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Pennsylvania Real Estate Investment Trust Nyse: Pei PENNSYLVANIA REAL ESTATE INVESTMENT TRUST NYSE: PEI New York, NY - June 2009 History • Founded in 1960 – One of the first equity REITs in the U.S. • Merged with The Rubin Organization in 1997 – Focus on development and management of institutional quality assets across office, retail, multifamily, industrial and hospitality sectors. – Specialist in assisting financial institutions with REO turnaround – Acquired asset base and management company 2 History (continued) • Changed strategic focus from diversified property base to retail in 2003 – Acquired 6 malls from The Rouse Company – Sold 19 multifamily properties – Merged with Crown American Realty Trust • $1 billion redevelopment program to be completed in 2010 3 Property Portfolio Philadelphia Metro Area map on next page • 56 properties – 38 malls – 14 centers – 4 under development • 35 million square feet Information presented in this and subsequent slides includes our proportionate share of partnership properties. 4 Philadelphia Metro Area • 17 properties – 9 malls – 6 centers – 2 under development • 11 million square feet – 32% of portfolio 5 Strategic Objectives Asset Completion Balance Sheet and Stabilization Stabilization Equity Recapitalization 6 Redevelopment Assets 2006 Completions 2007 Completions Underway Capital City Mall Beaver Valley Mall Cherry Hill Mall Cumberland Mall Francis Scott Key Mall Gallery at Market East Lycoming Mall Lehigh Valley Mall Plymouth Meeting Mall Patrick Henry Mall Magnolia Mall Voorhees Town Center Mall at Prince Georges New River Valley Mall Wiregrass Commons Mall Valley View Mall 2008 Completions Viewmont Mall Gadsden Mall Wyoming Valley Mall Jacksonville Mall Moorestown Mall 7 Capital Investments $400 PREITPREIT is is nearing nearing completion completion of of its its five-year,five-year, $1 $1 billion billion redevelopment redevelopment andand development development program program $300 ) ons i l l i $200 n m i ( $100 $0 2006 2007 2008 1Q09 2Q-4Q'09E Acquisition Redevelopment Development Projected costs are net of any expected tenant reimbursements, parcel sales, tax credits or other incentives. 8 Plymouth Meeting Mall November 2007 Under Under Construction Construction Under Under Construction Construction Under Construction Plaza Shops Under Construction Under Construction Under Construction 9 Plymouth Meeting Mall April 2009 Under Construction The Plaza Shops 10 Plymouth Meeting Mall May 2008 – The Plaza Shops Under Construction 11 Plymouth Meeting Mall May 2009 – The Plaza Shops 12 Plymouth Meeting Mall May 2009 – Whole Foods Market Under Construction 13 Plymouth Meeting Mall TODAY – Restaurants 14 Plymouth Meeting Mall TODAY 15 Voorhees Town Center November 2007 The Learning Experience Day Care Center The Star Group HQ Abitare Town Center Boulevard Residences 16 Voorhees Town Center April 2009 The Learning Experience Day Care Center The Star Group HQ Intoxx Fitness Abitare Town Center Boulevard Residences 17 Voorhees Town Center May 2009 – Boulevard Under Construction 18 Voorhees Town Center May 2009 – Boulevard Under Construction 19 Voorhees Town Center May 2009 – Rizzieri Masters Salon & Aveda School for Wellness & Beauty 20 Voorhees Town Center May 2009 – Macy’s Grand Entrance 21 Voorhees Town Center TODAY – The Star Group 22 Cherry Hill Mall March 2008 Food Court Parking Deck Under Construction Under Construction Bistro Row Under Construction 23 Cherry Hill Mall TODAY Food Court Parking Deck 24 Cherry Hill Mall 2008 – Food Court Relocated 25 Cherry Hill Mall March 2009 – Nordstrom Grand Opening 26 Cherry Hill Mall March 2009 – Seasons 52 Opened 27 Cherry Hill Mall March 2009 – Grand Center Court Unveiled 28 Funds to Completion Redevelopment Projects Remaining Costs Invest to Date ($ in millions) (estimated) Cherry Hill Mall, Cherry Hill, NJ $ 196.8 $ 21.2 The Gallery at Market East, Philadelphia, PA 78.3 3.3 Plymouth Meeting Mall, Plymouth Meeting, PA 83.7 12.9 Voorhees Town Center, Voorhees, NJ 56.1 26.9 Developments Remaining Costs Invest to Date ($ in millions) (estimated) Pavilion at Market East, Philadelphia, PA $ 0.7 TBD Pitney Road Plaza, Lancaster, PA 9.2 $11.1 Springhills, Gainesville, FL 32.1 TBD White Clay Point, Landenberg, PA 42.9 TBD As of March 31, 2009. 29 Tenants in Expansion Space Cherry Hill Mall 28,711sf – California Pizza Kitchen – Capital Grille – Swarovski Crystal – Teavana – Urban Outfitters Plymouth Meeting Mall 87,176 sf –Ann Taylor Loft –Chico’s – Coldwater Creek – Jos A Bank – Whole Foods Other Properties 359,285 sf – Barnes & Noble Woodland Mall – Burlington Coat Factory Wiregrass Commons – Commonwealth of Pennsylvania Gallery at Market East – Rizzieri Institute Voorhees Town Center TOTAL NEW TENANT GLA 475,172sf Scheduled to open from April 1, 2009 through December 31, 2009. Does not represent a complete list of new tenants. 