This document provides an investor update from PREIT, a real estate investment trust that owns shopping malls. It summarizes PREIT's portfolio properties and strategic focus on high-quality assets. The update highlights recent financial performance including FFO growth and same store NOI growth. It also outlines PREIT's redevelopments planned over the next few years focused on replacing vacant department store boxes, expanding dining and entertainment options, and attracting more in-demand retailers. PREIT expects these redevelopments will drive continued sales growth, NOI growth, and NAV growth.

1. I N V E S TO R U P DAT E
N OV E M B E R 2 0 1 6Quality Properties in Compelling Markets

2. OUR VALUE PROPOSITIONQuality Properties in Compelling Markets
2
PREIT’s retail portfolio comprises 25 million square feet of carefully curated retail and
lifestyle offerings mixed with destination dining and entertainment experiences, located
primarily in the eastern U.S. with concentrations in the mid-Atlantic’s top MSAs.
Since 2012, the company has driven a transformation guided by an emphasis on
portfolio quality and balance sheet strength highlighted by disciplined capital
expenditures.
Who we are
Our progress
Where we’re headed
Our value-enhancing redevelopment and remerchandising program leads us down a
clear path to sales of $500 per square foot and is poised to deliver NOI and NAV growth
into the future, leading to continued FFO growth and multiple expansion.

3. OPERATING HIGHLIGHTSResults as of 9.30.16
3
FFO, as adjusted per share growth (1)
Same Store NOI growth (quarter)
Average Quarterly SS NOI growth
Average Renewal Spreads YTD
Sales PSF/growth
Non-Anchor Mall Occupancy %
Non-Anchor Mall Leased %
14%
5.2%
4.3%
14.8%
$460/+8.5%
92.2%
93.7%
(1) Excluding dilution from asset sales

4. STRATEGIC VISIONPREIT will continue to enhance its strong platform for growth
4
$500 psf in sales
More than 60% of NOI generated from top 10 MSAs
Sustained NOI growth greater than 3%
Leverage below 48%

5. AN OPTIMISTIC OUTLOOK
5
Exciting prospects in process for pending Macy’s closures and
proactively recaptured Sears boxes
Expanding relationships with in-demand retailers
Value-creating redevelopments coming to bear in next 18 months
We’re in the 9th inning of our disposition program
We are in the midst of a continuous cycle of improvement
A strong, diverse retail environment is emerging
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2
3
4
5
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6. DISPOSITION PROGRAMOverview of impact
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$671 million
Raised through strategic disposition program since 2012
14 Malls SoldGenerating average sales of $274 per square foot
Under ContractBeaver Valley Mall is under Agreement of Sale
Listed for SaleCrossroads Mall being marketed for sale as part of ongoing portfolio
paring and capital recycling efforts

7. AN OPTIMISTIC OUTLOOK
7
Exciting prospects in process for pending Macy’s closures and
proactively recaptured Sears boxes
Expanding relationships with in-demand retailers
Value-creating redevelopments coming to bear in next 18 months
We’re in the 9th inning of our disposition program
We are in the midst of a continuous cycle of improvement
A strong, diverse retail environment is emerging
1
2
3
4
5
6

8. CYCLE OF IMPROVEMENT
8
Better Portfolio
Better Tenants
Improved
Shopper
Demographics
Sales Growth
More NOI/Lower
Cap Rate
Value
Creation
PREIT currently has $10 million of annualized gross rent in backlog of executed leases

9. AN OPTIMISTIC OUTLOOK
9
Exciting prospects in process for pending Macy’s closures and
proactively recaptured Sears boxes
Expanding relationships with in-demand retailers
Value-creating redevelopments coming to bear in next 18 months
We’re in the 9th inning of our disposition program
We are in the midst of a continuous cycle of improvement
A strong, diverse retail environment is emerging
1
2
3
4
5
6

10. DEPARTMENT STORE EVOLUTION1985 vs Today
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Abraham & Strauss Frederick & Nelson Kaufmann’s Rich’s
Bamberger’s Filene’s LS Ayers Robinson-May
Belk Foley’s Lazarus Saks 5th Avenue
Bloomingdale’s Gayfer’s Liberty House Sears
Bon Marche Gimbel’s Lord & Taylor Sibley’s
Boscov’s Goldsmith’s Macy’s Strawbridge & Clothier
Boston Store Gottshalks Marshall Field’s The Bon-Ton
Bullocks Hechts McRae’s Von Maur
Burdines Hess Meier & Frank Wanamaker’s
Carter Hawley Hale Hudson’s Mervyn’s Woodward & Lothorp
Caster Knot I. Magnin Neiman Marcus ZCMI
Dayton’s JC Penney Nordstrom
Dillard’s Jones Store Parisian
Famous-Barr Jordan Marsh Pomeroy’s
The department store landscape has been evolving continuously for over 30 years

