Q413 Supplemental 021814.Xlsx

Pennsylvania Real Estate Investment Trust ® Supplemental Financial and Operating Information Quarter Ended December 31, 2013 <a href="/goto?url=http://www.preit.com" target="_blank">www.preit.com </a>NYSE: PEI NYSE: PEIPRA, PEIPRB Pennsylvania Real Estate Investment Trust Supplemental Financial and Operating Information December 31, 2013 Table of Contents Introduction <ul style="display: flex;"><li style="flex:1">Company Information </li><li style="flex:1">1</li></ul><ul style="display: flex;"><li style="flex:1">2</li><li style="flex:1">Market Capitalization and Capital Resources </li></ul>Operating Results <ul style="display: flex;"><li style="flex:1">Statement of Operations - Proportionate Consolidation Method - Quarters Ended December 31, 2013 and December 31, 2012 </li><li style="flex:1">3</li></ul>45678 Statement of Operations - Proportionate Consolidation Method - Years Ended December 31, 2013 and December 31, 2012 Statement of Net Operating Income - Quarters and Years Ended December 31, 2013 and December 31, 2012 Computation of Earnings Per Share Funds From Operations and Funds Available for Distribution - Quarters Ended December 31, 2013 and December 31, 2012 Funds From Operations and Funds Available for Distribution - Years Ended December 31, 2013 and December 31, 2012 Operating Statistics Leasing Activity Summary Summarized Sales and Rent Per Square Foot and Occupancy Percentages Mall Occupancy Percentage and Sales Per Square Foot Strip and Power Center Occupancy Percentages Top Twenty Tenants 9 10 11 12 13 14 15 17 Lease Expirations Property Information Department Store Lease Expirations Balance Sheet Condensed Balance Sheet - Proportionate Consolidation Method Investment in Real Estate 19 20 22 23 24 25 26 27 Capital Expenditures Debt Analysis Debt Schedule Selected Debt Ratios Definitions Forward Looking Statements Pennsylvania Real Estate Investment Trust Company Information Background Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. As of December 31, 2013, the Company owned interests in 43 retail properties, 40 of which are operating retail properties and three are development properties. The 40 operating retail properties have a total of 30.4 million square feet and include 35 enclosed malls and five strip and power centers. The operating properties are located in 11 states in the eastern half of the United States, primarily in the Mid-Atlantic region. PREIT is headquartered in Philadelphia, Pennsylvania. If you would like to participate in our quarterly conference call or would like additional information about PREIT, please contact: Heather Crowell, Vice President of Corporate Communications and Investor Relations 200 South Broad Street Philadelphia, PA 19102 Telephone: (215) 875-0735 Fax: (215) 546-2504 Email: [email protected] Research Coverage <ul style="display: flex;"><li style="flex:1">Company </li><li style="flex:1">Analyst </li><li style="flex:1">Phone Number </li></ul><ul style="display: flex;"><li style="flex:1">Bank of America/Merrill Lynch </li><li style="flex:1">Craig Schmidt </li><li style="flex:1">(646) 855-3640 </li></ul>(212) 526-2306 (212) 816-1383 (646) 863-4177 (415) 229-8070 Barclays Capital Citi Investment Research Discern Ross Smotrich Michael Bilerman David Wigginton <ul style="display: flex;"><li style="flex:1">Ben Yang </li><li style="flex:1">Evercore Partners </li></ul><ul style="display: flex;"><li style="flex:1">Green Street Advisors </li><li style="flex:1">Cedrik Lachance </li></ul>Daniel J. Busch (949) 640-8780 (949) 640-8780 <ul style="display: flex;"><li style="flex:1">JP Morgan </li><li style="flex:1">Michael W. Mueller </li></ul>Yasmine Kamaruddin (212) 622-6689 (212) 622-1041 <ul style="display: flex;"><li style="flex:1">Stifel Nicolaus </li><li style="flex:1">Nathan Isbee </li></ul>Jennifer Hummert (443) 224-1346 (443) 224-1288 <ul style="display: flex;"><li style="flex:1">SunTrust Robinson Humphrey </li><li style="flex:1">Ki Bin Kim </li><li style="flex:1">(212) 303-4124 </li></ul><a href="/goto?url=http://www.preit.com" target="_blank">NOTE: Press release announcements are available on the Company's website at www.preit.com. </a>Page 1 Pennsylvania Real Estate Investment Trust Market Capitalization and Capital Resources (in thousands, except per share amounts) <ul style="display: flex;"><li style="flex:1">Quarter Ended December 31, </li><li style="flex:1">Year Ended December 31, </li></ul><ul style="display: flex;"><li style="flex:1">2012 </li><li style="flex:1">2013 </li><li style="flex:1">2012 </li><li style="flex:1">2013 </li><li style="flex:1">2011 </li></ul>TRADING INFORMATION Common Shares $$$ 17.34 6.50 10.44 High Price per share Low Price per share Closing Share Price (at the end of period) $$$ 19.58 16.61 18.98 $$$ 17.90 15.42 17.64 $$$ 22.54 14.20 18.98 $$$ 17.90 10.49 17.64 Series A Preferred Shares High Price per share Low Price per share $$$ 27.33 24.95 26.28 $$$ 25.89 24.77 25.16 $$$ 26.97 25.18 26.28 $$$ 28.06 24.77 25.16 $$$ --- Closing Share Price (at the end of period) Series B Preferred Shares High Price per share Low Price per share $$$ 24.64 23.05 23.73 $$$ 25.54 24.51 25.27 $$$ 26.86 23.05 23.73 $$$ 25.54 24.51 25.27 $$$ --<ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">Closing Share Price (at the end of period) </li></ul>MARKET CAPITALIZATION EQUITY CAPITALIZATION <ul style="display: flex;"><li style="flex:1">Common Shares Outstanding </li><li style="flex:1">68,293 </li></ul>2,129 56,331 2,301 68,293 2,129 56,331 2,301 55,677 <ul style="display: flex;"><li style="flex:1">2,329 </li><li style="flex:1">OP Units Outstanding </li></ul><ul style="display: flex;"><li style="flex:1">Total Common Shares and OP Units Outstanding </li><li style="flex:1">70,422 </li><li style="flex:1">58,632 </li><li style="flex:1">70,422 </li><li style="flex:1">58,632 </li><li style="flex:1">58,006 </li></ul>Equity Market Capitalization - Common Shares and OP Units $$ 1,336,614 115,000 86,250 $$ 1,034,273 115,000 86,250 $$ 1,336,614 115,000 86,250 $$ 1,034,273 115,000 86,250 $$ 605,581 Series A Preferred Shares, Nominal Value Series B Preferred Shares, Nominal Value Total Equity Market Capitalization --<ul style="display: flex;"><li style="flex:1">1,537,864 </li><li style="flex:1">1,235,523 </li><li style="flex:1">1,537,864 </li><li style="flex:1">1,235,523 </li><li style="flex:1">605,581 </li></ul>DEBT CAPITALIZATION (1) Secured Debt Balance (2)(3) <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">1,701,101 </li><li style="flex:1">$</li><li style="flex:1">2,101,769 </li><li style="flex:1">$</li><li style="flex:1">1,701,101 </li><li style="flex:1">$</li><li style="flex:1">2,101,769 </li><li style="flex:1">$</li><li style="flex:1">2,230,645 </li></ul>Unsecured Debt Balance (4) <ul style="display: flex;"><li style="flex:1">130,000 </li><li style="flex:1">-</li><li style="flex:1">130,000 </li><li style="flex:1">-</li><li style="flex:1">136,900 </li></ul><ul style="display: flex;"><li style="flex:1">Debt Capitalization </li><li style="flex:1">1,831,101 </li><li style="flex:1">2,101,769 </li><li style="flex:1">1,831,101 </li><li style="flex:1">2,101,769 </li><li style="flex:1">2,367,545 </li></ul><ul style="display: flex;"><li style="flex:1">TOTAL MARKET CAPITALIZATION </li><li style="flex:1">$</li><li style="flex:1">3,368,965 </li><li style="flex:1">$</li><li style="flex:1">3,337,292 </li><li style="flex:1">$</li><li style="flex:1">3,368,965 </li><li style="flex:1">$</li><li style="flex:1">3,337,292 </li><li style="flex:1">$</li><li style="flex:1">2,973,126 </li></ul>Equity Capitalization/Total Market Capitalization Debt Capitalization/Total Market Capitalization Unsecured Debt Balance/Total Debt 45.6% 