PREIT: Current Value Proposition Quality Real Estate in Strong Markets Strong Retail Sales Environment Low Unemployment Department Store Risk Mitigated Embracing Differentiated Tenant Base Densification Opportunities Path to Reducing Leverage 2 Ahead of the Curve in Improving Environment low-productivity mall disposition higher quality portfolio anchor replacement diversified tenant mix Sales Same Store NOI growth reducing leverage 3 Becoming Modern-Day PREIT 4 Superior Demographics 5 Diversified Tenant Base Fast Fashion & Off Price Retail Incubation/Emerging Brands Fitness & Recreation Entertainment Dining 6 Focus on Experiences 7 Focus on Dining 8 Focus on Convenience & Community 9 Completed Anchor Enhancements 10 Anchor Replacement Statistics 8x • Average New Rents Generated from Boxes 3x • Sales Multiple Generated from new Tenants $22 million • Average Investment >25 tenants • Replacing 12 Department Stores since 2017 12 • Boxes Replaced 11 Anchor Replacement Success Stories 12 Anchor Replacement Program 13 Sears exposure as a differentiator 0 10 20 30 40 50 60 70 14 Balance Sheet Strategy WELL-LADDERED DEBT MATURITIES • • MINIMAL EXPOSURE TO FLOATING RATE DEBT • SUFFICIENT LIQUIDITY BEYOND COMMITTED CAPITAL NEEDS • STRONG DIVIDEND COVERAGE • • MAINTAIN DIVERSE DEBT SOURCES 15 Liquidity and Spending Vitals LIQUIDITY as of 6.30.18 PROCEEDS FROM REMAINING NON-CORE SALES REMAINING SPENDING • • • • 16 Key Balance Sheet Facts $700 million • Recast of $400 million credit facility and $300 million term loan complete Unchanged • Cap Rates and Interest rate spreads 4.9 years • Average loan maturity incl. extension options 4.06% • Average cost of debt (as of 6/30/18) 92% Fixed • Only 8% of debt subject to fluctuation in rising rate environment 17 Well-Laddered Debt Maturities $800 $700 $600 $500 $400 $300 $200 $100 $0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 • • • 18 Redevelopment Appendix 19 Redevelopment & Anchor Repositioning Strategy • • • • • 20 Viewmont Mall 21 Capital City Mall 22 Capital City Mall 23 Magnolia Mall 24 Valley Mall Anchor Enhancement: Fashion, Fitness, Food, Fun Redevelopment Opportunity 25 Mall at Prince Georges: MPG 26 MPG: Renovation 27 MPG: Introducing New Brands 28 Plymouth Meeting Redevelopment 29 Woodland Mall 30 Woodland Mall 31 Fashion District Philadelphia 32 Fashion District Philadelphia Style Dining Entertainment 33 Fashion District Philadelphia 34 Future Growth Opportunity 35 The Strategy 36 Geography 37 Forward Looking Statement THANK YOU .