#1PREIT IN PURSUIT OF A BEST-IN-CLASS VISION H INVESTOR PRESENTATION JUNE 2021 H RUM MENU CRYSTAL#2ABOUT PREIT As a community-centric REIT, our real estate solutions maximize opportunities for the communities we serve, connecting people to jobs and businesses to customers. Recognizing the role we play, we optimize our real estate to create the most sustainable business model for each community, in turn MAXIMIZING THE VALUE OF OUR PORTFOLIO FOR STAKEHOLDERS. customers businesses thriving communities jobs PREIT 2#3BACKGROUND PREIT owns and operates distinctive real estate in high barrier-to-entry markets. PREIT has benefitted from a focused asset sale program, shaped by management's foresight over the past eight years; reducing exposure to underperforming mall real estate The Company's proven management team has an average of 23 years of experience at PREIT and has a strong track record of redeveloping and repositioning assets, with intimate knowledge of the operations, tenant base and ongoing densification opportunities Smaller portfolio is easily understood on an asset-by-asset basis versus peer portfolios Completion of significant capital investment over the last five years positions assets to benefit from embedded growth as recovery strengthens Proven ability to undertake and benefit from densification opportunities PREIT 3#4A HISTORY RICH WITH ACTION WE ADAPT AHEAD OF THE CURVE Beginning: Moderate-quality retail portfolio Non-traditional uses added to portfolio Dispose of 18 low-quality malls and invest proceeds into better-quality assets Add diverse uses throughout the portfolio including: Restaurants Entertainment Fitness Off-Price big box stores Transform assets into multi-use destinations through the addition of apartments, hotels, medical uses, fulfillment, grocery and more Replace department stores with mix of open-air tenants Complete major redevelopments Maximized -value real estate portfolio We are poised to benefit from improving NOI, compressing cap rates and the opportunity to raise capital and reduce debt. PREIT 4#5RECENT HIGHLIGHTS Liquidity/Collections Liquidity Profile Continues to Improve; Total Liquidity of $103.6 Million at End of First Quarter Cash collections improved to 119% of billings for the first quarter of 2021 and exceeded 140% of monthly billings during April as collection of deferred rents continued to accelerate. Accounts receivable balance decreased significantly in the first quarter of 2021, down to $40.4 million as of March 31, 2021 from $54.5 million as of December 31, 2020. Operating Statistics Core Mall total occupancy was 89.2%. Core Mall non-anchor occupancy was 87.0% as of March 31, 2021. Core Mall non-anchor leased space, at 88.2%, exceeds occupied space by 120 basis points when factoring in executed new leases slated for future occupancy. Based on a comparable set of tenants who reported sales in March of 2019 and 2021, sales grew at 14 of the Company's managed properties in March and more than half of the portfolio for the quarter. Leasing Average renewal spreads for the quarter ended March 31, 2021 were 2.2% in the wholly-owned portfolio for spaces less than 10,000 square feet. 390,000 square feet of leases signed for future openings, expected to contribute annual gross rent of $8.3 million. Leasing momentum continues to build with transactions executed for over 700,000 square feet of occupancy thus far this year. Development Construction is underway for Aldi to open its first store in the portfolio at Dartmouth Mall in Q3 2021. Lease executed for a new self-storage facility in previously unused below grade space at Mall at Prince George's with an anticipated opening in Q1 2022. Tilt Studios is under construction to replace JCPenney at Magnolia Mall, expected to open in Q3 2021. A transaction has been executed with Cooper Hospital for an outpatient location in the former Sears space at Moorestown Mall. The Company executed a rezoning agreement to allow for the addition of up to 1,065 multifamily units and a hotel at Moorestown Mall. ks Seafood Cocktails Black - Rock Yard House NORDSTROM rack#6COMMUNITY