PREIT Expands Capital Plan Sources by Offering Additional Malls for Sale

PHILADELPHIA, May 22, 2017

"PREIT has a demonstrated record of transforming and revitalizing the traditional mall model to capitalize on new opportunities and evolving trends in the market," said Joseph F. Coradino, CEO of PREIT. "To date, we have successfully sold 16 lower-productivity malls as part of our non-core property disposition program. With these additional dispositions, we are taking further action to strengthen our portfolio amid a challenging retail climate."

Coradino continued, "Anticipated proceeds will position us to continue strategically investing in the most value-enhancing assets to create more compelling and productive environments. PREIT will also continue to engage in discussions with third parties as we seek to further optimize our portfolio and drive shareholder value."

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's 23 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.

CONTACT:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com

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