8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 9, 2022

Pennsylvania Real Estate Investment Trust

(Exact Name of Registrant as Specified in its Charter)

Pennsylvania	001-6300		23-6216339
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)		(IRS Employer Identification No.)
One Commerce Square 2005 Market Street, Suite 1000 Philadelphia, Pennsylvania		19103
(Address of Principal Executive Offices)		(Zip Code)

Registrant's telephone number, including area code: (215) 875-0700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Shares of Beneficial Interest, par value $1.00 per share	PEI	New York Stock Exchange
Series B Preferred Shares, par value $0.01 per share	PEIPrB	New York Stock Exchange
Series C Preferred Shares, par value $0.01 per share	PEIPrC	New York Stock Exchange
Series D Preferred Shares, par value $0.01 per share	PEIPrD	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 9, 2022, Pennsylvania Real Estate Investment Trust provided on its website at www.preit.com its Quarterly Supplemental Disclosure dated June 30, 2022. A copy of the Quarterly Supplemental Disclosure is attached as an exhibit to this report.

The information furnished under this "Item 2.02. Results of Operations and Financial Condition" shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01	Financial Statements and Exhibits.
99.1	Quarterly Supplemental Disclosure Dated June 30, 2022
104	Cover Page Interactive Data File, formatted in Inline XBRL (embedded within the Inline XBRL document).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
August 9, 2022	By:	/s/ Lisa M. Most
		Lisa M. Most
		Executive Vice President, Secretary and General Counsel

EX-99.1

Exhibit 99.1

 

Supplemental Financial and Operating Information

June 30, 2022

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www.preit.com

NYSE: PEI

NYSE: PEIPRB, PEIPRC, PEIPRD

Pennsylvania Real Estate Investment Trust

Supplemental Financial and Operating Information

June 30, 2022

Table of Contents
Introduction
Company Information	1
Earnings Release	2
Changes in Funds from Operations for the Three and Six Months Ended June 30, 2022	6
Market Capitalization and Capital Resources	7
Operating Results
Statements of Operations – Three and Six Months Ended June 30, 2022 and 2021	8
Computation of Earnings Per Share	9
Reconciliation of Net Operating Income and EBITDAre (Non-GAAP Measures) – Three and Six Months Ended June 30, 2022 and 2021	10
Reconciliation of Net Loss (GAAP Measure) to Net Operating Income from Consolidated Properties (Non-GAAP Measure) - Three Months Ended June 30, 2022 and 2021	11
Reconciliation of Equity in (Loss) Income of Partnerships (GAAP Measure) to Net Operating Income from Equity Method Investments, at Ownership Share (Non-GAAP Measure) - Three Months Ended June 30, 2022 and 2021	12
Reconciliation of Net Loss (GAAP Measure) to Net Operating Income from Consolidated Properties (Non-GAAP Measure) - Six Months Ended June 30, 2022 and 2021	13
Reconciliation of Equity in (Loss) Income of Partnerships (GAAP Measure) to Net Operating Income from Equity Method Investments, at Ownership Share (Non-GAAP Measure) - Six Months Ended June 30, 2022 and 2021	14
Reconciliation of Net Loss (GAAP Measure) to Funds From Operations and Funds Available for Distribution (Non-GAAP Measures) – Three and Six Months Ended June 30, 2022 and 2021	15
Condensed Consolidated Balance Sheets	16
Assets and Liabilities - Equity Method Investments, at Ownership Share (Non-GAAP Measure)	17
Operating Statistics
Leasing Activity Summary – Three and Six Months Ended June 30, 2022	18
Summarized Sales and Rent Per Square Foot and Occupancy Percentages	20
Mall Occupancy Percentage and Sales Per Square Foot	21
Top Twenty Tenants	22
Lease Expirations	23
Property Information	24
Balance Sheet
Investment in Real Estate - Consolidated Properties	27
Investment in Real Estate - Equity Method Investments at Ownership Share	28
Capital Expenditures – Three and Six Months Ended June 30, 2022	29
Debt Analysis	30
Debt Schedule	32
Selected Debt Ratios	33
Forward Looking Statements	34
Definitions	35

Pennsylvania Real Estate Investment Trust

Company Information

Background

PREIT (NYSE:PEI) is a publicly traded real estate investment trust (REIT) that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT’s robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. The portfolio consists of 24 retail properties, 23 of which are operating properties and one is a development property. The 23 operating retail properties have a total of 19.3 million square feet and include 20 shopping malls and three other retail properties.

If you would like to learn more about PREIT or participate in our quarterly earnings conference call, please visit preit.com or contact:

Mario Ventresca

EVP & CFO

One Commerce Square

2005 Market Street, Suite 1000

Philadelphia, PA 19103

Telephone: (215) 875-0703

Heather Crowell

heather@gregoryfca.com

Press release announcements are available on the Company's website at www.preit.com.

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CONTACT: AT THE COMPANY

Mario Ventresca

EVP & CFO

(215) 875-0703

Heather Crowell

heather@gregoryfca.com

PREIT Reports Second Quarter 2022 Results

Total Core Mall Leased Space Strong at 95.0%

Core Mall Sales Per Square Foot Reached $605 in June, up 12.2% compared to 2019

Average Renewal Spreads were 2.3% for the Six Months Ended June 30th

Core Mall Total Occupancy Increased 480 Basis Points to 93.8%

Philadelphia, August 9, 2022 - PREIT (NYSE: PEI) today reported results for the three and six months ended June 30, 2022. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is provided in the tables accompanying this release.

	Three Months Ended June 30,						Six Months Ended June 30,
(per share amounts)	2022			2021			2022			2021
Net loss - basic and diluted	$	(3.32	)	$	(6.04	)	$	(10.72	)	$	(15.60	)
FFO	$	1.72		$	1.51		$	1.51		$	(0.59	)
FFO, as adjusted	$	1.71		$	0.48		$	0.83		$	(1.81	)

“It has been a busy and very productive quarter. In the face of an evolving economic backdrop, our team continues to deliver strong results, bringing new tenants to the portfolio and executing on asset sales." said Joseph F. Coradino, Chairman and CEO of PREIT. “We continue to drive the quality of our properties, raise capital through asset sales and pay down debt, improving the balance sheet and setting the stage for the anticipated exercise of our credit facility extension."

•Same Store NOI, excluding lease termination revenue, increased 3.6% for the six months ended June 30,2022 compared to the six months ended June 30, 2021 driven by increased occupancy and rental revenue.

•Same Store NOI, excluding lease termination revenue, decreased 5.7% for the three months ended June 30, 2022 compared to the three months ended June 30, 2021.

oThe primary driver of the decrease relative to prior year quarter was the recognition of bad debt recoveries that positively impacted the quarter ended June 30, 2021.

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•Robust leasing activity is driving increased occupancy with Core Mall Total Occupancy increasing by 480 basis points to 93.8% compared to the second quarter 2021. Core Mall Non-anchor Occupancy eclipsed 90%, improving 450 basis points to 90.5% compared to the second quarter of 2021.

•Total Core Mall leased space, at 95.0%, exceeds occupied space by 120 basis points, and core mall non-anchor leased space, at 92.3%, exceeds occupied space by 180 basis points when including executed new leases slated for future occupancy, demonstrating the rapid pace of leasing activity.

•For the rolling 12 month period ended June 30, 2022, core mall comparable sales grew to $605 per square foot.

•Average renewal spreads for the six months ended June 30, 2022 were 2.3%.

•Two new trustees were elected to the Company's Board of Trustees.

•The Company made notable advances in its capital-raising efforts. As part of its debt reduction plan, the Company has applied asset sale proceeds and excess cash from operations to pay down debt by $82 million during the six months ended June 30, 2022. The Company currently has over $65 million in purchase and sales agreements executed, and has several others in the final stages of negotiation for a total of over $200 million of potential incremental asset sales pending.

Leasing and Redevelopment

•297,000 square feet of leases are signed for future openings, which is expected to contribute annualized gross rent of $5.9 million.

•Construction has started on a new self-storage facility in previously unused below grade space at Mall at Prince George’s in Hyattsville, MD.

•A lease has been executed with Tilted 10 and Tilt Studio, an action-packed bi-level 104,000 square foot indoor family entertainment center at Willow Grove Park, adding family entertainment to this locally-loved destination shopping experience, and is expected to open in the third quarter 2022.

•Phoenix Theatres at Woodland Mall, occupying 47,000 square feet, opened in April 2022.

•At Moorestown Mall, Cooper University Healthcare has started construction on its facility that is expected to open in the second half of 2023. The sale of land for multi-family development was completed in June 2022. Construction is expected to begin on this project in August 2022 with initial occupancy anticipated in fall 2024.

•Landlord work is underway for a new prototype, 32,000 square foot,LEGO® Discovery Center at Springfield Town Center with expected opening in third quarter 2023.

•Leases are executed for 10 stores within the portfolio with expanding retailers Rose & Remington, BoxLunch and Lovisa.

Primary Factors Affecting Financial Results for the Three Months Ended June 30, 2022 and 2021

•Net loss attributable to PREIT common shareholders was $17.6 million (which takes into consideration the accrual of preferred dividends that accumulated during the quarter but have not been paid), or $3.32 per basic and diluted share for the three months ended June 30, 2022, compared to net loss attributable to PREIT common shareholders of $31.4 million, or $6.04 per basic and diluted share for the three months ended June 30, 2021.

•Funds from Operations increased in the three months ended June 30, 2022 compared to the prior year period due primarily to a gain of $8.8 million from the sale of our Moorestown multifamily land parcel and a decrease in general and administrative expenses offset by lower NOI, including lease termination revenue.

•Same Store NOI, including lease terminations, decreased by $4.4 million, or 8.3% due primarily to lower lease termination revenue and lower rental income compared to the same quarter last year as a result of accounting

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treatment for abatements that positively impacted the 2021 quarter partially offset by increases in minimum rent and percentage rent.

•FFO for the three months ended June 30, 2022 was $1.72 per diluted share and OP Unit compared to $1.51 per diluted share and OP Unit for the three months ended June 30, 2021.

All NOI and FFO amounts referenced as primary factors affecting financial results above include our share of unconsolidated properties’ revenues and expenses. Additional information regarding changes in operating results for the three and six months ended June 30, 2022 and 2021 is included on page 15.

Liquidity and Financing Activities

As of June 30, 2022, the Company had $113.9 million available under its First Lien Revolving Credit Facility. The Company’s corporate cash balances, when combined with available credit, provide total liquidity of $127.6 million.

Asset Dispositions

Multifamily Land Parcels: During the quarter, the Company closed on the sale of land for 375 residential units at Moorestown Mall for approximately $12 million. The Company has executed agreements of sale for land parcels for anticipated multi-family development at three properties. One parcel is being re-marketed and the parcel at Exton Square Mall is included in the $28.8 million purchase price.

Hotel Parcels: The Company has an executed purchase and sale agreement for the sale of a parcel for hotel development at Springfield Town Center for $2.7 million.

Other Parcels: In February, we completed the redemption of preferred equity issued as part of the sale of our New Garden land parcel. In connection with this settlement, we received approximately $2.5 million. The Company expects to close on the sale of an anchor box at Valley View Mall for $2.6 million in the second half of the year. In July, the Company executed an amended purchase and sale agreement for the sale of Exton Square Mall for $28.8 million, which is expected to close in the second half of the year. In April, we executed a purchase and sale agreement for the sale of the former Sears TBA location at Moorestown Mall for $3.35 million. In May, we executed a purchase and sales agreement for the sale of 11 outparcels for $32.5 million. The sale of 3 parcels for over $5 million has been completed at this time.

