Pennsylvania Real Estate Investment Trust (PRET) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Pennsylvania Real Estate Investment Trust^®

Supplemental Financial and Operating Information

Quarter Ended March 31, 2011

www.preit.com

NYSE: PEI

Pennsylvania Real Estate Investment Trust

Supplemental Financial and Operating Information

March 31, 2011

Table of Contents

Introduction
Company Information	1
Press Release Announcements	2
Market Capitalization and Capital Resources	3
Operating Results
Statement of Operations-Proportionate Consolidation Method-Quarters Ended March 31, 2011 and March 31, 2010	4
Net Operating Income-Quarters Ended March 31, 2011 and March 31, 2010	5
Computation of Earnings Per Share	6
Funds From Operations and Funds Available for Distribution-Quarters Ended March 31, 2011 and March 31, 2010	7
Operating Statistics
Leasing Activity Summary	8
Summarized Rent Per Square Foot and Occupancy Percentages	9
Mall Sales and Rent Per Square Foot	10
Enclosed Mall Occupancy-Owned GLA	11
Strip and Power Center Rent Per Square Foot and Occupancy Percentages	12
Top Twenty Tenants	13
Lease Expirations	14
Gross Leasable Area Occupancy Summary	15
Property Information	16
Balance Sheet
Balance Sheet-Proportionate Consolidation Method	19
Balance Sheet-Property Type	20
Investment in Real Estate	21
Capital Expenditures	23
Debt Analysis	24
Debt Schedule	25
Selected Debt Ratios	26
Shareholder Information	27
Definitions	28

FORWARD-LOOKING STATEMENTS

This Quarterly Supplemental and Operating Information contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect PREIT’s current views about future events 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. More specifically, PREIT’s business might be affected by uncertainties affecting real estate businesses generally as well as the following, among other factors: PREIT’s substantial debt and high leverage ratio; constraining leverage, interest and tangible net worth covenants under the 2010 Credit Facility, as well as capital application provisions and limits on PREIT’s ability to pay distributions on our common shares; PREIT’s ability to refinance its existing indebtedness when it matures on favorable terms, or at all; PREIT’s ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties, or through other actions; PREIT’s short- and long-term liquidity position; the effects on PREIT of dislocations and liquidity disruptions in the capital and credit markets; the current economic downturn and its effect on employment, consumer confidence and consumer spending; tenant business and solvency and leasing decisions and the value and potential impairment of PREIT’s properties; and PREIT’s ability to maintain and increase property occupancy, sales and net effective rental rates, including at recently redeveloped properties. Additionally, there can be no assurance that PREIT’s actual results will not differ significantly from the estimates set forth in press releases or other disclosures, or that PREIT’s returns on its developments, redevelopments or acquisitions will be consistent with the estimates outlined in press releases or other disclosures. Investors are also directed to consider the risks and uncertainties discussed in documents PREIT has filed with the Securities and Exchange Commission and, in particular, PREIT’s Annual Report on Form 10-K for the year ended December 31, 2010. PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

Pennsylvania Real Estate Investment Trust

Company Information

Background

Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. As of March 31, 2011 the Company’s 49 properties included 38 shopping malls, eight strip and power centers, and three development properties. These properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have a total of approximately 33.2 million square feet. PREIT is headquartered in Philadelphia, Pennsylvania.

If you would like to participate in our quarterly conference call or would like additional information about PREIT, please contact:

Nurit Yaron, Vice President - Investor Relations

200 South Broad Street

Philadelphia, PA 19102

Telephone: (215) 875-0735

Fax: (215) 546-2504

Email: yaronn@preit.com

Reporting Calendar

Second Quarter 2011                July 27, 2011

Research Coverage

Company	Analyst	Phone Number
Bank of America/Merrill Lynch	Craig Schmidt	(646) 855-3640
	Jeffery Spector	(646) 855-1363
	Lindsay Schroll	(646) 855-1829
Barclays Capital	Ross Smotrich	(212) 526-2306
	Ryan Bennett	(212) 526-5309
Citi Investment Research	Michael Bilerman	(212) 816-1383
	Quentin Velleley	(212) 816-6981
Green Street Advisors	Jim Sullivan	(949) 640-8780
	Cedrik Lachance	(949) 640-8780
JP Morgan	Michael W. Mueller	(212) 622-6689
	Sarah King	(212) 622-5670
Keefe, Bruyette, & Woods	Ben Yang	(415) 591-1631
Stifel Nicolaus	Nathan Isbee	(443) 224-1346

Page 1

Pennsylvania Real Estate Investment Trust

Press Release Announcements

Dividends and Distributions:

February 17, 2011 - PREIT announced the Board of Trustees of the Company declared a quarterly cash dividend of $0.15 per common share.

Other activities:

April 15, 2011 - PREIT scheduled its First Quarter 2011 earnings call for Wednesday, April 27, 2011.

March 10, 2011 - PREIT announced it will present at Citi 2011 Global Property CEO Conference in Hollywood, Florida.

February 2, 2011 - PREIT scheduled its Fourth Quarter 2010 earnings call for Wednesday, February 23, 2011.

January 18, 2011 - PREIT announced the tax status of its 2010 distributions.

NOTE: The press release announcements are available on the Company’s website at www.preit.com.

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Pennsylvania Real Estate Investment Trust

Market Capitalization and Capital Resources

	Quarter Ended March 31,						Year Ended December 31,
	2011			2010			2010			2009
TRADING INFORMATION
High Price	$	15.62		$	13.06		$	17.35		$	9.13
Low Price	$	12.88		$	8.35		$	8.35		$	2.20
Closing Share Price (at the end of period)	$	14.27		$	12.47		$	14.53		$	8.46
MARKET CAPITALIZATION (in thousands, except per share amounts)
EQUITY CAPITALIZATION
Common Shares Outstanding		55,647			44,954			55,436			44,615
OP Units Outstanding		2,329			2,329			2,329			2,329
Total Shares and OP Units Outstanding		57,976			47,283			57,765			46,944
Equity Market Capitalization—Shares and OP Units	$	827,313		$	589,614		$	839,327		$	397,148
DEBT CAPITALIZATION(1)
Secured Debt Balance(2)	$	2,259,514		$	2,571,831		$	2,265,572		$	1,956,193
Unsecured Debt Balance(3) (4)		136,900			136,900			136,900			792,900
Debt Capitalization		2,396,414			2,708,731			2,402,472			2,749,093
TOTAL MARKET CAPITALIZATION	$	3,223,727		$	3,298,345		$	3,241,799		$	3,146,241
Equity Capitalization/Total Market Capitalization		25.7	%		17.9	%		25.9	%		12.6	%
Debt Capitalization/Total Market Capitalization		74.3	%		82.1	%		74.1	%		87.4	%
Unsecured Debt Balance/Total Debt		5.7	%		5.1	%		5.7	%		28.8	%
DISTRIBUTIONS PER COMMON SHARE
Ordinary Income		(5)		$	0.150		$	0.600		$	0.630
Capital Gain		(5)			—			—			0.110
Return of Capital/Non-Taxable		(5)			—			—			—
Distributions per share	$	0.150		$	0.150		$	0.600		$	0.740
Annualized Dividend Yield(6)		4.2	%		4.8	%		4.1	%		8.7	%
CAPITAL RESOURCES
Cash and Cash Equivalents	$	42,584		$	37,966		$	47,107		$	77,147
Revolving Credit Facility		150,000			150,000			150,000			500,000
Amount Outstanding		—			(70,000	)		—			(486,000	)
Letters of Credit		(561	)		(1,534	)		(1,534	)		(3,030	)
Available Revolving Credit Facility(7)		149,439			78,466			148,466			10,970
TOTAL	$	192,023		$	116,432		$	195,573		$	88,117
Shelf Registration	$	831,812		$	1,000,000		$	831,812		$	1,000,000

⁽¹⁾  Amounts exclude debt discount on exchangeable notes and debt premium on mortgage loans.

⁽²⁾ The secured debt balance includes $347,200 in Term Loans as of March 31, 2011.

⁽³⁾ The unsecured debt balance includes $170,000 in senior unsecured 2008 Term Loan and $486,000 in outstanding Credit Facility for the period ended December 31, 2009.

⁽⁴⁾ The unsecured debt balance includes exchangeable notes of $136,900 for all periods presented.

⁽⁵⁾ Tax status of 2011 dividend payments will be available in January 2012.

⁽⁶⁾ Based on closing share price at the end of the period.

⁽⁷⁾  The available Credit Facility borrowings are subject to covenants that may restrict amounts that can be borrowed.

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Pennsylvania Real Estate Investment Trust

Statement of Operations - Quarters Ended March 31, 2011 and March 31, 2010

Proportionate Consolidation Method

(in thousands)

	Quarter Ended March 31, 2011											Quarter Ended March 31, 2010
	GAAP			Share of unconsolidated partnerships (1)			Discontinued operations		Total			GAAP			Share of unconsolidated partnerships (1)			Discontinued operations			Total
REVENUE:
Base rent	$	71,760		$	6,379		$	—	$	78,139		$	71,841		$	6,236		$	2,614		$	80,691
Expense reimbursements		33,762			2,594			—		36,356			34,234			2,712			578			37,524
Percentage rent		981			21			—		1,002			884			12			—			896
Lease termination revenue		25			—			—		25			1,808			—			—			1,808
Other real estate revenue		3,034			304			—		3,338			2,963			277			2			3,242
Real estate revenue		109,562			9,298			—		118,860			111,730			9,237			3,194			124,161
Interest and other income		918			—			—		918			728			—			—			728
Total revenue		110,480			9,298			—		119,778			112,458			9,237			3,194			124,889
EXPENSES:
Operating expenses:
CAM and real estate taxes		(37,304	)		(2,298	)		—		(39,602	)		(36,569	)		(2,344	)		(734	)		(39,647	)
Utilities		(5,831	)		(196	)		—		(6,027	)		(6,301	)		(198	)		(1	)		(6,500	)
Other operating expenses		(5,958	)		(513	)		—		(6,471	)		(5,787	)		(563	)		(35	)		(6,385	)
Total operating expenses		(49,093	)		(3,007	)		—		(52,100	)		(48,657	)		(3,105	)		(770	)		(52,532	)
Depreciation and amortization		(34,510	)		(1,970	)		—		(36,480	)		(40,730	)		(2,459	)		(1,277	)		(44,466	)
Other expenses:
General and administrative expenses		(9,582	)		—			—		(9,582	)		(9,687	)		—			—			(9,687	)
Project costs and other expenses		(144	)		—			—		(144	)		(293	)		—			—			(293	)
Total other expenses		(9,726	)		—			—		(9,726	)		(9,980	)		—			—			(9,980	)
Interest expense, net(2)		(33,613	)		(2,778	)		—		(36,391	)		(34,206	)		(1,584	)		(625	)		(36,415	)
Total expenses		(126,942	)		(7,755	)		—		(134,697	)		(133,573	)		(7,148	)		(2,672	)		(143,393	)
Loss before equity in income of partnerships, discontinued operations and gains on sales of real estate		(16,462	)		1,543			—		(14,919	)		(21,115	)		2,089			522			(18,504	)
Equity in income of partnerships		1,543			(1,543	)		—		—			2,089			(2,089	)		—			—
Loss from continuing operations		(14,919	)		—			—		(14,919	)		(19,026	)		—			522			(18,504	)
Discontinued operations:
Operating results from discontinued operations		—			—			—		—			522			—			(522	)		—
Income from discontinued operations		—			—			—		—			522			—			(522	)		—
Net loss		(14,919	)		—			—		(14,919	)		(18,504	)		—			—			(18,504	)
Less: net loss attributable to noncontrolling interest		601			—			—		601			878			—			—			878
Net loss attributable to PREIT	$	(14,318	)	$	—		$	—	$	(14,318	)	$	(17,626	)	$	—		$	—		$	(17,626	)

⁽¹⁾  PREIT’s proportionate share of partnership operations is “grossed up” to reflect the Company’s share of the total revenue and expenses of the underlying properties.

