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8-K - FORM 8-K - PENNSYLVANIA REAL ESTATE INVESTMENT TRUSTd306741d8k.htm

Exhibit 99.1

Pennsylvania Real Estate Investment Trust®

 

LOGO

Supplemental Financial and Operating Information

Quarter Ended December 31, 2011

www.preit.com

NYSE: PEI


Pennsylvania Real Estate Investment Trust

Supplemental Financial and Operating Information

December 31, 2011

Table of Contents

 

Introduction

  

Company Information

     1   

Press Release Announcements

     2   

Market Capitalization and Capital Resources

     3   

Operating Results

  

Statement of Operations - Proportionate Consolidation Method - Quarters Ended December 31, 2011 and December 31, 2010

     4   

Statement of Operations - Proportionate Consolidation Method - Years Ended December 31, 2011 and December 31, 2010

     5   

Net Operating Income - Quarters Ended December 31, 2011 and December 31, 2010

     6   

Net Operating Income - Years Ended December 31, 2011 and December 31, 2010

     7   

Computation of Earnings Per Share

     8   

Funds From Operations and Funds Available for Distribution - Quarters Ended December 31, 2011 and December 31, 2010

     9   

Funds From Operations and Funds Available for Distribution - Years Ended December 31, 2011 and December 31, 2010

     10   

Operating Statistics

  

Leasing Activity Summary

     11   

Summarized Rent Per Square Foot and Occupancy Percentages

     12   

Mall Sales and Rent Per Square Foot

     13   

Mall Occupancy - Owned GLA

     14   

Strip and Power Center Rent Per Square Foot and Occupancy Percentages

     15   

Top Twenty Tenants

     16   

Lease Expirations

     17   

Retail Gross Leasable Area Occupancy Summary

     18   

Property Information

     19   

Balance Sheet

  

Balance Sheet - Proportionate Consolidation Method

     22   

Balance Sheet - Property Type

     23   

Investment in Real Estate

     24   

Capital Expenditures

     26   

Debt Analysis

     27   

Debt Schedule

     28   

Selected Debt Ratios

     29   

Shareholder Information

     30   

Definitions

     31   

FORWARD-LOOKING STATEMENTS

This Quarterly Supplemental and Operating Information contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect PREIT’s current views, achievements or results, about future events 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. More specifically, PREIT’s business might be affected by uncertainties affecting real estate businesses generally as well as the following, among other factors: PREIT’s substantial debt and high leverage ratio; constraining leverage, interest and tangible net worth covenants under the 2010 Credit Facility; PREIT’s ability to refinance its existing indebtedness when it matures on favorable terms, or at all; PREIT’s ability to raise capital, including through the issuance of equity or equity-related securities if market conditions are favorable, through joint ventures or other partnerships, through sales of properties or interests in properties, or through other actions; PREIT’s short- and long-term liquidity position; the effects on PREIT of dislocations and liquidity disruptions in the capital and credit markets; the current economic conditions and their effect on employment, consumer confidence and spending and the corresponding effects on tenant business, performance, prospects, solvency and leasing decisions on our cash flows; and the value and potential impairment of PREIT’s properties; and PREIT’s ability to maintain and increase property occupancy, sales and net effective rental rates, including and in light of the relatively high number of leases that have expired or are expiring by the end of 2013. Additionally, there can be no assurance that PREIT’s actual results will not differ significantly from the estimates set forth in press releases or other disclosures, or that PREIT’s returns on its developments, redevelopments or acquisitions will be consistent with the estimates outlined in press releases or other disclosures. Investors are also directed to consider the risks and uncertainties discussed in documents PREIT has filed with the Securities and Exchange Commission and, in particular, PREIT’s Annual Report on Form 10-K for the year ended December 31, 2010. PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.


Pennsylvania Real Estate Investment Trust

Company Information

Background

Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. As of December 31, 2011 the Company’s 49 properties included 38 shopping malls, eight strip and power centers, and three development properties. These properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have a total of approximately 33.1 million square feet. PREIT is headquartered in Philadelphia, Pennsylvania.

If you would like to participate in our quarterly conference call or would like additional information about PREIT, please contact:

Nurit Yaron, Vice President - Investor Relations

200 South Broad Street

Philadelphia, PA 19102

Telephone: (215) 875-0735

Fax: (215) 546-2504

Email: yaronn@preit.com

Reporting Calendar

 

First Quarter 2012

   April 26, 2012   

 

Research Coverage      

 

Company

  

Analyst

  

Phone Number

Bank of America/Merrill Lynch    Craig Schmidt    (646) 855-3640
   Jeffery Spector    (646) 855-1363
   Lindsay Schroll    (646) 855-1829
Barclays Capital    Ross Smotrich    (212) 526-2306
   Ryan Bennett    (212) 526-5309
Citi Investment Research    Michael Bilerman    (212) 816-1383
   Quentin Velleley    (212) 816-6981
Discern    David Wiggington    (646) 862-4177
Green Street Advisors    Cedrik Lachance    (949) 640-8780
   Daniel J. Busch    (949) 640-8780
JP Morgan    Michael W. Mueller    (212) 622-6689
Keefe, Bruyette, & Woods    Ben Yang    (415) 591-1631
Sidoti & Company, LLC    Jeffrey Lau    (212) 453-7029
Stifel Nicolaus    Nathan Isbee    (443) 224-1346
   Jennifer Hummert    (443) 224-1288

 

Page 1


Pennsylvania Real Estate Investment Trust

Press Release Announcements

Dividends and Distributions:

February 17, 2012 - PREIT announced the Board of Trustees of the Company declared a quarterly cash dividend of $0.15 per common share.

