at Prince Georges: MPG
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33. MPG Remerchandising
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34. MPG: Construction in Progress
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35. MPG: Introducing New Brands
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36. Woodland Mall
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37. Woodland Mall
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38. Woodland Mall
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39. Woodland Mall
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40. Fashion District Philadelphia
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41. Fashion District Philadelphia
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42. Fashion District Philadelphia
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43. Fashion District Philadelphia
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44. Fashion District Philadelphia
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45. 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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46. Addressing Capital Plan & Liquidity (millions)
2017 - 2020
46As of September 30, 2017

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 3rd
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
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49. 49
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Well-Laddered Debt Maturities
$0
$100
$200
$300
$400
$500
2017 2018 2019 2020 2021 2022 2023 2024 2025

50. Key Investment Highlights
• high barrier-to-entry markets
• improve quality
• Diversified tenant mix
• proactive replacement
• Sufficient liquidity
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51. Forward Looking Statement