2022 Outlook

The Company is not issuing detailed guidance at this time.

Conference Call Information

Management has scheduled a conference call for 11:00 a.m. Eastern Time on Tuesday August 9, 2022, to review the Company’s results and future outlook. To listen to the call, please dial1(888) 330-2024 (domestic toll free), or 1(646) 960-0187 (international), and request to join the PREIT call, Conference ID 9326912,at least fifteen minutes before the scheduled start time as callers could experience delays. Investors can also access the call in a "listen only" mode via the internet at the Company’s website, preit.com. Please allow extra time prior to the call to visit the site and download the necessary software to listen to the Internet broadcast. Financial and statistical information expected to be discussed on the call will also be available on the Company’s website.

For interested individuals unable to join the conference call, the online archive of the webcast will also be available for one year following the call.

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About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

Rounding

Certain summarized information in the tables included may not total due to rounding.

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Pennsylvania Real Estate Investment Trust

Changes in Funds from Operations

For the Three and Six Months Ended June 30, 2022 as compared to the Three and Six Months Ended June 30, 2021

(all per share amounts on a diluted basis unless otherwise noted; rounded to the nearest half penny; amounts may not total due to rounding)

(in thousands, except per share amounts)	Three Months Ended June 30, 2022			Per Diluted Share and OP Unit			Six Months Ended June 30, 2022			Per Diluted Share and OP Unit
Funds from Operations, as adjusted June 30, 2021	$	8,137		$	0.10		$	(3,164	)	$	(0.04	)
Changes - Q2 2021 to Q2 2022
Contribution from anchor replacements and new box tenants		528			0.10			834			0.16
Impact from bankruptcies		(17	)		(0.01	)		13			-
Other leasing activity, including base rent and net CAM and real estate tax recoveries		(1,425	)		(0.27	)		250			0.05
Lease termination revenue		867			0.16			841			0.16
Credit losses		(1,502	)		(0.28	)		(328	)		(0.06	)
Other		401			0.07			658			0.12
Same Store NOI from unconsolidated properties		(3,269	)		(0.61	)		82			0.02
Same Store NOI		(4,417	)		(0.83	)		2,350			0.45
Non Same Store NOI		(884	)		(0.17	)		(15,738	)		(2.92	)
General and administrative expenses		3,791			0.70			4,139			0.77
Capitalization of leasing costs		48			0.01			76			0.02
Other		3,703			0.69			19,143			3.55
Interest expense, net		(1,181	)		(0.22	)		(2,366	)		(0.44	)
Increase in weighted average shares		-			-
Funds from Operations, as adjusted June 30, 2022		9,197			1.71			4,440			0.83
Provision for employee separation expense		85			0.01			1			-
Gain on sale of preferred equity interest		-			-			3,688			0.68
Funds from Operations, June 30, 2022	$	9,282		$	1.72		$	8,129		$	1.51

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Pennsylvania Real Estate Investment Trust

Market Capitalization and Capital Resources

(in thousands)

	June 30, 2022				December 31, 2021
MARKET CAPITALIZATION
EQUITY CAPITALIZATION
Common Shares Outstanding		5,369				5,347
OP Units Outstanding		69				69
Total Common Shares and OP Units Outstanding		5,438		-		5,416
Equity Market Capitalization—Common Shares and OP Units	$	18,216			$	82,865
Series B Preferred Shares, Nominal Value		86,250				86,250
Series C Preferred Shares, Nominal Value		172,500				172,500
Series D Preferred Shares, Nominal Value		125,000				125,000
Total Equity Market Capitalization	$	401,966			$	466,605
DEBT CAPITALIZATION
Secured Debt Balance (1)	$	2,157,096			$	2,253,673
TOTAL MARKET CAPITALIZATION	$	2,559,062			$	2,720,278
Equity Capitalization/Total Market Capitalization		15.7	%			17.2	%
Debt Capitalization/Total Market Capitalization		84.3	%			82.8	%
CAPITAL RESOURCES
Cash and Cash Equivalents	$	46,955			$	69,043
Revolving Facility		130,000				130,000
Amount Outstanding		(16,078	)			(54,549	)
Available Revolving Facility (2)		113,922				75,451
Term Loans		1,128,680				1,120,751
Amount Borrowed		(1,128,680	)			(1,120,751	)
Available Term Loans		-				-
TOTAL	$	160,877			$	144,494

(1) Includes all consolidated mortgages, term loans, and revolving credit facility, as well as our share of mortgage debt from unconsolidated equity method investments, which includes $97.3 million of secured debt from our share of the FDP Term Loan as of June 30, 2022 and December 31, 2021 and $59.5 million and $57.8 million from our share of the FDP Partnership Loan as of June 30, 2022 and December 31, 2021, respectively. As of December 10, 2020, all debt is now secured.

(2) The available First Lien Revolving Facility borrowings are subject to covenants that may restrict amounts that can be borrowed.

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Pennsylvania Real Estate Investment Trust

Statements of Operations – Three and Six Months Ended June 30, 2022 and 2021

(unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(in thousands of dollars)	2022			2021			2022			2021
REVENUE:
Real estate revenue:
Lease revenue	$	66,652		$	68,112		$	130,092		$	128,020
Expense reimbursements		4,215			3,887			8,359			7,786
Other real estate revenue		2,191			1,957			3,801			3,428
Total real estate revenue		73,058			73,956			142,252			139,234
Other income		69			162			310			288
Total revenue		73,127			74,118			142,562			139,522
EXPENSES:
Operating expenses:
Property operating expenses:
CAM and real estate taxes		(26,075	)		(25,661	)		(53,947	)		(53,492	)
Utilities		(3,528	)		(2,860	)		(7,089	)		(5,824	)
Other property operating expenses		(2,199	)		(2,244	)		(4,339	)		(4,608	)
Total property operating expenses		(31,802	)		(30,765	)		(65,375	)		(63,924	)
Depreciation and amortization		(28,382	)		(29,686	)		(57,492	)		(59,525	)
General and administrative expenses		(9,744	)		(13,535	)		(21,227	)		(25,366	)
Provision for employee separation expenses		85			(149	)		1			(240	)
Insurance recoveries, net		—			670			—			670
Project costs and other expenses		(19	)		(77	)		(79	)		(179	)
Total operating expenses		(69,862	)		(73,542	)		(144,172	)		(148,564	)
Interest expense, net (1)		(32,601	)		(31,978	)		(63,992	)		(62,709	)
Gain on debt extinguishment, net		—			4,587			—			4,587
Impairment of assets		—			(1,302	)		—			(1,302	)
Reorganization expenses		—			(69	)		—			(267	)
Total expenses		(102,463	)		(102,304	)		(208,164	)		(208,255	)
Equity in (loss) income of partnerships(2)		(1,188	)		2,433			(1,583	)		(1,000	)
Gain (loss) on sales of interests in real estate		1,701			(974	)		1,701			(974	)
Gain on sale of equity method investment		9,053			—			9,053			—
Gain on sales of real estate by equity method investee		—			1,347			—			1,347
Gains on sales of non operating real estate		8,755			—			8,755			—
Gain on sale of preferred equity interest		—			—			3,688			—
Net loss		(11,015	)		(25,380	)		(43,988	)		(69,360	)
Less: net loss attributable to noncontrolling interest		225			783			729			2,017
Net loss attributable to PREIT		(10,790	)		(24,597	)		(43,259	)		(67,343	)
Less: preferred share dividends		(6,844	)		(6,844	)		(13,688	)		(13,688	)
Net loss attributable to PREIT common shareholders	$	(17,634	)	$	(31,441	)	$	(56,947	)	$	(81,031	)

(1) Net of capitalized interest expense of $21 and $17 for the three months ended June 30, 2022 and 2021, respectively and $45 and $147 for the six months ended June 30, 2022 and 2021, respectively.

(2) Equity in loss of partnerships is net of capitalized interest expense of $0 and $143 for the three months ended June 30, 2022 and 2021, respectively and $0 and $246 for the six months ended June 30, 2022 and 2021, respectively.

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Pennsylvania Real Estate Investment Trust

Computation of Earnings Per Share – Three and Six Months Ended June 30, 2022 and 2021

(unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
(in thousands, except per share amounts)	2022			2021			2022			2021
Net loss	$	(11,015	)	$	(25,380	)	$	(43,988	)	$	(69,360	)
Noncontrolling interest		225			783			729			2,017
Preferred share dividends		(6,844	)		(6,844	)		(13,688	)		(13,688	)
Net loss used to calculate loss per share—basic and diluted	$	(17,634	)	$	(31,441	)	$	(56,947	)	$	(81,031	)
Basic and diluted loss per share:	$	(3.32	)	$	(6.04	)	$	(10.72	)	$	(15.60	)
(in thousands of shares)
Weighted average shares outstanding—basic		5,317			5,210			5,311			5,193
Effect of common share equivalents(1)		—			—			—			—
Weighted average shares outstanding—diluted		5,317			5,210			5,311			5,193

(1)The Company had net losses used to calculate earnings per share for the three and six months ended June 30, 2022 and 2021. Therefore, the effects of common share equivalents are excluded from the calculation of diluted loss per share for these periods because they would be antidilutive.

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Pennsylvania Real Estate Investment Trust

Reconciliation of Net Operating Income and Earnings Before Interest, Income Taxes, Depreciation, and Amortization for Real Estate (Non-GAAP Measures) - Three and Six Months Ended June 30, 2022 and 2021

(in thousands)

Net Operating Income ("NOI") Reconciliation for the Three Months Ended June 30, 2022 and 2021 (1)

	Same Store				Change						Non Same Store					Total
(in thousands of dollars)	2022		2021		$			%			2022			2021		2022		2021
NOI from consolidated properties	$	41,469	$	42,617	$	(1,148	)		(2.7	%)	$	(213	)	$	574	$	41,256	$	43,191
NOI attributable to equity method investments, at ownership share		7,275		10,544		(3,269	)		(31.0	%)		560			658		7,835		11,202
Total NOI		48,744		53,161		(4,417	)		(8.3	%)		347			1,232		49,091		54,393
Less: lease termination revenue		1,551		3,135		(1,584	)		(50.5	%)		41			-		1,592		3,135
Total NOI excluding lease termination revenue	$	47,193	$	50,026	$	(2,833	)		(5.7	%)	$	306		$	1,232	$	47,499	$	51,258

(1) NOI is a non-GAAP measure. See definition of NOI on page 35.

Net Operating Income ("NOI") Reconciliation for the Six Months Ended June 30, 2022 and 2021 (1)

	Same Store				Change						Non Same Store						Total
(in thousands of dollars)	2022		2021		$			%			2022			2021			2022		2021
NOI from consolidated properties	$	77,591	$	75,323	$	2,268			3.0	%	$	(713	)	$	(13	)	$	76,878	$	75,310
NOI attributable to equity method investments, at ownership share		15,102		15,020		82			0.5	%		1,162			1,225			16,264		16,245
Total NOI		92,693		90,343		2,350			2.6	%		449			1,212			93,142		91,555
Less: lease termination revenue		2,345		3,170		(825	)		-26.0	%		49			-			2,394		3,170
Total NOI excluding lease termination revenue	$	90,348	$	87,173	$	3,175			3.6	%	$	400		$	1,212		$	90,748	$	88,385

(1) NOI is a non-GAAP measure. See definition of NOI on page 35.