January 17, 2012 - PREIT announced the tax status of its 2011 distributions.

October 20, 2011 - PREIT announced the Board of Trustees of the Company declared a quarterly cash dividend of $0.15 per common share.

Acquisitions, dispositions, development and redevelopment activities:

February 9, 2012 - PREIT announced an agreement with Mercy Health System to add a 23,500 sf health and wellness satellite location aligned with Mercy Suburban Hospital at Plymouth Meeting Mall in Plymouth Meeting, Pennsylvania.

January 31, 2012 - PREIT announced an agreement with jcpenney to relocate and expand its anchor store at North Hanover Mall in Hanover, Pennsylvania.

December 28, 2011 - PREIT announced it signed Philadelphia Media Network, Inc., owner of The Philadelphia Inquirer, Daily News, and Philly.com, to a 125,000 sf office space at 801 Market Street in Philadelphia, Pennsylvania.

December 22, 2011 - PREIT announced it signed a 12 screen, 56,000 sf Regal Premium Experience movie theater at the Moorestown Mall in Moorestown, New Jersey.

December 19, 2011 - PREIT announced it signed a 12,000 sf lease with Charming Charlie at Plymouth Meeting Mall in Plymouth Meeting, Pennsylvania.

Other activities:

January 26, 2012 - PREIT scheduled its Fourth Quarter 2011 earnings call for Thursday, February 23, 2012.

November 16, 2011 - PREIT announced its 2011 holiday promotion.

November 15, 2011 - PREIT announced the commencement of a multi-faceted repositioning of Moorestown Mall in Moorestown, New Jersey.

October 27, 2011 - PREIT reported its Third Quarter 2011 results.

October 13, 2011 - PREIT scheduled its Third Quarter 2011 earnings call for Thursday, October 27, 2011.

NOTE: The press release announcements are available on the Company’s website at www.preit.com.

 

Page 2


Pennsylvania Real Estate Investment Trust

Market Capitalization and Capital Resources

(in thousands, except per share amounts)

 

     Quarter Ended December 31,     Year Ended December 31,  
     2011     2010     2011     2010     2009  

TRADING INFORMATION

          

High Price per share

   $ 11.00      $ 15.93      $ 17.34      $ 17.35      $ 9.13   

Low Price per share

   $ 6.50      $ 11.58      $ 6.50      $ 8.35      $ 2.20   

Closing Share Price (at the end of period)

   $ 10.44      $ 14.53      $ 10.44      $ 14.53      $ 8.46   

MARKET CAPITALIZATION

          

EQUITY CAPITALIZATION

          

Common Shares Outstanding

     55,677        55,436        55,677        55,436        44,615   

OP Units Outstanding

     2,329        2,329        2,329        2,329        2,329   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Shares and OP Units Outstanding

     58,006        57,765        58,006        57,765        46,944   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Equity Market Capitalization - Shares and OP Units

   $ 605,581      $ 839,327      $ 605,581      $ 839,327      $ 397,148   

DEBT CAPITALIZATION(1)

          

Secured Debt Balance(2)

   $ 2,230,645      $ 2,265,572      $ 2,230,645      $ 2,265,572      $ 1,956,193   

Unsecured Debt Balance(3)(4)

     136,900        136,900        136,900        136,900        792,900   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Debt Capitalization

     2,367,545        2,402,472        2,367,545        2,402,472        2,749,093   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL MARKET CAPITALIZATION

   $ 2,973,126      $ 3,241,799      $ 2,973,126      $ 3,241,799      $ 3,146,241   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Equity Capitalization/Total Market Capitalization

     20.4     25.9     20.4     25.9     12.6

Debt Capitalization/Total Market Capitalization

     79.6     74.1     79.6     74.1     87.4

Unsecured Debt Balance/Total Debt

     5.8     5.7     5.8     5.7     28.8

DISTRIBUTIONS PER COMMON SHARE

          

Ordinary Dividends

   $ 0.04      $ 0.15      $ 0.37      $ 0.60      $ 0.63   

Capital Gain Distributions(5)

     —          —          0.01        —          0.11   

Non-Taxable Distributions

     0.11        —          0.22        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions per share

   $ 0.15      $ 0.15      $ 0.60      $ 0.60      $ 0.74   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Annualized Dividend Yield(6)

