05/05/2022 - PREIT - Pennsylvania Real Estate Investment Trust: Quarterly Supplemental Disclosure (March 31, 2022) (opens in new window)

Exhibit 99.1

Supplemental Financial and Operating Information

March 31, 2022

www.preit.com

NYSE: PEI

NYSE: PEIPRB, PEIPRC, PEIPRD

Pennsylvania Real Estate Investment Trust Supplemental Financial and Operating Information

March 31, 2022

Table of Contents

Introduction

Company Information 1

Earnings Release 2

Changes in Funds from Operations for the Three Months Ended March 31, 2022 6

Market Capitalization and Capital Resources 7

Operating Results

Statements of Operations - Three Months Ended March 31, 2022 and 2021 8

Computation of Earnings Per Share 9

Reconciliation of Net Operating Income and EBITDAre (Non-GAAP Measures) - Three Months Ended March 31, 2022 and 2021 10

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

Months Ended March 31, 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 March 31, 2022 and 2021 12

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

Measures) - Three Months Ended March 31, 2022 and 2021 13

Condensed Consolidated Balance Sheets 14

Assets and Liabilities - Equity Method Investments, at Ownership Share (Non-GAAP Measure) 15

Operating Statistics

Leasing Activity Summary - Three Months Ended March 31, 2022 16

Summarized Sales and Rent Per Square Foot and Occupancy Percentages 17

Mall Occupancy Percentage and Sales Per Square Foot 18

Top Twenty Tenants 19

Lease Expirations 20

Property Information 21

Balance Sheet

Investment in Real Estate - Consolidated Properties 24

Investment in Real Estate - Equity Method Investments at Ownership Share 25

Capital Expenditures - Three Months Ended March 31, 2022 26

Debt Analysis 27

Debt Schedule 29

Selected Debt Ratios 30

Forward Looking Statements 31

Definitions 32

Pennsylvania Real Estate Investment Trust

Company Information

Background

PREIT (NYSE:PEI) is a publicly traded real estate investment trust (REIT) that owns and manages distinctive real estate in high barrier-to-entry markets at the forefront of enabling communities through the built environment. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in densely-populated, high barrier-to-entry markets with tremendous opportunity to create vibrant multi-use destinations. PREIT is focused on enhancing the quality of its portfolio through redevelopment, anchor repositioning, diversifying its tenant mix and densifying properties by adding a mix of uses. The portfolio consists of 25 retail properties, 24 of which are operating properties and one is a development property. The 24 operating retail properties have a total of 19.6 million square feet and include 20 shopping malls and four 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:

Heather Crowell

EVP, Strategy and Communications One Commerce Square

2005 Market Street, Suite 1000 Philadelphia, PA 19103

Telephone: (215) 875-0735 Fax: (215) 546-2504

Email:Heather.Crowell@preit.com

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

EVP & CFO (215) 875-0703

Heather Crowell

EVP, Strategy and Communications (215) 454-1241 heather.crowell@preit.com

PREIT Reports First Quarter 2022 Results

Core Mall Sales Per Square Foot Reach $613 in March, up from $603 at Year End

Strong Leasing Activity Resulted in Core Mall Leased Space at 94.0%

Asset Sales in Process Increased to $275 Million

Philadelphia, May 5, 2022 - PREIT (NYSE: PEI) today reported results for the three months ended March 31, 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 March 31,

(per share amounts)

2022

2021

$ $ $

"Our portfolio of assets continues to draw interest from investors and tenants interested in assets and parcels. We continue to focus on executing on the near-term plan to exercise our credit facility extension and our longer-term plan to improve our balance sheet through land and asset sales, " said Joseph F. Coradino, Chairman and CEO of PREIT. "The team's attention is on executing on our plan to improve our portfolio valuation through strong leasing and operating results and our capital position through asset sales. This quarter's performance demonstrates the proficiency of our team, driving strong net operating income results and an increase in transactions in process to $275 million based on growing interest."

•  Same Store NOI, excluding lease termination revenue, increased 16.0% for the three months ended March 31, 2022 compared to the three months ended March 31, 2021.



For the quarter, results were primarily impacted by a strong leasing and sales environment resulting in increased rent, percentage rent, percent sales and common area revenue of $3.5 million, and a decrease in credit losses for challenged tenants of $2.1 million compared to the three months ended March, 31, 2021.

•  Robust leasing activity is driving increased occupancy with Core Mall Total Occupancy increasing by 500 basis points to 92.7% compared to the first quarter 2021. Core Mall Non-anchor Occupancy increased 290 basis points, sequentially, to 88.8%.

•  Total Core Mall leased space, at 94.0%, exceeds occupied space by 130 basis points, and core mall non-anchor leased space, at 90.7%, exceeds occupied space by 190 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 March 31, 2022, core mall comparable sales grew by 18.6%to $613 per square foot.

•  Average renewal spreads for the three months ended March 31, 2022 improved to 3.7%. Sequentially, average renewal spreads for tenants less than 10,000 square feet improved from (11.0%) for the quarter ended December 31, 2021 to 3.8% for the quarter ended March 31, 2022.

•  The Company made notable advances in its capital-raising efforts and is now underway with $275 million in transactions and anticipates closing approximately $109 million in sales prior to June 30, 2022.

Leasing and Redevelopment

•  408,000 square feet of leases are signed for future openings, which is expected to contribute annualized gross rent of $6.8 million.

•  Leasing momentum continues to build with transactions executed for 203,000 square feet of occupancy thus far in 2022.

•  Construction is expected to begin this year 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.

•  HomeGoods at Cumberland Mall opened in March 2022 occupying 23,000 square feet.

•  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.

•  New-to-portfolio tenants have been executed at Cherry Hill Mall for occupancy in 2022: Marc Cain and Warby Parker are now open and Eddie V's Prime Seafood is expected to open later this year.

Primary Factors Affecting Financial Results for the Three Months Ended March 31, 2022 and 2021

•  Net loss attributable to PREIT common shareholders was $39.3 million (which takes into consideration the accrual of preferred dividends that accumulated during the quarter but have not been paid), or $0.49 per basic and diluted share for the three months ended March 31, 2022, compared to net loss attributable to PREIT common shareholders of $49.6 million, or $0.64 per basic and diluted share for the three months ended March 31, 2021.

•  Funds from Operations showed significant improvement over the quarter ended March 31, 2021 driven by increases in real estate revenue, a gain on sale of the preferred share interest resulting from the sale of our interest in land in New Garden, PA, reduced general and administrative and restructuring costs offset by a gain on hedge ineffectiveness that impacted the quarter ended March 31, 2021.

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