⁽²⁾ Net of capitalized interest expense of $382 and $528 for the quarter ended March 31, 2011 and 2010, respectively.

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Pennsylvania Real Estate Investment Trust

Net Operating Income⁽¹⁾ - Quarters Ended March 31, 2011 and 2010

(in thousands)

	Quarter Ended March 31, 2011									Quarter Ended March 31, 2010
SAME STORE RETAIL/OTHER	Same			Other			Total			Same			Other			Total
Real estate revenue:
Base rent	$	77,787		$	352		$	78,139		$	77,682		$	3,009		$	80,691
Expense reimbursements		36,345			11			36,356			36,934			590			37,524
Percentage rent		1,002			—			1,002			896			—			896
Lease termination revenue		25			—			25			1,808			—			1,808
Other real estate revenue		3,217			121			3,338			3,120			122			3,242
TOTAL REAL ESTATE REVENUE		118,376			484			118,860			120,440			3,721			124,161
Operating expenses:
CAM and real estate taxes		(39,193	)		(409	)		(39,602	)		(38,593	)		(1,054	)		(39,647	)
Utilities		(6,027	)		—			(6,027	)		(6,499	)		(1	)		(6,500	)
Other operating expenses		(6,394	)		(77	)		(6,471	)		(6,304	)		(81	)		(6,385	)
TOTAL OPERATING EXPENSES		(51,614	)		(486	)		(52,100	)		(51,396	)		(1,136	)		(52,532	)
NET OPERATING INCOME	$	66,762		$	(2	)	$	66,760		$	69,044		$	2,585		$	71,629
	Quarter Ended March 31, 2011									Quarter Ended March 31, 2010
SAME STORE RETAIL COMPARISON	Malls			Strip and Power Centers			Total			Malls			Strip and Power Centers			Total
Real estate revenue:
Base rent	$	72,009		$	5,778		$	77,787		$	72,263		$	5,419		$	77,682
Expense reimbursements		34,914			1,431			36,345			35,370			1,564			36,934
Percentage rent		986			16			1,002			914			(18	)		896
Lease termination revenue		25			—			25			1,808			—			1,808
Other real estate revenue		3,165			52			3,217			3,071			49			3,120
TOTAL REAL ESTATE REVENUE		111,099			7,277			118,376			113,426			7,014			120,440
Operating expenses:
CAM and real estate taxes		(37,650	)		(1,543	)		(39,193	)		(36,948	)		(1,645	)		(38,593	)
Utilities		(5,989	)		(38	)		(6,027	)		(6,454	)		(45	)		(6,499	)
Other operating expenses		(6,138	)		(256	)		(6,394	)		(6,094	)		(210	)		(6,304	)
TOTAL OPERATING EXPENSES		(49,777	)		(1,837	)		(51,614	)		(49,496	)		(1,900	)		(51,396	)
NET OPERATING INCOME	$	61,322		$	5,440		$	66,762		$	63,930		$	5,114		$	69,044

⁽¹⁾  PREIT’s proportionate share of partnership operations is “grossed up” to reflect the Company’s share of the total revenue and expenses of the underlying properties.

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Pennsylvania Real Estate Investment Trust

Computation of

Earnings Per Share

(in thousands, except per share amounts)

	Quarter Ended March 31,
	2011			2010
Loss from continuing operations	$	(14,919	)	$	(19,026	)
Noncontrolling interest in continuing operations		601			904
Dividends on unvested restricted shares		(117	)		(98	)
Loss from continuing operations used to calculate earnings per share - basic and diluted	$	(14,435	)	$	(18,220	)
Income from discontinued operations	$	—		$	522
Noncontrolling interest in discontinued operations		—			(26	)
Income from discontinued operations used to calculate earnings per share - basic and diluted	$	—		$	496
Basic loss per share
Loss from continuing operations	$	(0.27	)	$	(0.42	)
Income from discontinued operations		—			0.01
	$	(0.27	)	$	(0.41	)
Diluted loss per share
Loss from continuing operations	$	(0.27	)	$	(0.42	)
Income from discontinued operations		—			0.01
	$	(0.27	)	$	(0.41	)
Weighted average common shares outstanding		54,466			43,672
Weighted average unvested restricted shares		—			—
Weighted average shares outstanding - basic		54,466			43,672
Weighted average effect of common share equivalents(1)		—			—
Total weighted average shares outstanding - diluted		54,466			43,672

⁽¹⁾ The Company had net losses from continuing operations for all periods presented. Therefore, the effect of common share equivalents of 555 and 111 for the quarter ended March 31, 2011 and 2010, respectively, are excluded from the calculation of diluted loss per share because they would be antidilutive.

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Pennsylvania Real Estate Investment Trust

Funds From Operations and Funds Available for Distribution

(In thousands, except share and per share amounts)

	Quarter Ended March 31, 2011											Quarter Ended March 31, 2010
	Consolidated			Share of unconsolidated partnerships			Discontinued operations		Total			Consolidated			Share of unconsolidated partnerships			Discontinued operations			Total
FUNDS FROM OPERATIONS (FFO)
Real estate revenue(1)	$	109,562		$	9,298		$	—	$	118,860		$	111,730		$	9,237		$	3,194		$	124,161
Operating expenses		(49,093	)		(3,007	)		—		(52,100	)		(48,657	)		(3,105	)		(770	)		(52,532	)
NET OPERATING INCOME		60,469			6,291			—		66,760			63,073			6,132			2,424			71,629
General and administrative expenses		(9,582	)		—			—		(9,582	)		(9,687	)		—			—			(9,687	)
Interest and other income		918			—			—		918			728			—			—			728
Project costs and other expenses		(144	)		—			—		(144	)		(293	)		—			—			(293	)
Interest expense, net		(33,613	)		(2,778	)		—		(36,391	)		(34,206	)		(1,584	)		(625	)		(36,415	)
Depreciation on non real estate assets		(252	)		—			—		(252	)		(439	)		—			—			(439	)
FUNDS FROM OPERATIONS		17,796			3,513			—		21,309			19,176			4,548			1,799			25,523
Depreciation on real estate assets		(34,258	)		(1,970	)		—		(36,228	)		(40,291	)		(2,459	)		(1,277	)		(44,027	)
Equity in income of partnerships		1,543			(1,543	)		—		—			2,089			(2,089	)		—			—
Income in discontinued operations		—			—			—		—			522			—			(522	)		—
Net loss	$	(14,919	)	$	—		$	—	$	(14,919	)	$	(18,504	)	$	—		$	—		$	(18,504	)
(1)      Total includes the non-cash effect of straight-line rent of $209 and $522 for the quarter ended March 31, 2011 and 2010, respectively.
FUNDS AVAILABLE FOR DISTRIBUTION (FAD)
FFO	$	17,796		$	3,513		$	—	$	21,309		$	19,176		$	4,548		$	1,799		$	25,523
Adjustments:
Straight line rent		(276	)		67			—		(209	)		(497	)		20			(45	)		(522	)
Recurring capital expenditures		(330	)		(33	)		—		(363	)		(118	)		(44	)		—			(162	)
Tenant allowances		(1,229	)		—			—		(1,229	)		(1,981	)		18			—			(1,963	)
Capitalized leasing costs		(1,158	)		—			—		(1,158	)		(885	)		—			—			(885	)
Amortization of mortgage loan premium		(281	)		—			—		(281	)		(286	)		—			—			(286	)
Amortization of above- and below-market lease intangibles		48			(48	)		—		—			60			(67	)		—			(7	)
Amortization of exchangeable notes debt discount		480			—			—		480			454			—			—			454
FAD	$	15,050		$	3,499		$	—	$	18,549		$	15,923		$	4,475		$	1,754		$	22,152
Weighted average number of shares outstanding										54,466												43,672
Weighted average effect of full conversion of OP Units										2,329												2,329
Effect of common share equivalents										555												111
Total weighted average shares outstanding, including OP Units										57,350												46,112
FUNDS FROM OPERATIONS									$	21,309											$	25,523
FUNDS FROM OPERATIONS PER DILUTED SHARE AND OP UNIT									$	0.37											$	0.55
FUNDS AVAILABLE FOR DISTRIBUTION PER DILUTED SHARE AND OP UNIT									$	0.32											$	0.48
DIVIDEND PER COMMON SHARE									$	0.15											$	0.15
PAYOUT RATIOS
Payout ratio of FFO										35.9	%(2)											39.2	%(3)
Payout ratio of FAD										62.5	%(2)											31.1	%(3)

⁽²⁾  Twelve months ended March 31, 2011.

⁽³⁾  Twelve months ended March 31, 2010.

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Pennsylvania Real Estate Investment Trust

2011 Leasing Activity Summary

					Average Base Rent  psf(1)				Change in Base Rent psf(1)						Annualized Tenant Improvements psf(2)
	Number		GLA		Previous		New		Dollar			Percentage
New Leases - Previously Leased Space:
1st Quarter		21		77,140	$	22.24	$	19.68	$	(2.56	)		-11.5	%	$	1.39
Total/Average		21		77,140	$	22.24	$	19.68	$	(2.56	)		-11.5	%	$	1.39
New Leases - Previously Vacant Space: (3)
1st Quarter		20		86,463		N/A	$	16.86	$	16.86			N/A		$	2.05
Total/Average		20		86,463		N/A	$	16.86	$	16.86			N/A		$	2.05
Renewal: (4)
1st Quarter		81		310,673	$	22.22	$	22.23	$	0.01			0.0	%	$	0.09
Total/Average		81		310,673	$	22.22	$	22.23	$	0.01			0.0	%	$	0.09
Anchor Renewal:
1st Quarter		5		367,162	$	2.73	$	2.73	$	—			0.0	%	$	—
Total/Average		5		367,162	$	2.73	$	2.73	$	—			0.0	%	$	—

⁽¹⁾  Leasing spreads on a gross rent basis (base rent plus common area maintenance, real estate taxes, and other charges) were -5.6% for New Leases - Previously Leased Space and -6.0% for Renewals.

⁽²⁾  These leasing costs are presented as annualized costs per square foot and are spread uniformly over the initial lease term.

⁽³⁾  This category includes newly constructed and recommissioned space.

⁽⁴⁾  This category includes expansions, relocations and lease extensions.

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Pennsylvania Real Estate Investment Trust

Summarized Rent Per Square Foot and Occupancy Percentages

	March 31, 2011								March 31, 2010								Change
	Avg Base Rent		Occupancy(1)						Avg Base Rent		Occupancy(1)						Avg Base Rent			Occupancy(1)
			Total			Non-Anchor					Total			Non-Anchor						Total			Non-Anchor
Malls weighted average (2)	$	32.39		90.4	%		86.5	%	$	32.49		90.0	%		85.5	%		-0.3	%		0.4	%		1.0	%
Strip and Power Centers weighted average	$	16.40		94.2	%		91.4	%	$	16.23		90.5	%		86.1	%		1.0	%		3.7	%		5.3	%
Retail Portfolio weighted average	$	28.79		90.8	%		87.1	%	$	28.97		90.1	%		85.6	%		-0.6	%		0.7	%		1.5	%
Consolidated Properties	$	30.35		90.4	%		86.2	%	$	30.68		89.8	%		84.9	%		-1.1	%		0.6	%		1.3	%
Unconsolidated Properties	$	23.57		94.2	%		92.3	%	$	23.25		91.7	%		89.0	%		1.4	%		2.5	%		3.3	%
Same Properties	$	28.79		90.8	%		87.1	%	$	28.97		90.1	%		85.6	%		-0.6	%		0.7	%		1.5	%

⁽¹⁾  Occupancy for both periods presented includes all tenants irrespective of the terms of their agreement. Previously, occupancy was reported excluding tenants under agreements with initial terms of less than one year.

