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Investor Update May 2017

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Investor Update May 2017 INVESTOR UPDATE M AY 2 0 1 7 1 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 Geography PHILADELPHIA WASHINGTON DC Valley Mall Francis Scott Key Mall Willow Grove Park Plymouth Meeting Mall Exton Square Mall Fashion Outlets Moorestown Mall Springfield Mall Cherry Hill Mall Mall at Prince Georges Gloucester Premium Outlets Cumberland Mall Springfield Town Center 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. 3 Successful Transformation • Concentrated portfolio in densely populated, high barrier-to-entry markets CREATED A FOCUSED MARKET • Focused on high-quality, well-located assets in Top MSAs STRATEGY • 40% of NOI generated from Top 5 assets with sales PSF of $588 • Significantly reduced risk profile through strategic disposition program • $720 million raised OPTIMIZED PORTFOLIO • Sold 16 low-productivity malls with 2 more coming to market • Capitalizing on opportunities to improve quality through remerchandising and redevelopment • Lifestyle Experience: ~20% of space committed to dining & entertainment REVITALIZING CORE ASSETS TO • Department Store Strategy: Proactively replace challenged department stores to craft desired shopping experience CAPITALIZE ON RAPIDLY CHANGING • Diversified Tenant Mix: Over 1 million square feet of space added in dining, LANDSCAPE entertainment, fast fashion, grocery, health & wellness and off-price categories • Liquidity; $400 million credit facility with no amounts outstanding • Laddered Maturities IMPROVED BALANCE SHEET • Minimal exposure to floating rate debt • Plans to reduce leverage below 47% by 2020 • Roadmap to lower leverage through NOI growth and asset sales • Independent sales projection reflects stabilized portfolio reaching $528 psf in ACHIEVED OPERATIONAL 2019 (without Fashion Outlets Philadelphia) EXCELLENCE • Multi-year plan reflects average NOI growth of 6-8% over 4 years PREIT HAS A TRACK RECORD OF SUCCESSFULLY EXECUTING ON KEY INITIATIVES, TRANSFORMING THE COMPANY AND IMPROVING THE QUALITY OF OUR PORTFOLIO. 4 Transformation: By The Numbers 2012 2017 Beyond 2018 # of Properties 46 26 24 # of States 13 9 8 # of Markets 20 12 10 Total GLA 33 million 23 million 22 million Portfolio Sales/SF $365 $465 $538 Assets > $500/SF 3 5 >10 % of NOI from assets with sales 20% 39% 57% > $500 PSF 5 Strategic Vision CONTINUE TRANSFORMATION INTO A TOP - TIER MALL REIT THROUGH PORTFOLIO OPTIMIZATION, A DIVERSIFIED TENANT MIX THAT DRIVES TRAFFIC AND SALES AND A STRONG BALANCE SHEET CAPABLE OF CAPITALIZING ON OPPORTUNITIES TO CREATE VALUE • Strategic Investment and Expansion in Attractive Markets • Employing a Consumer-Driven Approach to Tenant Mix • Capitalizing on Shifting Consumer Shopping Behaviors by Anticipating Trends • Deliver Operating Results that Reflect the Quality of the Portfolio • Expedite Capital Plan to maximize liquidity and reduce leverage so we can continue to capitalize on value-enhancing opportunities 6 A Differentiated Platform OUR PLATFORM IS DISTINCTLY DIFFERENT FROM HISTORIC “LOWER PRODUCTIVITY” PEER SET • Insulated Portfolio creates stability • Small scale results in manageable impact from retail fallout • Opportunity for outsized growth upon execution of redevelopment program • Strategic and growing position in Top 10 Markets - Philadelphia and Washington DC • Limited absolute exposure to Sears through proactive replacement effort WPG Sears exposure (post disposition) CBL PEI 0 20 40 60 • Portfolio Sales productivity exceeds “Low Productivity” Peers 7 2019 Sales Projection • Current Portfolio (3/31/17) • Excluding Asset Offered for Sale • Estimated Stabilized Portfolio Sales: • Fashion Outlets Philadelphia: • Total Portfolio Sales: Source: Gerney Research study dated 5.18.17 . 