Earnings Before Interest, Income Taxes, Depreciation, and Amortization for Real Estate ("EBITDAre") Reconciliation(1)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net loss	$	(11,015	)	$	(25,380	)	$	(43,988	)	$	(69,360	)
Depreciation and amortization:
Consolidated		28,382			29,686			57,492			59,525
Unconsolidated properties at ownership share		2,973			2,975			5,995			6,162
Interest expense:
Consolidated		32,601			31,978			63,992			62,709
Unconsolidated properties at ownership share		5,995			5,437			11,765			10,682
(Gain) loss on sales of interests in real estate		(1,701	)		974			(1,701	)		974
Gain on sale of equity method investment		(9,053	)		-			(9,053	)		-
Gain on sales of real estate by equity method investee		-			(1,347	)		-			(1,347	)
Gain on debt extinguishment, net		-			(4,587	)		-			(4,587	)
Impairment of assets		-			1,302			-			1,302
Loss on remeasurement of assets by equity method investee		-			-			-			-
EBITDAre	$	48,182		$	41,038		$	84,502		$	66,060

(1) EBITDAre is a non-GAAP measure. See definition on page 36.

10

Pennsylvania Real Estate Investment Trust

Reconciliation of Net Loss (GAAP Measure) to Net Operating Income from Consolidated Properties (Non-GAAP Measure)

Three Months Ended June 30, 2022 and 2021

(in thousands)

	Three Months Ended June 30,
	2022			2021
Net loss	$	(11,015	)	$	(25,380	)
Other income		(69	)		(162	)
Depreciation and amortization		28,382			29,686
General and administrative expenses		9,744			13,535
Insurance recoveries, net		-			(670	)
Provision for employee separation expenses		(85	)		149
Project costs and other expenses		19			77
Interest expense, net		32,601			31,978
Equity in loss (income) of partnerships		1,188			(2,433	)
Gain on debt extinguishment, net		-			(4,587	)
Impairment of assets		-			1,302
Reorganization expenses		-			69
(Gain) loss on sales of interests in real estate		(1,701	)		974
Gain on sale of equity method investment		(9,053	)		-
Gain on sales of real estate by equity method investee		-			(1,347	)
Gain on sales of non operating real estate		(8,755	)		-
NOI from consolidated properties(1)	$	41,256		$	43,191

(1) NOI is a non-GAAP measure. See definition of NOI on page 35.

	Same Store						Non Same Store						Total
	2022			2021			2022			2021			2022			2021
Real estate revenue
Base rent	$	47,661		$	48,282		$	791		$	1,331		$	48,452		$	49,613
CAM reimbursement income		8,132			8,159			174			142			8,306			8,301
Real estate tax income		7,124			6,596			30			81			7,154			6,677
Percentage rent		301			217			171			-			472			217
Lease termination revenue		1,490			623			40			-			1,530			623
		64,708			63,877			1,206			1,554			65,914			65,431
Less: credit losses		805			2,307			(67	)		375			738			2,682
Lease revenue		65,513			66,184			1,139			1,929			66,652			68,113
Expense reimbursements		4,125			3,756			90			131			4,215			3,887
Other real estate revenue		2,104			1,745			87			211			2,191			1,956
Total real estate revenue		71,742			71,685			1,316			2,271			73,058			73,956
Property operating expenses
CAM and real estate taxes		(24,881	)		(24,313	)		(1,195	)		(1,349	)		(26,076	)		(25,662	)
Utilities		(3,379	)		(2,700	)		(149	)		(160	)		(3,528	)		(2,860	)
Other property operating expenses		(2,013	)		(2,055	)		(185	)		(188	)		(2,198	)		(2,243	)
Total property operating expenses		(30,273	)		(29,068	)		(1,529	)		(1,697	)		(31,802	)		(30,765	)
NOI from consolidated properties(1)		41,469			42,617			(213	)		574			41,256			43,191
Less: Lease termination revenue		1,490			623			40			-			1,530			623
NOI from consolidated properties excluding lease termination revenue(1)	$	39,979		$	41,994		$	(253	)	$	574		$	39,726		$	42,568
% change in Same Store NOI from consolidated properties excluding lease termination revenue				(4.8%)

(1) NOI is a non-GAAP measure. See definition of NOI on page 35.

11

Pennsylvania Real Estate Investment Trust

Reconciliation of Equity in (Loss) Income of Partnerships (GAAP Measure) to Net Operating Income from Equity Method Investments, at Ownership Share (Non-GAAP Measure)

Three Months Ended June 30, 2022 and 2021

(in thousands)

	Three Months Ended June 30,
(in thousands of dollars)	2022			2021
Equity in loss of partnerships	$	(1,188	)	$	2,433
Other income		-			-
Depreciation and amortization		2,973			2,974
Impairment of assets		-			265
Interest expense and other expenses, net		6,050			5,531
NOI from equity method investments at ownership share(1)	$	7,835		$	11,203

(1) NOI is a non-GAAP measure. See definition of NOI on page 35.

	Same Store						Non Same Store						Total
	2022			2021			2022			2021			2022			2021
Real estate revenue
Base rent	$	7,341		$	7,123		$	499		$	545		$	7,840		$	7,668
CAM reimbursement income		1,888			2,487			134			122			2,022			2,609
Real estate tax income		836			985			99			97			935			1,082
Percentage rent		443			287			201			228			644			515
Lease termination revenue		61			2,512			1			-			62			2,512
		10,569			13,394			934			992			11,503			14,386
Less: credit losses		166			629			(19	)		43			147			672
Lease revenue		10,735			14,023			915			1,035			11,650			15,058
Expense reimbursements		591			440			94			108			685			548
Other real estate revenue		625			552			50			40			675			592
Total real estate revenue		11,951			15,015			1,059			1,183			13,010			16,198
Property operating expenses
CAM and real estate taxes		(3,425	)		(3,708	)		(348	)		(379	)		(3,773	)		(4,087	)
Utilities		(526	)		(275	)		(43	)		(42	)		(569	)		(317	)
Other property operating expenses		(725	)		(488	)		(107	)		(104	)		(832	)		(592	)
Total property operating expenses		(4,676	)		(4,471	)		(498	)		(525	)		(5,174	)		(4,996	)
NOI from equity method investments at ownership share(1)		7,275			10,544			561			658			7,836			11,202
Less: Lease termination revenue		61			2,512			1			-			62			2,512
NOI from equity method investments at ownership share excluding lease termination revenue(1)	$	7,214		$	8,032		$	560		$	658		$	7,774		$	8,690
% change in Same Store NOI from equity method investments at ownership share excluding lease termination revenue				(10.2%)

(1) NOI is a non-GAAP measure. See definition of NOI on page 35.

12

Pennsylvania Real Estate Investment Trust

Reconciliation of Net Loss (GAAP Measure) to Net Operating Income from Consolidated Properties (Non-GAAP Measure)

Six Months Ended June 30, 2022 and 2021

(in thousands)

	Six Months Ended June 30,
	2022			2021
Net loss	$	(43,988	)	$	(69,360	)
Other income		(310	)		(288	)
Depreciation and amortization		57,492			59,525
General and administrative expenses		21,227			25,366
Insurance recoveries, net		-			(670	)
Provision for employee separation expenses		(1	)		240
Project costs and other expenses		79			179
Interest expense, net		63,992			62,709
Impairment of assets		-			1,302
Equity in loss of partnerships		1,583			1,000
(Gain) on debt extinguishment, net		-			(4,587	)
(Gain) loss on sales of interests in real estate		(1,701	)		974
Gain on sale of equity method investment		(9,053	)		-
Gain on sales of real estate by equity method investee		-			(1,347	)
Reorganization expenses		-			267
(Gain) on sale of preferred equity interest		(3,688	)		-
Loss on sales of interest in non operating real estate		(8,755	)		-
NOI from consolidated properties(1)	$	76,877		$	75,310

(1) NOI is a non-GAAP measure. See definition of NOI on page 35.

	Same Store						Non Same Store						Total
	2022			2021			2022			2021			2022			2021
Real estate revenue
Base rent	$	94,416		$	93,077		$	1,691		$	2,454		$	96,107		$	95,531
CAM reimbursement income		16,510			16,350			272			310			16,782			16,660
Real estate tax income		14,293			13,507			28			114			14,321			13,621
Percentage rent		413			205			172			-			585			205
Lease termination revenue		1,499			658			40			-			1,539			658
		127,131			123,797			2,203			2,878			129,334			126,675
Less: credit losses		781			1,109			(22	)		236			759			1,345
Lease revenue		127,912			124,906			2,181			3,114			130,093			128,020
Expense reimbursements		8,166			7,541			193			244			8,359			7,785
Other real estate revenue		3,612			3,159			188			269			3,800			3,428
Total real estate revenue		139,690			135,606			2,562			3,627			142,252			139,233
Property operating expenses
CAM and real estate taxes		(51,313	)		(50,526	)		(2,634	)		(2,965	)		(53,947	)		(53,491	)
Utilities		(6,785	)		(5,551	)		(305	)		(273	)		(7,090	)		(5,824	)
Other property operating expenses		(4,001	)		(4,206	)		(336	)		(402	)		(4,337	)		(4,608	)
Total property operating expenses		(62,099	)		(60,283	)		(3,275	)		(3,640	)		(65,374	)		(63,923	)
NOI from consolidated properties(1)		77,591			75,323			(713	)		(13	)		76,878			75,310
Less: Lease termination revenue		1,499			658			40			-			1,539			658
NOI from consolidated properties excluding lease termination revenue(1)	$	76,092		$	74,665		$	(753	)	$	(13	)	$	75,339		$	74,652
% change in Same Store NOI from consolidated properties excluding lease termination revenue				1.9%

13

Pennsylvania Real Estate Investment Trust

Reconciliation of Equity in (Loss) Income of Partnerships (GAAP Measure) to Net Operating Income from Equity Method Investments, at Ownership Share (Non-GAAP Measure)

Six Months Ended June 30, 2022 and 2021

(in thousands)

	Six Months Ended June 30,
(in thousands of dollars)	2022			2021
Equity in loss of partnerships	$	(1,583	)	$	(1,000	)
Depreciation and amortization		5,995			6,162
Impairment of assets		-			265
Interest expense and other expenses, net		11,852			10,818
NOI from equity method investments at ownership share(1)	$	16,264		$	16,245

(1) NOI is a non-GAAP measure. See definition of NOI on page 35.

	Same Store						Non Same Store						Total
	2022			2021			2022			2021			2022			2021
Real estate revenue
Base rent	$	15,069		$	14,641		$	1,052		$	1,107		$	16,121		$	15,748
CAM reimbursement income		3,779			3,902			290			273			4,069			4,175
Real estate tax income		1,773			1,819			214			217			1,987			2,036
Percentage rent		659			327			342			344			1,001			671
Lease termination revenue		846			2,512			9			-			855			2,512
		22,126			23,201			1,907			1,941			24,033			25,142
Less: credit losses		204			(221	)		(20	)		6			184			(215	)
Lease revenue		22,330			22,980			1,887			1,947			24,217			24,927
Expense reimbursements		1,153			827			197			204			1,350			1,031
Other real estate revenue		1,278			707			97			83			1,375			790
Total real estate revenue		24,761			24,514			2,181			2,234			26,942			26,748
Property operating expenses
CAM and real estate taxes		(7,275	)		(7,640	)		(730	)		(744	)		(8,005	)		(8,384	)
Utilities		(1,036	)		(610	)		(94	)		(81	)		(1,130	)		(691	)
Other property operating expenses		(1,348	)		(1,244	)		(196	)		(184	)		(1,544	)		(1,428	)
Total property operating expenses		(9,659	)		(9,494	)		(1,020	)		(1,009	)		(10,679	)		(10,503	)
NOI from equity method investments at ownership share(1)		15,102			15,020			1,161			1,225			16,263			16,245
Less: Lease termination revenue		846			2,512			9			-			855			2,512
NOI from equity method investments at ownership share excluding lease termination revenue(1)	$	14,256		$	12,508		$	1,152		$	1,225		$	15,408		$	13,733
% change in Same Store NOI from equity method investments at ownership share excluding lease termination revenue				14.0%

(1) NOI is a non-GAAP measure. See definition of NOI on page 35.