⁽²⁾  Average base rent for tenants that lease individual spaces of 10,000 square feet or less and pay fixed rent. Average base rent for tenants greater than 10,000 square feet that pay fixed rent was $14.24/sq ft as of March 31, 2011 and $14.69/sq ft as of March 31, 2010.

Page 9

Pennsylvania Real Estate Investment Trust

Mall Sales and Rent Per Square Foot

				March 31, 2011							March 31, 2010							Change
	% of Current Quarter Mall NOI			Avg Base Rent(1)		Avg Comp Sales(2)		Occup. Cost Ratio(2)			Avg Base Rent(1)		Avg Comp Sales(2)		Occup. Cost Ratio(2)			Avg Base Rent(1)			Avg Comp Sales(2)			Occup. Cost Ratio(2)
Sales per square foot over $400		26.5	%
Cherry Hill Mall				$	46.06	$	562		13.5	%	$	45.77	$	514		13.8	%		0.6	%		9.3	%		-0.3	%
Lehigh Valley Mall					45.15		537		12.4	%		44.37		488		13.4	%		1.8	%		10.0	%		-1.0	%
Woodland Mall					41.28		510		12.9	%		44.63		452		14.1	%		-7.5	%		12.8	%		-1.2	%
Jacksonville Mall					32.88		490		10.3	%		33.04		502		9.5	%		-0.5	%		-2.4	%		0.8	%
Sales per square foot between $350 - $400		33.4	%
Willow Grove Park					43.61		392		16.9	%		43.69		386		15.9	%		-0.2	%		1.6	%		1.0	%
Patrick Henry Mall					40.07		386		14.0	%		38.67		416		13.3	%		3.6	%		-7.2	%		0.7	%
The Mall at Prince Georges					36.96		382		14.3	%		36.50		369		15.2	%		1.3	%		3.5	%		-0.9	%
Dartmouth Mall					30.45		382		11.8	%		29.49		355		11.5	%		3.3	%		7.6	%		0.3	%
Moorestown Mall					36.17		377		15.1	%		36.90		386		14.9	%		-2.0	%		-2.3	%		0.2	%
Viewmont Mall					29.54		369		13.3	%		30.35		363		12.8	%		-2.7	%		1.7	%		0.5	%
Wyoming Valley Mall					31.10		367		12.4	%		30.98		362		12.7	%		0.4	%		1.4	%		-0.3	%
Valley View Mall					30.13		364		11.9	%		30.48		351		12.1	%		-1.2	%		3.7	%		-0.2	%
The Gallery at Market East					36.85		359		14.5	%		38.25		355		13.6	%		-3.7	%		1.1	%		0.9	%
Capital City Mall					33.17		354		11.7	%		33.18		354		11.5	%		0.0	%		0.0	%		0.2	%
Sales per square foot between $300 - $349		21.0	%
Springfield Mall					33.98		349		14.7	%		33.74		335		15.5	%		0.7	%		4.2	%		-0.8	%
Plymouth Meeting Mall					29.95		343		10.2	%		31.14		240		12.9	%		-3.8	%		42.9	%		-2.7	%
Valley Mall					26.12		339		11.2	%		25.21		304		12.8	%		3.6	%		11.5	%		-1.6	%
Francis Scott Key Mall					27.40		336		11.5	%		26.42		320		11.9	%		3.7	%		5.0	%		-0.4	%
Magnolia Mall					28.38		318		13.1	%		26.19		310		13.4	%		8.4	%		2.6	%		-0.3	%
Crossroads Mall					21.05		317		9.8	%		22.17		299		9.6	%		-5.0	%		6.0	%		0.2	%
Exton Square Mall					36.88		316		13.7	%		38.27		318		15.1	%		-3.6	%		-0.6	%		-1.4	%
Cumberland Mall					28.69		311		13.3	%		27.84		297		14.7	%		3.1	%		4.7	%		-1.4	%
Logan Valley Mall					26.74		310		11.3	%		26.23		305		11.4	%		1.9	%		1.6	%		-0.1	%
Sales per square foot under $300		19.1	%
Gadsden Mall					21.96		293		9.6	%		21.42		261		10.4	%		2.5	%		12.3	%		-0.8	%
Palmer Park Mall					24.36		289		12.0	%		25.39		281		11.3	%		-4.0	%		2.8	%		0.7	%
Uniontown Mall					22.67		283		10.9	%		22.78		280		11.1	%		-0.5	%		1.1	%		-0.2	%
Wiregrass Commons Mall					26.23		279		12.2	%		26.82		287		11.2	%		-2.2	%		-2.8	%		1.0	%
Nittany Mall					21.96		278		11.5	%		22.29		284		10.6	%		-1.5	%		-2.1	%		0.9	%
New River Valley Mall					24.11		269		10.3	%		25.80		267		9.5	%		-6.6	%		0.7	%		0.8	%
North Hanover Mall					25.99		269		12.5	%		29.07		273		11.4	%		-10.6	%		-1.5	%		1.1	%
Lycoming Mall					21.33		261		10.1	%		20.69		238		10.9	%		3.1	%		9.7	%		-0.8	%
South Mall					23.67		245		12.5	%		23.42		235		12.6	%		1.0	%		4.3	%		-0.1	%
Beaver Valley Mall					22.23		243		13.9	%		22.33		249		14.2	%		-0.4	%		-2.4	%		-0.3	%
Chambersburg Mall					23.79		238		9.9	%		27.84		232		9.9	%		-14.5	%		2.6	%		0.0	%
Washington Crown Center					20.02		238		11.3	%		20.99		238		11.5	%		-4.6	%		0.0	%		-0.2	%
Orlando Fashion Square					29.98		238		19.2	%		34.40		228		18.6	%		-12.8	%		4.4	%		0.6	%
Phillipsburg Mall					23.93		228		12.4	%		24.80		225		11.4	%		-3.5	%		1.3	%		1.0	%
Voorhees Town Center					31.96		214		11.7	%		31.85		203		12.3	%		0.4	%		5.4	%		-0.6	%
Enclosed Malls weighted average				$	32.39	$	357		12.8	%	$	32.49	$	341		13.0	%		-0.3	%		4.7	%		-0.2	%
Consolidated Properties				$	31.56	$	346		12.8	%	$	31.72	$	331		12.9	%		-0.5	%		4.5	%		-0.1	%
Unconsolidated Properties				$	41.45	$	473		13.0	%	$	40.76	$	436		13.9	%		1.7	%		8.5	%		-0.9	%
Same Properties				$	32.39	$	357		12.8	%	$	32.49	$	341		13.0	%		-0.3	%		4.7	%		-0.2	%

⁽¹⁾  Average base rent includes all non-anchor space owned by the Company and leased to tenants that lease individual spaces of 10,000 square feet or less and pay fixed rent.

⁽²⁾ Based on reported sales by all comparable non-anchor tenants that lease individual spaces of 10,000 square feet or less and have occupied the space for at least 24 months.

Page 10

Pennsylvania Real Estate Investment Trust

Mall Occupancy⁽¹⁾ - Owned GLA

	March 31, 2011						March 31, 2010						Change
	Total			Non-Anchor			Total			Non-Anchor			Total			Non-Anchor
Beaver Valley Mall		89.2	%		76.8	%		89.0	%		76.4	%		0.2	%		0.4	%
Capital City Mall		97.0	%		94.8	%		95.9	%		93.0	%		1.1	%		1.8	%
Chambersburg Mall		87.0	%		72.2	%		86.6	%		71.3	%		0.4	%		0.9	%
Cherry Hill Mall		93.5	%		92.2	%		90.6	%		88.7	%		2.9	%		3.5	%
Crossroads Mall		89.9	%		77.1	%		87.0	%		69.9	%		2.9	%		7.2	%
Cumberland Mall		93.1	%		88.6	%		93.0	%		88.3	%		0.1	%		0.3	%
Dartmouth Mall		98.0	%		96.8	%		94.7	%		91.3	%		3.3	%		5.5	%
Exton Square Mall		91.1	%		80.5	%		91.0	%		80.2	%		0.1	%		0.3	%
Francis Scott Key Mall		98.1	%		96.5	%		97.6	%		95.5	%		0.5	%		1.0	%
Gadsden Mall		92.4	%		81.0	%		93.0	%		82.5	%		-0.6	%		-1.5	%
The Gallery at Market East(2)		61.4	%		77.7	%		60.0	%		75.0	%		1.4	%		2.7	%
Jacksonville Mall		99.6	%		99.2	%		98.4	%		96.8	%		1.2	%		2.4	%
Lehigh Valley Mall		95.8	%		94.2	%		92.3	%		89.5	%		3.5	%		4.7	%
Logan Valley Mall		94.9	%		87.7	%		95.0	%		88.0	%		-0.1	%		-0.3	%
Lycoming Mall		96.0	%		92.6	%		96.3	%		93.0	%		-0.3	%		-0.4	%
Magnolia Mall		97.4	%		94.2	%		97.0	%		93.2	%		0.4	%		1.0	%
Moorestown Mall		91.4	%		80.8	%		90.6	%		78.9	%		0.8	%		1.9	%
New River Valley Mall		98.0	%		96.6	%		95.1	%		91.9	%		2.9	%		4.7	%
Nittany Mall		94.4	%		88.7	%		92.3	%		84.3	%		2.1	%		4.4	%
North Hanover Mall		92.9	%		83.2	%		91.3	%		79.1	%		1.6	%		4.1	%
Orlando Fashion Square		90.4	%		79.6	%		87.2	%		72.8	%		3.2	%		6.8	%
Palmer Park Mall		94.9	%		83.6	%		95.3	%		84.9	%		-0.4	%		-1.3	%
Patrick Henry Mall		96.1	%		92.4	%		98.6	%		97.2	%		-2.5	%		-4.8	%
Phillipsburg Mall		88.7	%		73.9	%		92.1	%		81.9	%		-3.4	%		-8.0	%
Plymouth Meeting Mall		82.8	%		73.9	%		87.2	%		80.4	%		-4.4	%		-6.5	%
The Mall at Prince Georges		94.6	%		88.7	%		94.7	%		88.9	%		-0.1	%		-0.2	%
South Mall		89.0	%		83.2	%		90.1	%		84.9	%		-1.1	%		-1.7	%
Springfield Mall		96.1	%		96.1	%		93.4	%		93.4	%		2.7	%		2.7	%
Uniontown Mall		86.3	%		76.4	%		93.0	%		82.4	%		-6.7	%		-6.0	%
Valley Mall		92.7	%		87.4	%		95.8	%		92.9	%		-3.1	%		-5.5	%
Valley View Mall		96.0	%		94.4	%		98.1	%		97.4	%		-2.1	%		-3.0	%
Viewmont Mall		99.4	%		98.5	%		97.8	%		94.4	%		1.6	%		4.1	%
Voorhees Town Center		61.3	%		60.7	%		65.1	%		64.5	%		-3.8	%		-3.8	%
Washington Crown Center		89.2	%		80.1	%		84.1	%		70.6	%		5.1	%		9.5	%
Willow Grove Park(3)		69.5	%		91.2	%		68.7	%		91.7	%		0.8	%		-0.5	%
Wiregrass Commons Mall		89.1	%		84.3	%		88.4	%		83.2	%		0.7	%		1.1	%
Woodland Mall		93.6	%		93.6	%		89.4	%		89.4	%		4.2	%		4.2	%
Wyoming Valley Mall		96.6	%		90.3	%		94.3	%		83.7	%		2.3	%		6.6	%
Enclosed Malls weighted average(3)		90.4	%		86.5	%		90.0	%		85.5	%		0.4	%		1.0	%
Consolidated Properties		90.2	%		85.9	%		89.9	%		85.1	%		0.3	%		0.8	%
Unconsolidated Properties		95.9	%		94.8	%		92.6	%		90.6	%		3.3	%		4.2	%
Same Properties		90.4	%		86.5	%		90.0	%		85.5	%		0.4	%		1.0	%

⁽¹⁾  Occupancy for both periods presented includes all tenants irrespective of the terms of their agreement. Previously, occupancy was reported excluding tenants under agreements with initial terms of less than one year.