30 Comp Store Sales 44..55%% ddeeccrreeaassee $340 $356 $361 09 1Q' 31 $343 2008 2007 2006 Retail Occupancy 100.0% 95.0% 90.0% 85.0% 80.0% 2006 2007 2008 1Q'09 Total Non-Anchor 32 Mall Occupancy 100.0% 95.0% 90.0% 85.0% 80.0% 2006 2007 2008 1Q'09 Total Non-Anchor 33 Strip & Power Center Occupancy 100.0% 95.0% 90.0% 85.0% 80.0% 2006 2007 2008 1Q'09 Total Non-Anchor 34 Tenant Bankruptcies 1,000 TotalTotal GLA GLA = = 26,729 26,729 sf sf B.B. Moss,Moss, BallyBally’s,’s, BCBC Sports,Sports, CircuitCircuit CityCity,, DisnDisneyey,, DreamDream MachMachinine,e, Friedman/WhitehFriedman/Whitehaallll Jewelers,Jewelers, GooGooddyy’’s,s, KBKB ToyToys,s, LinensLinens N’N’ Things,Things, Stamor,Stamor, SteveSteve && 750 BarryBarry’’s,s, Tweeter,Tweeter, WilsonWilson’s’s LeathLeatheerr ) 627 sf nds a hous 500 t Bachrach,Bachrach, Garfield’s,Garfield’s, n i RitzRitz Camera,Camera, S&KS&K Menswear,Menswear, ZoundsZounds LA G ( 250 66 sf 0 2008 YTD 2009 Vacant Negotiating Assumed Executed Not Yet Determined 35 Financial Performance $ in millions $495 $496 $507 $306 $303 $307 $161 $148 * $147* $93 $95 $96 2006 2007 2008 Revenues NOI FFO FAD * Includes gain on exchangeable notes and asset impairment charges in 2008; preferred stock redemption in 2007 36 Financial Performance $ in millions $123 $122 $76 $72 $34 $29 $27 $24 1Q 2008 1Q 2009 Revenues NOI FFO FAD 37 Distributions 100% 99% 97% $3.90 $3.62 $3.57 $2.28 $2.28 $2.31 $2.28 $2.34 $2.28 2006 2007 2008 FFO FAD Dividends FAD Payout Ratio 38 Distributions 97.6% $0.83 88.0% $0.71 $0.65 $0.57 $0.59 $0.29 1Q 2008 1Q 2009 FFO FAD Dividends FAD Payout Ratio 2Q 2009 cash dividend of $0.15 per share is payable June 15, 2009. 39 $4, 250 $4, 000 ns) io Real Estate Investments (’07-’08) ill $3, in m ( 750 $3, 500 $3, $257 $3, 5 73 250 $55 2007 $17 Redevelopment $33 Development $19 Acquisition $3, 9 16 CapEx Impairments 2008 40 2009 Financing Strategy SOURCES USES • Retained Cash from Operations • Redevelopments – Cherry Hill Mall • Corporate Credit – The Gallery at Market East – Credit Facility – Plymouth Meeting Mall – $51 million available – Voorhees Town Center • Unencumbered Properties • 2009 Mortgage Maturities – 27% of NOI – Paid $16 million Palmer Park – 17 Malls Mall mortgage in January – 5 Centers – $47 million* remaining • Developments As of March 31, 2009. * Maturity date assumes all renewal options are exercised. 41 Covenant Compliance March 31, 2009 Actual Requirement Consolidated Liabilities / Gross Asset Value (1) 64.24% ≤ 65% EBITDA / Interest Expense 1.95 ≥ 1.7 Adjusted EBITDA / Fixed Charges 1.66 ≥ 1.5 EBITDA / Total Indebtedness (2) 9.98% ≥ 9.75% Secured Debt / Gross Asset Value 42.80% ≤ 60% Secured Recourse Debt / Gross Asset Value 1.80% ≤ 25% (1) Credit Facility permits leverage to exceed 65% for two consecutive quarters, as long as it remains below 70%. (2) Credit Facility permits debt yield to be less than 9.75% for one period of two consecutive fiscal quarters but may not be less than 9.25%. 42 Debt Maturities $600 ) $400 s n illio m n i ( $200 $0 2009 2010 2011 2012 2013 Secured - WO Secured - JV Credit Facility Unsecured Assumes all renewal options are exercised. 43 2009 Debt Maturities Maturity Property Debt Strategy 2009 January Palmer Park Mall $ 15.7 million Paid Off May Red Rose Commons $ 12.4 million Refinance August Lehigh Valley Mall $ 75.0 million Extend August One Cherry Hill (office bldg) $ 8.0 million Extend October Valley View Mall $ 34.3 million Refinance December Springfield Mall $ 36.2 million Extend As of March 31, 2009. 44 2010 Debt Maturities Maturity Property Debt Strategy 2010 January Springfield Park $ 1.4 million Pay Off March Credit Facility up to $500.0 million Refinance March Term Loan $170.0 million Extend June Creekview Center $ 19.4 million Extend August Lehigh Valley Mall $ 75.0 million Refinance August One Cherry Hill (office bldg) $ 8.0 million Extend December Springfield Mall $ 36.2 million Refinance As of March 31, 2009. 45 De-Levering Strategy • Achieve pro forma returns on capital invested • Stabilize and grow core NOI • Reduce G&A expenses • Limit dividend payout • Sell non-strategic assets • Enter into joint ventures • Opportunistic repurchase of debt • Issue equity 46 Forward Looking Statements This presentation contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 PREIT’s current views about future
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