14

Pennsylvania Real Estate Investment Trust

Reconciliation of Net Loss (GAAP Measure) to Funds From Operations and Funds Available for Distribution (Non-GAAP Measures)

Three and Six Months Ended June 30, 2022 and 2021

(in thousands, except per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
FUNDS FROM OPERATIONS (1)
Net loss	$	(11,015	)	$	(25,380	)	$	(43,988	)	$	(69,360	)
Depreciation and amortization on real estate:
Consolidated properties		28,078			29,349			56,876			58,840
PREIT's share of equity method investments		2,973			2,974			5,995			6,162
(Gain) loss on sales of interests in real estate		(1,701	)		974			(1,701	)		974
Gain on sale of equity method investment		(9,053	)		-			(9,053	)		-
Gain on sales of real estate by equity method investee		-			(1,347	)		-			(1,347	)
Impairment of Assets:
Consolidated properties		-			1,302			-			1,302
PREIT's share of equity method investments		-			265			-			265
Funds from operations attributable to common shareholders and OP Unit holders(1)		9,282			8,137			8,129			(3,164	)
Provision for employee separation expenses		(85	)		149			(1	)		240
(Gain) on hedge ineffectiveness		-			(494	)		-			(1,797	)
(Gain) on debt extinguishment, net		-			(4,587	)		-			(4,587	)
Insurance recoveries, net		-			(670	)		-			(670	)
(Gain) on sale of preferred equity interest		-			-			(3,688	)		-
Reorganization expenses		-			69			-			267
Funds from operations, as adjusted, attributable to common shareholders and OP Unit holders	$	9,197		$	2,604		$	4,440		$	(9,711	)

FUNDS AVAILABLE FOR DISTRIBUTION(1)
Funds from operations, as adjusted, attributable to common shareholders and OP Unit holders(1)	$	9,197		$	2,604		$	4,440		$	(9,711	)
Adjustments:
Straight line rent		189			(446	)		498			(612	)
Recurring capital expenditures		(954	)		(1,703	)		(1,767	)		(1,925	)
Tenant allowances		(1,589	)		(3,217	)		(2,578	)		(4,680	)
Amortization of non-cash deferred compensation		565			1,147			400			2,469
Capitalized leasing costs		(72	)		(24	)		(101	)		(25	)
Amortization of above- and below-market lease intangibles		(2	)		(15	)		(6	)		(30	)
Funds available for distribution to common shareholders and OP Unit holders(1)	$	7,334		$	(1,654	)	$	886		$	(14,514	)
Funds from operations attributable to common shareholders and OP Unit holders per diluted share and OP Unit(1)	$	1.72		$	1.51		$	1.51		$	(0.59	)
Funds from operations, as adjusted, attributable to common shareholders and OP Unit holders per diluted share and OP Unit	$	1.71		$	0.48		$	0.83		$	(1.81	)
Funds available for distribution to common shareholders and OP Unit holders per diluted share and OP Unit(1)	$	1.36		$	(0.31	)	$	0.16		$	(2.70	)

Weighted average number of shares outstanding	5,317	5,210	5,311	5,193
Weighted average effect of full conversion of OP Units	69	132	69	132
Effect of common share equivalents	-	61	-	54
Total weighted average shares outstanding, including OP Units	5,386	5,403	5,380	5,378

(1) Non-GAAP measures. See definitions on page 35.

15

Pennsylvania Real Estate Investment Trust

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except per share amounts)	June 30, 2022			December 31, 2021
ASSETS:
INVESTMENTS IN REAL ESTATE, at cost:
Operating properties	$	3,113,836		$	3,156,194
Construction in progress		45,472			45,828
Land held for development		4,339			4,339
Total investments in real estate		3,163,647			3,206,361
Accumulated depreciation		(1,443,004	)		(1,405,260	)
Net investments in real estate		1,720,643			1,801,101
INVESTMENTS IN PARTNERSHIPS, at equity:		7,967			16,525
OTHER ASSETS:
Cash and cash equivalents		24,008			43,852
Tenant and other receivables		32,173			42,501
Intangible assets (net of accumulated amortization of $22,274 and $21,598 at June 30, 2022 and December 31, 2021, respectively)		9,378			10,054
Deferred costs and other assets, net		93,198			128,923
Assets held for sale		41,304			8,780
Total assets	$	1,928,671		$	2,051,736
LIABILITIES:
Mortgage loans payable, net	$	808,644		$	851,283
Term Loans, net		968,871			959,137
Revolving Facilities		16,078			54,549
Tenants’ deposits and deferred rent		9,322			10,180
Distributions in excess of partnership investments		72,680			71,570
Fair value of derivative instruments		-			8,427
Accrued expenses and other liabilities		74,941			89,543
Total liabilities		1,950,536			2,044,689
COMMITMENTS AND CONTINGENCIES (Note 8)
EQUITY:
Series B Preferred Shares, $.01 par value per share; 25,000 shares authorized; 3,450 shares issued and outstanding; liquidation preference of $98,971 and $95,791 at June 30, 2022 and December 31, 2021, respectively		35			35
Series C Preferred Shares, $.01 par value per share; 25,000 shares authorized; 6,900 shares issued and outstanding; liquidation preference of $197,340 and $191,130 at June 30, 2022 and December 31, 2021, respectively		69			69
Series D Preferred Shares, $.01 par value per share; 25,000 shares authorized; 5,000 shares issued and outstanding; liquidation preference of $142,188 and $137,891 at June 30, 2022 and December 31, 2021, respectively		50			50
Shares of beneficial interest, $1.00 par value per share; 13,333 shares authorized; 5,369 and 5,347 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively		5,369			5,347
Capital contributed in excess of par		1,857,496			1,851,866
Accumulated other comprehensive loss		475			(8,830	)
Distributions in excess of net income		(1,875,634	)		(1,832,375	)
Total equity (deficit) – Pennsylvania Real Estate Investment Trust		(12,140	)		16,162
Noncontrolling interest		(9,725	)		(9,115	)
Total equity (deficit)		(21,865	)		7,047
Total liabilities and equity	$	1,928,671		$	2,051,736

16

Pennsylvania Real Estate Investment Trust

Assets and Liabilities - Equity Method Investments, at Ownership Share (Non-GAAP Measure)

(in thousands)

(in thousands of dollars)	June 30, 2022			December 31, 2021
ASSETS:
Investments in real estate, at cost:
Operating properties	$	377,673		$	403,799
Construction in progress		3,949			5,430
Total investments in real estate		381,622			409,229
Accumulated depreciation		(118,686	)		(120,996	)
Net investments in real estate		262,936			288,233
Cash and cash equivalents		22,947			25,191
Deferred costs and other assets, net		75,578			75,944
Total assets		361,461			389,368
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable, net		201,311			224,744
FDP Term Loan, net		97,301			97,301
Partnership Loan		59,534			57,771
Other liabilities		68,028			64,597
Total liabilities		426,174			444,413
Net investment	$	(64,713	)	$	(55,045	)
Reconciliation to comparable GAAP balance sheet item:

The non-GAAP financial information presented above includes financial information attributable to our share of unconsolidated properties. This proportionate financial information is non-GAAP financial information, but we believe that it is helpful information because it reflects the pro rata contribution from our unconsolidated properties that are owned through investments accounted for under GAAP using the equity method of accounting. Under such method, our investments in these entities are recorded in the balance sheet caption entitled “Investment in partnerships, at equity.” In the case of deficit investment balances, such amounts are recorded in “Distributions in excess of partnership investments.”

To derive the proportionate financial information reflected in the tables above we multiplied the percentage of our economic interest in each partnership on a property-by-property basis by each line item. Under the partnership agreements relating to our current unconsolidated partnerships with third parties, we own a 25% to 50% economic interest in such partnerships, and there are generally no provisions in such partnership agreements relating to special non-pro rata allocations of income or loss, and there are no preferred or priority returns of capital or other similar provisions. While this method approximates our indirect economic interest in our pro rata share of the assets and liabilities of our unconsolidated partnerships, we do not control these partnerships or have a direct legal claim to the assets, liabilities, revenues or expenses of the unconsolidated partnerships beyond our rights as an equity owner in the event of any liquidation of such entity. Our percentage ownership is not necessarily indicative of the legal and economic implications of our ownership interest.

17

Pennsylvania Real Estate Investment Trust

Leasing Activity Summary – Three Months Ended June 30, 2022

		Number		GLA		Term			Initial Rent per square foot ("psf")		Previous Rent psf		Initial Gross Rent Renewal Spread(1)						Average Rent Renewal Spread(2)			Annualized Tenant Improvements psf(3)
													$			%			%
Non Anchor
New Leases
Under 10k square feet ("sf")	Consolidated		48		123,633		5.1		$	30.61	N/A		N/A			N/A			N/A			$	4.56
	Unconsolidated(4)		3		7,444		3.1			36.10	N/A		N/A			N/A			N/A				-
Total Under 10k sf			51		131,077		5.0		$	30.92	N/A		N/A			N/A			N/A			$	4.40
Over 10k sf	Unconsolidated(4)		2		33,246		10.0			21.31	N/A		N/A			N/A			N/A				11.39
Total New Leases			53		164,323		6.0		$	28.98	N/A		N/A			N/A			N/A			$	6.76
Renewal Leases
Under 10k sf	Consolidated		24		37,705		3.3		$	84.90	$	82.48	$	2.42			2.9	%		8.1	%	$	-
	Unconsolidated(4)		6		13,635		2.9		$	66.90	$	69.64		(2.74	)		(3.9	%)		(1.1	%)		-
Total Under 10k sf			30		51,340		3.2		$	80.12	$	79.07	$	1.05			1.3	%		5.7	%	$	-
Over 10k	Consolidated		3		87,431		2.2			12.67		14.73		(2.06	)		(14.0	%)		(14.4	%)	$	-
	Unconsolidated(4)		-		-		-			-		-		-			0.0	%		0.0	%		-
Total Over 10k sf			3		87,431		2.2			12.67		14.73		(2.06	)		(14.0	%)		(14.4	%)	$	-
Total Fixed Rent			33		138,771		2.6		$	37.62	$	38.53	$	(0.91	)		(2.4	%)		0.3	%	$	-
Percentage in Lieu	Consolidated		22		47,313		2.9		$	44.50	$	44.16	$	0.34			0.8	%	N/A			$	-
Total Percentage in Lieu	Consolidated		22		47,313		2.9			44.50		44.16		0.34			0.8	%	N/A				-
Total Renewal Leases			55		186,084		2.7	`	$	39.37	$	39.96	$	(0.59	)		(1.5	%)				$	-
Total Non Anchor			108		350,407		4.2		$	34.50
Anchor
New Leases			-		-		-		$	-	$	-	$	-		N/A			N/A			$	-
Renewal Leases	Consolidated		2		447,900		7.8		$	5.06	$	5.06	$	-		-							-
Total			2		447,900		7.8		$	5.06

(1) Initial gross rent renewal spread is computed by comparing the initial rent psf in the new lease to the final rent psf amount in the expiring lease. For purposes of this computation, the rent amount includes minimum rent, CAM charges, estimated real estate tax reimbursements and marketing charges, but excludes percentage rent. In certain cases, a lower rent amount may be payable for a period of time until specified conditions in the lease are satisfied.