⁽²⁾  The total occupancy percentage for The Gallery at Market East includes 328,390 sf of the former Strawbridge’s store that is currently vacant, pending redevelopment. This vacant department store represents 30.3% and 30.4% of the owned mall GLA as of March 31, 2011 and March 31, 2010, respectively.

⁽³⁾  The total occupancy percentage for Willow Grove Park includes the former Strawbridge’s store that is currently vacant. This vacant department store represents 26.6% and 27.6% of the owned mall GLA as of March 31, 2011 and March 31, 2010, respectively.

Page 11

Pennsylvania Real Estate Investment Trust

Strip and Power Center Rent Per Square Foot and Occupancy Percentages

	March 31, 2011								March 31, 2010								Change
	Avg Base Rent		Occupancy(1)						Avg Base Rent		Occupancy(1)						Avg Base Rent			Occupancy(1)
			Total			Non-Anchor					Total			Non-Anchor						Total			Non-Anchor
Christiana Center	$	20.16		96.0	%		89.1	%	$	22.09		88.1	%		67.7	%		-8.7	%		7.9	%		21.4	%
The Commons at Magnolia		15.33		87.3	%		84.2	%		13.01		83.7	%		79.7	%		17.8	%		3.6	%		4.5	%
Metroplex Shopping Center		19.72		100.0	%		100.0	%		19.10		100.0	%		100.0	%		3.2	%		0.0	%		0.0	%
The Court at Oxford Valley		15.66		91.7	%		90.5	%		16.20		91.3	%		90.0	%		-3.3	%		0.4	%		0.5	%
Paxton Towne Centre		15.28		98.2	%		97.3	%		15.95		90.8	%		86.1	%		-4.2	%		7.4	%		11.2	%
Red Rose Commons		14.23		84.9	%		84.9	%		12.53		70.2	%		70.2	%		13.6	%		14.7	%		14.7	%
Springfield Park		21.35		98.2	%		94.9	%		20.90		98.2	%		94.9	%		2.2	%		0.0	%		0.0	%
Whitehall Mall		12.70		91.6	%		82.3	%		12.40		92.0	%		83.0	%		2.4	%		-0.4	%		-0.7	%
Weighted Average	$	16.40		94.2	%		91.4	%	$	16.23		90.5	%		86.1	%		1.0	%		3.7	%		5.3	%
Consolidated Properties	$	16.35		96.1	%		93.2	%	$	16.63		89.0	%		80.8	%		-1.7	%		7.1	%		12.4	%
Unconsolidated Properties	$	16.42		93.3	%		90.8	%	$	16.10		91.2	%		88.0	%		2.0	%		2.1	%		2.8	%
Same Properties	$	16.40		94.2	%		91.4	%	$	16.23		90.5	%		86.1	%		1.0	%		3.7	%		5.3	%

⁽¹⁾  Occupancy for both periods presented includes all tenants irrespective of the terms of their agreement. Previously, occupancy was reported excluding tenants under agreements with initial terms of less than one year.

Page 12

Pennsylvania Real Estate Investment Trust

Top Twenty Tenants (by share of PREIT’s Annualized Minimum Rent)

(dollars in thousands)

	Paying Minimum Rent				Paying Percentage of Sales in lieu of Minimum Rent (2)				Total				Minimum Rent
Tenant(1)	Number of Locations		GLA		Number of Locations		GLA		Total Number of Locations		Total GLA		Annualized Minimum Rent		PREIT’s share  of Annualized Minimum Rent (3)		Percent of PREIT’s Total Retail Minimum Rent
Gap, Inc.		46		582,719		5		51,516		51		634,235	$	12,370	$	11,318		3.66	%
JCPenney Company, Inc.		24		2,369,736		6		824,327		30		3,194,063		7,526		7,526		2.43	%
Foot Locker, Inc.		60		321,529		11		34,390		71		355,919		7,975		7,523		2.43	%
Limited Brands, Inc.		58		279,395		14		44,323		72		323,718		7,567		7,121		2.30	%
American Eagle Outfitters, Inc.		40		218,381		2		8,840		42		227,221		6,795		6,487		2.10	%
Zale Corporation		74		55,498		—		—		74		55,498		5,629		5,324		1.72	%
Sears Holding Corporation		24		2,796,396		5		918,570		29		3,714,966		5,445		5,302		1.71	%
Signet Jewelers Limited		38		58,490		—		—		38		58,490		4,424		4,269		1.38	%
Dick’s Sporting Goods, Inc.		8		371,675		1		50,484		9		422,159		4,858		4,063		1.31	%
Bain Capital LLC(4)		28		582,681		4		8,075		32		590,756		4,141		3,996		1.29	%
Luxottica Group S.p.A.		47		117,318		3		9,062		50		126,380		4,236		3,937		1.27	%
Golden Gate Capital(5)		15		133,715		4		31,799		19		165,514		4,094		3,697		1.19	%
Abercrombie & Fitch Co.		19		128,443		—		—		19		128,443		3,872		3,490		1.13	%
Genesco, Inc.		58		76,626		4		4,252		62		80,878		3,399		3,257		1.05	%
Aeropostale, Inc.		33		115,112		3		10,619		36		125,731		3,313		3,098		1.00	%
Commonwealth of Pennsylvania		2		229,244		—		—		2		229,244		3,085		3,085		1.00	%
Barnes & Noble, Inc.		9		271,086		—		—		9		271,086		4,105		3,023		0.98	%
Hallmark Cards, Inc.		33		132,325		7		30,262		40		162,587		3,023		2,850		0.92	%
The Bon-Ton Stores, Inc.		13		1,008,613		1		41,344		14		1,049,957		2,729		2,729		0.88	%
Pacific Sunwear, Inc.		26		98,294		3		10,002		29		108,296		2,846		2,687		0.87	%
Total Top 20 Tenants		655		9,947,276		73		2,077,865		728		12,025,141	$	101,432	$	94,782		30.61	%
Total Leases										3,070					$	309,628		100.00	%

⁽¹⁾ Tenant includes all brands and concepts of the tenant.

⁽²⁾ Income from lease(s) in which tenant pays percentage of sales in lieu of minimum rent or common area costs are not included in annualized minimum rent.

⁽³⁾ Includes PREIT’s proportionate share of tenant rents from partnership properties based on PREIT’s ownership percentage in the respective partnerships.

⁽⁴⁾  Consists of 26 Gymboree stores and six Burlington Coat Factory stores.

⁽⁵⁾ Consists of 18 Express stores and one J. Jill store.

Page 13

Pennsylvania Real Estate Investment Trust

Lease Expirations as of March 31, 2011

(dollars in thousands except psf amounts)

Non-Anchors⁽¹⁾

			Gross Leasable Area					Annualized Minimum Rent
Lease Expiration Year	Number of Leases Expiring		Expiring GLA		Percent of Total			Minimum Rent in Expiring Year		PREIT’s Share of Minimum Rent in Expiring Year(2)		Percent of PREIT’s Total			Average Expiring Minimum Rent psf
Holdover		221		703,258		5.9	%	$	16,435	$	15,789		5.8	%	$	23.37
2011		413		995,285		8.3	%		25,528		24,568		9.1	%		25.65
2012		498		1,699,548		14.3	%		39,809		36,886		13.6	%		23.42
2013		350		1,115,512		9.4	%		25,976		24,408		9.0	%		23.29
2014		248		887,133		7.4	%		21,807		19,910		7.4	%		24.58
2015		246		1,228,160		10.3	%		27,719		24,741		9.2	%		22.57
2016		250		1,143,025		9.6	%		31,984		28,392		10.5	%		27.98
2017		191		853,381		7.2	%		23,092		20,686		7.7	%		27.06
2018		185		940,999		7.9	%		25,174		22,888		8.5	%		26.75
2019		137		561,644		4.7	%		17,909		17,048		6.3	%		31.89
2020		130		912,368		7.7	%		19,984		18,795		7.0	%		21.90
Thereafter		92		881,169		7.4	%		17,650		16,168		5.9	%		20.03
Total/Average		2,961		11,921,482		100.0	%	$	293,067	$	270,279		100.0	%	$	24.58

Anchors⁽¹⁾

			Gross Leasable Area					Annualized Minimum Rent
Lease Expiration Year	Number of Leases Expiring (3)		Expiring GLA		Percent of Total			Minimum Rent in Expiring Year		PREIT’s Share of Minimum Rent in Expiring Year (2)		Percent of PREIT’s Total			Average Expiring Minimum Rent psf
2011		3		340,648		3.0	%	$	756	$	613		1.6	%	$	2.22
2012		5		609,198		5.4	%		842		805		2.0	%		1.38
2013		14		1,135,570		10.1	%		4,593		4,593		11.7	%		4.04
2014		15		1,551,546		13.8	%		4,249		3,787		9.6	%		2.74
2015		18		1,715,835		15.3	%		5,115		5,115		13.0	%		2.98
2016		18		1,767,638		15.7	%		4,155		4,155		10.6	%		2.35
2017		6		631,646		5.6	%		3,106		2,711		6.9	%		4.92
2018		6		777,965		6.9	%		4,089		4,089		10.4	%		5.26
2019		8		817,875		7.3	%		2,444		2,444		6.2	%		2.99
2020		3		277,729		2.5	%		1,192		1,192		3.0	%		4.29
Thereafter		13		1,623,875		14.4	%		10,986		9,845		25.0	%		6.77
Total/Average		109		11,249,525		100.0	%	$	41,527	$	39,349		100.0	%	$	3.69

⁽¹⁾  Only includes owned space.

⁽²⁾  Includes PREIT’s proportionate share of tenant rent from partnership properties based on PREIT’s ownership percentage in the respective partnerships.

⁽³⁾  Accounts for all contiguous anchor space as one lease.