IMPACT PREIT#7B BEAUTY SUPPORTING SMALL BUSINESS B BEAUTY B BEAUTY B BEAUTY 10 B EAUTY B UTY B BEAUTY B BEAUTY B BEAUTY B BEAUTY B BEAUTY PREIT launched digital support sites that targeted small businesses including: o SBA resource pages o Job portals to collect contact information from job-seekers o Shop Local webpages to support closed businesses in our shopping centers We regularly spotlight emerging businesses on social media channels Black-owned businesses and brands are featured on mall websites through a recently launched initiative 7#8FEEDING AMERICA West Michigan Food LEBSOR PACE Rive Tropicana Pampers 1164 Diaper Drive Pampers 148 swaddlers Pampers Nu Pampers 3136 ALICIAN SOFTEST Pampers 6 6 3136 Ca journeys.com AMERICAN EAGLE CONNECTING THE COMMUNITY Park N Play outdoor event experience during COVID-19 Launched Mall 2Go contactless pickup solution to support shopper needs Proactively sought to act as hosts for blood and food drives and testing and vaccination sites. Collected over 25,000 diapers in support of local organizations through Mother's Day diaper drives Donating up to $12,500 to local food banks in connection with Father's Day promotion PREIT 8#9SUSTAINABILITY FOCUSED Bill ⚫PREIT Properties support over 20,000 jobs •Millions of dollars in Real Estate Taxes support local schools and necessary infrastructure Our solar installations generate 7.7 million kwh per year • 100% of our properties participate in recycling programs ⚫PREITS network offers 70 vehicle charging stations and 95% of our properties have bike racks PREIT⁹#10OPTIMIZED REAL ESTATE PREIT#11WELL-POSITIONED ASSET BASE PREIT Operates a Strong Portfolio With Mass Appeal Fortress Destinations High quality retail • Improving sales and tenant mix profile • First-to-market tenancy ⚫Cherry Hill, Willow Grove Park, Woodland High Barrier-to- Entry Markets •Densely populated markets with millions of customers •Scarcity of well-located land •Attractive to an array of non-retail uses given infrastructure and road network • Mall at Prince Georges, Springfield Town Center, Moorestown, Plymouth Meeting, Exton Winner-Take-All •Competitors have fallen • Market share being gained evidenced by growing traffic and sales •Capital City, Dartmouth, Viewmont, Patrick Henry, Woodland, Magnolia, Jacksonville, Valley Underlying PREIT's portfolio is well located, high quality real estate that is attractive for a number of growth and densification opportunities that drive value and enhance our communities. 11#12CONCENTRATED IN TOP MARKETS With Strong Demographics Focused Exposure to Strong Markets NOI by MSA Providence, RI 4% Hampton Roads, VA 4% Grand Rapids, MI 5% Florence, SC 3% Jacksonville, NC 4% Other 13% Scranton, PA 4% DC 24% Philadelphia Population 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 Comparative Demographics 0 $60,000 $70,000 • CBL CBL PROPERTIES PREIT WASHINGTON PRIME GROUP™ MACERICH SIMON™ • Taubman $80,000 $90,000 $100,000 $110,000 Income 39% Source: Evercore ISI Annual Demographic Update for the Retail REITs dated 3/11/19 PREIT 12#13TOP MSA PRESENCE PREIT's presence in top markets allows the Company to capture tenant mindshare and create value through densification. Phoenixville Chester Blue Bell Levittown Willow 295 King of Prussia Amo ymouth Meeting Bordentown Township 276 Abingto 95 309 202 Malvern Wayne C (202) Concordville Claument Burlington 295 Willingboro (206) Bala Cynwyd 476 Mt Holly 295 38 90 10 mi prestown Darby Springfield Phil elphia Camden Mt Laurel erry Hill Media 70 476. 