11. DEPARTMENT STORE REPLACEMENTSOpportunity to improve mall traffic
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EXPANDING DEPARTMENT STORES
RESTAURANTS & ENTERTAINMENT
OFF PRICE MERCHANTS
LARGE FORMAT STORES
Sales at PREIT’s same store malls have grown by 10% in 3 years, Department stores have declined

12. MACY’S STORE CLOSURESImpact on PREIT
12
3-5 closures expected as a result of announcement by Macy’s to close 100 stores
• Off-price luxury retailers and a small format gourmet grocer
• Popular Sporting Goods retailer and Outdoor Sportsman shop along with additional
specialty retail and restaurant GLA, consistent with existing mall experience
• Expanded full-line department store, replacing old location with new in-line space
and a fitness facility
• Full line department store or large format home furnishings operation
• Full line department store moving into new market along with popular off price
merchants
Internal task force created with goal of filling boxes in 28 months with following opportunities
being pursued:
OPERATION

13. SUCCESSFUL HISTORY OF REPURPOSINGA look at the May Company/Federated (Macy’s Inc) merger
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Cherry Hill Mall
Springfield Mall
Willow Grove Park
The Gallery/Fashion Outlets of Philadelphia

14. PROACTIVE SEARS RECAPTURESMethodically reducing exposure
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• New-to-portfolio Fashion Department store along with 30,000 sf of space, junior box
and polished casual restaurant additions
• Popular Sporting Goods retailer long with additional specialty retail GLA
• Addition of 2-3 off-price boxes
PREIT has methodically reduced exposure to Sears from 29 stores in
2012 to 11 today following 3 additional recaptures
JUNE 2012
Assets Sold
Recaptured
FUTURE
27
(10)
(6)
11

15. AN OPTIMISTIC OUTLOOK
15
Exciting prospects in process for pending Macy’s closures and
proactively recaptured Sears boxes
Expanding relationships with in-demand retailers
Value-creating redevelopments coming to bear in next 18 months
We’re in the 9th inning of our disposition program
We are in the midst of a continuous cycle of improvement
A strong, diverse retail environment is emerging
1
2
3
4
5
6

16. EXPANDING RETAILER RELATIONSHIPSIn-demand retailers opting in to PREIT portfolio
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5 new locations OPEN
1 under construction
New-to-portfolio tenants
signed
New leases executed as
part of remerchandising
Mall at PG
Joining Dick’s and Field &
Stream to replace Sears at
Viewmont Mall
New-to-portfolio dining and entertainment additions
70K sf new prototype stores OPEN
New anchors OPEN
Dining and Entertainment tenants now account for 15% of non-anchor space with room to grow

17. AN OPTIMISTIC OUTLOOK
17
Exciting prospects in process for pending Macy’s closures and
proactively recaptured Sears boxes
Expanding relationships with in-demand retailers
Value-creating redevelopments coming to bear in next 18 months
We’re in the 9th inning of our disposition program
We are in the midst of a continuous cycle of improvement
A strong, diverse retail environment is emerging
1
2
3
4
5
6

18. Cost
(in millions)
Targeted
Return
Stabilized
Year
Fashion Outlets of Philadelphia $152.5-$182.5(1) 8% - 9% 2020
Exton Square Mall $30-$33 9% - 10% 2018
Plymouth Meeting Mall $6.6 - $7.3 8% - 9% 2018
Cumberland Mall $7.5 - $8.3 9% - 10% 2017
Mall at Prince Georges $29.3 8% - 9% 2018
Viewmont Mall $15.8 8% - 9% 2018
ACTIVE REDEVELOPMENT PROJECTSSummary
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(1) PREIT Share of Cost before public financing

19. FASHION OUTLETS OF PHILADELPHIAPhiladelphia, PA
(1) JV Cost
(2) Net of Grants
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THE MARKET:
Population
Average HHI
Average Home Value
Daytime Population
THE STORY: Spanning three city blocks, the Fashion Outlets of Philadelphia will offer a fusion
of outlet retail taking the form of luxury and moderate brands, traditional mall retail, popular
flagship 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.
PROJECT DETAILS
Cost $365 million (1)
Net Cost $336 million (2)
Targeted Return 8%-9%
Stabilized Year 2020
6,302,012
$86,507
$288,340
6,693,353

20. 20
Federal / City Building
Parking (3150 spaces)
Tourist Attractions
Hospitals
Hotels & Convention Center
Other
FOP & PREIT Offices
FASHION OUTLETS OF PHILADELPHIAPhiladelphia, PA