54.4% 7.1% 37.0% 63.0% 0.0% 45.6% 54.4% 7.1% 37.0% 63.0% 0.0% 20.4% 79.6% 5.8% DISTRIBUTIONS PER COMMON SHARE <ul style="display: flex;"><li style="flex:1">Ordinary Dividends </li><li style="flex:1">$</li><li style="flex:1">-</li><li style="flex:1">$</li><li style="flex:1">-</li><li style="flex:1">$</li><li style="flex:1">-</li><li style="flex:1">$</li><li style="flex:1">-</li><li style="flex:1">$</li><li style="flex:1">0.37 </li></ul>Capital Gain Distributions (5) Non-Dividend Distributions Distributions per common share <ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">-</li><li style="flex:1">-</li><li style="flex:1">-</li><li style="flex:1">0.01 </li></ul>0.22 0.60 0.20 0.20 0.16 0.16 0.74 0.74 0.63 <ul style="display: flex;"><li style="flex:1">0.63 </li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">$</li></ul><ul style="display: flex;"><li style="flex:1">Annualized Dividend Yield (6) </li><li style="flex:1">4.2% </li><li style="flex:1">3.6% </li><li style="flex:1">3.9% </li><li style="flex:1">3.6% </li><li style="flex:1">5.7% </li></ul>CAPITAL RESOURCES Cash and Cash Equivalents <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">41,867 </li><li style="flex:1">$</li><li style="flex:1">38,873 </li><li style="flex:1">$</li><li style="flex:1">41,867 </li><li style="flex:1">$</li><li style="flex:1">38,873 </li><li style="flex:1">$</li><li style="flex:1">27,481 </li></ul>Revolving Facility 400,000 (130,000) 250,000 - 400,000 (130,000) 250,000 - 250,000 <ul style="display: flex;"><li style="flex:1">(95,000) </li><li style="flex:1">Amount Outstanding </li></ul><ul style="display: flex;"><li style="flex:1">Available Revolving Facility(7) </li><li style="flex:1">270,000 </li><li style="flex:1">250,000 </li><li style="flex:1">270,000 </li><li style="flex:1">250,000 </li><li style="flex:1">155,000 </li></ul><ul style="display: flex;"><li style="flex:1">TOTAL </li><li style="flex:1">$</li><li style="flex:1">311,867 </li><li style="flex:1">$</li><li style="flex:1">288,873 </li><li style="flex:1">$</li><li style="flex:1">311,867 </li><li style="flex:1">$</li><li style="flex:1">288,873 </li><li style="flex:1">$</li><li style="flex:1">182,481 </li></ul>Shelf Registration <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">568,750 </li><li style="flex:1">$</li><li style="flex:1">798,750 </li><li style="flex:1">$</li><li style="flex:1">568,750 </li><li style="flex:1">$</li><li style="flex:1">798,750 </li><li style="flex:1">$</li><li style="flex:1">1,000,000 </li></ul>(1) Amounts exclude debt discount on our Exchangeable Notes and debt premium on mortgage loans. (2) The secured debt balance includes $182,000 in Term Loans outstanding as of December 31, 2012 and $240,000 outstanding as of December 31, 2011. (3) The secured debt balance includes Revolving Facility balance of $95,000 as of December 31, 2011. (4) The unsecured debt balance includes a Revolving Facility balance of $130,000 as of December 31, 2013 and Exchangeable Notes of $136,900 as of December 31, 2011. (5) Includes $.004 of unrecaptured Section 1250 gain as of December 31, 2011. (6) Based on closing share price at the end of the period. (7) The available Credit Facility borrowings are subject to covenants that may restrict amounts that can be borrowed. On April 17, 2013, the Company entered into the 2013 Revolving Facility. Page 2 Pennsylvania Real Estate Investment Trust Statement of Operations - Quarters Ended December 31, 2013 and December 31, 2012 Proportionate Consolidation Method (in thousands) <ul style="display: flex;"><li style="flex:1">Quarter Ended December 31, 2013 </li><li style="flex:1">Quarter Ended December 31, 2012 </li></ul>PREIT's share of Continuing Operations PREIT's share of Continuing Operations unconsolidated partnerships (1) unconsolidated partnerships (1) Discontinued operations Discontinued <ul style="display: