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I N V E S TO R U P D AT E J U N E 2 0 1 7

PREIT: Company Overview

Strong market position with quality properties concentrated in mid-Atlantic’s top MSAs

23 million square feet dedicated to retail, dining and entertainment with an increasingly strong and diversified anchor mix

Early-mover advantage in rapidly-changing retail environment has created differentiated platform

Small scale creates outsized growth opportunities through:

• Redevelopment and remerchandising

• Anchor transformation

• Densification

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Key Investment Highlights

• C O N C E N T R A T E D P O R T F O L I O I N D E N S E L Y P O P U L A T E D , H I G H B A R R I E R - T O - E N T R Y

M A R K E T S

• C A P I T A L I Z I N G O N O P P O R T U N I T I E S T O I M P R O V E Q U A L I T Y T H R O U G H

R E M E R C H A N D I S I N G A N D R E D E V E L O P M E N T

• D I V E R S I F I E D T E N A N T M I X : O V E R 1 M I L L I O N S Q U A R E F E E T O F S P A C E A D D E D I N

D I N I N G , E N T E R T A I N M E N T , F A S T F A S H I O N , G R O C E R Y , H E A L T H & W E L L N E S S A N D

O F F - P R I C E C A T E G O R I E S

• I N S U L A T E D P O R T F O L I O C R E A T E S S T A B I L I T Y A N D O P P O R T U N I T Y F O R O U T S I Z E D

G R O W T H

• L I M I T E D A B S O L U T E E X P O S U R E T O S E A R S T H R O U G H P R O A C T I V E R E P L A C E M E N T

E F F O R T

• S U F F I C I E N T L I Q U I D I T Y T O M A N A G E E X I S T I N G P R O J E C T S A S W E L L A S P O T E N T I A L

F U T U R E D E P A R T M E N T S T O R E C L O S U R E S

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Geography

PREIT’s portfolio is primarily located along the east coast with a concentration in the mid-Atlantic’s top MSA’s - Philadelphia and Washington DC.

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Valley Mall

Francis Scott Key Mall

Mall at Prince Georges

Springfield Town Center

Exton Square Mall

Springfield Mall

Cumberland Mall

Moorestown Mall Cherry Hill Mall

Gloucester Premium Outlets

Willow Grove Park

Plymouth Meeting Mall

Fashion Outlets

PHILADELPHIA WASHINGTON DC

Successful Transformation

P R E I T H A S A T R A C K R E C O R D O F S U C C E S S F U L L Y E X E C U T I N G O N K E Y I N I T I A T I V E S , T R A N S F O R M I N G T H E C O M P A N Y A N D I M P R O V I N G T H E Q U A L I T Y O F O U R P O R T F O L I O .

CREATED A FOCUSED MARKET STRATEGY

• Concentrated portfolio in densely populated, high barrier-to-entry markets • >40% of NOI generated from Top 5 assets with sales PSF of $588

OPTIMIZED PORTFOLIO

• Significantly reduced risk profile through strategic disposition program • Sold 16 low-productivity malls with 2 more on the market • Capitalizing on opportunities to improve quality through remerchandising and

redevelopment

REVITALIZING CORE ASSETS TO CAPITALIZE ON RAPIDLY CHANGING LANDSCAPE

• Sector leading ~20% of space committed to dining & entertainment • Proactively replace challenged department stores with diverse mix of high-

performance retailers • Over 1 million square feet of space added in dining, entertainment, fast

fashion, grocery, health & wellness and off-price categories

IMPROVED BALANCE SHEET

• Liquidity; $400 million credit facility with no outstanding balance (as of 4/30/27)

• Well-laddered debt maturities • $720 million raised through asset sales • Minimal exposure to floating rate debt • Roadmap to lower leverage through NOI growth and asset sales • Targeted leverage below 47% and Debt/EBITDA below 7x

ACHIEVED OPERATIONAL EXCELLENCE

• Independent sales projection reflects stabilized portfolio reaching ~$540 psf in 2019

• Multi-year plan reflects average NOI growth of 6-8% over 4 years • Avg Sales/SF of $475 and NOI-weighted sales of $494 (excl. assets marketed for

sale)

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Transformation: By The Numbers

