Pennsylvania Real Estate Investment Trust : Quarterly Supplemental Disclosure (December 31, 2022)

Exhibit 99.1

Supplemental Financial and Operating Information

December 31, 2022

www.preit.com

OTCQB: PRET

OTCQB: PRETL, PRETM, PRETN

Pennsylvania Real Estate Investment Trust

Supplemental Financial and Operating Information

December 31, 2022

Table of Contents

Introduction
Company Information	1
Earnings Release	2
Changes in Funds from Operations (FFO) for the Three Months and Year Ended December 31, 2022	5
Market Capitalization and Capital Resources	6
Operating Results
Statements of Operations - Three Months and Year Ended December 31, 2022 and 2021	7
Computation of Earnings Per Share - Three Months and Year Ended December 31, 2022 and 2021	8
Reconciliation of Net Operating Income (NOI) and EBITDAre (Non-GAAP Measures) - Three Months and Year Ended
December 31, 2022 and 2021	9
Reconciliation of Net Loss (GAAP Measure) to Net Operating Income (NOI) from Consolidated Properties (Non-GAAP Measure) -
Three Months Ended December 31, 2022 and 2021	10
Reconciliation of Equity in (Loss) Income of Partnerships (GAAP Measure) to Net Operating Income (NOI) from Equity Method
Investments, at Ownership Share (Non-GAAP Measure) - Three Months Ended December 31, 2022 and 2021	11
Reconciliation of Net Loss (GAAP Measure) to Net Operating Income (NOI) from Consolidated Properties (Non-GAAP Measure) -
Year Ended December 31, 2022 and 2021	12
Reconciliation of Equity in (Loss) Income of Partnerships (GAAP Measure) to Net Operating Income (NOI) from Equity Method
Investments, at Ownership Share (Non-GAAP Measure) - Year Ended December 31, 2022 and 2021	13
Reconciliation of Net Loss (GAAP Measure) to Funds From Operations (FFO) and Funds Available for Distribution (FAD) (Non-
GAAP Measures) - Three Months and Year Ended December 31, 2022 and 2021	14
Condensed Consolidated Balance Sheets	15
Assets and Liabilities - Equity Method Investments, at Ownership Share (Non-GAAP Measure)	16
Operating Statistics
Leasing Activity Summary - Three Months and Year Ended December 31, 2022	17
Summarized Sales and Rent Per Square Foot and Occupancy Percentages	19
Mall Occupancy Percentage and Sales Per Square Foot	20
Top Twenty Tenants as of December 31, 2022	21
Lease Expirations as of December 31, 2022	22
Property Information as of December 31, 2022	23
Balance Sheet
Investment in Real Estate - Consolidated Properties	26
Investment in Real Estate - Equity Method Investments at Ownership Share	27
Capital Expenditures - Three Months and Year Ended December 31, 2022	28
Debt Analysis as of December 31, 2022	29
Debt Schedule as of December 31, 2022	31
Selected Debt Ratios	32
Forward Looking Statements	33
Definitions	34

Pennsylvania Real Estate Investment Trust

Company Information

Background

PREIT (OTCQB:PRET) is a publicly traded real estate investment trust (REIT) that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi- family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. The portfolio consists of 23 retail properties, 22 of which are operating properties and one is a development property. The 22 operating retail properties have a total of 18.3 million square feet and include 19 shopping malls and three 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:

Mario Ventresca

EVP & CFO

One Commerce Square

2005 Market Street, Suite 1000

Philadelphia, PA 19103

Telephone: [phone]

Heather Crowell [e-mail]

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

1

CONTACT: AT THE COMPANY

Mario Ventresca

EVP & CFO [phone]

INVESTOR RELATIONS

Heather Crowell [e-mail]

PREIT Reports Fourth Quarter and Full Year 2022 Results

Core Mall Total Occupancy Grew to 94.8%

Core Mall Non-Anchor Occupancy Increased 240 Basis Points to 92.1%

Core Mall Sales Per Square Foot Were $606 in January, Growing 1.7% Over December 2022

Average Renewal Spreads Were 1.1% for the Year Ended December 31, 2022

Philadelphia, March 22, 2023 - PREIT (OTC:PRET) today reported results for the three months and year ended December 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.