Page 14

Pennsylvania Real Estate Investment Trust

Retail Gross Leasable Area Occupancy Summary as of March 31, 2011

	Owned GLA
	Occupied						Vacant
			Non-Anchor
	Anchor		Large Format (1)		Small Shop (2)		Anchor		Non-Anchor		GLA Not Owned		Total GLA
Malls
Beaver Valley Mall		511,267		148,740		193,810		—		103,492		204,770		1,162,079
Capital City Mall		204,301		63,586		206,012		—		14,780		120,000		608,679
Chambersburg Mall		241,690		19,651		133,918		—		59,078		—		454,337
Cherry Hill Mall(3)		138,000		204,015		422,741		—		52,827		478,885		1,296,468
Crossroads Mall		254,211		12,231		140,842		—		45,545		—		452,829
Cumberland Mall		264,348		212,538		146,044		—		46,287		273,230		942,447
Dartmouth Mall		208,460		142,274		169,831		—		10,375		140,000		670,940
Exton Square Mall		440,301		26,617		270,321		—		72,139		277,468		1,086,846
Francis Scott Key Mall		269,708		93,084		193,582		—		10,519		139,333		706,226
Gadsden Mall		300,960		65,746		98,069		—		38,414		—		503,189
The Gallery at Market East		350,115		73,975		241,612		328,390		90,333		—		1,084,425
Jacksonville Mall		242,115		98,693		145,838		—		2,063		—		488,709
Lehigh Valley Mall		212,000		171,800		369,162		—		33,024		371,986		1,157,972
Logan Valley Mall		454,387		43,943		241,837		—		40,111		—		780,278
Lycoming Mall		333,413		182,268		171,848		—		28,384		120,000		835,913
Magnolia Mall		343,118		86,608		170,117		—		15,845		—		615,688
Moorestown Mall		408,356		98,682		167,677		—		63,215		321,200		1,059,130
New River Valley Mall		175,306		134,996		122,035		—		8,909		—		441,246
Nittany Mall		221,462		12,500		178,672		—		24,411		95,000		532,045
North Hanover Mall		206,792		21,047		102,827		—		25,097		—		355,763
Orlando Fashion Square		491,999		128,719		221,521		—		89,711		155,576		1,087,526
Palmer Park Mall		314,235		—		120,128		—		23,558		—		457,921
Patrick Henry Mall		279,619		37,758		234,434		—		22,519		140,000		714,330
Phillipsburg Mall		326,552		42,021		143,088		—		65,477		—		577,138
Plymouth Meeting Mall(4)		253,584		164,842		195,264		—		127,499		214,635		955,824
The Mall at Prince Georges		479,619		119,073		265,044		—		48,880		—		912,616
South Mall		139,691		131,434		89,452		—		44,622		—		405,199
Springfield Mall		—		—		213,510		—		8,591		387,899		610,000
Uniontown Mall		391,096		49,888		161,955		30,282		65,364		—		698,585
Valley Mall		280,549		125,334		217,517		—		49,375		243,400		916,175
Valley View Mall		96,357		74,148		159,384		—		13,777		254,596		598,262
Viewmont Mall		386,262		82,893		154,352		—		3,687		120,000		747,194
Voorhees Town Center(5)		4,404		67,478		113,822		—		117,327		396,783		699,814
Washington Crown Center		245,401		79,085		153,676		—		57,681		140,095		675,938
Willow Grove Park		225,000		37,260		279,117		206,834		30,347		413,121		1,191,679
Wiregrass Commons		94,686		10,345		167,575		—		33,189		332,152		637,947
Woodland Mall		—		120,959		284,963		—		27,863		725,187		1,158,972
Wyoming Valley Mall		592,110		90,851		197,524		—		30,815		—		911,300
Total Malls (38 properties)		10,381,474		3,275,082		7,259,121		565,506		1,645,130		6,065,316		29,191,629
Strip and Power Centers
Christiana Center		190,814		68,132		31,288		—		12,200		—		302,434
The Commons at Magnolia		20,631		28,618		41,867		—		13,216		126,200		230,532
Metroplex Shopping Center		67,185		362,593		47,683		—		—		300,729		778,190
The Court at Oxford Valley		59,620		323,336		36,154		—		37,793		247,623		704,526
Paxton Towne Centre		151,627		221,425		63,380		—		8,000		273,058		717,490
Red Rose Commons		—		208,212		15,206		—		39,873		199,590		462,881
Springfield Park		83,539		20,500		22,443		—		2,329		145,669		274,480
Whitehall Mall		294,635		160,865		55,411		—		46,590		—		557,501
Total Strip and Power Centers (8 properties)		868,051		1,393,681		313,432		—		160,001		1,292,869		4,028,034
CONSOLIDATED PROPERTIES		10,532,546		3,421,457		6,812,984		565,506		1,636,931		5,704,689		28,674,113
UNCONSOLIDATED PROPERTIES		716,979		1,247,306		759,569		—		168,200		1,653,496		4,545,550
TOTAL PROPERTIES		11,249,525		4,668,763		7,572,553		565,506		1,805,131		7,358,185		33,219,663

⁽¹⁾  Includes tenants greater than 10,000 square feet.

⁽²⁾  Includes tenants less than 10,000 square feet.

⁽³⁾  Additional 24,588 sf has been entitled but not yet built.

⁽⁴⁾  Additional 14,316 sf has been entitled but not yet built.

⁽⁵⁾  Additional 31,584 sf has been built but not commissioned, and 128,514 sf has been entitled but not yet built.

Page 15

Pennsylvania Real Estate Investment Trust

Property Information as of March 31, 2011

Properties	Ownership Interest		Date Acquired		Year Built/Last Renovated		Anchors / Major Tenants	Lease Expiration
MALLS
Beaver Valley Mall Monaca, PA		100%		2002		1970/1991	Boscov’s JCPenney Macy’s Sears	9/30/18 9/30/17 (1) 8/15/16
Capital City Mall Camp Hill, PA		100%		2003		1974/2005	JCPenney Macy’s Sears	11/30/15 (1) 7/28/14
Chambersburg Mall Chambersburg, PA		100%		2003		1982	Bon-Ton Burlington Coat Factory JCPenney Sears	1/28/16 1/31/19 3/31/12 2/9/15
Cherry Hill Mall Cherry Hill, NJ		100%		2003		1961/2009	The Container Store Crate and Barrel JCPenney Macy’s Nordstrom	2/28/18 1/31/23 (1) (1) 2/28/25
Crossroads Mall(2) Beckley, WV		100%		2003		1981	Belk JCPenney Sears	11/5/14 12/31/11 3/31/16
Cumberland Mall Vineland, NJ		100%		2005		1973/2003	Best Buy BJ’s Boscov’s Burlington Coat Factory Home Depot JCPenney	1/31/16 (1) (1) 4/30/19 1/31/19 11/30/13
Dartmouth Mall Dartmouth, MA		100%		1997		1971/2000	JCPenney Macy’s Sears	7/31/14 (1) 4/12/16
Exton Square Mall(2) Exton, PA		100%		2003		1973/2000	Boscov’s JCPenney K-Mart Macy’s Sears	10/31/19 5/31/20 (1) (1) 10/6/19
Francis Scott Key Mall Frederick, MD		100%		2003		1978/1991	Barnes & Noble JCPenney Macy’s Sears Value City Furniture	4/30/17 9/30/16 (1) 7/31/13 1/31/19
Gadsden Mall Gadsden, AL		100%		2005		1974/1990	Belk JCPenney Sears	7/31/14 1/31/29 3/5/14
The Gallery at Market East(2)  Philadelphia, PA		100%		2003		1977/1990	Burlington Coat Factory Commonwealth of Pennsylvania	2/28/32 6/30/29
Jacksonville Mall Jacksonville, NC		100%		2003		1981/2008	Barnes & Noble Belk JCPenney Sears	5/31/18 8/21/16 8/31/15 8/4/16
Lehigh Valley Mall(3) Allentown, PA		50%		1973		1977/2007	Barnes & Noble Boscov’s JCPenney Macy’s	10/31/17 (1) (1) 7/31/12
Logan Valley Mall Altoona, PA		100%		2003		1960/1997	JCPenney Macy’s Sears	1/31/17 1/31/15 10/31/16
Lycoming Mall Pennsdale, PA		100%		2003		1978/2007	Best Buy Bon-Ton Borders Burlington Coat Factory Dick’s Sporting Goods JCPenney Macy’s Sears	1/31/17 7/27/16 1/31/17 1/31/19 1/31/17 10/31/15 (1) 7/31/13
Magnolia Mall Florence, SC		100%		1997		1979/2007	Barnes & Noble Belk Best Buy Dick’s Sporting Goods JCPenney Sears	9/30/17 1/31/16 1/31/13 1/31/18 3/31/17 10/16/14
Moorestown Mall Moorestown, NJ		100%		2003		1963/2008	Boscov’s Lord & Taylor Macy’s Sears	10/31/15 (1) (1) 10/5/22
New River Valley Mall Christiansburg, VA		100%		2003		1988/2007	Belk Dick’s Sporting Goods JCPenney Regal Cinemas Sears	4/19/14 1/31/17 3/31/13 4/30/22 8/2/13

Page 16

Pennsylvania Real Estate Investment Trust

Property Information as of March 31, 2011 (continued)

Properties	Ownership Interest	Date Acquired	Year Built/Last Renovated	Anchors /Major Tenants	Lease Expiration
Nittany Mall State College, PA	100%	2003	1968/1990	Bon-Ton JCPenney Macy’s Sears	1/31/13 7/31/15 (1) 8/28/15
North Hanover Mall Hanover, PA	100%	2003	1967/1999	Dick’s Sporting Goods JCPenney Sears	1/31/18 1/31/16 11/30/14
Orlando Fashion Square(2) Orlando, FL	100%	2004	1973/2003	Dillard’s JCPenney Macy’s Sears	1/31/14 4/30/13 10/30/71 (1)
Palmer Park Mall Easton, PA	100%	1972/2003	1972/1998	Bon-Ton Boscov’s	7/25/14 10/31/18
Patrick Henry Mall Newport News, VA	100%	2003	1988/2005	Borders Dick’s Sporting Goods Dillard’s JCPenney Macy’s	1/31/21 1/31/22 9/22/13 10/31/15 (1)
Phillipsburg Mall Phillipsburg, NJ	100%	2003	1989/2003	Bon-Ton JCPenney Kohl’s Sears	1/31/15 3/31/13 1/31/25 4/30/14
Plymouth Meeting Mall(2) Plymouth Meeting, PA	100%	2003	1966/2009	AMC Theater Boscov’s Macy’s Whole Foods	12/31/18 10/31/16 (1) 11/30/29
The Mall at Prince Georges Hyattsville, MD	100%	1998	1959/2004	JCPenney Macy’s Marshalls Ross Dress for Less Target	7/31/16 10/31/18 9/30/16 1/31/18 1/31/15
South Mall Allentown, PA	100%	2003	1975/1992	Bon-Ton Stein Mart	1/30/16 10/31/11
Springfield Mall Springfield, PA	50%	2005	1974/1997	Macy’s Target	(1) (1)
Uniontown Mall(2) Uniontown, PA	100%	2003	1972/1990	Bon-Ton Burlington Coat Factory JCPenney Sears Teletech Customer Care	1/31/16 1/31/19 10/31/15 2/25/13 6/30/13
Valley Mall Hagerstown, MD	100%	2003	1974/1999	Bon-Ton JCPenney Macy’s Sears	1/31/14 10/31/14 (1) (1)
Valley View Mall La Crosse, WI	100%	2003	1980/2001	Barnes & Noble Herberger’s JCPenney Macy’s Sears	1/31/17 (1) 7/31/15 (1) (1)
Viewmont Mall Scranton, PA	100%	2003	1968/2006	JCPenney Macy’s Sears	10/31/15 (1) 12/31/15
Voorhees Town Center(2) Voorhees, NJ	100%	2003	1970/2007	Boscov’s Macy’s The Star Group	(1) (1) 8/31/28
Washington Crown Center Washington, PA	100%	2003	1969/1999	Bon-Ton Gander Mountain Sports Macy’s Sears	1/31/15 7/24/13 (1) 8/17/14
Willow Grove Park Willow Grove, PA	100%	2000/2003	1982/2001	Bloomingdale’s The Cheesecake Factory Macy’s Sears	(1) 1/31/28 1/31/22 (1)
Wiregrass Commons Mall Dothan, AL	100%	2003	1986/2008	Belk Burlington Coat Factory Dillards JCPenney	(1) 1/31/20 (1) (1)
Woodland Mall Grand Rapids, MI	100%	2005	1968/1998	Apple Barnes & Noble JCPenney Kohl’s Macy’s Sears	6/30/15 1/31/20 (1) (1) (1) (1)
Wyoming Valley Mall Wilkes-Barre, PA	100%	2003	1971/2006	Bon-Ton JCPenney Macy’s Sears	1/31/12 4/30/12 1/31/17 8/1/16

Page 17

Pennsylvania Real Estate Investment Trust

Property Information as of March 31, 2011 (continued)

Properties	Ownership Interest		Date Acquired		Year Built/Last Renovated		Anchors /Major Tenants	Lease Expiration
POWER CENTERS
Christiana Center Newark, DE		100%		1998		1998	Costco Dick’s Sporting Goods	9/30/18 11/30/13
Metroplex Shopping Center(3) Plymouth Meeting, PA		50%		1999		2001	Giant Food Store Lowe’s Target	2/28/21 (1) (1)
The Court at Oxford Valley(3) Langhorne, PA		50%		1997		1996	Best Buy BJ’s Dick’s Sporting Goods Home Depot	5/31/21 (1) 4/30/21 (1)
Paxton Towne Centre Harrisburg, PA		100%		1999		2001	Costco Kohl’s Target Weis Markets	(1) 1/25/21 (1) 11/30/20
Red Rose Commons(3) Lancaster, PA		50%		1998		1998	Home Depot Weis Markets	(1) (1)
Whitehall Mall(3) Allentown, PA		50%		1964		1964/1998	Bed, Bath & Beyond Kohl’s Sears	1/31/15 3/9/17 9/18/11
STRIP CENTERS
The Commons at Magnolia Florence, SC		100%		1999		1991/2002	Bed, Bath & Beyond Target	1/31/15 (1)
Springfield Park Springfield, PA		50%		1997/1998		1997/1998	Bed, Bath & Beyond LA Fitness Target	1/31/14 3/31/17 (1)

⁽¹⁾  Space is not owned by PREIT.