(2) Average rent renewal spread is computed by comparing the average rent psf over the new lease term to the final rent psf amount in the expiring lease. For purposes of this computation, the rent amount includes minimum rent and fixed CAM charges, but excludes pro rata CAM charges, estimated real estate tax reimbursements, marketing charges and percentage rent.

(3) Tenant improvements and certain other leasing costs are presented as annualized amounts per square foot and are spread uniformly over the initial lease term.

(4) As of June 30, 2022, we own a 40% to 50% interest in each of our unconsolidated properties and do not control such properties. Our percentage ownership is not necessarily indicative of the legal and economic implications of our ownership interest. See “—Non-GAAP Supplemental Financial Measures” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 for further details on our ownership interests in our unconsolidated properties. Our unconsolidated properties include 9 leases and 21,079 square feet of GLA with respect to our unconsolidated partnerships.

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Pennsylvania Real Estate Investment Trust

Leasing Activity Summary – Six Months Ended June 30, 2022

		Number		GLA		Term		Initial Rent per square foot ("psf")		Previous Rent psf		Initial Gross Rent Renewal Spread(1)						Average Rent Renewal Spread(2)			Annualized Tenant Improvements psf(3)
												$			%			%
Non Anchor
New Leases
Under 10k square feet ("sf")	Consolidated		83		201,686		5.6	$	34.60	N/A		N/A			N/A			N/A			$	5.68
	Unconsolidated(4)		3		7,444		3.1		36.10	N/A		N/A			N/A			N/A				-
Total Under 10k sf			86		209,130		5.5	$	34.65	N/A		N/A			N/A			N/A			$	5.57
																					$	-
Over 10k sf	Unconsolidated(4)		4		74,696		11.4		16.98	N/A		N/A			N/A			N/A				8.08
Total New Leases			90		283,826		7.1	$	30.00	N/A		N/A			N/A			N/A			$	6.63
Renewal Leases
Under 10k sf	Consolidated		54		125,430		4.1	$	60.15	$	60.61	$	(0.46	)		(0.8	%)		5.7	%	$	1.06
	Unconsolidated(4)		9		25,891		2.5		67.44		67.98		(0.54	)		(0.8	%)		0.6	%		-
Total Under 10k sf			63		151,321		3.9	$	61.40	$	61.87	$	(0.47	)		(0.8	%)		4.7	%	$	0.94
Over 10k sf	Consolidated		6		157,166		3.1		17.83		18.63	$	(0.80	)		(4.3	%)		(4.4	%)	$	2.08
	Unconsolidated(4)		-		-		-		-		-		-			0.0	%		0.0	%		-
Total Over 10k sf	Consolidated		6		157,166		3.1		17.83		18.63		(0.80	)		(4.3	%)		(4.4	%)	$	2.08
Total Fixed Rent	Unconsolidated(4)		69		308,487		3.4		39.20	$	39.84	$	(0.64	)		(1.6	%)		2.3	%		1.46
Percentage in Lieu			35		95,660		2.6		31.96		32.18	$	(0.22	)		(0.7	%)					0.75
Total Percentage in Lieu	Consolidated		35		95,660		2.6	$	31.96	$	32.18	$	(0.22	)		(0.7	%)				$	0.75
Total Renewal Leases (4)	Unconsolidated(4)		104		404,147		3.2	$	37.49	$	38.03	$	(0.54	)		(1.4	%)				$	1.33
Total Non Anchor			194		687,973		4.8	$	34.40													-
Anchor
New Leases			-		-		-	$	-	N/A		N/A			N/A			N/A			$	-
Renewal Leases	Consolidated		2		447,900		7.8		5.06		5.06		-			-						-
Total			2		447,900		7.8	$	5.06

(1) Initial gross rent renewal spread is computed by comparing the initial rent psf in the new lease to the final rent psf amount in the expiring lease. For purposes of this computation, the rent amount includes minimum rent, CAM charges, estimated real estate tax reimbursements and marketing charges, but excludes percentage rent. In certain cases, a lower rent amount may be payable for a period of time until specified conditions in the lease are satisfied.

(2) Average rent renewal spread is computed by comparing the average rent psf over the new lease term to the final rent psf amount in the expiring lease. For purposes of this computation, the rent amount includes minimum rent and fixed CAM charges, but excludes pro rata CAM charges, estimated real estate tax reimbursements, marketing charges and percentage rent.

(3) Tenant improvements and certain other leasing costs are presented as annualized amounts per square foot and are spread uniformly over the initial lease term.

(4) As of June 30, 2022, we own a 40% to 50% interest in each of our unconsolidated properties and do not control such properties. Our percentage ownership is not necessarily indicative of the legal and economic implications of our ownership interest. See “—Non-GAAP Supplemental Financial Measures” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 for further details on our ownership interests in our unconsolidated properties. Our unconsolidated properties include 12 leases and 33,335 square feet of GLA with respect to our unconsolidated partnerships.

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Pennsylvania Real Estate Investment Trust

Summarized Sales and Rent Per Square Foot and Occupancy Percentages

	June 30, 2022																				June 30, 2021(1)
									Actual Occupancy						Leased Occupancy											Actual Occupancy
	% Rolling 12 Mo. NOI			Average Comp Sales (1)		Average Gross Rent(2)(3)		Occupancy Cost	Total			Non- Anchor			Total			Non- Anchor			Average Comp Sales (1)		Average Gross Rent(2)(3)		Occupancy Cost(4)	Total			Non- Anchor
Malls		94.8	%	$	605	$	55.89	10.7%		93.8	%		90.5	%		95.0	%		92.3	%		531	$	56.29	12.5%		89.0	%		86.0	%
Non-Core Malls (4)		-0.3	%	$	305	$	35.37	12.0%		51.8	%		49.6	%		51.8	%		49.6	%		338	$	30.16	14.6%		68.2	%		46.4	%
Malls Total		94.5	%	$	601	$	55.61	10.7%		91.3	%		88.8	%		92.4	%		90.5	%		524	$	55.67	12.5%		87.8	%		84.3	%
Other Retail Properties		6.0	%	N/A		$	18.99	N/A		98.0	%		97.8	%		99.4	%		99.3	%	N/A		$	19.00	N/A		92.6	%		91.7	%
Total Retail Properties		6.0	%	$	601	$	47.26	10.7%		91.8	%		89.8	%		93.0	%		91.4	%		524	$	47.47	12.5%		88.1	%		85.1	%
Sold Properties		0.0	%	N/A		$	0.00	N/A								0.0	%		0.0	%	N/A		$	37.06	N/A	78.4%			78.4%
Other Properties		-0.5	%	N/A		$	0.00	N/A								0.0	%		0.0	%	N/A				N/A	N/A			N/A
Total Portfolio		100.0	%	$	601	$	47.26	10.7%		91.8	%		89.8	%		93.0	%		91.4	%		524	$	46.72	12.5%		87.9	%		84.8	%

(1) Rolling 12 month average comp sales are not reported for 2021 due to COVID-19 related mall closures and operational limitations impacting 2020 activity. Comp sales for 2022 are now included and are compared to the same quarter 2019 sales, as set forth in the columns for 2021. Historically, average comp sales have been based on reported sales by all comparable non-anchor tenants that lease individual spaces of less than 10,000 square feet and have occupied the space for at least 24 months.

(2) Average gross rent for malls includes all non-anchor space owned by the Company and leased to tenants that occupy individual spaces of less than 10,000 square feet. Average gross rent for other retail properties includes all non-anchor space owned by the Company regardless of size.

(3) Average gross rent for mall tenants greater than 10,000 sf was $21.79 per square foot as of June 30, 2022 and $21.39 per square foot as of June 30, 2021.

(4) Beginning in the third quarter of 2021, Fashion District Philadelphia is classified as a Core Mall, compared to prior quarters when it was classified as a Non-Core Mall.

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Pennsylvania Real Estate Investment Trust

Mall Occupancy Percentage and Sales Per Square Foot

	June 30, 2022											June 30, 2021								Change
	% of Mall NOI			Avg Comp Sales (2)		Total Occupancy %			Non- Anchor Occupancy %			Avg Comp Sales (1)		Total Occupancy %			Non-Anchor Occupancy %			Avg Comp Sales (1)	Total Occupancy %			Non- Anchor Occupancy %
Top 6 Malls
Cherry Hill Mall		13.6	%	$	929		96.2	%		95.5	%	$	699		93.3	%		92.0	%	32.9%		2.9	%		3.5	%
Willow Grove Park		4.2	%	771			96.9	%		94.6	%		763		93.3	%		88.4	%	1.0%		3.6	%		6.2	%
Lehigh Valley Mall		8.1	%	685			88.9	%		82.1	%		584		88.3	%		81.1	%	17.3%		0.6	%		1.0	%
Woodland Mall		6.4	%	657			97.5	%		97.0	%		619		84.1	%		81.3	%	6.1%		13.4	%		15.7	%
Dartmouth Mall		4.4	%	593			93.1	%		90.2	%		533		95.6	%		93.6	%	11.3%		(2.5	%)		(3.4	%)
Mall at Prince George's		8.6	%	589			98.8	%		98.1	%		557		82.2	%		96.4	%	5.7%		16.6	%		1.7	%
		45.3	%	$	730		95.0	%		92.8	%	$	643		88.9	%		88.4	%	13.5%		6.1	%		4.4	%
Malls 7-12
Springfield Town Center		10.6	%		574		89.6	%		86.1	%		546		88.8	%		85.0	%	5.1%		0.8	%		1.1	%
Capital City Mall		5.8	%		542		97.9	%		96.9	%		447		95.7	%		93.6	%	21.3%		2.2	%		3.3	%
Jacksonville Mall		4.2	%		533		99.2	%		98.4	%		497		98.7	%		97.5	%	7.2%		0.5	%		0.9	%
Viewmont Mall		3.9	%		528		98.8	%		97.5	%		450		96.1	%		91.9	%	17.3%		2.7	%		5.6	%
Patrick Henry Mall		4.9	%		519		94.6	%		92.2	%		436		91.9	%		88.2	%	19.0%		2.7	%		4.0	%
Magnolia Mall		3.2	%		509		99.1	%		98.5	%		479		80.4	%		96.5	%	6.3%		18.7	%		2.0	%
		32.6	%	$	539		95.7	%		93.2	%	$	483		91.3	%		90.7	%	11.6%		4.4	%		2.5	%
Malls 13-19
Valley Mall		4.7	%		501		98.6	%		96.8	%		420		97.3	%		94.0	%	19.3%		1.3	%		2.8	%
Springfield Mall		1.5	%		459		91.0	%		91.0	%		416		84.4	%		84.4	%	10.3%		6.6	%		6.6	%
Moorestown Mall		3.1	%		453		97.6	%		95.8	%		413		94.1	%		89.6	%	9.7%		3.5	%		6.2	%
Cumberland Mall		3.1	%		440		94.0	%		90.3	%		397		90.6	%		84.6	%	10.8%		3.4	%		5.7	%
Francis Scott Key Mall		3.6	%		431		94.9	%		92.0	%		376		92.4	%		88.2	%	14.6%		2.5	%		3.8	%
Plymouth Meeting Mall		3.7	%		387		85.2	%		78.2	%		345		81.8	%		73.1	%	12.2%		3.4	%		5.1	%
Fashion District Philadelphia		2.5	%	N/A			80.4	%		75.2	%	n/a			72.7	%		65.5	%	n/a		7.7	%		9.7	%
		22.2	%	$	448		91.3	%		86.4	%	$	396		87.4	%		80.4	%	13.1%		3.9	%		6.0	%
All Core Malls		100.1	%	$	605		93.8	%		90.5	%	$	531		89.0	%		86.0	%	13.9%		4.8	%		4.5	%
Non-Core Malls
Exton Square Mall		-0.3	%	305			51.8	%		49.6	%		338		68.2	%		46.4	%	-9.8%		(16.4	%)		3.2	%
All Non-Core Malls		-0.3	%	$	305		51.8	%		49.6	%	$	338		68.2	%		46.4	%	-9.8%		(16.4	%)		3.2	%
All Malls		99.8	%	$	601		91.3	%		88.8	%	$	524		87.8	%		84.3	%	14.7%		3.5	%		4.5	%

(1) Rolling 12 month average comp sales are not reported for 2021 due to COVID-19 related mall closures and operational limitations impacting 2020 activity. Comp sales for 2022 are now included and are compared to the same quarter 2019 sales, as set forth in the columns for 2021. Historically, average comp sales have been based on reported sales by all comparable non-anchor tenants that lease individual spaces of less than 10,000 square feet and have occupied the space for at least 24 months.

