Pennsylvania Real Estate Investment Trust : Quarterly Supplemental Disclosure (March 31, 2023)

Exhibit 99.1

Supplemental Financial and Operating Information

March 31, 2023

www.preit.com

OTCQB: PRET

OTCQB: PRETL, PRETM, PRETN

Pennsylvania Real Estate Investment Trust

Supplemental Financial and Operating Information

March 31, 2023

Table of Contents

Introduction
Company Information	1
Earnings Release	2
Changes in Funds from Operations (FFO) for the Three Months Ended March 31, 2023	5
Market Capitalization and Capital Resources	6
Operating Results
Statements of Operations - Three Months Ended March 31, 2023 and 2022	7
Computation of Earnings Per Share - Three Months Ended March 31, 2023 and 2022	8
Reconciliation of Net Operating Income (NOI) and EBITDAre (Non-GAAP Measures) - Three Months Ended March 31, 2023 and
2022	9
Reconciliation of Net Loss (GAAP Measure) to Net Operating Income (NOI) from Consolidated Properties (Non-GAAP Measure) -
Three Months Ended March 31, 2023 and 2022	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 March 31, 2023 and 2022	11
Reconciliation of Net Loss (GAAP Measure) to Funds From Operations (FFO) and Funds Available for Distribution (FAD) (Non-
GAAP Measures) - Three Months Ended March 31, 2023 and 2022	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 Ended March 31, 2023	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 March 31, 2023	21
Lease Expirations as of March 31, 2023	22
Property Information as of March 31, 2023	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 Ended March 31, 2023	28
Debt Analysis as of March 31, 2023	29
Debt Schedule as of March 31, 2023	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.

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CONTACT: AT THE COMPANY

Mario Ventresca

EVP & CFO [phone]

INVESTOR RELATIONS

Heather Crowell [e-mail]

PREIT Reports First Quarter 2023 Results

Core Mall Total Occupancy Grew to 93.5%

Core Mall Non-Anchor Occupancy Increased 150 Basis Points to 90.1%

Core Mall Sales Per Square Foot Were $603 in March, Growing 1.2% Over December 2022

Average Renewal Spreads Were 5.6% for the Quarter Ended March 31, 2023

Mortgage Loan on Cherry Hill Mall Extended

Philadelphia, May 4, 2023 - PREIT (OTCQB:PRET) today reported results for the three months ended March 31, 2023. 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 March 31,
2023			2022
Net loss - basic and diluted	$	(9.75)		$	(7.41)
FFO	$	(3.05)	$	(0.21)
FFO, as adjusted	$	(3.05)	$	(0.89)

"Our quarterly results demonstrate the continued strength of the portfolio and the resiliency of the consumer as sales, occupancy and NOI continue to show improvement," said Joseph F. Coradino, Chairman and CEO of PREIT. "While the economic backdrop is in flux, as we deliver new retailers and experiences throughout the portfolio, we expect to continue to drive traffic and sales, creating new opportunities to improve the value of portfolio."

• Same Store NOI, excluding lease termination revenue, increased 5.7% for the three months ended March 31, 2023 compared to the three months ended March 31, 2022.
• Robust leasing activity is driving increased occupancy with Core Mall Total Occupancy increasing by 90 basis points to 93.5% compared to the first quarter 2022. Core Mall non-anchor Occupancy improved 150 basis points to 90.1% compared to the first quarter 2022.

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• Core Mall total leased space, at 94.5%, exceeds occupied space by 100 basis points, and Core Mall non-anchor leased space, at 91.7%, is higher than occupied space by 160 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, 2023, core mall comparable sales grew to $603 per square foot, compared to $539 for the year ended December 31, 2019.
• Average renewal spreads for the three months ended March 31, 2023 were 5.6%.
• Since the beginning of 2023, the Company sold assets generating just over $26 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 $29 million through March 31, 2023.

Leasing and Redevelopment

• 258,000 square feet of leases are signed for future openings, which is expected to contribute annualized gross rent of approximately $7.2 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 2023, adding family entertainment to this locally-loved destination shopping experience. The balance of the facility is expected to open in summer 2023.
• At Moorestown Mall, construction is underway for the new state-of-the-art Cooper University Healthcare facility, expected to open its initial phase in fall 2023, 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 March 31, 2023 and 2022

• Net loss attributable to PREIT common shareholders was $51.9 million (which takes into consideration the accrual of preferred dividends that accumulated during the quarter but have not been paid), or $(9.75) per basic and diluted share for the three months ended March 31, 2023, compared to net loss attributable to PREIT common shareholders of $39.3 million, or $(7.41) per basic and diluted share for the three months ended March 31, 2022.
• Funds from Operations decreased in the three months ended March 31, 2023 compared to the prior year period primarily due to higher interest expense and a decrease in gain on sale of preferred equity interest.
• FFO for the three months ended March 31, 2023 was $(3.05) per diluted share and OP Unit compared to $(0.21) per diluted share and OP Unit for the three months ended March 31, 2022.

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 ended March 31, 2023 and 2022 is included on page 15.

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