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2012 2017 Beyond 2018

# of Properties 46 27 25

# of States 13 9 8

# of Markets 20 12 10

Total GLA 33 million 23 million 22 million

Portfolio Sales/SF $365 $465 ~$540

Assets > $500/SF 3 5 >10

% of NOI from assets with sales > $500 PSF

20% 39% > 55%

Strategic Vision

• S t r a t e g i c i n v e s t m e n t a n d e x p a n s i o n i n a t t r a c t i v e

m a r k e t s

• E m p l o y i n g a c o n s u m e r - d r i v e n a p p r o a c h t o t e n a n t m i x

• C a p i t a l i z i n g o n s h i f t i n g c o n s u m e r s h o p p i n g b e h a v i o r s b y

a n t i c i p a t i n g t r e n d s

• D e l i v e r o p e r a t i n g r e s u l t s t h a t r e f l e c t t h e q u a l i t y o f t h e

p o r t f o l i o

• E x p e d i t e c a p i t a l p l a n t o m a x i m i z e l i q u i d i t y a n d r e d u c e

l e v e r a g e s o w e c a n c o n t i n u e t o c a p i t a l i z e o n v a l u e -

e n h a n c i n g o p p o r t u n i t i e s

C O N T I N U E T R A N S F O R M A T I O N I N T O A T O P - T I E R M A L L R E I T T H R O U G H P O R T F O L I O O P T I M I Z A T I O N , A D I V E R S I F I E D T E N A N T M I X A N D A S T R O N G B A L A N C E S H E E T T O C A P I T A L I Z E O N O P P O R T U N I T I E S T O C R E A T E V A L U E

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A Differentiated Platform

• Insulated Portfolio creates stability

• Small scale results in manageable impact from retailer fallout

• Opportunity for outsized growth upon execution of redevelopment

program

• Strategic position in Top 10 Markets - Philadelphia and Washington DC

• Limited absolute exposure to Sears through proactive replacement effort

• Portfolio Sales productivity exceeds “Low Productivity” Peers

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Sears exposure as a differentiator

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0 10 20 30 40 50 60 70 80

TCO

CBL

WPG

MAC

GGP

SPG

PEI

Underappreciated Quality

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Add chart of NOI by tier here

% of TTM NOI Sales PSF % Change in

Sales PSF

Top 5 40.9% $588 1.0%

6-10 16.7% $457 0.4%

11-15 15.5% $406 (3.3%)

16-20 16.0% $350 (3.0%)

Marketed for sale 5.3% $344 (1.3%)

O V E R 4 0 % O F N O I C O M E S F R O M T O P 5 P R O P E R T I E S G E N E R A T I N G S A L E S P S F O F $ 5 8 8

A V E R A G E P O R T F O L I O S A L E S / S F O F $ 4 7 5 A N D N O I - W E I G H T E D S A L E S O F $ 4 9 4 ( E X C L . A S S E T S M A R K E T E D F O R S A L E )

Quality Differentiator

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• Current Portfolio (4/30/17)

• Excluding Asset Offered for Sale

• Estimated Stabilized Portfolio Sales (1):

• Fashion Outlets Philadelphia Estimate (2):

• Estimated Stabilized Portfolio Sales:

(1)Gerney Research study dated 5.18.17 (2)Estimated by 3rd party research firm .

~

Retail Industry Outlook

• Department Store Rationalization

• Necessary; replacements are a net positive

• Strong demand demonstrated

• Capital is required, but returns are strong

• Specialty Retailer Bankruptcies

• 2017 Bankruptcies: 9 retailers impacting 50 locations in PREIT portfolio

• Strong history of replacements: 75% of 2016 – 2017 spaces covered

• Minimal occupancy impact

• Growing number of uses insulates us from shifts in apparel spending

• Blurring of lines between retail formats

• Best locations wins

• Built in traffic is compelling for traditionally off-mall players

• The best retail experience will blend full and off-price, fast fashion, specialty

boxes, dining, entertainment, health and wellness…under one roof

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Balanced Department Store Risk

December 31, 2011 Pro-forma (1)

Macy’s 24 15

JC Penney 29 16

Sears/K Mart 27 7 (2)