(2) Beginning in the third quarter of 2021, Fashion District Philadelphia is classified as a Core Mall, compared to prior quarters when it was classified as a Non-Core Mall.

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Pennsylvania Real Estate Investment Trust

Top Twenty Tenants

June 30, 2022

Tenant	Brands	Locations at Consolidated Properties		Locations at Unconsolidated Properties		Total Number of Locations (1)		Percentage of Annualized Gross Rent(2)
Foot Locker, Inc.	Champs, Foot Locker, Footaction, House of Hoops by Foot Locker, Kids Foot Locker	33		6		39			4.2	%
Signet Jewelers Limited	Kay Jewelers, Piercing Pagoda, Piercing Pagoda Plus, Totally Pagoda, Zales Jewelers, Banter by Piercing Pagoda	48		9		57			3.2	%
Dick's Sporting Goods, Inc.	Dick's Sporting Goods, Field & Stream	10		1		11			2.8	%
American Eagle Outfitters, Inc.	Aerie, American Eagle Outfitters, Offline	16		4		20			2.8	%
Victoria's Secret & Co.	Victoria's Secret, Pink	14		3		17			2.7	%
Dave & Buster's, Inc.	Dave & Buster's	3		1		4			1.8	%
Sycamore Partners	Hot Topic, Talbots, Torrid, AnnTaylor, Loft, Belk	33		7		40			1.8	%
Macy's	Bloomingdale's, Macy's	12			2	14			1.8	%
Express, Inc	Express, Express Factory Outlet, Express Men	10		3		13			1.7	%
Cineworld Group	Regal Cinemas	4			-	4			1.7	%
Genesco Inc.	Johnston & Murphy, Journeys, Journeys Kidz, Underground by Journeys	22			5	27			1.6	%
Gap, Inc.	Banana Republic, Gap/Gap Kids, Old Navy	10		5		15			1.6	%
Hennes & Mauritz L.P.	H & M	12		1		13			1.6	%
Bath & Body Works, Inc.	Bath & Body Works	17		3		20			1.4	%
Darden Concepts, Inc.	Bahama Breeze, Capital Grille, Olive Garden, Seasons 52, Yard House	8			-	8			1.3	%
Luxottica Group S.p.A.	Lenscrafters, Pearle Vision, Sunglass Hut	21		6		27			1.2	%
The TJX Companies, Inc.	HomeGoods, HomeSense, Marshalls, Sierra Trading Post, TJ Maxx	7		2		9			1.1	%
AMC Entertainment Holdings, Inc.	AMC	3		1		4			1.1	%
Shoe Show, Inc.	Shoe Department, Shoe Dept. Encore		14		2		16		1.0	%
F21 OpCo LLC	Forever 21	8		2		10			1.0	%
Total Top 20 Tenants		305		63		368			37.4	%
Total Leases			1,356	294			1,650		100.0	%

(1)Includes our share of tenant gross rent from partnership properties based on PREIT’s ownership percentage in the respective equity method investments as of June 30, 2022.

22

Pennsylvania Real Estate Investment Trust

Lease Expirations as of June 30, 2022

(dollars in thousands except per square foot (“psf”) amounts)

Non-Anchors
			Gross Leasable Area ("GLA")					Annualized Gross Rent
Lease Expiration Year	Number of Leases Expiring		Expiring GLA (1)		Percent of Total			Gross Rent in Expiring Year		PREIT’s Share of Gross Rent in Expiring Year (2)		Percent of PREIT’s Total			Average Expiring Gross Rent psf
2022 and Prior		233		469,531		5.8	%		26,584		23,327		8.4	%		56.62
2023		286		1,455,193		17.7	%		48,953		42,954		15.5	%		33.64
2024		263		943,147		11.6	%		43,402		38,406		13.8	%		46.02
2025		185		886,944		10.9	%		38,669		35,620		12.8	%		43.60
2026		133		745,638		9.1	%		30,044		27,105		9.8	%		40.29
2027		121		837,706		10.3	%		29,626		27,539		9.9	%		35.37
2028		83		601,198		7.4	%		22,738		21,246		7.7	%		37.82
2029		70		516,421		6.3	%		20,841		16,968		6.1	%		40.36
2030		63		468,592		5.7	%		20,499		17,409		6.3	%		43.75
2031		40		405,504		5.0	%		12,151		10,243		3.7	%		29.97
Thereafter		56		829,457		10.2	%		20,968		16,565		6.0	%		25.28
Total/Average		1,533		8,159,331		100.0	%	$	314,475	$	277,382		100.0	%	$	38.54

Anchors
			Gross Leasable Area ("GLA")					Annualized Gross Rent
Lease Expiration Year	Number of Leases Expiring		Expiring GLA (1)		Percent of Total			Gross Rent in Expiring Year		PREIT’s Share of Gross Rent in Expiring Year (2)		Percent of PREIT’s Total			Average Expiring Gross Rent psf
2022 and prior		2		376,694		7.9	%		710		355		1.4	%		1.88
2023		4		355,120		7.4	%		1,388		1,388		5.3	%		3.91
2024		4		485,531		10.2	%		3,265		3,265		12.5	%		6.73
2025		8		929,729		19.5	%		2,045		2,045		7.8	%		2.20
2026		6		470,638		9.8	%		3,910		2,646		10.1	%		8.31
2027		2		275,250		5.8	%		1,743		1,743		6.7	%		6.33
2028		9		1,075,254		22.4	%		6,738		6,738		25.6	%		6.27
2029		1		65,155		1.4	%		2,210		2,210		8.4	%		33.92
2030		2		85,718		1.8	%		1,522		1,522		5.8	%		17.75
2031		2		166,523		3.5	%		932		932		3.6	%		5.60
Thereafter		4		493,572		10.3	%		3,354		3,354		12.8	%		6.80
Total/Average		44		4,779,184		100.0	%	$	27,817	$	26,198		100.0	%	$	5.82

(1) Does not include tenants occupying space under license agreements with initial terms of less than one year.

(2) Includes our share of tenant rent from partnership properties based on PREIT’s ownership percentage in the respective equity method investments.

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Pennsylvania Real Estate Investment Trust

Property Information as of June 30, 2022

		Landlord Owned Anchors/ Large Format Non Anchor				Anchor Stores Not Owned			Non-anchor occupied GLA
Properties	Location	Tenant	Expiration Year	GLA		Tenant	GLA		Large Format		Small Shop		Vacant		Total GLA
Core Malls
Capital City Mall	Camp Hill, PA	JCPenney	2025		102,825	Macy's		120,000		104,806		174,063		10,673		624,346
		Dick's Sporting Goods	2028		61,677
		Sportsman's Warehouse	2031							50,302
Cherry Hill Mall	Cherry Hill, NJ	Nordstrom	2025		138,000	JCPenney		174,285		254,879		408,001		31,590		1,311,355
						Macy's		304,600
Cumberland Mall	Vineland, NJ	The Home Depot	2024		132,013	BJ's Wholesale Club		117,889		132,298		139,651		40,531		952,012
		Dick's Sporting Goods	2028		50,000	Boscov's		155,341
		Regal Cinemas	2026							44,445
		Power Warehouse	2023		116,934
		HomeGoods	2033							22,910
Dartmouth Mall	Dartmouth, MA	JCPenney	2025		100,020	Macy's		140,000		96,482		149,014		34,111		632,513
		Burlington	2030		43,835
		AMC Theaters	2026							44,988
		Aldi	2031							24,063
Fashion District Philadelphia	Philadelphia, PA	Burlington	2032		85,162					179,365		114,909		166,631		851,785
		AMC	2034							36,535
		Round 1	2029							58,080
		City Winery	2038							29,762
		H&M	2030							38,694
		Shopper's World	2026		95,159
		Primark	2032							47,488
Francis Scott Key Mall	Frederick, MD	JCPenney	2025		101,293	Macy's		139,333		139,863		171,216		31,493		754,231
		Sears	2023		120,883
		Dick's Sporting Goods	2025							50,150
Jacksonville Mall	Jacksonville, NC	Belk	2028		72,510					123,079		123,777		3,946		492,917
		JCPenney	2025		51,812
		Sears	2026		117,793
Lehigh Valley Mall	Allentown, PA	Boscov's	2022		164,694	JCPenney		207,292		185,631		316,481		109,554		1,195,652
		Macy's	2022		212,000
Magnolia Mall	Florence, SC	Belk	2028		115,793					96,175		147,922		5,036		591,776
		Best Buy	2023		32,054
		Tilt Studio	2031		104,107
		Dick's Sporting Goods	2026							45,000
		Burlington	2028							45,689
Moorestown Mall	Moorestown, NJ	Boscov's	2028		202,765	Cooper Hospital (2)		182,153		110,814		205,714		17,724		926,699
		Regal Cinemas	2030							57,843
		HomeSense	2028		28,486
		Turn 7 Liquidations	2023		121,200

24

		Landlord Owned Anchors/ Large Format Non Anchor				Anchor Stores Not Owned			Non-anchor occupied GLA
Properties	Location	Tenant	Expiration Year	GLA		Tenant	GLA		Large Format		Small Shop		Vacant		Total GLA
Patrick Henry Mall	Newport News, VA	Dick's Sporting Goods	2027		50,250	Dillard's		144,157		60,095		214,863		23,344		717,921
		JCPenney	2025		85,212	Macy's		140,000
Plymouth Meeting Mall	Plymouth Meeting, PA	Boscov's	2028		188,429					171,330		176,328		135,910		917,844
		Whole Foods	2029		65,155
		Burlington	2030		41,883
		Dick's Sporting Goods	2031							57,588
		AMC Theaters	2027							48,000
		LEGOLAND Discovery Center	2032							33,221
Springfield Mall	Springfield, PA					Macy's		192,000		20,577		182,080		20,074		610,630
						Target		195,899
Springfield Town Center	Springfield, VA	Macy's	2035		252,245	JCPenney		209,144		181,785		311,338		102,016		1,374,155
						Target		180,841
		Dick's Sporting Goods	2025							53,891
		Nordstrom Rack	2025							33,107
		Regal Cinemas	2031							49,788
The Mall at Prince George's	Hyattsville, MD	Macy's	2028		195,655					268,818		260,476		10,455		870,590
		Target	2024		135,186
Valley Mall	Hagerstown, MD	JCPenney	2025		157,455					95,023		206,900		11,915		827,703
		Belk	2028		123,094
		Regal Cinemas	2033							53,059
		Dick's Sporting Goods	2031		62,416
		Onelife Fitness	2033		70,000
		Tilt Studio	2028		47,841
Viewmont Mall	Scranton, PA	JCPenney	2025		193,112	Macy's		139,801		76,053		161,003		6,680		689,226
		Dick's Sporting Goods/Field & Stream	2028		90,000
		HomeGoods	2027							22,577
Willow Grove Park	Willow Grove, PA	Macy's	2027		225,000	Bloomingdale's		237,537		78,219		260,277		19,199		1,036,148
		Nordstrom Rack	2024		40,332	Sears(1)		175,584
Woodland Mall	Grand Rapids, MI	Von Maur	2119		86,165	JCPenney		254,905		115,714		306,747		14,483		982,252
						Macy's		157,316
		Phoenix Theatres	2037							46,922
Total Core Malls					4,480,445			3,568,077		3,485,108		4,030,760		795,365		16,359,755