(per share amounts)		Three Months Ended December 31,		Year Ended December 31,
	2022			2021			2022			2021
Net loss - basic and diluted	$	(7.81)		$	(6.52)		$	(33.06)		$	(30.56)
FFO	$	(0.93)	$	2.50		$	(0.55)	$	0.81
FFO, as adjusted	$	(0.88)	$	2.40		$	(1.18)	$	(0.56)

"As we reflect on our performance, we are pleased with what the team accomplished in the face of increasing economic pressure facing businesses and consumers, delivering new-to-portfolio tenants and robust leasing results including diverse uses and raising capital through opportunistic asset sales," said Joseph F. Coradino, Chairman and CEO of PREIT. "In spite of the macroeconomic pressures, the prognosis for retail remains positive. The consumer has rediscovered the enclosed mall and is embracing the new experiences we are offering."

• Same Store NOI, excluding lease termination revenue, decreased 7.7% and 0.3% for the three months and year ended December 31, 2022 compared to the same periods ended December 31, 2021, respectively, driven by outsized credit recoveries in 2021 and an increase in operating costs.
• Robust leasing activity is driving increased occupancy with Core Mall Total Occupancy increasing by 150 basis points to 94.8% compared to the year ended December 31, 2021. Core Mall non-anchor Occupancy improved 240 basis points to 92.1% compared to the year ended December 31, 2021.

2

• Core Mall total leased space, at 95.7%, exceeds occupied space by 90 basis points, and Core Mall non-anchor leased space, at 93.4%, is higher than occupied space by 130 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 December 31, 2022, core mall comparable sales grew to $596 per square foot, compared to $539 in 2019. Comparable sales demonstrated further improvement in January, rising to $606 per square foot.
• Average renewal spreads for the three months and year ended December 31, 2022 were -5.6% and 1.1%, respectively.
• The Company made notable advances in its capital-raising efforts, including the sale of Cumberland Mall and several outparcels. Since the beginning of 2022, the Company sold assets generating just over $141 million in gross proceeds. As part of its debt reduction plan, the Company has applied asset sale proceeds and excess cash from operations to pay down debt by $184 million through January 31, 2023.

Leasing and Redevelopment

• 337,000 square feet of leases are signed for future openings, which is expected to contribute annualized gross rent of over $7.4 million.
• Construction is underway on the new self-storage facility in previously unused below grade space at Mall at Prince George's in Hyattsville, MD, with an anticipated opening in the third quarter of 2023.
• Tilted 10 opened Phase I of its planned two-level indoor family entertainment center at Willow Grove Park in March, adding family entertainment to this locally-loved destination shopping experience. The balance of the facility is expected to open in spring 2023.
• At Moorestown Mall, construction is underway for the new state-of-the-art Cooper University Healthcare facility and the 375-unit Pearl apartment development, following completion of the sale of land in the second quarter of 2022.
• Tenant construction is underway for a new prototype, 32,000 square foot, LEGO® Discovery Center at Springfield Town Center with expected opening in third quarter 2023. Burlington has also executed a lease for a 30,000 square foot location with an anticipated opening later this year. Approvals were obtained for the development of 460 apartments and a 165-room hotel, setting the stage for sale of these parcels in summer 2023.

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

• Net loss attributable to PREIT common shareholders was $41.5 million (which takes into consideration the accrual of preferred dividends that accumulated during the quarter but have not been paid), or $(7.81) per basic and diluted share for the three months ended December 31, 2022, compared to net loss attributable to PREIT common shareholders of $34.5 million, or $(6.52) per basic and diluted share for the three months ended December 31, 2021.
• Funds from Operations decreased in the three months ended December 31, 2022 compared to the prior year period primarily due to lower NOI from Same Store properties as a result of declines in expense recoveries and sales, Non- Same Store properties as a result of the sale of our interest in Gloucester Premium Outlets and Cumberland Mall as well as higher interest expense.
• FFO for the three months ended December 31, 2022 was $(0.93) per diluted share and OP Unit compared to $2.50 per diluted share and OP Unit for the three months ended December 31, 2021.

All NOI and FFO amounts referenced as primary factors affecting financial results above include our share of unconsolidated properties' revenues and expenses. Additional information regarding changes in operating results for the three months and year ended December 31, 2022 and 2021 is included on page 15.

Liquidity and Financing Activities

3