Boscov’s 9 6

Bon Ton 12 1

Dillard’s 3 1

Von Maur -- 1

Burlington 6 3

Century 21 Dept Stores -- 1

DICK’s Sporting Goods 2 5

Gander Mountain (BK) 1 --

Nordstrom/Rack 1 3

Round 1 Entertainment -- 1

Saks OFF 5th -- 2

Target 2 3

TJX 3 8

Whole Foods 1 2

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(1) Includes executed leases and transactions in progress that haven’t taken occupancy and excludes announced disposition properties

(2) PRIMARK occupied majority of Sears store at Willow Grove Park

Department Store Review

Tenant Internal Assessment

JC Penney

• 2 locations potentially at risk • Right-size and relocate 1 • Upgrade 1

Macy’s • None with near term risk

Bon-Ton • Sell 1 • Close 1 • 1 Remaining

Sears • Sell 2 • Proactively recapture 2 • 5 Remaining

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P R E I T H A S C A R E F U L L Y R E V I E W E D A L L A N C H O R S I N T H E P O R T F O L I O T O A S S E S S P O T E N T I A L F O R A D D I T I O N A L C L O S U R E S

Anchor Replacement Track Record

Property Tenant Size (SF)

Status/Description

Cumberland Mall DICK’S Sporting Goods 50,000 Opened 10/16 in former JC Penney store location

Willow Grove Park Primark 80,000 Opened 7/16 in portion of Sears store

Viewmont Mall Home Goods, DICK’s Sporting Goods and Field & Stream

23,000 90,000

Under construction for Q4 2017 opening in former Sears store

Exton Square Round 1 Entertainment 58,000 Opened 12/16 in former JC Penney store

Exton Square Whole Foods Market 55,000 Under construction for 2017 opening replacing K Mart

Capital City Mall DICK’s Sporting Goods 50,000 Lease Executed for Q4 17 opening replacing Sears

Woodland Mall Von Maur 90,000 Lease Executed for Q4 19 opening replacing Sears

Magnolia Mall Burlington 50,000 Lease Executed for Q4 17 opening replacing Sears

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9 A N C H O R L O C A T I O N S I N T R A N S I T I O N I N P O R T F O L I O 7 R E P L A C E M E N T T E N A N T S A R E U N D E R C O N S T R U C T I O N 5 N E W A N C H O R S W I L L B E P A Y I N G R E N T B E F O R E T H E E N D O F 2 0 1 7 ; 2 O F T H E S E W I L L R E P L A C E S E A R S S T O R E S T H A T C L O S E D A T E N D O F Q 1 1 7

Track Record of Replacing Tenants

GLA impacted % Covered (1)

2016 Bankruptcies 236,394 70%

2017 YTD Bankruptcies 295,331 80%

Total 531,725 76%

P R E I T ’ S R E L A T I V E L Y S M A L L P O R T F O L I O , L O C A T E D I N H I G H Q U A L I T Y M A R K E T S , I S P R O T E C T E D F R O M M A T E R I A L I M P A C T R E L A T E D T O R E T A I L E R F A L L O U T.

For tenants that filed for Bankruptcy protection in 2017, PREIT currently expects only 20 stores to close within its portfolio.

16 (1) Data as of March 31, 2017

Expanding Retailers

T E N A N T S H A V E B E C O M E A G N O S T I C T O R E T A I L F O R M A T A N D A R E F O C U S E D O N L O C A T I O N A N D P O S I T I O N I N G A B O V E A L L E L S E

Performing Mall Retailers

Fast Fashion

Shoes/Athletic Shoes

Off-Price / Value 17

Expanding Retailers - continued

T E N A N T S H A V E B E C O M E A G N O S T I C T O R E T A I L F O R M A T A N D A R E F O C U S E D O N L O C A T I O N A N D P O S I T I O N I N G A B O V E A L L E L S E

Grocery

Fitness

Big Box

Entertainme

nt

Dining

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New-to-Portfolio Tenants

P R E I T H A S P R I O R I T I Z E D D I V E R S I F Y I N G O U R T E N A N T M I X . W E H A D 8 2 M E E T I N G S W I T H N E W T O P O R T F O L I O T E N A N T S A T I C S C R E C O N .