25

		Landlord Owned Anchors/ Large Format Non Anchor				Anchor Stores Not Owned			Non-anchor occupied GLA
Properties	Location	Tenant	Expiration Year	GLA		Tenant	GLA		Large Format		Small Shop		Vacant		Total GLA
Other Malls and Retail Properties
Exton Square Mall	Exton, PA	Boscov's	2024		178,000	Macy's		181,200		48,037		134,817		389,720		990,145
		Round 1	2026		58,371
Metroplex Shopping Center	Plymouth Meeting, PA	Giant Food Store	2026		67,185	Lowe's		163,215		328,809		49,012		7,280		777,695
						Target		137,514
		Saks OFF 5th	2026							24,680
The Court at Oxford Valley	Fairless Hills, PA	Best Buy	2026		59,620	BJ's Wholesale Club		116,872		293,144		37,570		16,571		703,909
						The Home Depot		130,751
		Dick's Sporting Goods	2026							49,381
Red Rose Commons	Lancaster, PA					The Home Depot		134,558		248,086		15,207		-		462,883
						Weis Market		65,032
Total Other Malls and Retail Properties					363,176			929,142		992,137		236,606		413,571		2,934,632
Total Portfolio					4,843,621			4,497,219		4,477,245		4,267,366		1,208,936		19,294,387

(1) Approximately 78,000 square feet of this space has been subleased to Primark.

(2)Former Sears was acquired by Cooper Hospital. The site is under development and currently not operating.

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Pennsylvania Real Estate Investment Trust

Investment in Real Estate - Consolidated Properties

(in thousands)

	June 30, 2022
	Operating Properties and Land Held for Development		Construction in Progress		Accumulated Depreciation		Net Real Estate		Debt(1)
Core Malls
Capital City Mall	$	138,162	$	-	$	64,083	$	74,079	$	-
Cherry Hill Mall		486,996		-		298,730		188,266		252,312
Cumberland Mall		85,607		-		38,399		47,208		38,314
Dartmouth Mall		92,468		110		53,110		39,468		54,545
Francis Scott Key Mall		96,896		-		50,007		46,889		54,633
Jacksonville Mall		95,067		-		48,152		46,915		-
Magnolia Mall		108,629		-		59,383		49,246		-
Moorestown Mall		185,435		-		92,941		92,494		-
Patrick Henry Mall		157,694		-		83,874		73,820		84,102
Plymouth Meeting Mall		236,892		5,456		123,019		119,329		-
The Mall at Prince George's		138,337		218		78,516		60,039		-
Springfield Town Center		497,406		774		102,680		395,500		-
Valley Mall		149,982		1,229		62,130		89,081		-
Viewmont Mall		122,398		-		61,391		61,007		67,185
Willow Grove Park		233,036		37,579		123,851		146,764		147,197
Woodland Mall		288,765		106		102,672		186,199		111,700
Total Core Malls		3,113,770		45,472		1,442,938		1,716,304		809,988
Non-Core Malls
Exton Square Mall		-		-		-		-		-
Total Non-Core Malls		-		-		-		-		-
Total Malls	$	3,113,770	$	45,472	$	1,442,938	$	1,716,304	$	809,988
Other Properties
Land held for development		3,163,647		-		-		3,163,647		-
Total Investment in Real Estate	$	6,277,417	$	45,472	$	1,442,938	$	4,879,951	$	809,988
Assets Held For Sale
Exton Square Mall		28,259		-		-		28,259		-
The Mall at Prince George's		5,091		-		-		5,091		-
Moorestown Mall		1,790		-		-		1,790		-
Woodland Mall		1,054		-		-		1,054		-
Valley View Former Macy's Box		978		-		-		978		-
Various outparcels		4,236		-		-		4,236		-
Total held for sale	$	41,408	$	-	$	-	$	41,408	$	-

(1)Refer to page 30 for further debt information.

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Pennsylvania Real Estate Investment Trust

Investment in Real Estate – Equity Method Investments at Ownership Share

(in thousands)

	June 30, 2022
	Operating Properties and Land Held for Development		Construction in Progress			Accumulated Depreciation			Net Real Estate		Debt(1)
Unconsolidated Malls
Fashion District Philadelphia	$	165,919	$	383		$	(7,114	)	$	159,188	$	156,835
Lehigh Valley Mall		57,116		103			(32,518	)		24,701		91,666
Springfield Mall		58,741		60			(27,842	)		30,959		28,641
Total Unconsolidated Malls	$	281,776	$	546		$	(67,474	)	$	214,848	$	277,142
Unconsolidated Other Retail Properties
Metroplex Shopping Center		46,514		2,647			(28,650	)		20,511		34,885
The Court at Oxford Valley		28,411		-			(14,110	)		14,302		27,500
Red Rose Commons		14,626		(28	)		(6,031	)		8,567		16,698
Total Unconsolidated Other Retail Properties	$	89,551	$	2,619		$	(48,791	)	$	43,380	$	79,083
Unconsolidated Property Under Development
Pavilion at Market East		6,346		784			(2,421	)		4,709	$	2,960
Total Investment in Real Estate	$	377,673	$	3,949		$	(118,686	)	$	262,937	$	359,185

(1)Refer to pages 30-33 for further debt information.

28

Pennsylvania Real Estate Investment Trust

Capital Expenditures

Three and Six Months Ended June 30, 2022

(in thousands)

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	Consolidated		PREIT's Share of Equity Method Investments		Total		Consolidated		PREIT's Share of Equity Method Investments		Total
Redevelopment projects with incremental GLA and/or anchor replacement (1)	$	765	$	176	$	941	$	1,867	$	288	$	2,155
Tenant allowances		1,452		137		1,589		2,428		150		2,578
Recurring capital expenditures:
CAM expenditures		828		15		843		1,287		160		1,447
Non-CAM expenditures		111		-		111		320		-		320
Total recurring capital expenditures		939		15		954		1,607		160		1,767
Total	$	3,156	$	328	$	3,484	$	5,902	$	598	$	6,500

(1) Net of any tenant reimbursements, parcel sales, tax credits or other incentives.

29

Pennsylvania Real Estate Investment Trust

Debt Analysis as of June 30, 2022

(in thousands)

	Outstanding Debt
	Fixed Rate (1)			% of Total Indebtedness			Variable Rate			% of Total Indebtedness			Total			% of Total Indebtedness
Consolidated mortgage loans payable (2)	$	576,470			26.7	%	$	233,518			10.8	%	$	809,988			37.5	%
Unconsolidated mortgage loans payable (3)		199,390			9.2	%		2,960			0.1	%		202,350			9.4	%
Consolidated Term Loans (4)		300,000			13.9	%		671,845			31.1	%		971,845			45.1	%
Unconsolidated Term Loans (5)		59,534			2.8	%		97,301			4.5	%		156,835			7.3	%
2020 Revolving Facility		-			0.0	%		16,078			0.7	%		16,078			0.7	%
Total Outstanding Debt	$	1,135,394			52.6	%	$	1,021,702			47.2	%	$	2,157,096			100.0	%
Average Stated Interest Rate		5.77	%					7.56	%					6.62	%

(1) Includes variable rate debt swapped to fixed rate debt.

(2) Excludes deferred financing costs of $1,344.

(3) Reflects our share of mortgage debt of equity method investees. Excludes our share of deferred financing costs of $498.

(4) Excludes deferred financing costs of $2,974.

(5) Reflects our share of Term Loan debt of equity method investee.

		Average Debt Balance
		Mortgage Debt			Revolving Facility			Term Loans			Total
Beginning Balance	4/1/2022	$	1,071,305		$	53,817		$	1,133,101		$	2,258,223
Mortgage loan amortization, including our share of debt of equity method investees			(7,945	)		-			-			(7,945	)
Mortgage loan paydowns, payoffs and sales			(51,022	)		-			-			(51,022	)
First Lien Revolver Paydown			-			(37,739	)		-			(37,739	)
First Lien Term Loan Paydown			-			-			(18,060	)		(18,060	)
2020 FDP Partnership Loan Borrowing			-			-			254			254
Second Lien Term Loan PIK Interest			-			-			13,385			13,385
Ending Balance	6/30/2022	$	1,012,338		$	16,078		$	1,128,680		$	2,157,096
Weighted Average Balance		$	1,059,999		$	51,130		$	1,136,578		$	2,254,141

30

Pennsylvania Real Estate Investment Trust

Debt Analysis as of June 30, 2022 (continued)

(in thousands)

Debt Maturities(1)
Year	Scheduled Amortization		Deferred Financing Cost Amortization - Mortgages			Mortgage Balance at Initial Maturity Date		2020 Revolving Facility		Term Loans		Deferred Financing Cost Amortization - Term Loans			Total Debt
2022	$	7,259	$	(590	)	$	400,977	$	16,078	$	971,845	$	(2,974	)	$	1,392,595
2023		10,596		(448	)		89,661		-		97,301		-			197,110
2024		10,242		(448	)		121,818		-		-		-			131,612
2025		9,031		(448	)		237,644		-		-		-			246,227
2026		-		(448	)		-		-		-		-			(448	)
Thereafter		13,795		-			111,315		-		59,534		-			184,644
	$	50,923	$	(2,382	)	$	961,415	$	16,078	$	1,128,680	$	(2,974	)	$	2,151,740

(1) The weighted average period to total debt maturity is 1.35 years, excluding extension options. Includes 100% of revolver, term loan and mortgage loan debt from consolidated properties and our share of term loan and mortgage loan debt of equity method investees.

Weighted Average Mortgage Interest Rates
Year	Balance (1)		Interest Rate
2022	$	402,326		4.32	%
2023		92,390		4.38	%
2024		121,818		4.66	%
2025		259,939		4.10	%
2026		-		0.00	%
Thereafter		135,865		3.79	%
Total	$	1,012,338		4.24	%

(1) Includes our share of debt of equity method investees.

