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Investor Update November 2016

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Investor Update November 2016 INVESTOR UPDATE Quality Properties in Compelling Markets NOVEMBER 2016 OUR VALUE PROPOSITION Quality Properties in Compelling Markets Who we are 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. Our progress Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength highlighted by disciplined capital expenditures. 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. 2 OPERATING HIGHLIGHTS Results as of 9.30.16 FFO, as adjusted per share growth (1) 14% Same Store NOI growth (quarter) 5.2% Average Quarterly SS NOI growth 4.3% Average Renewal Spreads YTD 14.8% Sales PSF/growth $460/+8.5% Non-Anchor Mall Occupancy % 92.2% Non-Anchor Mall Leased % 93.7% (1) Excluding dilution from asset sales 3 STRATEGIC VISION PREIT will continue to enhance its strong platform for growth $500 psf in sales More than 60% of NOI generated from top 10 MSAs Sustained NOI growth greater than 3% Leverage below 48% 4 AN OPTIMISTIC OUTLOOK 1 We’re in the 9th inning of our disposition program 2 We are in the midst of a continuous cycle of improvement 3 Exciting prospects in process for pending Macy’s closures and proactively recaptured Sears boxes 4 Expanding relationships with in-demand retailers 5 Value-creating redevelopments coming to bear in next 18 months 6 A strong, diverse retail environment is emerging 5 DISPOSITION PROGRAM Overview of impact $671 million Raised through strategic disposition program since 2012 14 Malls Sold Generating average sales of $274 per square foot Under Contract Beaver Valley Mall is under Agreement of Sale Listed for Sale Crossroads Mall being marketed for sale as part of ongoing portfolio paring and capital recycling efforts 6 AN OPTIMISTIC OUTLOOK 1 We’re in the 9th inning of our disposition program 2 We are in the midst of a continuous cycle of improvement 3 Exciting prospects in process for pending Macy’s closures and proactively recaptured Sears boxes 4 Expanding relationships with in-demand retailers 5 Value-creating redevelopments coming to bear in next 18 months 6 A strong, diverse retail environment is emerging 7 CYCLE OF IMPROVEMENT More NOI/Lower Better Portfolio Cap Rate Value Sales Growth Creation Better Tenants Improved Shopper Demographics PREIT currently has $10 million of annualized gross rent in backlog of executed leases 8 AN OPTIMISTIC OUTLOOK 1 We’re in the 9th inning of our disposition program 2 We are in the midst of a continuous cycle of improvement 3 Exciting prospects in process for pending Macy’s closures and proactively recaptured Sears boxes 4 Expanding relationships with in-demand retailers 5 Value-creating redevelopments coming to bear in next 18 months 6 A strong, diverse retail environment is emerging 9 DEPARTMENT STORE EVOLUTION 1985 vs Today 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 10 DEPARTMENT STORE REPLACEMENTS Opportunity to improve mall traffic EXPANDING DEPARTMENT STORES LARGE FORMAT STORES OFF PRICE MERCHANTS RESTAURANTS & ENTERTAINMENT Sales at PREIT’s same store malls have grown by 10% in 3 years, Department stores have declined 11 MACY’S STORE CLOSURES Impact on PREIT 3-5 closures expected as a result of announcement by Macy’s to close 100 stores OPERATION Internal task force created with goal of filling boxes in 28 months with following opportunities being pursued: • 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 12 SUCCESSFUL HISTORY OF REPURPOSING A look at the May Company/Federated (Macy’s Inc) merger Cherry Hill Mall Springfield Mall Willow Grove Park The Gallery/Fashion Outlets of Philadelphia 13 PROACTIVE SEARS RECAPTURES Methodically reducing exposure PREIT has methodically reduced exposure to Sears from 29 stores in 2012 to 11 today following 3 additional recaptures • 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 JUNE 2012 27 Assets Sold (10) Recaptured (6) FUTURE 11 14 AN OPTIMISTIC OUTLOOK 1 We’re in the 9th inning of our disposition program 2 We are in the midst of a continuous cycle of improvement 3 Exciting prospects in process for pending Macy’s closures and proactively recaptured Sears boxes 4 Expanding relationships with in-demand retailers 5 Value-creating redevelopments coming to bear in next 18 months 6 A strong, diverse retail environment is emerging 15 EXPANDING RETAILER RELATIONSHIPS In-demand retailers opting in to PREIT portfolio New-to-portfolio tenants 5 new locations OPEN 70K sf new prototype stores OPEN signed 1 under construction Joining Dick’s and Field & New leases executed as New anchors OPEN Stream to replace Sears at part of remerchandising Viewmont Mall Mall at PG New-to-portfolio dining and entertainment additions Dining and Entertainment tenants now account for 15% of non-anchor space with room to grow 16 AN OPTIMISTIC OUTLOOK 1 We’re in the 9th inning of our disposition program 2 We are in the midst of a continuous cycle of improvement 3 Exciting prospects in process for pending Macy’s closures and proactively recaptured Sears boxes 4 Expanding relationships with in-demand retailers 5 Value-creating redevelopments coming to bear in next 18 months 6 A strong, diverse retail environment is emerging 17 ACTIVE REDEVELOPMENT PROJECTS Summary Cost Targeted Stabilized (in millions) Return 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 (1) PREIT Share of Cost before public financing 18 FASHION OUTLETS OF PHILADELPHIA Philadelphia, PA 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. THE MARKET: Population 6,302,012 Average HHI $86,507 Average Home Value $288,340 Daytime Population 6,693,353 PROJECT DETAILS Cost $365 million (1) Net Cost $336 million (2) Targeted Return 8%-9% Stabilized Year 2020 (1) JV Cost (2) Net of Grants 19 FASHION OUTLETS OF PHILADELPHIA Philadelphia, PA Federal / City Building Parking (3150 spaces) Tourist Attractions Hospitals Hotels & Convention Center Other FOP & PREIT Offices 20 FASHION OUTLETS OF PHILADELPHIA Philadelphia, PA Spring 2018 Grand Re-opening 21 FASHION OUTLETS OF PHILADELPHIA Philadelphia, PA 22 FASHION OUTLETS OF PHILADELPHIA Philadelphia, PA 23 FASHION OUTLETS OF PHILADELPHIA Philadelphia, PA 24 PHILADELPHIA RISING % Increase in Millennial Population since 2005 The largest percentage increase in Millennial population among the 10 largest cities in America, according to the Philadelphia Inquirer Bon Appetit touted Philadelphia as one of ‘America’s Greatest Eating Cities,’ 2016 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) 25 PLYMOUTH MEETING MALL Plymouth Meeting, PA 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. THE MARKET: PROJECT DETAILS Population 1,008,315 Cost $6.6 - $7.3 million Average HHI $92,967 Targeted Return 8%-9% Daytime Population 1,116,568 Stabilized Year 2018 26 FUTURE DENSIFICATION OPPORTUNITY Plymouth Meeting Mall – Plymouth Meeting, PA 27 EXTON SQUARE Exton, PA 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.
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