• Fashion - 15

• Experiential / Entertainment - 8

• Jewelry & Accessories - 5

• Home Décor - 7

• Fast Casual Dining - 17

• Full Service Dining - 8

• Grocery & Organic Markets - 2

• Specialty Food Retailers – 10

• Fitness - 3

• Online Retailers – 2

• Other - 5

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In 2016, PREIT met with 74 such tenants, 4 of which result in executed leases

Investing in Top US Markets with Attractive

Growth Opportunities

• Philadelphia • 2nd Largest Metropolis on East Coast • PREIT is a dominant mall landlord in this key market, 6th largest in the county, boasting:

• 1 of 2 Bloomingdales stores in the region • 1 of 2 Nordstrom stores in the region • 1 of 2 PRIMARK stores in region • Only LEGOLAND Discovery Center in the region

• Ranks #1 for millenial population growth since 2005 • Current projects and densification efforts underway:

• Fashion Outlets Philadelphia • Plymouth Meeting • Exton Square • Moorestown

• Washington DC

• 7th largest city in US • PREIT owns 25% of the malls in the region anchored by Springfield Town Center, located in

Fairfax County. • Investments being made to Mall at Prince Georges and Valley Mall will strengthen our base

in this market • Strong densification and mixed use opportunities at Mall at Prince Georges and Springfield

Town Center

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Redevelopment & Anchor Repositioning Strategy

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• Proactively identify market-position improvement opportunities including: Anchor

replacement, remerchandising, renovation and densification

• Priority given to A malls and high-quality B’s that are cap rate transformative

• Targeted returns of 200-300 bps over trading cap rate

• Minimum leasing thresholds required before commitment is finalized

I N V E S T I N G I N E X I S T I N G A S S E T S I N S T R O N G , G R O W I N G M A R K E T S W H E R E L O N G - T E R M A S S E T V A L U E C A N B E E N H A N C E D .

Redevelopment Underway

Project Description

Fashion Outlets of Philadelphia

Complete transformation of former Gallery mall stretching 4 blocks in downtown Philadelphia. Project will offer a fusion of outlet, popular flagship retail, destination dining experiences and entertainment offerings. Opening in 2018.

Exton Square Mall

Located in Chester County, the wealthiest and fastest growing in PA, the

property will see an increase in traffic with the addition of a Whole Foods

Market and family entertainment destination, Round 1 which opened in

December 2016. Pursuing potential multi-family addition.

Plymouth Meeting Mall

Capitalizing on the over 90 million cars passing the center every year and expanding the mall’s trade area, the addition of LEGOLAND Discovery Center in Spring 2017 will complement an already unique experience that combines great shopping with destination entertainment, high quality dining and a gourmet grocer. The Macy’s recapture will create an opportunity to expand the plaza shops and add destination retail.

Mall at Prince Georges

Just 2 miles from the University of Maryland and minutes from Washington DC, The Mall at Prince Georges is strengthened by $1 billion in development in the immediate trade area. A remerchandising program is underway, highlighted by H&M, DSW and ULTA. 73% of the non-anchor space will be updated with new tenants or new store prototypes. The addition of fast casual restaurants along the exterior of the mall will add to the curb appeal of the property and increase mall traffic. Opening in 2017.

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Anchor Replacement Update

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• Negotiating LOIs for 5 tenants in 139,000 sf

• Tenants include several off-price merchants and new-to-region entertainment facility

Plymouth Meeting Mall – Macy’s

• Negotiating leases for 2 new-to-market destination tenants for 42,000 sf

• Negotiating LOIs for 2 additional tenants including big box and grocery tenants in ~ 50,000 sf

Moorestown Mall – Macy’s

Our Strategy at Work: Fashion Outlets Philadelphia –Transformation

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THE STORY: Spanning 4 city blocks, the Fashion Outlets Philadelphia will represent a unique metropolitan experience blending flagship and outlet retail destination dining experiences and entertainment offerings. Opening in 2018 with bright, contemporary spaces that will welcome shoppers and reconnect to Market Street with accessible storefronts, sidewalk cafés, a new streetscape, digital signage and graphics, all complementing the existing office space.