31

Pennsylvania Real Estate Investment Trust

Debt Schedule as of June 30, 2022

(in thousands)

	Debt			Interest Rate			Annual Debt Service		Balance at Maturity			Initial Maturity Date	Fully Extended Maturity Date
Fixed Rate Mortgage Loans
Cumberland Mall	$	38,314			4.40	%	$	3,433	$	38,157		August 2022	August 2022
Cherry Hill Mall		252,312			3.90	%		16,980		251,120		September 2022	September 2022
Dartmouth Mall		54,545			3.97	%		3,825		53,299		April 2023	April 2023
Metroplex Shopping Center (2)		34,885			5.00	%		2,818		33,502		October 2023	October 2023
Patrick Henry Mall		84,102			4.35	%		5,748		77,591		July 2025	July 2025
Springfield Mall (2)		28,641			4.45	%		1,964		26,299		October 2025	October 2025
Willow Grove Park		147,197			3.88	%		9,599		133,754		October 2025	October 2025
Lehigh Valley Mall (2)		91,666			4.06	%		5,768		79,789		November 2027	November 2027
Red Rose Commons (2)		16,698			3.28	%		978		13,183		July 2031	July 2031
The Court at Oxford Valley (2)		27,500			3.20	%		2,058		18,343		July 2031	July 2031
Total Fixed Rate Mortgage Loans	$	775,860			4.02	%	$	53,171	$	725,037
Variable Rate Mortgage Loans
Francis Scott Key Mall	$	54,633			4.66	%	$	2,547	$	54,633		June 2024	June 2024
Woodland Mall		111,700			5.25	%		10,064		111,700		December 2022	December 2022
Pavilion East Associates (2)		2,960			4.75	%		240		2,860		May 2023	May 2023
Viewmont Mall		67,185			4.66	%		3,132		67,185		June 2024	June 2024
Total Variable Rate Mortgage Loans	$	236,478			4.94	%	$	15,983	$	236,378
Total Mortgage Loans	$	1,012,338			4.24	%	$	69,154	$	961,415
Consolidated Mortgage Loans	$	809,988			4.27	%	$	69,154	$	787,440
Consolidated Deferred Financing Fees		(1,344	)	N/A			N/A		N/A
Unconsolidated Mortgage Loans		202,350			4.10	%		13,826		173,974
Unconsolidated Deferred Financing Fees		(1,038	)	N/A			N/A		N/A
First Lien Term Loan (1)		359,643			8.17	%		29,368		359,643		December 2022	December 2023
Second Lien Term Loan		612,202			9.20	%		56,321		612,202	(3)	December 2022	December 2023
2018 FDP Term Loan		97,301			4.56	%		4,439		97,301		January 2023	January 2024
Term Loan Deferred Financing Fees		(2,974	)	N/A			N/A		N/A
First Lien Revolver		16,078			4.56	%		733		16,078		December 2022	December 2023
2020 FDP Partnership Loan		59,534			15.00	%		8,930		59,534	(3)	December 2027	December 2027
Total		2,151,740			6.62	%		182,771		2,106,172
Amortization of Deferred Financing Fees		-			0.20	%	—		—
Effective Interest Rate	$	2,151,740			6.81	%	$	182,771	$	2,106,172

(1) All or a portion of the loan has been effectively swapped to the fixed interest rate presented.

(2) Includes our share of debt of equity method investees, based on our ownership percentage.

(3) The balances at maturity are subject to increase as additional interest accrues to the principal balances of the loans.

32

Pennsylvania Real Estate Investment Trust

Selected Debt Ratios

	June 30, 2022
Debt Yield Ratio
Maintain a minimum Debt Yield Ratio (Senior) of 11.35% from and after June 30, 2021	20.95%
Maintain a minimum Debt Yield Ratio (Corporate) of (a) 6.50% from June 30, 2021 through and including September 30, 2021 and (b) 7.25% from and after October 1, 2021	8.87%
Liquidity
Maintain minimum liquidity of at least $25.0 million, to be comprised of unrestricted cash held in certain deposit accounts subject to control agreements	$127.1 million

(1)The First Lien Credit Agreement and Second Lien Credit Agreement (collectively, the "Credit Agreements"), contain identical affirmative and negative covenants customarily found in such agreements, including requirements that the Company, on a consolidated basis, maintain certain financial ratios and liquidity. All capitalized terms used on this page have the meanings ascribed to such terms in the Credit Agreements. In addition to the ratios set forth herein, there are several other requirements set forth in the covenants under the Credit Agreements with which the Company must comply. As of June 30, 2022, we were in compliance with terms under the Credit Agreements, however, a material decline in future operating results could affect our ability to comply with the financial covenants, including additional covenants that came into effect starting on June 30, 2021.

33

Pennsylvania Real Estate Investment Trust

Forward Looking Statements

FORWARD LOOKING STATEMENTS

This Quarterly Supplemental and Operating Information for the quarter ended June 30, 2022 contains certain forward-looking statements that can be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “project,” “intend,” “may” or similar expressions. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters, including our expectations regarding the impact of COVID-19 on our business, that are not historical facts. These forward-looking statements reflect our current views about future events, achievements, results, cost reductions, dividend payments and the impact of COVID-19 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 the following:

•the effectiveness of our financial restructuring and any additional strategies that we may employ to address our liquidity and capital resources in the future;

•our ability to achieve forecasted revenue and pro forma leverage ratio and generate free cash flow to further reduce indebtedness;

•the COVID-19 global pandemic and the public health and governmental response, which have created periods of significant economic disruption and also have and may continue to exacerbate many of the risks listed herein;

•changes in the retail and real estate industries, including bankruptcies, consolidation and store closings, particularly among anchor tenants;

•changes in economic conditions, including unemployment rates and its effects on consumer confidence and spending, supply chain challenges, the current inflationary environment, and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions;

•our inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise;

•our ability to maintain and increase property occupancy, sales and rental rates;

•increases in operating costs that cannot be passed on to tenants, which may be exacerbated in the current inflationary environment;

•the effects of online shopping and other uses of technology on our retail tenants;

•risks related to our development and redevelopment activities, including delays, cost overruns and our inability to reach projected occupancy or rental rates;

•social unrest and acts of vandalism or violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales;

•our ability to sell properties that we seek to dispose of, which may be delayed by, among other things, the failure to obtain zoning, occupancy and other governmental approvals and permits or, to the extent required, approvals of other third parties;

•potential losses on impairment of certain long-lived assets, such as real estate, including losses that we might be required to record in connection with any disposition of assets;

•our substantial debt, particularly in light of increasing interest rates, and our ability to remain in compliance with our financial covenants under our debt facilities;

•our ability to raise capital, including through sales of properties or interests in properties, subject to the terms of our Credit Agreements; and

•potential dilution from any capital raising transactions or other equity issuances.

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 herein and in our Annual Report on Form 10-K for the year ended December 31, 2021 in the section entitled “Item 1A. Risk Factors” and any subsequent reports we file with the SEC. We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

34

Pennsylvania Real Estate Investment Trust

Definitions

Funds From Operations (FFO)

The National Association of Real Estate Investment Trusts (“NAREIT”) defines Funds From Operations (“FFO”), which is a non-GAAP measure commonly used by REITs, as net income (computed in accordance with GAAP) excluding (i) depreciation and amortization of real estate, (ii) gains and losses on sales of certain real estate assets, (iii) gains and losses from change in control and (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We compute FFO in accordance with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently than we do. NAREIT’s established guidance provides that excluding impairment write downs of depreciable real estate is consistent with the NAREIT definition.

FFO is a commonly used measure of operating performance and profitability among REITs. We use FFO and FFO per diluted share and unit of limited partnership interest in our operating partnership (“OP Unit”) in measuring our performance against our peers and as one of the performance measures for determining incentive compensation amounts earned under certain of our performance-based executive compensation programs.

FFO does not include gains and losses on sales of operating real estate assets or impairment write downs of depreciable real estate (including development land parcels), which are included in the determination of net loss in accordance with GAAP. Accordingly, FFO is not a comprehensive measure of our operating cash flows. In addition, since FFO does not include depreciation on real estate assets, FFO may not be a useful performance measure when comparing our operating performance to that of other non-real estate commercial enterprises. We compensate for these limitations by using FFO in conjunction with other GAAP financial performance measures, such as net loss and net cash used in operating activities, and other non-GAAP financial performance measures, such as NOI. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net loss (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions. We believe that net loss is the most directly comparable GAAP measurement to FFO.

When applicable, we also present FFO, as adjusted, and FFO per diluted share and OP Unit, as adjusted, which are non-GAAP measures, for the three and six months ended June 30, 2022 and 2021, to show the effect of such items as gain or loss on debt extinguishment (including accelerated amortization of financing costs), impairment of assets, provision for employee separation expense, insurance recoveries or losses, net, gain on derecognition of property, loss on hedge ineffectiveness, gain on sale of preferred equity interest and reorganization expenses which had an effect on our results of operations, but are not, in our opinion, indicative of our ongoing operating performance.

We believe that FFO is helpful to management and investors as a measure of operating performance because it excludes various items included in net income that do not relate to or are not indicative of operating performance, such as gains on sales of operating real estate and depreciation and amortization of real estate, among others. We believe that Funds From Operations, as adjusted, is helpful to management and investors as a measure of operating performance because it adjusts FFO to exclude items that management does not believe are indicative of our operating performance, such as provision for employee separation expense and accelerated amortization of financing costs.

Net Operating Income (NOI)

NOI (a non-GAAP measure) is derived from real estate revenue (determined in accordance with GAAP, including lease termination revenue), minus property operating expenses (determined in accordance with GAAP), plus our pro rata share of revenue and property operating expenses of our unconsolidated partnership investments. NOI does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net loss (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity. It is not indicative of funds available for our cash needs, including our ability to make cash distributions.

We believe NOI is helpful to management and investors as a measure of operating performance because it is an indicator of the return on property investment, and provides a method of comparing property performance over time. We believe that net loss is the most directly comparable GAAP measure to NOI. NOI excludes other income, depreciation and amortization, general and administrative expenses, insurance recoveries (net), provision for employee separation expenses, project costs and other expenses, interest expense, reorganization expenses, impairment of assets, equity in loss/income of partnerships, gain on extinguishment of debt, gain/loss on sales of real estate and gain/loss on sale of preferred equity interest.

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Same Store NOI

Same Store NOI is calculated using retail properties owned for the full periods presented and excludes properties acquired or disposed of, under redevelopment, or designated as non-core during the periods presented. Non Same Store NOI is calculated using the retail properties excluded from the calculation of Same Store NOI.

Funds Available for Distribution (FAD)

FAD is a measure of a real estate company’s cash flows generated by operations and capacity to pay dividends. The Company calculates FAD by starting with FFO as adjusted and subtracting (1) straight-line rent, (2) normalized recurring capital expenditures that are capitalized but necessary to maintain our properties, (3) operational tenant allowances, (4) capitalized leasing costs, (5) non-cash compensation charges, and (6) amortization of above- and below-market lease intangibles.

We believe that net income is the most directly comparable GAAP measurement to FAD. We believe FAD provides a meaningful indicator of our ability to fund cash needs and to make cash distributions to equity owners. In addition, we believe that to further understand our liquidity, FAD should be compared with our cash flow from operating activities determined in accordance with GAAP, as presented in our consolidated financial statements. The computation of FAD may not be comparable to FAD reported by other REITs or real estate companies and FAD does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance, or as an alternative to net cash flow from operating activities (determined in accordance with GAAP), as a measure of our liquidity.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

NAREIT defines Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”), which is a non-GAAP measure, as net income (computed in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization; plus or minus losses and gains on the disposition of depreciated property, including losses/ gains on change in control; plus impairment write downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; plus or minus adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. We compute EBITDAre in accordance with the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently than we do.

EBITDAre does not include interest expense, income tax expense, gains or losses on sales of operating real estate or impairment writedowns of depreciable real estate, which are included in the determination of net income in accordance with GAAP. Accordingly, EBITDAre is not a comprehensive measure of our operating cash flows. EBITDAre does not represent cash generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net income (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions. We believe that net income is the most directly comparable GAAP measurement to EBITDAre.

We believe that EBITDAre is helpful to management and investors as a measure of operating performance because it provides an additional performance measure to management and investors to facilitate the evaluation and comparison of the Company to other REITs and to other non-real estate commercial enterprises.

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Document and Entity Information	Aug. 09, 2022
Document And Entity Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0000077281
Document Type	8-K
Document Period End Date	Aug. 09, 2022
Entity Registrant Name	Pennsylvania Real Estate Investment Trust
Entity Incorporation State Country Code	PA
Entity File Number	001-6300
Entity Tax Identification Number	23-6216339
Entity Address, Address Line One	One Commerce Square
Entity Address, Address Line Two	2005 Market Street
Entity Address, Address Line Three	Suite 1000
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	(215)
Local Phone Number	875-0700
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
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