73 Tinicum Township 295 Chester Voorhees Evesham Township Township Tabernacle Deptford Township (42 PHILADELPHIA (5th largest MSA) • Presence anchored by: Cherry Hill Mall • Willow Grove Park • . • Plymouth Meeting Moorestown Mall Exton Mall Fashion District Reston (267) 193 North Bethesda Potomac Bethesda College Park 495 Hyattsville 495 Tysons Washington (295) Falls Church Largo 66 Fairfax 10 mi 286 Annandale 395 D Alexandria 495 (286 Springfield WASHINGTON DC (7th largest MSA) Presence anchored by: Springfield Town Center • • Mall at Prince George's • Valley Mall • Francis Scott Key Mall 495 Joint Base Andrews Clinton Bowie Croftor 382 301 PREIT 13#14PROVEN ANCHOR REPLACEMENT CAPABILITIES Anchor Redevelopment (Total Investment) ($ in millions) $70 8.5% 8.0% 8.0% $60 7.0% $50 $43 $40 $29 $30 $21 $17 $20 $10 3966 9% 8.5% 8.0% 7.0% $42 7.0% $45 7% 5% $28 3% $13 1% (1%) Asset Viewmont Mall Magnolia Mall Capital City Mall Valley Mall Willow Grove Park Moorestown Plymouth Meeting Dartmouth Old Anchor Sears Sears Sears Macy's Bon-Ton Sears JC Penney Macy's Macy's (3) Sears Dick's Sporting Goods Dick's Sporting Goods Dick's Sporting Goods New Tenants Field & Stream Home Goods Burlington HomeGoods Five Below HomeSense Fine Wine & Spirit Primanti Bros Blaze Pizza Belk One Life Fitness Tilt Studio Yard House Entertainment Venue Five Below Sierra Trading Stabilization 2018 2019 2020 2021 2023 Burlington Dick's Sporting Goods Miller's Ale House Edge Fitness Michael's Burlington ALDI 2021 2021 2022 PREIT 14#15RECENT ACTIVITY 黒 Cooper University Healthcare at Moorestown Aldi at Dartmouth + Self-storage at Mall at Prince George's Tilt Studios at Magnolia PREIT 15#16i. Fortress Destination: Cherry Hill Mall ii. High Barrier-to-Entry Market Properties: Moorestown Mall/ Mall at Prince George's iii. Winner-Take-All Properties: Capital City Mall SELECT PROPERTY SNAPSHOTS PREIT 16#17FORTRESS DESTINATIONS PREIT#18NORDSTROM Seasony PRESH/GRILL NW OPEN CHERRY HILL MALL 18 STONE FIRE PIZZA by midd#19Warminster 95 Allentown 276 Norristown Whitemarsh Abington Bensalem Penndel Bordentown Florence Chesterfield Mansfield KING OF PRUSSIA MALL en Radnor Burlington Cheltenham Springfield Riverside Willingboro Narberth Cinnaminson Mount Holly Marple FASHION DISTRICT OF PHILADELPHIA Pemberton Borough Philadelphia Lumberton MOORESTOWN MALL Mount Laurel TOWN PLACE & MARKET PLACE AT GARDEN STATE PARK Medford CHERRY HILL MALL OILL Media Glenolden Haddon 3 miles + National Park 5 miles Chester PHL Paulsboro ook Deptford DEPTFORD MALL Lindenwold Mantua Berlin GLOUCESTER PREMIUM OUTLETS 10 miles NJTP Swedesboro Woodstown Alloway 581 Pitman Elmer Glassboro PROMENADE AT SAGEMORE O THE SHOPPES AT CROSS KEYS ChiesigfuISL ACE Trade Area Population 2,095,110 Average HHI $87,289 Households 798,642 Tabernacle 532 Shamong Township Median Age 37.0 Address Washingto 2000 Route 38 Winslow Hammonton Pinelands National Reserve 563 Cherry Hill, NJ PREIT 19 ACE#20th Care Jefferson Health PELOTON works and p lululemon $220 million redevelopment successfully transformed the property into the region's fashion and dining destination. Well-established trade area from surrounding counties and Center City Philadelphia; nearly 180,000 households earn $100,000+. Major employers in area, Cooper Health System, Virtua Health, Lockheed Martin, TD Bank and Campbell's Soup, contribute to a daytime population exceeding 2.2 million Unsurpassed visibility and accessibility at Haddonfield Road and Route 38, South Jersey's busiest intersection; nearly 70,000 vehicles per day. PREIT 20#21EXCLUSIVE MERCHANDISING MIX NORDSTROM POTTERY BARN URBAN OUTFITTERS PI THE CAPITAL G R I L L E TUMI Ω PELOTON THE lululemon athletica The Container Store® (MK) MICHAEL KORS ZARA NORTH ⓇFACED Crate&Barrel H&M MAGGIANO'S • LITTLE ITALY BANANA REPUBLIC PELOTON ALEX AND ANI MORPHE J.CREW LEGO PREIT 21#22HIGH BARRIER-TO-ENTRY MARKET PROPERTIES PREIT#23save CASON HOME SENSE save SEASON MOORESTOWN MALL 23#24Abington Florence Bensalem Willingboro BURLINGTON CENTER MALL CAMBRIDGE CROSSING CENTERTON SQUARE MOORESTOWN MALL IphiRY HILL MALL O EAST GATE SQUARE 3 miles Medford MARLTON CROSSING PROMENADE AT SAGEMORE 5 miles VOORHEES TOWN CENTER Leptford DEPTFORD MALL Lindenwold 10 miles Glassboro ACE JER J Trade Area Population 1,063,252 Man Average HHI $94,420 Shamong Township 532 Households 391,244 Median Age 39.0 $ Wharton State Forest Winslow $ Little Address 400 Route 38 Moorestown, NJ PREIT 24#25LOVE PINK Bath & Body Works Beth & Roch Mode White Barn Band Body Works HOME SENSE SIERRA 4.20 Located within a hub of busy crossroads including direct access from Route 295, the NJ Turnpike, Route 38, Route 73 and within proximity