STATUS:

Opening: 2018

Stabilization: 2020

Incremental Cost:

$153-$183 million

Incremental Return:

8-9%

Leasing Status:

70% of space committed

Our Strategy at Work: Fashion Outlets Philadelphia –Transformation

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Our Strategy at Work: Springfield Town Center - Densification

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THE STORY: PREIT acquired Springfield Town Center in 2015, following its successful full-scale remodel. Along with the mall, PREIT acquired the ability to add over 3 million square feet of mixed use to the periphery. With the property marching toward stabilization, over 90% occupied and growing sales, we look toward the future of this mixed-use opportunity that will add tremendous value.

STATUS:

Planning

Our Strategy at Work: Viewmont Mall – Anchor Transformation

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THE STORY: Viewmont Mall has recently been a focus in PREIT's remerchandising strategy. Viewmont's tenancy upgrade cemented its position as the dominant shopping and recreational destination in the Scranton/Wilkes-Barre region. The addition of Ulta, Buffalo Wild Wings, Forever 21 and Yankee Candle along with new prototype store for a majority of key, national retailers, set the stage for a second phase of redevelopment. A proactive recapture of the Sears space has paved the way for a new combination Dick’s Sporting Goods / Field & Stream store accompanied by HomeGoods, all opening in Fall 2017, adding to the mall’s impressive line up of destination, traffic driving tenants.

STATUS:

Opening: 2017

Stabilization: 2018

Incremental Cost:

$21-$22 million

Incremental Return:

8-9%

Leasing Status:

Anchors under construction

Our Strategy at Work: Mall at Prince Georges - Remerchandising

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THE STORY: Just 2 miles from the University of Maryland and minutes from Washington DC, the Mall at Prince Georges’ position in the market is strengthened by the volume of development immediately surrounding the property – over $1 billion in recent development has occurred in the trade area. A remerchandising program, highlighted by H&M, DSW, ULTA. 73% of the non-anchor space will be updated with new tenants or new store prototypes.

The addition of fast casual restaurants along the exterior of the mall will add to the curb appeal of the property and increase mall traffic.

STATUS:

Opening: 2017-2018

Stabilization: 2019

Project Cost:

$30-31 million

Incremental Return: 8-9%

Leasing Status:

DSW/ULTA executed for ’18 openings

Small shop leasing 80%

4 Fast Casual leases being negotiated

Balance Sheet Strategy

W e l l - l a d d e r e d d e b t m a t u r i t i e s

• Only one significant mortgage loan maturity between now and July 2020

• Credit facility has 3 years of term remaining including extension options

M i n i m a l e x p o s u r e t o f l o a t i n g r a t e d e b t

• 96% of debt is fixed or swapped to fixed

S u f f i c i e n t l i q u i d i t y b e y o n d p r o g r a m m e d c a p i t a l n e e d s

• < $10 million currently outstanding under $400 million credit facility

S t r o n g d i v i d e n d c o v e r a g e

• 46% FFO payout ratio

• 82% FAD payout ratio

O U R G O A L I S T O M A I N T A I N F L E X I B I L I T Y T O C A P I T A L I Z E O N O P P O R T U N I T I E S A N D E N S U R E S T A B I L I T Y D U R I N G C H A L L E N G I N G T I M E S

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Addressing Capital Plan & Liquidity (millions)

2017 - 2020

Committed Redevelopment Spend remaining $237-$284

Capital Reserve for Unspecified Projects $100-$125

Total Redevelopment Spend $337-$409

Sale of Interests in Operating Assets $125-$200

Financings – Construction Loans & Excess Proceeds on Mortgage Refinancings

$175 - $250

Non-Operating Asset Sales $25-$27

Densification/Air Rights Sales $15-$18

Range of Potential Future Sources $340 - $495

Credit Facility Capacity $400

Liquidity $403-$486

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Redevelopment Spend Forecast

(1) At PREIT's estimated share. Amounts shown are net of any expected tenant reimbursements, parcel sales, tax credits or other incentives.

