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Forward Looking Statement

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Forward Looking Statement 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. 2 ITINERARY Management Presentation 8:30-11:00 AM Q&A 11:00 AM – noon Travel to Fashion Outlets of Philadelphia 12:30 – 1:15 PM On Site Fashion Outlets of Philadelphia Presentation 1:30 – 2:30 PM 3 Joseph F. Coradino CEO 4 BREAKING NEWS Non refundable deposit received for three mall package Non refundable deposit received for Palmer Park Mall 5 KEY CATALYSTS Our future is bright Move to QUALITY is pronounced and accelerating RESULTS achieved are demonstrable and sustainable Experiencing a dramatic increase in new retail DEMAND REDEVELOPMENT opportunities are realizable and impactful Balance sheet is STRONG and improving 6 SHAREHOLDER VALUE BACK TO THE FUTURE A LOOK BACK AND FORWARD 7 A VISION REALIZED A sustainable, growing platform In 2012 we outlined a strategy focused on 4 key objectives to drive NAV and shareholder value: Balance Sheet Operational Improvement Excellence Elevating Portfolio Positioning for Quality Growth We have created a sustainable, stable platform with a flexible balance sheet with realizable growth opportunities. 8 NEXT STAGE A sustainable, growing platform $500 psf in sales More than 50% of NOI generated from top 10 MSAs Sustained NOI growth greater than 3% Leverage below 48% 9 WHERE WE ARE Goals Per 2012 Investor Day Enhanced Portfolio Quality Strengthened the Balance Sheet12/31/15 Measure of Success 9/30/12 2015 Goal Estimate (1) Leverage 62% < 55% <50% Debt/EBITDA 8.8 < 7.5 8.0 Upper end of SS NOI Growth 1–2% > 3% guidance range of 2-2.7% Total Mall Occupancy 92.6% 95.0% 95.4% Occupancy Cost 11.4% 12.5% 12.7% Sales PSF $379 > $400 $428 (1) Sales figure is from 9/30/15 10 STRONG, FLEXIBLE BALANCE SHEET Ample Liquidity Laddered maturities Minimal exposure to floating rate debt Plan to reduce leverage below 47% by end of 2018 11 SALES OUTPACING OCCUPANCY COSTS Opportunity to drive rents to correlate with sales growth (1) (1) Excludes 6 malls currently marketed for sale, Fashion Outlets of Philadelphia and Springfield Town Center 12 IMPROVING RENEWAL RENT SPREADS Improved portfolio balances leverage with tenants 13 G&A AS % OF REVENUE Reduced and scalable G&A 14 SS NOI COMPOSITION Percentage of NOI from high productivity properties increasing 15 KEY TAKEAWAYS Our future is bright Our move to QUALITY is pronounced and accelerating RESULTS achieved demonstrate our success We are experiencing a dramatic increase in new retail DEMAND REDEVELOPMENT opportunities are realizable and impactful Our balance sheet is STRONG and improving 16 SELECT ANCHOR PROFILE Reduced exposure to select anchors # of locations # of locations Tenant # of locations 2012 post-disposition post-recapture 29 16 12 29 19 19 12 3 3 17 A UNIQUE PLATFORM Realizing a Transformed PREIT Well-positioned portfolio with high-quality assets Concentration in densely populated, high barrier-to-entry markets High quality assets in two Top 10 MSAs is attracting productive retailers Opportunities to improve asset quality through remerchandising & redevelopment Significantly reduced risk profile through dispositions Mitigated anchor exposure through asset sales & replacement initiative Scale allows for intensive focus by senior management on priority endeavors Improved portfolio has provided ability to attract and retain top talent 18 SHIFTING PEER GROUP Improving position TCO MAC SPG GGP PEI CBL WPG RSE Sales per square foot $805 $630 $616 $593 $424 $371 $352 $345 TTM sales growth 1.9% 7.0% 0.5% 3.7% 9.6% 4.2% 5.6% 7.1% SS NOI (2015E) 3.1% 5.8% 4.0% 4.0% 2.5% -0.6% -1.2% 3.3% Occupancy 91.7% 95.7% 95.9% 95.2% 91.9% 90.8% 90.2% 89.5% Occupancy cost ratio 13.8% 13.2% 12.1% 13.3% 12.7% 13.0% 12.7% 11.1% Releasing spreads 15% 15% 18% 10% 6% 7% 0% 7% Average HHI $68k $63k $64k $59k $57k $54k $56k $53k Source: Green Street Advisors, Mall Sector Update, November 11, 2015 (All operating data as of September 30, 2015) 19 SHIFTING PEER GROUP Improving position TCO MAC SPG GGP PEI CBL WPG RSE G&A/Asset value(bps) 36 33 14 50 60 53 60 105 Total leverage ratio 28% 28% 30% 39% 48% 56% 51% 62% Debt/EBITDA 7.7x 6.6x 6.1x 8.9x 7.8x 7.0x 6.8x 8.8x Floating rate exposure 25% 18% 10% 19% 11% 24% 25% 26% Credit Line Maturity 2020 2018 2019 2020 2020 2020 2019 2018 Net Asset Value/Share $116 $93 $227 $35 $33 $26 $18 $17 Source: Green Street Advisors, Mall Sector Update, November 11, 2015 (All operating data as of September 30, 2015) 20 20 IMPROVED LINEUP Bringing shoppers more of what they want # of locations # of locations Tenant 2012 2015 (1) 4 13 1 3 4 8 3 4 2 11 (1) Includes executed leases not yet open 21 NEW-TO-PORTFOLIO TENANCY Since 2012, PREIT has added x new tenants to the portfolio Marquee first-to-portfolio tenants Century 21 opened their first store outside of NY Metro in Philadelphia. Legoland Discovery Center will join Plymouth Meeting in 2017; one of only 9 in the US. 22 ELEVATING PORTFOLIO QUALITY Transformed tenancy driving sales & quality of earning stream INCREASING SHARE DECREASING SHARE OUT OF TOP 20 23 KEY TAKEAWAYS Our future is bright Our move to QUALITY is pronounced and accelerating RESULTS achieved demonstrate our success We are experiencing a dramatic increase in new retail DEMAND REDEVELOPMENT opportunities are realizable and impactful Our balance sheet is STRONG and improving 24 OUR TEAM Robert McCadden Bruce Goldman Mario Ventresca, Jr. Andrew Ioannou Executive Vice President & Executive Vice President Executive Vice President Executive Vice President Chief Financial Officer General Counsel & Secretary Operations Finance & Acquisitions Joseph Aristone Daniel Herman Heather Crowell Senior Vice President Senior Vice President Vice President Leasing Redevelopment Investor Relations
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