flex;"><li style="flex:1">operations </li><li style="flex:1">GAAP </li><li style="flex:1">Total </li></ul>82,902 34,809 3,701 GAAP 73,253 29,523 3,615 Total 86,654 33,680 3,840 REVENUE: <ul style="display: flex;"><li style="flex:1">Base rent </li><li style="flex:1">$</li><li style="flex:1">75,514 </li></ul>31,842 3,574 <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">6,983 </li></ul>2,832 127 <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">405 </li></ul>135 -<ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">6,779 </li></ul>2,591 143 <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">6,622 </li></ul>1,566 82 $ Expense reimbursements Percentage rent Lease termination revenue Other real estate revenue Total real estate revenue Other income 998 6,009 117,937 1,459 96 474 10,512 - 30 64 634 - 1,124 6,547 129,083 1,459 62 6,009 112,462 1,280 16 417 9,946 -<ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">78 </li></ul>6,718 130,970 1,280 292 8,562 -<ul style="display: flex;"><li style="flex:1">Total revenue </li><li style="flex:1">119,396 </li><li style="flex:1">10,512 </li><li style="flex:1">634 </li><li style="flex:1">130,542 </li><li style="flex:1">113,742 </li><li style="flex:1">9,946 </li><li style="flex:1">8,562 </li><li style="flex:1">132,250 </li></ul>EXPENSES: Operating expenses: CAM and real estate taxes Utilities Other operating expenses Total operating expenses (36,727) (5,043) (5,311) (47,081) (2,273) (207) (712) (383) (28) 112 (39,383) (5,278) (5,911) (50,572) (33,793) (4,619) (5,052) (43,464) (2,038) (282) (729) (3,270) (93) (572) (39,101) (4,994) (6,353) <ul style="display: flex;"><li style="flex:1">(50,448) </li><li style="flex:1">(3,192) </li><li style="flex:1">(299) </li><li style="flex:1">(3,049) </li><li style="flex:1">(3,935) </li></ul>Depreciation and amortization Other expenses: <ul style="display: flex;"><li style="flex:1">(36,406) </li><li style="flex:1">(1,844) </li><li style="flex:1">(87) </li><li style="flex:1">(38,337) </li><li style="flex:1">(33,484) </li><li style="flex:1">(1,859) </li><li style="flex:1">(2,344) </li><li style="flex:1">(37,687) </li></ul>General and administrative expenses Provision for employee separation expense Project costs and other expenses Total other expenses (10,395) - (561) (10,956) ---- ---- (10,395) - (561) (10,956) (8,720) (3,683) (1,159) (13,562) ---- ---- (8,720) (3,683) (1,159) (13,562) (2) Interest expense, net Total expenses (20,227) (114,670) (2,779) (7,815) <ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">(23,006) </li></ul>(122,871) (30,587) (121,097) (2,809) (7,717) (1,171) (7,450) (34,567) <ul style="display: flex;"><li style="flex:1">(136,264) </li><li style="flex:1">(386) </li></ul>Income (loss) before equity in income of partnerships and discontinued operations Equity in income of partnerships Income (loss) from continuing operations Discontinued operations: 4,726 2,697 7,423 2,697 (2,697) - 248 -248 7,671 - 7,671 (7,355) 2,229 (5,126) 2,229 (2,229) - 1,112 - 1,112 (4,014) - (4,014) Operating results from discontinued operations Impairment of assets of discontinued operations Gains on sales of discontinued operations Income (loss) from discontinued operations Net income (loss) Less: net (income) loss attributed to noncontrolling interest Net income (loss) attributable to PREIT Less: preferred share dividends 248 -160 --------- (248) -- -- 1,112 (3,805) 947 (1,746) (6,872) 273 (6,599) (3,768) (10,367) --------- (1,112) -- - (3,805) 947 (2,858) (6,872) 273 (6,599) (3,768) (10,367) 160 <ul style="display: flex;"><li style="flex:1">160 </li><li style="flex:1">408 </li><li style="flex:1">(248) </li><li style="flex:1">(1,112) </li></ul>7,831 (281) 7,550 (3,962) 3,588 ----- 7,831 (281) 7,550 (3,962) 3,588 ----<ul style="display: flex;"><li style="flex:1">-</li><li style="flex:1">Net income (loss) attributable to PREIT common shareholders </li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">$</li></ul>(1) PREIT's proportionate share of partnership operations is "grossed up" to reflect the Company's share of the total revenue and expenses of the underlying properties. (2) Net of capitalized interest expense of $255 and $151 for the quarters ended December 31, 2013 and 2012, respectively. Page 3 Pennsylvania Real Estate Investment Trust Statement of Operations - Years Ended December 31, 2013 and December 31, 2012 Proportionate Consolidation Method (in thousands) <ul style="display: flex;"><li style="flex:1">Year Ended December 31, 2013 </li><li style="flex:1">Year Ended December 31, 2012 </li></ul>PREIT's share of Continuing Operations PREIT's share of Continuing Operations unconsolidated partnerships (1) unconsolidated partnerships (1) Discontinued operations Discontinued <ul style="display: flex;"><li style="flex:1">operations </li><li style="flex:1">GAAP </li><li style="flex:1">Total </li><li style="flex:1">GAAP </li><li style="flex:1">Total </li></ul>REVENUE: Base rent Expense reimbursements Percentage rent <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">283,074 </li></ul>126,909 5,732 <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">27,319 </li></ul>11,193 216 <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">7,861 </li></ul>1,745 26 <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">318,254 </li></ul>139,847 5,974 <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">272,036 </li></ul>119,993 5,713 <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">26,261 </li></ul>10,546 229 <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">25,706 </li></ul>6,327 108 <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">324,003 </li></ul>136,866 6,050 Lease termination revenue Other real estate revenue Real estate revenue Other income <ul style="display: flex;"><li style="flex:1">1,565 </li><li style="flex:1">123 </li><li style="flex:1">78 </li></ul>304 10,014 -<ul style="display: flex;"><li style="flex:1">1,766 </li><li style="flex:1">1,753 </li><li style="flex:1">74 </li><li style="flex:1">75 </li></ul>830 33,046 - 1,902 14,448 431,728 6,950 1,344 40,195 - 16,096 481,937 6,950 14,318 413,813 5,534 1,342 38,452 - 16,490 485,311 5,534 <ul style="display: flex;"><li style="flex:1">Total revenue </li><li style="flex:1">438,678 </li><li style="flex:1">40,195 </li><li style="flex:1">10,014 </li><li style="flex:1">488,887 </li><li style="flex:1">419,347 </li><li style="flex:1">38,452 </li><li style="flex:1">33,046 </li><li style="flex:1">490,845 </li></ul>EXPENSES: Operating expenses: CAM and real estate taxes Utilities Other operating expenses Total operating expenses (142,684) (22,028) (17,567) (182,279) (8,791) (753) (2,416) (11,960) (3,399) (288) (601) (154,874) (23,069) (20,584) (198,527) (132,901) (21,838) (18,391) (173,130) (8,132) (816) (2,510) (11,458) (12,745) (566) (2,029) (15,340) (153,778) (23,220) (22,930) <ul style="display: flex;"><li style="flex:1">(199,928) </li><li style="flex:1">(4,288) </li></ul>Depreciation and amortization Other expenses: <ul style="display: flex;"><li style="flex:1">(140,880) </li><li style="flex:1">(7,373) </li><li style="flex:1">(1,161) </li><li style="flex:1">(149,414) </li><li style="flex:1">(127,845) </li><li style="flex:1">(7,396) </li><li style="flex:1">(8,877) </li><li style="flex:1">(144,118) </li></ul>General and administrative expenses Provision for employee separation expense Impairment of assets Project costs and other expenses Total other expenses (36,975) (2,314) (6,304) (1,422) (47,015) ----- ----- (36,975) (2,314) (6,304) (1,422) (47,015) (37,538) (9,437) - (1,936) (48,911) --- ----- (37,538) (9,437) - (1,938) (48,913) (2) (2)

Q413 Supplemental 021814.Xlsx

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