21. 21
Spring 2018Grand Re-opening
FASHION OUTLETS OF PHILADELPHIAPhiladelphia, PA

22. 22
FASHION OUTLETS OF PHILADELPHIAPhiladelphia, PA

23. 23
FASHION OUTLETS OF PHILADELPHIAPhiladelphia, PA

24. 24
FASHION OUTLETS OF PHILADELPHIAPhiladelphia, PA

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PHILADELPHIA RISING
Bon Appetit touted Philadelphia as one of ‘America’s Greatest Eating Cities,’ 2016
The largest percentage increase in Millennial
population among the 10 largest cities in America,
according to the Philadelphia Inquirer
% Increase in Millennial Population since 2005
CBRE reports that there has been a 288% increase in HH making more than $500K in 15
years
Philadelphia ranked #1 among Top 10 Cities Leading the Way in Walkable New
Construction, according to Redfin
National Feature Events: Pope’s visit (2015), Democratic National Convention (2016),
NFL Draft (2017)

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THE MARKET:
Population
Average HHI
Daytime Population
THE STORY: Capitalizing on the over 90 million cars passing the center every year and
expanding the mall’s trade area to a 2-hour drive time, Plymouth Meeting will become a true
destination for visitors. The the addition of LEGOLAND Discovery Center will complement an
already unique experience that combines great shopping with destination entertainment,
high quality dining and a gourmet grocer.
1,008,315
$92,967
1,116,568
PROJECT DETAILS
Cost $6.6 - $7.3 million
Targeted Return 8%-9%
Stabilized Year 2018
PLYMOUTH MEETING MALLPlymouth Meeting, PA

27. FUTURE DENSIFICATION OPPORTUNITYPlymouth Meeting Mall – Plymouth Meeting, PA
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THE MARKET:
Population
Average HHI
Average Home Value
Daytime Population
THE STORY : Located in Chester County, the wealthiest and fastest growing in PA, Exton
Square Mall sits at the heart of the area’s retail hub. Noted for its strong line-up of national
retailers in a convenient, easy-to-shop setting, the property will see an increase in traffic with
the addition of a Whole Foods Market, opening in 2017, and family entertainment
destination, Round 1 in December 2016.
522,688
$109,631
$369,499
544,048
PROJECT DETAILS
Cost $30-$33 million
Targeted Return 9%-10%
Stabilized Year 2018
EXTON SQUAREExton, PA

29. CONSTRUCTION STATUSExton Square – Phase I
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30. 30
THE MARKET:
Population
Average HHI
Daytime Population
THE STORY: The spring 2015 closure of JC Penney presented the opportunity to upgrade
Cumberland Mall. The former anchor box sits at the most visible corner of the property and
immediately attracted the attention of retailers looking to relocate to the mall. Dick’s
Sporting Goods replaced JC Penney in October 2016. As the only Dick’s Sporting Goods for
over 20 miles, the store will drive incremental traffic to the center and solidify its position in
the market.
920,251
$79,272
881,662
PROJECT DETAILS
Cost $7.5 - $8.3 million
Targeted Return 9% - 10%
Stabilized Year 2017
CUMBERLAND MALLVineland, NJ

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THE MARKET:
Population
Average HHI
Daytime Population
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.
1,514,259
$86,108
1,516,634
PROJECT DETAILS
Cost $29.3million
Targeted Return 8%-9%
Stabilized Year 2018
MALL AT PRINCE GEORGESHyattsville, MD

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1. Belcrest Plaza: 25 acre redevelopment, 2,675
residential units, multi family/town homes;
2. 3350 at Alterra 283 multi-family units
3. Post Park: $87M mixed use project. 396 high-end
apartment homes
4. Kiplinger Property: $73M, 452-unit with 34,200 sf of
retail space.
5. The Gateway at University Town Center: $7M
addition completed in 2015.
6. Mosaic at Metro: 260 luxury apartments
7. College Park Place: $20M, 156-room Courtyard by
Marriot, with retail and apartments
8. University of Maryland Conference Hotel: $150M
facility with 300 hotel rooms and 43,000 SF of
conference space.
9. Terrapin Row: $8M student housing complex with
1,575+ beds.
10. Landmark College Park: Student housing with 850
beds and
11. The Reserve at College Heights: Single-family luxury
homes.
12. M-Square: Largest research park in MD ($500M+
invested). 6,500+ employees.
13. Riverdale Park Station: $250M mixed-use project
including county’s first Whole Foods.
14. Arts District at Hyattsville: $213M, award-winning
mixed use
MALL AT PRINCE GEORGESHyattsville, MD

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Enlivened façade
MALL AT PRINCE GEORGESHyattsville, MD