⁽²⁾ Property is subject to a ground lease.

⁽³⁾ Property is managed by a third party.

Page 18

Pennsylvania Real Estate Investment Trust

Condensed Balance Sheet

Proportionate Consolidation Method⁽¹⁾

(in thousands, except per share amounts)

	March 31, 2011									December 31, 2010
	GAAP			Share of Unconsolidated Partnerships			Total			GAAP			Share of Unconsolidated Partnerships				Total
ASSETS
Investments in real estate, at cost
Operating properties	$	3,452,231		$	210,229		$	3,662,460		$	3,448,900		$	210,505			$	3,659,405
Construction in progress		122,842			755			123,597			121,547			753				122,300
Land held for development		17,031			—			17,031			17,021			—				17,021
Total investments in real estate		3,592,104			210,984			3,803,088			3,587,468			211,258				3,798,726
Accumulated depreciation		(759,991	)		(68,151	)		(828,142	)		(729,086	)		(66,699	)			(795,785	)
Net investments in real estate		2,832,113			142,833			2,974,946			2,858,382			144,559		��		3,002,941
Investments in partnerships, at equity		30,833			(30,833	)		—			30,959			(30,959	)			—
Other assets:
Cash and cash equivalents		37,921			4,663			42,584			42,327			4,780				47,107
Rent and other receivables(2)		37,718			6,323			44,041			40,732			6,390				47,122
Intangible assets, net		14,177			256			14,433			15,787			288				16,075
Deferred costs and other assets, net		90,640			8,169			98,809			91,930			8,304				100,234
Total other assets		211,289			(11,422	)		199,867			221,735			(11,197	)			210,538
Total assets	$	3,043,402		$	131,411		$	3,174,813		$	3,080,117		$	133,362			$	3,213,479
LIABILITIES AND EQUITY
Liabilities:
Mortgage loans (including debt premium of $1,288 and $1,569 as of March 31, 2011 and December 31, 2010, respectively)	$	1,738,741		$	174,861		$	1,913,602		$	1,744,248		$	175,693			$	1,919,941
Exchangeable notes (net of discount of $2,329 and $2,809 as of March 31, 2011 and December 31, 2010, respectively)		134,571			—			134,571			134,091			—				134,091
Term Loans		347,200			—			347,200			347,200			—				347,200
Tenants’ deposits and deferred rent		16,060			3,722			19,782			16,583			3,899				20,482
Distributions in excess of partnership investments		45,253			(45,253	)		—			44,614			(44,614	)			—
Fair value of derivative instruments		23,740			—			23,740			27,233			—				27,233
Other liabilities		52,704			(1,919	)		50,785			61,618			(1,616	)			60,002
Total liabilities		2,358,269			131,411			2,489,680			2,375,587			133,362				2,508,949
Equity:
Total equity		685,133			—			685,133			704,530			—				704,530
Total liabilities and equity	$	3,043,402		$	131,411		$	3,174,813		$	3,080,117		$	133,362			$	3,213,479

⁽¹⁾  Total includes PREIT’s proportionate share of partnership assets and liabilities “grossed up” to reflect the Company’s share of the total assets and liabilities of the underlying properties. The consolidated financial statements, which are presented in accordance with GAAP, reflect only the Company’s equity in these properties.

⁽²⁾  Total includes straight line rent of $28.0 million ($25.5 million wholly owned, $2.5 million partnership) as of March 31, 2011, and $27.8 million ($25.2 million wholly owned, $2.6 million partnership) as of December 31, 2010.

Page 19

Pennsylvania Real Estate Investment Trust

Condensed Balance Sheet

Property Type⁽¹⁾

(in thousands, except per share amounts)

	March 31, 2011												December 31, 2010
	Malls			Strip and Power Centers			Corporate, Development and Other Properties			Total			Malls			Strip and Power Centers			Corporate, Development and Other Properties			Total
ASSETS:
Investments in real estate:
Investments in real estate, at cost	$	3,437,101		$	219,119		$	23,271		$	3,679,491		$	3,433,844		$	219,321		$	23,261		$	3,676,426
Construction in progress		68,347			—			55,250			123,597			67,123			—			55,177			122,300
Total investments in real estate		3,505,448			219,119			78,521			3,803,088			3,500,967			219,321			78,438			3,798,726
Accumulated depreciation		(755,538	)		(71,260	)		(1,344	)		(828,142	)		(724,708	)		(69,785	)		(1,292	)		(795,785	)
Net investments in real estate		2,749,910			147,859			77,177			2,974,946			2,776,259			149,536			77,146			3,002,941
Other assets:
Cash and cash equivalents		17,958			1,739			22,887			42,584			21,119			1,931			24,057			47,107
Rent and other receivables(2)		34,278			7,423			2,340			44,041			37,768			7,008			2,346			47,122
Intangible assets, net		7,109			—			7,324			14,433			8,725			—			7,350			16,075
Deferred costs and other assets, net		71,142			7,585			20,082			98,809			72,165			7,960			20,109			100,234
Total other assets		130,487			16,747			52,633			199,867			139,777			16,899			53,862			210,538
Total assets	$	2,880,397		$	164,606		$	129,810		$	3,174,813		$	2,916,036		$	166,435		$	131,008		$	3,213,479
LIABILITIES AND EQUITY
Liabilities:
Mortgage loans (including debt premium of $1,288 and $1,569 as of March 31, 2011 and December 31, 2010, respectively)	$	1,737,617		$	171,067		$	4,918		$	1,913,602		$	1,743,470		$	171,553		$	4,918		$	1,919,941
Exchangeable notes (net of discount of $2,329 and $2,809 as of March 31, 2011 and December 31, 2010, respectively)		—			—			134,571			134,571			—			—			134,091			134,091
Term Loans		—			—			347,200			347,200			—			—			347,200			347,200
Tenants’ deposits and deferred rent		17,577			2,046			159			19,782			18,205			2,128			149			20,482
Fair value of derivative instruments		—			—			23,740			23,740			—			—			27,233			27,233
Other liabilities		29,544			(2,578	)		23,819			50,785			32,593			(2,277	)		29,686			60,002
Total liabilities		1,784,738			170,535			534,407			2,489,680			1,794,268			171,404			543,277			2,508,949
Equity:
Total equity		1,095,659			(5,929	)		(404,597	)		685,133			1,121,768			(4,969	)		(412,269	)		704,530
Total liabilities and equity	$	2,880,397		$	164,606		$	129,810		$	3,174,813		$	2,916,036		$	166,435		$	131,008		$	3,213,479

⁽¹⁾  Total includes PREIT’s proportionate share of partnership assets and liabilities “grossed up” to reflect the Company’s share of the total assets and liabilities of the underlying properties. The consolidated financial statements, which are presented in accordance with GAAP, reflect only the Company’s equity in these properties.

⁽²⁾  Total includes straight line rent of $28.0 million ($25.5 million wholly owned, $2.5 million partnership) as of March 31, 2011, and $27.8 million ($25.2 million wholly owned, $2.6 million partnership) as of December 31, 2010.

Page 20

Pennsylvania Real Estate Investment Trust

Investment in Real Estate⁽¹⁾

(in thousands)

	March 31, 2011									December 31, 2010
	Operating Properties and Land Held for Development		Construction in Progress			Accumulated Depreciation		Net Real Estate		Operating Properties and Land Held for Development		Construction in Progress		Accumulated Depreciation		Net Real Estate
Consolidated Malls
Beaver Valley Mall	$	69,679	$	—		$	19,284	$	50,395	$	69,663	$	—	$	18,536	$	51,127
Capital City Mall		95,930		—			22,360		73,570		95,920		—		21,547		74,373
Chambersburg Mall		38,315		—			8,055		30,260		38,529		—		7,803		30,726
Cherry Hill Mall		448,777		231			81,299		367,709		448,513		34		76,173		372,374
Crossroads Mall		37,839		190			9,216		28,813		36,750		1,057		8,903		28,904
Cumberland Mall		63,340		124	��		9,530		53,934		63,340		153		9,051		54,442
Dartmouth Mall		62,641		—			27,085		35,556		62,543		—		26,604		35,939
Exton Square Mall		147,648		60			27,231		120,477		147,556		64		26,367		121,253
Francis Scott Key Mall		76,866		522			17,174		60,214		76,482		813		16,587		60,708
Gadsden Mall		61,177		—			10,360		50,817		61,174		—		9,735		51,439
The Gallery at Market East		169,903		1,931			21,682		150,152		169,696		2,014		19,913		151,797
Jacksonville Mall		79,270		—			16,742		62,528		79,247		—		16,096		63,151
Logan Valley Mall		96,008		—			23,083		72,925		96,000		—		22,521		73,479
Lycoming Mall		76,814		—			16,479		60,335		76,814		—		15,817		60,997
Magnolia Mall		87,436		375			24,636		63,175		87,434		27		23,814		63,647
Moorestown Mall		92,608		2			25,934		66,676		92,560		87		25,201		67,446
New River Valley Mall		57,892		—			16,015		41,877		57,892		—		15,238		42,654
Nittany Mall		43,474		—			9,382		34,092		43,458		—		9,073		34,385
North Hanover Mall		38,294		17,100			8,325		47,069		38,219		17,100		8,004		47,315
Orlando Fashion Square(2)		40,762		—			5,023		35,739		40,426		—		4,448		35,978
Palmer Park Mall		34,465		—			12,306		22,159		34,465		—		12,103		22,362
Patrick Henry Mall		141,436		—			34,196		107,240		141,312		—		32,338		108,974
Phillipsburg Mall		54,760		20			11,323		43,457		54,088		606		10,930		43,764
Plymouth Meeting Mall		159,896		163			29,853		130,206		159,802		426		28,256		131,972
The Mall at Prince Georges		100,693		—			33,681		67,012		100,654		—		32,782		67,872
South Mall		33,728		—			6,311		27,417		33,728		—		6,107		27,621
Uniontown Mall		39,979		—			10,102		29,877		39,955		—		9,750		30,205
Valley Mall		91,866		—			21,632		70,234		92,081		—		21,252		70,829
Valley View Mall		67,784		—			13,399		54,385		67,602		—		12,977		54,625
Viewmont Mall		90,368		—			18,332		72,036		90,359		—		17,600		72,759
Voorhees Town Center		65,866		23,478			14,844		74,500		66,001		20,774		13,950		72,825
Washington Crown Center		40,257		—			13,016		27,241		40,249		—		12,826		27,423
Willow Grove Park		189,047		24,124			47,006		166,165		189,032		23,943		45,471		167,504
Wiregrass Commons Mall		52,072		—			9,589		42,483		52,072		—		9,159		42,913
Woodland Mall		185,584		—			29,580		156,004		185,530		—		28,070		157,460
Wyoming Valley Mall		107,916		—			23,214		84,702		107,913		—		22,251		85,662
Total Consolidated Malls		3,340,390		68,320			727,279		2,681,431		3,337,059		67,098		697,253		2,706,904
Unconsolidated Malls
Lehigh Valley Mall		41,409		23			17,711		23,721		41,516		21		17,338		24,199
Springfield Mall		55,302		4			10,548		44,758		55,269		4		10,117		45,156
Total Unconsolidated Malls		96,711		27			28,259		68,479		96,785		25		27,455		69,355
TOTAL MALLS	$	3,437,101	$	68,347		$	755,538	$	2,749,910	$	3,433,844	$	67,123	$	724,708	$	2,776,259

⁽¹⁾  Total includes PREIT’s proportionate share of partnership assets and liabilities “grossed up” to reflect the Company’s share of the total assets and liabilities of the underlying properties. The consolidated financial statements, which are presented in accordance with GAAP, reflect only the Company’s equity in these properties.