Incurred Remaining to Spend (1)

Property Through 3/31/17 Low High

Fashion Outlets of Philadelphia $67.5 $85.0 $115.0

Mall at Prince Georges 5.4 24.6 25.6

Sears replacements

Woodland Mall 28.9 77.1 85.1

Capital City Mall 6.6 21.4 23.4

Viewmont Mall 10.1 10.9 11.9

Magnolia Mall 1.5 13.5 17.5

Macy's replacements

Valley View Mall 0.3 3.2 3.7

Other remerchandising

Exton Mall 28.9 0.1 0.1

Plymouth Meeting Mall 5.3 1.7 1.7

Total Committed Redevelopment Spending 237.5 284.0

Reserve for Unspecified Projects 100.0 125.0

Total Redevelopment Spending $154.5 $337.5 $409.0

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Redevelopment Spend Timing

(1) Range of spending forecasted for future periods. Mid-point of annual range sums to high end of the remaining to spend column on page 28.

Projected Spending Period (1)

Property 2017 2018 2019 2020

Fashion Outlets of Philadelphia

Mall at Prince Georges

Sears replacements

Woodland Mall

Capital City Mall

Viewmont Mall

Magnolia Mall

Macy's replacements

Moorestown Mall

Plymouth Meeting Mall

Valley Mall

Valley View Mall

Other

Exton Mall

Plymouth Meeting Mall

Other

Total $130-$150 $160-$180 $70-$90 $17-$21

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Sources of Funds

Range of Proceeds

(millions) (1)

Anticipated Completion

Sale of Interests in Operating Assets $125-$200 2H 17 – 1H 18

Financings – Construction Loans & Excess Proceeds on Mortgage Refinancings $175 - $250 Q4 17- Q1 20

Non-Operating Asset Sales

$25-$27 2H 17- 18

Densification/Air Rights Sales $15-$18 2H 17 – 1H 18

Range of Potential Future Sources $340 - $495

(1)From March 31, 2017; excludes proceeds from asset sales completed in January as well as Series C Preferred Shares issued in January.

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Status of Capital Raising Initiatives

Initiative Status

Non-Operating Asset Sales • Negotiating contracts on land parcels in Chester County ,PA and Gainesville, FL.

• Retained land parcel at Beaver Valley mall under contract for Q2 17 closing

Densification/Air Rights Sales • Negotiating agreement of sale for Air Rights at FOP • Offers received for land sale to multi-family developers at Exton

Square • Finalizing agreement and pursuing entitlements for extended stay

hotel at Plymouth Meeting

Sale of Interests in Operating Assets • Logan Valley and Valley View Malls marketed for sale • Marketing interest in several medium-high quality malls through 3rd

party broker • Negotiating agreement of sale to sell non-core office space

Financings – Construction Loans & Excess Proceeds on Mortgage Refinancings

• Discussions underway for Phase I Construction Loan on FOP • Additional proceeds for Viewmont Mall following completion of

Sears replacement

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35

• Maturities shown reflect available extension options. • No amounts are currently outstanding under $400M Credit Facility, which can be extended until June 2020.

Well-Laddered Debt Maturities

$0

$100

$200

$300

$400

$500

2017 2018 2019 2020 2021 2022 2023 2024 2025

Mortgage Loans Term Loans Credit Facility

Strategic Vision

• S t r a t e g i c i n v e s t m e n t a n d e x p a n s i o n i n a t t r a c t i v e

m a r k e t s

• E m p l o y i n g a c o n s u m e r - d r i v e n a p p r o a c h t o t e n a n t m i x

• C a p i t a l i z i n g o n s h i f t i n g c o n s u m e r s h o p p i n g b e h a v i o r s b y

a n t i c i p a t i n g t r e n d s

• D e l i v e r o p e r a t i n g r e s u l t s t h a t r e f l e c t t h e q u a l i t y o f t h e

p o r t f o l i o

• E x p e d i t e c a p i t a l p l a n t o m a x i m i z e l i q u i d i t y a n d r e d u c e

l e v e r a g e s o w e c a n c o n t i n u e t o c a p i t a l i z e o n v a l u e -

e n h a n c i n g o p p o r t u n i t i e s

C O N T I N U E T R A N S F O R M A T I O N I N T O A T O P - T I E R M A L L R E I T T H R O U G H P O R T F O L I O O P T I M I Z A T I O N , A D I V E R S I F I E D T E N A N T M I X A N D A S T R O N G B A L A N C E S H E E T T O C A P I T A L I Z E O N O P P O R T U N I T I E S T O C R E A T E V A L U E

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Forward Looking Statement

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, 2016 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.