424B3 1 four24b3.txt 424B3 Prospectus Supplement No. 1 Filed Pursuant to Rule 424(b)(3) Dated September 6, 2002 Registration No. 333-97337 (to Prospectus dated August 13, 2002) PREIT [GRAPHIC OMITTED] Pennsylvania Real Estate Investment Trust 1,176,627 SHARES OF BENEFICIAL INTEREST The following information supplements the information set forth in the prospectus by adding a new section entitled Selected Financial Data. This prospectus supplement is not complete without, and may not be delivered or utilized except in connection with, the prospectus. SELECTED FINANCIAL DATA We adopted SFAS No. 142, "Goodwill and Other Intangible Assets," as of January 1, 2002. Although the adoption of SFAS No. 142 would not have had a substantial impact on our results of operations for the periods presented, the following selected financial data presents our results of operations for the periods presented in each case as if SFAS No. 142 had been in effect at the beginning of such period. The data is being provided for your information and should be read in conjunction with our financial statements, related notes and other financial information incorporated herein by reference.
(Thousands of dollars, except per share results) For the For the For the For the For the 4-Month For the Fiscal Year Ended Year Ended Year Ended Year Ended Period Ended Year Ended December 31, December 31, December 31, December 31, December 31, August 31, 2001 2000 1999 1998 1997(1) 1997 ---- ---- ---- ---- ------- ---- Operating Results Total revenues $113,582 $101,856 $90,364 $62,395 $17,252 $40,485 Income before extraordinary loss $19,789 $32,254 $20,739 $23,455 $6,262 $10,235 Impact of goodwill amortization(2) 423 291 215 115 29 -- ---------- ------------- ------------- ------------- ---------------- -------------- Adjusted income before extraordinary loss $20,212 $32,545 $20,954 $23,570 $6,291 $10,235 ========== ============= ============= ============= ================ ============== Net income $19,789 $32,254 $20,739 $23,185 $5,962 $10,235 Impact of goodwill amortization(2) 423 291 215 115 29 -- ---------- ------------- ------------- ------------- ---------------- -------------- Adjusted net income $20,212 $32,545 $20,954 $23,300 $5,991 $10,235 ========== ============= ============= ============= ================ ============== Basic earnings per share $1.35 $2.41 $1.56 $1.74 $0.66 $1.18 Impact of goodwill amortization(2) 0.03 0.02 0.02 0.01 -- -- ---------- ------------- ------------- ------------- ---------------- -------------- Adjusted basic earnings per share $1.38 $2.43 $1.58 $1.75 $0.66 $1.18 ========== ============= ============= ============= ================ ==============
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Diluted earnings per share $1.35 $2.41 $1.56 $1.74 $0.66 $1.18 Impact of goodwill amortization(2) 0.03 0.02 0.02 0.01 -- -- ---------- ------------- ------------- ------------- ---------------- -------------- Adjusted diluted earnings per share $1.38 $2.43 $1.58 $1.75 $0.66 $1.18 ========== ============= ============= ============= ================ ============== Balance Sheet Data Investments in real estate, at Cost $650,460 $612,266 $577,521 $509,406 $287,926 $202,443 Total assets $602,628 $576,663 $547,590 $481,615 $265,566 $165,657 Total mortgage, bank and Construction loans payable $360,373 $382,396 $364,634 $302,276 $103,939 $117,412 Minority interest $36,768 $29,766 $32,489 $28,045 $15,805 $540 Shareholders' equity $180,285 $143,906 $133,412 $137,082 $138,530 $40,899 Other Data Cash flows from operating Activities $37,655 $44,473 $29,437 $31,302 $4,237 $15,219 Cash distributions per share $2.04 $1.92 $1.88 $1.88 $0.47 $1.88
(1) We changed from a fiscal year end to a calendar year end in 1997. (2) We refer you to footnote 12 of Notes To Unaudited Consolidated Financial Statements from our Quarterly Report on Form 10-Q for the quarter ended June 30, 2002, filed on August 14, 2002, for information regarding the impact of SFAS No. 142. 2