⁽²⁾  Includes impairment of $62,700 recorded in the 4th Quarter 2009.

Page 21

Pennsylvania Real Estate Investment Trust

Investment in Real Estate⁽¹⁾(continued)

(in thousands)

	March 31, 2011								December 31, 2010
	Operating Property and Land Held for Development		Construction in Progress		Accumulated Depreciation		Net Real Estate		Operating Property and Land Held for Development		Construction in Progress		Accumulated Depreciation		Net Real Estate
Consolidated Strip and Power Centers
Christiana Center	$	42,020	$	—	$	12,600	$	29,420	$	42,020	$	—	$	12,288	$	29,732
The Commons at Magnolia		12,674		—		3,467		9,207		12,674		—		3,347		9,327
Paxton Towne Centre		57,147		—		16,645		40,502		57,147		—		16,198		40,949
Total Consolidated Strip and Power Centers		111,841		—		32,712		79,129		111,841		—		31,833		80,008
Unconsolidated Strip and Power Centers
Metroplex Shopping Center		42,180		—		15,702		26,478		42,180		—		15,315		26,865
The Court at Oxford Valley		27,883		—		8,783		19,100		27,883		—		8,600		19,283
Red Rose Commons		13,178		—		4,023		9,155		13,178		—		3,936		9,242
Whitehall Mall		16,752		—		8,477		8,275		16,954		—		8,570		8,384
Springfield Park		7,285		—		1,563		5,722		7,285		—		1,531		5,754
Total Unconsolidated Strip and Power Centers		107,278		—		38,548		68,730		107,480		—		37,952		69,528
TOTAL STRIP AND POWER CENTERS	$	219,119	$	—	$	71,260	$	147,859	$	219,321	$	—	$	69,785	$	149,536
Consolidated Properties Under Development
Springhills(2)	$	—	$	21,983	$	—	$	21,983	$	—	$	21,984	$	—	$	21,984
White Clay Point(3)		—		32,539		—		32,539		—		32,465		—		32,465
Total Consolidated Properties Under Development		—		54,522		—		54,522		—		54,449		—		54,449
Unconsolidated Properties Under Development
Pavilion at Market East		6,240		728		1,344		5,624		6,240		728		1,292		5,676
Total Unconsolidated Properties Under Development		6,240		728		1,344		5,624		6,240		728		1,292		5,676
Other Properties
Land held for development -consolidated		17,031		—		—		17,031		17,021		—		—		17,021
Total Other Properties		17,031		—		—		17,031		17,021		—		—		17,021
TOTAL DEVELOPMENT AND OTHER	$	23,271	$	55,250	$	1,344	$	77,177	$	23,261	$	55,177	$	1,292	$	77,146
TOTAL INVESTMENT IN REAL ESTATE	$	3,679,491	$	123,597	$	828,142	$	2,974,946	$	3,676,426	$	122,300	$	795,785	$	3,002,941
CONSOLIDATED PROPERTIES	$	3,469,262	$	122,842	$	759,991	$	2,832,113	$	3,465,921	$	121,547	$	729,086	$	2,858,382
UNCONSOLIDATED PROPERTIES		210,229		755		68,151		142,833		210,505		753		66,699		144,559
TOTAL INVESTMENT IN REAL ESTATE	$	3,679,491	$	123,597	$	828,142	$	2,974,946	$	3,676,426	$	122,300	$	795,785	$	3,002,941

⁽¹⁾  Total includes PREIT’s proportionate share of partnership assets and liabilities “grossed up” to reflect the Company’s share of the total assets and liabilities of the underlying properties. The consolidated financial statements, which are presented in accordance with GAAP, reflect only the Company’s equity in these properties.

⁽²⁾  Includes impairment of $11,484 recorded in the 4th Quarter 2009.

⁽³⁾  Includes impairment of $11,799 recorded in the 4th Quarter 2008.

Page 22

Pennsylvania Real Estate Investment Trust

Capital Expenditures

(in thousands)

	Quarter Ended March 31, 2011
	Consolidated		Unconsolidated		Total
Redevelopment projects with incremental GLA and/or anchor replacement	$	3,492	$	3	$	3,495
New development projects		74		3		77
Tenant allowances		1,229		—		1,229
Recurring capital expenditures:
CAM expenditures		150		33		183
Non-CAM expenditures		180		—		180
Total recurring capital expenditures		330		33		363
Total	$	5,125	$	39	$	5,164

Page 23

Pennsylvania Real Estate Investment Trust

Debt Analysis as of March 31, 2011

(in thousands)

	Outstanding Debt
	Fixed Rate (1)			% of Total Indebtedness			Variable Rate			% of Total Indebtedness			Total			% of Total Indebtedness
Consolidated mortgage loans payable(2)	$	1,730,773			72.3	%	$	7,968			0.3	%	$	1,738,741			72.6	%
Unconsolidated mortgage loans payable		162,759			6.8	%		12,102			0.5	%		174,861			7.3	%
Exchangeable notes(3)		134,571			5.6	%		—			0.0	%		134,571			5.6	%
Revolving Facility		—			0.0	%		—			0.0	%		—			0.0	%
Term Loans(4) (5)		300,000			12.5	%		47,200			2.0	%		347,200			14.5	%
TOTAL OUTSTANDING DEBT	$	2,328,103			97.2	%	$	67,270			2.8	%	$	2,395,373			100.0	%
AVERAGE STATED INTEREST RATE		5.74	%					5.07	%					5.72	%

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

⁽²⁾ Includes debt premium of $1,288

⁽³⁾  Net of debt discount of $2,329

⁽⁴⁾  We entered into interest rate swap agreements to fix $100,000 of the underlying LIBOR associated with the term loans at an average interest rate of 1.77% for the three-year initial term. An additional $200,000 of the underlying LIBOR was swapped to a fixed interest rate of 0.61% from April 1, 2010 to March 31, 2011, 1.78% from April 1, 2011 to April 1, 2012 and 2.96% for the balance of the initial term.

⁽⁵⁾  The variable rate amount includes $15.7 million that is subject to a LIBOR cap with a strike rate of 2.5%. The LIBOR cap expires in March 2012.

	Average Debt Balance
			Mortgage Debt(1)			Revolving Facility		Term Loans		Exchangeable Notes		Exchangeable Notes Discount			TOTAL
Beginning Balance		12/31/2010	$	1,919,941		$	—	$	347,200	$	136,900	$	(2,809	)	$	2,401,232
Mortgage loan amortization(2)				(6,339	)		—		—		—		—			(6,339	)
Exchangeable notes discount amortization				—			—		—		—		480			480
Ending Balance		3/31/2011	$	1,913,602		$	—	$	347,200	$	136,900	$	(2,329	)	$	2,395,373
Weighted Average Balance			$	1,917,965		$	—	$	347,200	$	136,900	$	(2,650	)	$	2,399,415

⁽¹⁾ Includes debt premium.

⁽²⁾ Includes the amortization of debt premium and balloon payments.

	Debt Maturities(1)
Year	Scheduled Amortization		Debt Premium Amortization		Mortgage Balance at Maturity		Revolving Facility		Term Loans		Exchangeable Notes		Exchangeable Notes Discount Amortization			Total Debt
2011	$	17,457	$	872	$	160,808	$	—	$	—	$	—	$	(1,480	)	$	177,657
2012		21,034		416		363,346		—		—		136,900		(849	)		520,847
2013		15,770		—		430,773		—		347,200		—		—			793,743
2014		14,223		—		99,203		—		—		—		—			113,426
2015		13,243		—		305,896		—		—		—		—			319,139
2016		3,220		—		219,480		—		—		—		—			222,700
2017		2,447		—		150,000		—		—		—		—			152,447
Thereafter		5,586		—		89,828		—		—		—		—			95,414
	$	92,980	$	1,288	$	1,819,334	$	—	$	347,200	$	136,900	$	(2,329	)	$	2,395,373

⁽¹⁾  The weighted average period to mortgage maturity is 3.50 years, excluding extension options. Excludes debt premium on mortgage loans and debt discount on exchangeable notes. Includes 100% of mortgage debt from consolidated properties and our share of mortgage debt from unconsolidated properties, based on our ownership percentage.

Weighted Average Mortgage Interest Rates
	Interest Rate					Marked to Market Interest Rate (GAAP)(1)
Year	Balance		Interest Rate			Balance		Interest Rate
2011	$	161,385		6.20	%	$	161,385		6.20	%
2012		373,089		6.07	%		373,089		5.67	%
2013		437,013		5.48	%		437,013		5.48	%
2014		103,268		7.28	%		103,268		7.28	%
2015		339,107		5.22	%		339,107		5.22	%
2016		239,019		5.22	%		239,019		5.22	%
Thereafter		259,433		5.60	%		259,433		5.60	%
Total	$	1,912,314		5.83	%	$	1,912,314		5.75	%

⁽¹⁾  Excludes amortization of debt issuance costs.

Page 24

Pennsylvania Real Estate Investment Trust

Debt Schedule as of March 31, 2011

(in thousands)

