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Pennsylvania Real Estate Investment Trust 2005 Annual Report 17

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$ISTRIBUTIONS¬PAID¬TO¬COMMON¬SHAREHOLDERSUNITHOLDERS $ISTRIBUTIONS¬PAID¬PER¬COMMON¬SHARE .UMBER¬OF¬COMMON¬SHARES¬AND¬/0¬5NITS¬OUTSTANDING 4OTAL¬MARKET¬CAPITALIZATION ¬2ECONCILIATION¬TO¬'!!0¬CAN¬BE¬FOUND¬ON¬PAGE¬ &RONT¬COVER¬AND¬RIGHT¬#ONSTRUCTION¬AT 0ATRICK¬(ENRY¬-ALL¬IN¬.EWPORT¬.EWS ¬6IRGINIA -ALLS¬ARE¬LIVING¬ENTERPRISES¬4HEY¬MAY¬BE¬GROUNDED¬ IN¬ LOCATIONS¬ AND¬ STRUCTURES ¬ BUT¬ WHAT¬ MAKES¬ THEM¬ PROFITABLE¬ IS¬ ,)&%¬ ,IFE¬ CREATES¬ THE¬ POTENTIAL¬ TO¬ ATTRACT¬CUSTOMERS ¬DRIVE¬SALES¬AND¬INCREASE¬RETURNS #ONSTRUCTION¬AT¬#APITAL¬#ITY¬-ALL¬ IN¬#AMP¬(ILL ¬0ENNSYLVANIA 4/¬,)&% $EAR¬&ELLOW¬3HAREHOLDERS )N¬ ¬WE¬MADE¬SIGNIFICANT¬PROGRESS¬IN¬EXECUTING¬OUR¬CORE¬ AND¬WILL¬INITIATE¬WORK¬ON¬SEVERAL¬OTHERS¬7E¬BELIEVE¬THAT¬THIS¬ STRATEGY¬OF¬CREATING¬VALUE¬BY¬IDENTIFYING¬AND¬REPOSITIONING¬ COURSE¬IS¬NOT¬ONLY¬THE¬RIGHT¬STRATEGY¬BUT¬THE¬ONLY¬STRATEGY¬TO¬ UNDERPERFORMING¬PROPERTIES¬4HIS¬YEAR ¬WE¬ANNOUNCED¬PLANS¬FOR¬ INCREASE¬THE¬VALUE¬OF¬OUR¬ASSETS ¬MITIGATE¬COMPETITIVE¬THREATS¬AND¬ 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CONTINUING¬AN¬UNBROKEN¬RECORD¬OF¬DIVIDENDS¬THAT¬HAVE¬NEVER¬BEEN¬ ACQUISITIONS¬MORE¬DIFFICULT¬4HE¬SAME¬CAPITAL¬FLOWS¬ENCOURAGED¬ OMITTED¬OR¬REDUCED¬THROUGHOUT¬THE¬#OMPANYS¬ YEAR¬HISTORY THE¬DEVELOPMENT¬OF¬LIFESTYLE¬AND¬POWER¬CENTERS¬IN¬MANY¬OF¬OUR¬ .%7¬,)&% MARKETS ¬CREATING¬NEW¬COMPETITIVE¬THREATS¬ )N¬TODAYS¬MORE¬COMPLEX¬AND¬DYNAMIC¬RETAIL¬ENVIRONMENT ¬ 4HIS¬COMBINATION¬OF¬FORCES¬MADE¬IT¬IMPERATIVE¬THAT¬WE¬ACCELERATE¬ THE¬OPPORTUNITIES¬TO¬BREATHE¬NEW¬LIFE¬INTO¬OUR¬PROPERTIES¬ARE¬ OUR¬PLANS¬FOR¬THE¬REDEVELOPMENT¬OF¬MANY¬OF¬OUR¬MALLS¬)N¬ ¬ MORE¬VARIED¬7HILE¬BROAD¬TERMS¬SUCH¬AS¬hLIFESTYLE¬CENTERSv¬ARE¬ WE¬EXPECT¬TO¬COMPLETE¬THE¬FIRST¬SET¬OF¬REDEVELOPMENT¬PROJECTS¬ COMMONLY¬BANDIED¬ABOUT¬IN¬THE¬INDUSTRY ¬EACH¬REDEVELOPMENT¬ PROJECT¬REPRESENTS¬A¬UNIQUE¬SOLUTION¬TO¬A¬SPECIFIC¬CHALLENGE¬4HE¬ WAS¬BUILT¬IN¬THE¬ ¬#HERRY¬(ILL¬-ALL¬WAS¬THE¬FIRST¬ENCLOSED¬ AGE¬OF¬COOKIE CUTTER¬MALLS ¬WITH¬AN¬ANCHOR¬AT¬EITHER¬END ¬ARE¬GONE¬ MALL¬ON¬THE¬%AST¬#OAST¬"USLOADS¬OF¬TOURISTS¬CAME¬FROM¬AS¬FAR¬ 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