to the Ben Franklin Bridge of Philadelphia, Route 41/Kings Highway and Route 70. Over 13.3 million sf of office space within five miles. Major employers include Lourdes Health System, Kennedy Health System, Cooper Health System, Lockheed Martin and Virtua Health five BELOW Located in the most affluent suburb in southern New Jersey, Moorestown has average home values of $589,000+ and is one of the 25 wealthiest zip codes in the Philadelphia region. PREIT 25#26RENDERING OF COOPER UNIVERSITY HEALTH CARE MOORESTOWN MALL Cooper ZERO CCooper WBGGRB PREIT 26#27KEY RETAILERS Boscov's REGAL CINEMAS SIERRA HOMESENSE Yard House Maplewood H&M Michaels HARVEST RIZZIERI Bath ADVANCED ACADEMY Works &Body SEASONAL GRILL & WINE BAR five BELOW VICTORIA'S SECRET HOLLISTER CALIFORNIA EXPRESS JEWELERS AMERICAN EAGLE FACTORY OUTLET JOURNEYS PREIT 27 PINK KAY VICTORIA'S SECRET MOORESTOWN MALL OUTFITTERS#28MULTIFAMILY OPPORTUNITY PROPOSED F.O. CURB 375 Residential units PERMISSIBLE BUILDING AREA (DASHED) 4.1 ACRES 595' ر 219 62 353 BOSCOV'S 202,765 SF III 1205 MOORESTOWN MALL FARVEST 97 489 REGAL PREMIUM EXPERIENCE 58,450 SF SEARS 205,591 SF ROUTE 38 103 SEARS AUTO AVAILABLE 121,200 SF 549 F PROPOSED TENANT 29.525 SF HOMESENSE 28,496 SF SIERRA FIVE TRADING POST 19,089 SF BELOW MICHAELS 25,005 SF 1205 G + 303 UPPER LEVEL PREIT EIT 28#29HIGH QUALITY ADDITIONS LEASING PRET MOORESTOWN MALL PREIT 29#30MALL AT PRINCE GEORGE'S Hyattsville, MD 30#31g Ashburn Urbana Clarksburg Germantown 270 Potomac 28 Olney Ellicott City Columbia Baltimore Middle Ri 95 WESTFIELD WHEATON Silver Spring MALL AT PRINCE GEORGE'S O TYSONS GALLERIA TYSONS CORNER CENTER OUTS Washing 5 miles Centreville Manassas ine Corns Lake Ridge Dale City Trade Area Population 1,532,119 Glen Burnie Severn TOWNE CENTER AT LAUREL 50 Average HHI $106,007 FASHION CENTRE AT PENTAGON CITY Suitland 10 miles Alexandria SPRINGFIELD TOWN CENTER Annapolis BOO BOWIE TOWN CENTER CARILLON Rosaryville 15 miles Waldorf Households 571,729 Median Age 37.0 Address 3500 East West Highway Hyattsville, MD PREIT 31#32&pizza (ULTA BEAUTY ANDARIN EXPRE Esbarro CHARLEYS GBU Located in Prince George's County, the second most populous county in MD and one of the top 100 wealthiest counties in the US. Adjacent to Metro Green Line stop, servicing 100,000 riders daily. Over 83,000 high school and college students within 10 miles of the mall, highlighted by The University of Maryland College Park, two miles away. $30 million redevelopment project features exterior facing casual dining and retail, enhanced mall entrances, upgraded common area experience, food court environment, pylon and remerchandised retail offerings. PREIT 32#33MPG MALL AT PRINCE GEORGE'S KEY RETAILERS O Marshalls maCYŠ TJ-MAX macy's target THE CHILDREN'S VICTORIA'S SECRET KAYⓇ &pizza JEWELERS (R) PLACE H&M PINK EXPRESS MILLER'S VICTORIA'S SECRET FACTORY OUTLET ALE HOUSE Foot Locker * OF HOOPS JIMMY JAZZ by Foot Locker. DSW five BELOW (ULTA DESIGNER SHOE WAREHOUSE® BEAUTY PREIT 33#34WINNER-TAKE-ALL PROPERTIES PREIT#35Almost EXMOUSE PRIMAN 1 BROS RESTAURANT& PRIMANTI BROS RESTAURANT & BAR SANDWICHES WINGS-PIZZA-BEER PRIMANT 3745 YOU ALMOST FAMOUS ICHES SARCA 2015 BLAZE PIZZA O FAST FIRE'D FINE WINE & GOOD SPIRITS FILL PREMIUN COLLECTION CAPITAL CITY MALL Camp Hill, PA#36CAPITAL CITY CK'S Capital City Mall is the dominant mall in the Harrisburg region Over 575,000 daytime residents in trade area with over 38,000 employed within eight miles of the property 27,000+ college students within 15 miles ⚫ Direct visibility and highway access from Route 11/15 to the property#37me <! 