	Lender		Proportionate Share(1)							Interest Rate			Marked to Market Interest Rate (GAAP)			Annual Debt Service		Balance at Maturity		Maturity Date
			Debt		Debt Premium/ (Discount)			Total
Fixed Rate Mortgage Loans
Christiana Center(2) (3)		Bank	$	45,000	$	—		$	45,000		5.87	%		5.87	%	$	2,642	$	45,000		June 2011
Paxton Towne Centre (2) (3)		Bank		54,000		—			54,000		5.84	%		5.84	%		3,152		54,000		July 2011
The Court at Oxford Valley		Life Insurance Co		16,264		—			16,264		8.02	%		8.02	%		2,319		16,003		July 2011
Metroplex Shopping Center		CMBS		29,100		—			29,100		7.25	%		7.25	%		2,681		28,785		Nov 2011
Capital City Mall		CMBS		48,609		744			49,353		7.61	%		5.50	%		4,603		47,898		Feb 2012
Beaver Valley Mall		CMBS		43,101		—			43,101		7.36	%		7.36	%		3,972		42,266		Apr 2012
Pavilion East Associates(2)		Bank		3,868		—			3,868		6.15	%		6.15	%		240		3,708		Aug 2012
Cherry Hill Mall		Life Insurance Co		183,260		—			183,260		5.42	%		5.42	%		13,510		177,689		Oct 2012
Cherry Hill Mall Supplemental Loan		Life Insurance Co		54,197		—			54,197		5.51	%		5.51	%		3,030		53,003		Oct 2012
Cumberland Mall Loan #1		CMBS		40,054		544			40,598		6.50	%		5.40	%		3,413		38,782		Nov 2012
New River Valley Mall (2) (4)		Bank		25,000		—			25,000		6.33	%		6.33	%		1,583		25,000		Jan 2013
Dartmouth Mall		CMBS		60,848		—			60,848		4.95	%		4.95	%		4,484		57,594		June 2013
Moorestown Mall		CMBS		55,850		—			55,850		4.95	%		4.95	%		4,115		52,863		June 2013
Jacksonville Mall(2) (3)		Bank		56,265		—			56,265		5.83	%		5.83	%		3,277		56,265		Sept 2013
Logan Valley Mall(2) (3)		Bank		68,000		—			68,000		5.79	%		5.79	%		3,939		68,000		Sept 2013
Wyoming Valley Mall (2) (3)		Bank		65,000		—			65,000		5.85	%		5.85	%		3,803		65,000		Sept 2013
Francis Scott Key Mall (2)		Bank		55,000		—			55,000		5.25	%		5.25	%		2,885		55,000		Dec 2013
Viewmont Mall(2)		Bank		48,000		—			48,000		5.25	%		5.25	%		2,518		48,000		Dec 2013
Exton Square Mall		Life Insurance Co		68,634		—			68,634		7.50	%		7.50	%		5,873		66,733		Jan 2014
Lycoming Mall		Bank		34,634		—			34,634		6.84	%		6.84	%		3,001		32,470		Jul 2014
Springfield East(2) (5)		Bank		2,262		—			2,262		5.39	%		5.39	%		92		2,061		Mar 2015
Springfield Park(2) (5)		Bank		2,656		—			2,656		5.39	%		5.39	%		108		2,419		Mar 2015
Magnolia Mall		CMBS		60,416		—			60,416		5.33	%		5.33	%		4,413		54,842		July 2015
Patrick Henry Mall		Life Insurance Co		92,850		—			92,850		6.34	%		6.34	%		7,743		83,210		Oct 2015
Springfield Mall(2)		Bank		33,375		—			33,375		4.77	%		4.77	%		2,118		30,740		Nov 2015
Willow Grove Park		Life Insurance Co		147,548		—			147,548		5.65	%		5.65	%		11,083		132,624		Dec 2015
Valley Mall		CMBS		86,373		—			86,373		5.49	%		5.49	%		5,014		78,996		Mar 2016
Woodland Mall		CMBS		152,646		—			152,646		5.58	%		5.58	%		10,760		140,484		Apr 2016
The Mall at Prince Georges		CMBS		150,000		—			150,000		5.51	%		5.51	%		8,269		150,000		June 2017
Whitehall Mall		Life Insurance Co		5,813		—			5,813		7.00	%		7.00	%		574		4,148		Nov 2018
Cumberland Mall Loan #2		Bank		2,445		—			2,445		5.00	%		5.00	%		390		—		Dec 2018
Lehigh Valley Mall		Life Insurance Co		69,420		—			69,420		5.88	%		5.88	%		4,972		58,519		July 2020
Valley View Mall		CMBS		31,755		—			31,755		5.95	%		5.95	%		2,290		27,161		July 2020
Total Fixed Rate Mortgage Loans				1,892,243		1,288			1,893,531		5.84	%		5.76	%		132,865		1,799,263
Variable Rate Mortgage Loans
One Cherry Hill Plaza (6)		Bank		4,918		—			4,918		1.55	%		1.55	%		76		4,918		Aug 2011
Red Rose Commons (4) (7)		Bank		12,103		—			12,103		6.00	%		6.00	%		726		12,103		Oct 2011
New River Valley Mall (4)		Bank		3,050		—			3,050		4.82	%		4.82	%		147		3,050		Jan 2013
Total Variable Rate Mortgage Loans				20,071		—			20,071		4.73	%		4.73	%		949		20,071
Total Mortgage Loans			$	1,912,314	$	1,288		$	1,913,602		5.83	%		5.75	%	$	133,814	$	1,819,334
CONSOLIDATED MORTGAGE LOANS			$	1,737,453	$	1,288		$	1,738,741		5.80	%		5.71	%	$	119,984	$	1,660,848
UNCONSOLIDATED MORTGAGE LOANS				174,861		—			174,861		6.13	%		6.13	%		13,830		158,486
EXCHANGEABLE NOTES(8)				136,900		(2,329	)		134,571		4.00	%		5.84	%		5,476		136,900		May 2012
REVOLVING FACILITY(9) (10)				—		—			—		5.22	%		5.22	%		—		—		Mar 2013
TERM LOAN -FIXED RATE(9) (11)				300,000		—			300,000		5.90	%		5.90	%		17,692		300,000		Mar 2013
TERM LOAN -VARIABLE RATE (9) (12)				47,200		—			47,200		5.22	%		5.22	%		2,464		47,200		Mar 2013
Total			$	2,396,414	$	(1,041	)	$	2,395,373		5.72	%		5.76	%	$	159,446	$	2,303,434
AMORTIZATION OF DEFERRED FINANCING FEES				—		—			—		—			0.38	%		—		—
EFFECTIVE INTEREST RATE			$	2,396,414	$	(1,041	)	$	2,395,373		5.72	%		6.14	%	$	159,446	$	2,303,434

⁽¹⁾ Includes 100% of debt from consolidated properties and our share of debt from unconsolidated properties, based on our ownership percentage.

⁽²⁾  The mortgage loan has been swapped to the fixed interest rate presented.

⁽³⁾ The mortgage loan has two one year extension options.

⁽⁴⁾  The mortgage loan has one one year extension option.

⁽⁵⁾ The mortgage loan has one five year extension option.

⁽⁶⁾ The mortgage loan had two one year extension options. The first option was exercised in June 2009 for the period August 2009 to August 2010. The second option was exercised in July 2010 for the period August 2010 to August 2011.

⁽⁷⁾  The mortgage loan has an interest rate floor of 6.0%.

⁽⁸⁾  The marked to market interest rate includes the effect of deferred financing fee amortization and debt discount amortization.

⁽⁹⁾  Secured by first mortgage liens on 20 properties and a second mortgage lien on one property. Loans have one one year extension option. See page 26 for property detail.

⁽¹⁰⁾  The total available to borrow against the 2010 Revolving Facility is $149.4 million.

⁽¹¹⁾  We entered into interest rate swap agreements to fix $100,000 of the underlying LIBOR associated with the term loans at an average interest rate of 1.77% for the three-year initial term. An additional $200,000 of the underlying LIBOR was swapped to a fixed interest rate of 0.61% from April 1, 2010 to March 31, 2011, 1.78% from April 1, 2011 to April 1, 2012, and 2.96% for the balance of the initial term.

⁽¹²⁾  Includes $15.7 million that is subject to a LIBOR cap with a strike rate of 2.5%. The LIBOR cap expires in March 2012.

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Pennsylvania Real Estate Investment Trust

Selected Debt Ratios⁽¹⁾

	March 31, 2011
Consolidated Liabilities to Gross Asset Value		67.62	%
Ratio of Consolidated Liabilities to Gross Asset Value shall not exceed 75%
EBITDA to Interest Expense		1.82
EBITDA may not be less than 1.60 to 1.00
Adjusted EBITDA to Fixed Charges		1.54
Adjusted EBITDA may not be less than 1.35 to 1.00
Corporate Debt Yield		10.82	%
The ratio of EBITDA to total indebtedness may not be less than 9.50%
Facility Debt Yield		10.81	%
The ratio of NOI for Collateral Properties to Facility Amount

Collateral Properties(2)
Chambersburg Mall	Nittany Mall	The Plaza at Magnolia
Crossroads Mall	North Hanover Mall	South Mall
Gadsden Mall	Orlando Fashion Square	Uniontown Mall
The Gallery at Market East I	P&S Office Building	Voorhees Town Center
The Gallery at Market East II	Palmer Park Mall	Washington Crown Center
The Commons at Magnolia	Phillipsburg Mall	Westgate Anchor Pad
New River Valley Mall(2)	Plymouth Meeting Mall	Wiregrass Commons Mall

⁽¹⁾  The amended, restated and consolidated senior secured credit agreement dated as of March 11, 2010 (the “2010 Credit Facility”) contains affirmative and negative covenants customarily found in such agreements, including requirements that the Company, on a consolidated basis, maintain certain financial ratios. All capitalized terms used on this page have the meanings ascribed to such terms in the 2010 Credit Facility. In addition to the ratios set forth herein, there are several other ratios under the 2010 Credit Agreement with which the Company must comply, all of which are described in the Company’s Current Report on Form 8-K dated March 11, 2010. The Company has filed the 2010 Credit Agreement and related material agreements in accordance with the rules and regulations of the Securities and Exchange Commission.

⁽²⁾  All properties are secured by first mortgage liens except for New River Valley Mall, which is secured by second mortgage lien.

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Pennsylvania Real Estate Investment Trust

Shareholder Information

Ten Largest Institutional Shareholders:	Common Shares Held(1)
Vanguard Group Inc.		5,835,101
BlackRock Fund Advisors		4,397,994
JPMorgan Asset Management		2,382,086
Dreman Value Management LLC		2,343,322
State Street Global Advisors Inc.		1,891,003
Deutsche Asset Management Inc.		1,847,114
Cohen & Steers Capital Management Inc.		1,484,543
Northern Trust Global Investments Ltd.		1,032,976
Pacific Heights Asset Management LLC		1,000,000
Samlyn Capital, LLC		905,000
TOTAL of Ten Largest Institutional:		23,119,139
TOTAL of all Institutional Holders:		39,869,820
Ten Largest as % of Total Institutional:		58.0	%

⁽¹⁾  Based on 13F and 13G filings as of March 31, 2011 or most recent filings.

Breakdown of Share & Unit Ownership: Shares Held	Most Recent		% of Outstanding			December 31, 2010
Institutional (1)		39,869,820		68.8	%		38,639,075
Retail (2)		13,041,655		22.5	%		13,992,951
Insiders (3)		5,064,204		8.7	%		5,133,095
TOTAL		57,975,679		100.0	%		57,765,121

⁽¹⁾  Based on 13F and 13G filings as of March 31, 2011 or most recent filings.

⁽²⁾  Retail ownership equals total shares outstanding minus institutional and insider ownership.

⁽³⁾ Insider holdings as of March 31, 2011 (Shares and OP Units only).

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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 income before gains (losses) on sales of operating properties and extraordinary items (computed in accordance with GAAP); plus real estate depreciation; plus or minus adjustments for unconsolidated partnerships to reflect funds from operations on the same basis. Similarly, FFO per diluted share and OP Unit is a measure that is useful because it reflects the dilutive impact of outstanding convertible securities.

The Company uses FFO and FFO per diluted share and OP Unit in measuring its performance against peers and as one of the performance measures for determining incentive compensation amounts earned under certain of our performance-based executive compensation programs. The Company computes 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 the Company.

FFO does not include gains or losses on the sale of operating real estate assets, which are included in the determination of net income 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 income and net cash provided by operating activities, and other non-GAAP financial performance measures, such as net operating income. FFO 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 the Company’s financial performance, or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available for the Company’s cash needs, including its ability to make cash distributions.

The Company believes that net income is the most directly comparable GAAP measurement to FFO. The Company believes 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 various non-recurring items that are considered extraordinary under GAAP, gains on sales of operating real estate and depreciation and amortization of real estate.

Net Operating Income (NOI)

Net operating income (“NOI”), which is a non-GAAP measure, is derived from revenues (determined in accordance with GAAP) minus operating expenses (determined in accordance with GAAP). Net operating income is a non-GAAP measure. It 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 the Company’s financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity; nor is it indicative of funds available for the Company’s cash needs, including its ability to make cash distributions. The Company believes that net income is the most directly comparable GAAP measurement to net operating income.

The Company believes that net operating income 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. NOI excludes interest and other income, general and administrative expenses, interest expense, depreciation and amortization, gains on sales of interests in real estate, gains or sales of non-operating real estate, gains on sales of discontinued operations, gain on extinguishment of debt, impairment losses, project costs and other expenses

Funds Available for Distribution (FAD)

FAD, which some companies refer to as Cash Available for Distributions (CAD) or Adjusted FFO (AFFO), 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 and subtracting (1) straight-line rents, (2) normalized recurring capital expenditures that are capitalized but necessary to maintain our properties, (3) operational tenant allowances, (4) capitalized leasing costs, (5) amortization of debt premium, and (6) amortization of above- and below-market lease intangibles.

The Company believes that net income is the most directly comparable GAAP measurement to FAD. The Company believes FAD provides a meaningful indicator of its ability to fund cash needs and to make cash distributions to equity owners. In addition, the Company believes that to further understand its liquidity, FAD should be compared with its cash flow from operating activities determined in accordance with GAAP, as presented in its 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.

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