8 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 9 Balanced Department Store Risk December 31, 2011 Pro-forma (1) Bon Ton 12 1 Boscov’s 9 6 Burlington 6 3 Century 21 Dept Stores -- 1 DICK’s Sporting Goods 2 5 Dillard’s 3 1 Gander Mountain (BK) 1 -- JC Penney 29 16 Sears/K Mart 27 7 (PRIMARK occupies ¾ of Willow Grove location) Macy’s 24 15 Nordstrom/Rack 1 3 Round 1 Entertainment -- 1 Saks OFF 5th -- 2 Target 2 3 TJX 3 8 Von Maur -- 1 Whole Foods 1 2 (1) Includes executed leases and transactions in progress that haven’t taken occupancy and excludes 10 announced disposition properties Track Record of Replacing Tenants PREIT’S RELATIVELY SMALL PORTFOLIO, LOCATED IN HIGH QUALITY MARKETS, IS PROTECTED FROM MATERIAL IMPACT RELATED TO RETAILER FALLOUT. GLA impacted % Covered 2016 Bankruptcies 236,394 70% 2017 YTD Bankruptcies 295,331 80% Total 531,725 76% For tenants that filed for Bankruptcy protection in 2017, PREIT currently expects only 20 stores to close within its portfolio 11 Expanding Retailers TENANTS HAVE BECOME AGNOSTIC TO RETAIL FORMAT AND ARE FOCUSED ON LOCATION AND POSITIONING ABOVE ALL ELSE Performing Mall Retailers Fast Fashion Shoes/Athletic Shoes Off-Price / Value 12 Expanding Retailers - continued TENANTS HAVE BECOME AGNOSTIC TO RETAIL FORMAT AND ARE FOCUSED ON LOCATION AND POSITIONING ABOVE ALL ELSE Grocery Fitness Big Box Entertainment Dining 13 New-to-Portfolio Tenants PREIT HAS PRIORITIZED DIVERSIFYING OUR TENANT MIX. WE HAVE 82 MEETINGS WITH NEW TO PORTFOLIO TENANTS AT ICSC RECON. • 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 14 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 15 Anchor Replacement Track Record Property Tenant Size Status/Description (SF) Opened 10/16 in former JC Penney store Cumberland Mall DICK’S Sporting Goods 50,000 location Willow Grove Park Primark 80,000 Opened 7/16 in portion of Sears store Home Goods, 23,000 Under construction for Q4 2017 opening Viewmont Mall DICK’s Sporting Goods and Field & 90,000 in former Sears store Stream Exton Square Round 1 Entertainment 58,000 Opened 12/16 in former JC Penney store Under construction for 2017 opening Exton Square Whole Foods Market 55,000 replacing K Mart Lease Executed for Q4 17 opening Capital City Mall DICK’s Sporting Goods 50,000 replacing Sears Lease Executed for Q4 19 opening Woodland Mall Von Maur 90,000 replacing Sears Lease Executed for Q4 17 opening Magnolia Mall Burlington 50,000 replacing Sears 9 ANCHOR LOCATIONS IN TRANSITION IN PORTFOLIO 7 REPLACEMENT TENANTS ARE UNDER CONSTRUCTION 5 NEW ANCHORS WILL BE PAYING RENT BEFORE THE END OF 2017 16 Review of Additional Anchor Risk PREIT HAS CAREFULLY REVIEWED ALL ANCHORS IN THE PORTFOLIO TO ASSESS RISK OF ADDITIONAL CLOSURES Tenant Internal Risk Assessment JC Penney • 2 locations potentially at risk Macy’s • None with near term risk • Sell 1 Bon-Ton • Close 1 • 1 Remaining • Sell 2 Sears • Proactively recapture 2 • 5 Remaining 17 Redevelopment & Anchor Repositioning Strategy PREIT IS FOCUSED ON INVESTING IN EXISTING ASSETS IN STRONG, GROWING MARKETS WHERE LONG - TERM ASSET VALUE CAN BE ENHANCED, RATHER THAN SIMPLY PRESERVED. • Proactively identify market-position improvement opportunities including: Anchor replacement, remerchandising, renovation, densification and physical reconfiguration to maximize use of the location • 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 18 Redevelopment Underway Project Description Complete overhaul of former
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