2 you. community FOR YOU QU ENDATIONS for updates ations DAVE& BUSTER'S EAT DRINK PLAY WATCH Harrisburg named one of the top 10 best cities for new grads to live, work and play for its affordable housing, low unemployment rate, and many extracurricular opportunities. - Realtor.com, 2019 #1 in Best Places to live in Pennsylvania by US News & World Reports Commonwealth of PA, US government and the state capital of Harrisburg are located eight miles from the center and employ over 38,000+ Recaptured Sears transformed into Dick's Sporting Goods, Sears Home Appliance, Primanti Bros., Blaze Pizza and PA Fine Wine & Good Spirits PREIT#38Newport New Bloomfield 81 THE SHOPPES AT SUSQUEHANNA MARKETPLACE SILVER SPRING SQUARE State Came Land 211 Trade Area Population 551,445 COLONIAL PARK MALL Average HHI $90,383 Annvill Households Harrisburg Hershey HARRISBURG MALL Mour HIGH POINTE COMMONS CAMP HILL SHOPPING CENTER Carlis' CAPITAL CITY MALL 5 miles 83 15 10 miles 20 miles Mount Wolf Colum Dover York Red Lion 226,154 % of Households > $75k 44.6% Median Age 42.1 % Bachelor's Degree or above 35.2% PREIT#39KEY RETAILERS DSW. DICK'S DAVE& BUSTER'S SPORTING GOODS H&M macy's HOLLISTER Buckle B BLAZE PIZZA PRIMANTI BROS. THE CHILDREN'S PLACE sleep number. FOREVER 21 HOT TOPIC HAND & STONE® MASSAGE AND FACIAL SPA FINE WINE & GOOD SPIRITS BUILD -A- BE WORKSHOP TORRID White Barn James PINK VICTORIA'S SECRET YANKEE CANDLE America's Best Loved Candle™ sunglass hut zumiez EXPRESS PREIT#40HOLLISTER CALIFORNIA MUST-HAVE POP-UP SHOP FOREVER 21 Дядот $75 OFF 20 ALAM MICHES ZZA-BEER HM 11 BLAZE PIZZA FAST FIRED FINE VILLE GOODSHEE PREIT#41i. Rebounding Sentiment ii. Strengthening Results iii. Improving Balance Sheet MAXIMIZING VALUE IN AN IMPROVING SECTOR PREIT 41#42REBOUNDING SENTIMENT PREIT#43ECONOMIC INDICATORS Consumer Confidence seeing dramatic improvement Increased discretionary spending Improving employment prospects Rising stock market and housing prices leading to financial security $2 trillion in excess savings leading to increased consumer spending March retail sales blew past projections and reflected increased discretionary spending Traffic at Top 50 malls reflects a steady return to the sector PREIT 43#44STRENGTHENING RESULTS PREIT#45PREIT RESULTS May Traffic exceeded 90% of May 2019 5 properties exceeded 100% of 2019 Over half of all properties generating sales for comparable tenants in excess of pre-pandemic since re-opening Over 700,000 square feet of new space signed for occupancy, representing over 150% of 2019 volume, Collections continue to improve as tenants honor deferred rent obligations. Company is cash flow positive and forecasting improvement in our liquidity Retailers expanding in portfolio: Aerie/Offline, Rose & Remington, Windsor, Fabletics, Purple, Amazon, Forman Mills, Nerd Street Gamers and more. Tenant bankruptcies have been virtually non-existent PREIT 45#46Current month collection Collections including prior months 20% 38% 19% 26% June 28% 36% 2020 Q2 23% 33% CONSISTENTLY IMPROVING COLLECTIONS DEMONSTRATES STRENGTH OF TENANTS April May July 55% 106% August 59% 84% September 69% 108% 2020 Q3 61% 99% October 72% 127% November 71% 93% December 76% 116% 2020 Q4 73% 112% January 77% 110% February 79% 120% March 87% 126% 2021 Q1 81% 119% April May 89% 149% 88% 119% 46#47IMPROVING BALANCE SHEET PREIT#48BALANCE SHEET OPPORTUNITIES -> Achieve business plan NOI objectives, demonstrating strength of recovery -> Execute on sale of multifamily land parcels -> Close on sale of hotel parcels -> Secure interest in Phase II multifamily land, additional hotel parcels and senior living opportunities -> Explore other asset sales to reduce debt -> Demonstrate cap rate improvement through continued introduction of mix of uses and improved tenant credit PREIT 48#49MULTIFAMILY OPPORTUNITY Phase I Executed Agreements of Sale for: •2,200 units 5 properties $87.2 million in proceeds Phase II Potential 3,000+ units 5 properties $137 million in proceeds Additional opportunity >600 units · 2 properties $20 million in proceeds H 49#50VALUE CREATION ROADMAP PREIT's go-forward strategy is to emphasize our portfolio's unique positioning and create value for all stakeholders through an improved balance sheet and strong results generated by capitalizing on an improving environment. Improving NOI Debt reduction IN Cap Rate Compression Diversified tenant mix PREIT 50#51FORWARD-LOOKING STATEMENTS This presentation, together with other statements and information publicly disseminated by us, contain certain "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. When used, the words "anticipate," "believe," "estimate," "target," "goal," "expect," "intend," "may," "plan," "project," "result," "should," "will," and similar expressions, which do not relate solely to historical matters, are intended to identify forward looking statements. We caution investors that any forward-looking statements presented in this presentation and the documents that we may incorporate by reference into this document are based on management's beliefs and assumptions made by, and currently available to management. These forward-looking statements reflect our current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. In particular, our business might be materially and adversely affected by uncertainties affecting real estate businesses generally as well as the following, among other factors: Changes in the retail and real estate industries, including consolidation and store closings, particularly among anchor tenants; our ability to maintain and increase property occupancy, sales and rental rates, in light of the relatively high number of leases that have expired or are expiring in the next two years; increases in operating costs that cannot be passed on to tenants; current economic conditions and the state of employment growth and consumer confidence and spending, and the corresponding effects on tenant business performance, prospects, solvency and leasing decisions and on our cash flows, and the value and potential impairment of our properties; the effects of online shopping and other uses of technology on our retail tenants; risks related to our development and redevelopment activities; acts of violence at malls, including our properties, or at other similar spaces, and the potential effect on traffic and sales; our ability to identify and execute on suitable acquisition opportunities and to integrate acquired properties into our portfolio; our partnerships and joint ventures with third parties to acquire or develop properties concentration of our properties in the Mid-Atlantic region; changes in local market conditions, such as the supply of or demand for retail space, or other competitive factors; changes to our corporate management team and any resulting modifications to our business strategies; our ability to sell properties that we seek to dispose of or our ability to obtain prices we seek; potential losses on impairment of certain long-lived assets, such as real estate, or of intangible assets, such as goodwill, including such losses that we might be required to record in connection with any dispositions of assets; our substantial debt and liquidation preference of our preferred shares and our high leverage ratio; constraining leverage, unencumbered debt yield, interest and tangible net worth covenants under our principal credit agreements; our ability to refinance our existing indebtedness when it matures, on favorable terms or at all; our ability to raise capital, including through joint ventures or other partnerships, through sales of properties or interests in properties, through the issuance of equity or equity-related securities if market conditions are favorable, or through other actions; our short- and long-term liquidity position; potential dilution from any capital raising transactions or other equity issuances; and general economic, financial and political conditions, including credit and capital market conditions, changes in interest rates or unemployment. Additional factors that might cause future events, achievements or results to differ materially from those expressed or implied by our forward-looking statements include those discussed herein and in our Annual Report on Form 10-K for the year ended December 31, 2020 in the section entitled "Item 1A. Risk Factors" and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 in the section entitled "Item 1A. Risk Factors." We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise. PREIT 51#52MEET Burlingto EDGE PLYMOUTH MEETING MALL Burlington DICK'S MILLER SALE HOUSE Starmy ZZA MILLER'S ALECHOUSE MILLER'S FITTERS TFITTERS (ULTA BEAUTY WOODLAND MALL BR BR THANK YOU PREIT PREIT 52