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THE MARKET:
Population
Average HHI
Daytime Population
THE STORY : Viewmont Mall has recently been a focus in PREIT's remerchandising strategy.
Viewmont's tenancy upgrade, which include the recent addition of Ulta, Buffalo Wild Wings,
Forever 21 and Yankee Candle along with new prototypes for several key retailers, set the
stage for a second phase of redevelopment.
With property sales soaring, a proactive recapture of the Sears anchor has paved the way for
a new combination Dick’s Sporting Goods / Field & Stream store accompanied by a
recenltly executed HomeGoods, which will open in Holiday 2017, adding to the mall’s
impressive line up of destination, traffic driving tenants.
380,826
$63,020
381,426
PROJECT DETAILS
Cost $15.8 million
Targeted Return 8%-9%
Stabilized Year 2018
VIEWMONT MALLScranton, PA

35. ACTIVE REDEVELOPMENTViewmont Mall – Scranton, PA
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36. AN OPTIMISTIC OUTLOOK
36
Exciting prospects in process for pending Macy’s closures and
proactively recaptured Sears boxes
Expanding relationships with in-demand retailers
Value-creating redevelopments coming to bear in next 18 months
We’re in the 9th inning of our disposition program
We are in the midst of a continuous cycle of improvement
A strong, diverse retail environment is emerging
1
2
3
4
5
6

37. INCREASINGLY OMNICHANNEL WORLD
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E-tailers are increasingly opening physical stores
• Customer acquisition cost savings
• Cost effective distribution channel
Continued emergence of BOPIS (Buy Online, Pick Up in Store)
• 61% of retailers worldwide offer the service and 45% of customers have used it.
• instant gratification for consumers AND they don’t have to waste time searching
for product.
• Ancillary purchases
It was a really humbling discovery to learn that retail stores were going to be one of the core parts of what was originally
conceived as a digital-only brand.
- Andy Dunn, CEO, Bonobos

38. EXPANDING RETAILERSPerforming retailers are still expanding
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CAPITALALLOCATION PROTOCOLCareful, measured approach
Priority given to A malls and high-quality B’s that are cap rate transformative
Limit number and scope of projects being pursued at any given point
Priority given to value enhancing (offensive) projects vs. maintaining (defensive)
Timing of outlay & balance sheet impact modeled to ensure internal targets are achieved
Predevelopment costs capped
Targeted returns of 200-300 bps over trading cap rate
Minimum leasing thresholds required before commitment is finalized

40. BALANCE SHEET PILLARSFocus on continued improvement
40
We will continue to reduce leverage through asset sales and NOI growth
We have ample liquidity to complete projects underway and protect us
in the event of a downturn
Our debt maturity schedule protects us from disruptions in credit markets
We have limited exposure to variable interest rates

41. CAPITAL SOURCESOptions
• Asset Sales
• Power Center JV sale
• Mall JVs
• Recapitalize Preferred
• Construction Loans
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42. VALUE CREATION FRAMEWORKPathway to Driving Shareholder Value
Portfolio Optimization
Executing Growth
Initiatives
Performance Priority
Measured Capital
Allocation
Continue to evaluate all properties
and divest when necessary or
invest when the opportunity
presents itself.
Myopic focus on delivering results
that rival the high quality peer set,
namely 3%+ SS NOI growth.
The scale of our portfolio provides
an opportunity to impact the
platform through well - executed
repositioning projects
Attention to balance sheet is a
must with a focus on timing of
spend and risk-adjusted returns.
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43. FORWARD LOOKING STATEMENT
This presentation contains 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.
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: our substantial debt, stated value of preferred shares and our high
leverage ratio; constraining leverage, interest and tangible net worth covenants under our 2013 Revolving Facility, our 2014 Term Loans and
our 2015 Term Loan; 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; changes to our corporate management
team and any resulting modifications to our business strategies; our ability to refinance our existing indebtedness when it matures, on
favorable terms or at all; our ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are
favorable, through joint ventures or other partnerships, through sales of properties or interests in properties, or through other actions; 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; our short- and long-term liquidity position; current economic conditions and
their effect on employment, 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; general economic, financial
and political conditions, including credit market conditions, changes in interest rates or unemployment; changes in the retail industry, including
consolidation and store closings, particularly among anchor tenants; the effects of online shopping and other uses of technology on our retail
tenants; our ability to sell properties that we seek to dispose of or our ability to obtain estimated sale prices; 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; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales;
increases in operating costs that cannot be passed on to tenants; risks relating to development and redevelopment activities which could be
subject to delays or other risks and might not yield the returns we anticipate; 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; and potential dilution from
any capital raising transactions. 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 in our most recent Annual Report on Form 10-K and in any
subsequent Quarterly Report on Form 10-Q 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.
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