     5.7     4.1     5.7     4.1     8.7

CAPITAL RESOURCES

          

Cash and Cash Equivalents

   $ 27,481      $ 47,107      $ 27,481      $ 47,107      $ 77,147   

Revolving Facility

     250,000        150,000        250,000        150,000        500,000   

Amount Outstanding

     (95,000     —          (95,000     —          (486,000

Letters of Credit

     —          (1,534     —          (1,534     (3,030
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Available Revolving Facility(7)

     155,000        148,466        155,000        148,466        10,970   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL

   $ 182,481      $ 195,573      $ 182,481      $ 195,573      $ 88,117   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Shelf Registration

   $ 1,000,000      $ 831,812      $ 1,000,000      $ 831,812      $ 1,000,000   

 

(1) 

Amounts exclude debt discount on exchangeable notes and debt premium on mortgage loans.

(2)

The secured debt balance includes $240,000 in Term Loans and $95,000 outstanding under the Revolving Facility as of December 31, 2011.

(3)

The unsecured debt balance includes exchangeable notes of $136,900 for all periods presented.

(4)

The unsecured debt balance included $170,000 in the senior unsecured 2008 Term Loan and $486,000 in outstanding Credit Facility borrowings for the year ended December 31, 2009.

(5)

Includes $.004 of unrecaptured Section 1250 gain as of December 31, 2011.

(6)

Based on closing share price at the end of the period.

(7) 

The available Credit Facility borrowings are subject to covenants that may restrict amounts that can be borrowed.

 

Page 3


Pennsylvania Real Estate Investment Trust

Statement of Operations - Quarters Ended December 31, 2011 and December 31, 2010

Proportionate Consolidation Method

(in thousands)

 

     Quarter Ended December 31, 2011     Quarter Ended December 31, 2010  
     GAAP     Share of
unconsolidated
partnership(1)
    Total     GAAP     Share of
unconsolidated
partnerships(1)
    Total  

REVENUE:

            

Base rent

   $ 78,856      $ 6,680      $ 85,536      $ 78,944      $ 6,527      $ 85,471   

Expense reimbursements

     32,379        2,730        35,109        31,897        2,659        34,556   

Percentage rent

     3,993        86        4,079        3,292        74        3,366   

Lease termination revenue

     997        24        1,021        478        —          478   

Other real estate revenue

     6,907        455        7,362        6,473        540        7,013   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Real estate revenue

     123,132        9,975        133,107        121,084        9,800        130,884   

Interest and other income

     1,004        —          1,004        1,145        —          1,145   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     124,136        9,975        134,111        122,229        9,800        132,029   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES:

            

Operating expenses:

            

CAM and real estate taxes

     (36,415     (2,057     (38,472     (35,583     (2,049     (37,632

Utilities

     (5,634     (225     (5,859     (5,978     (219     (6,197

Other operating expenses

     (7,426     (635     (8,061     (7,413     (684     (8,097
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     (49,475     (2,917     (52,392     (48,974     (2,952     (51,926
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization

     (34,625     (2,209     (36,834     (38,915     (2,074     (40,989

Other expenses:

            

General and administrative expenses

     (10,390     —          (10,390     (10,712     —          (10,712

Project costs and other expenses

     (532     —          (532     (125     —          (125
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other expenses

     (10,922     —          (10,922     (10,837     —          (10,837
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest expense, net(2)

     (31,855     (2,828     (34,683     (34,142     (2,617     (36,759
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     (126,877     (7,954     (134,831     (132,868     (7,643     (140,511
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before equity in income of partnerships, discontinued operations and gains on sales of real estate

     (2,741     2,021        (720     (10,639     2,157        (8,482

Equity in income of partnerships

     2,021        (2,021     —          2,157        (2,157     —     

Gains on sales of non-operating real estate

     140        —          140        —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from continuing operations

     (580     —          (580     (8,482     —          (8,482

Discontinued operations:

            

Adjustment to gains on sales of discontinued operations

     —          —          —          (56     —          (56
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from discontinued operations

     —          —          —          (56     —          (56
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (580     —          (580     (8,538     —          (8,538

Less: net loss attributable to noncontrolling interest

     23        —          23        507        —          507   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to PREIT

   $ (557   $ —        $ (557   $ (8,031   $ —        $ (8,031
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

PREIT’s proportionate share of partnership operations is “grossed up” to reflect the Company’s share of the total revenue and expenses of the underlying properties.

(2)

Net of capitalized interest expense of $589 and $602 for the quarters ended December 31, 2011 and 2010, respectively.

 

Page 4


Pennsylvania Real Estate Investment Trust

Statement of Operations - Years Ended December 31, 2011 and December 31, 2010

Proportionate Consolidation Method

(in thousands)

 

    Year Ended December 31, 2011     Year Ended December 31, 2010  
    GAAP     Share of
unconsolidated
partnerships(1)
    Discontinued
operations
    Total     GAAP     Share of
unconsolidated
partnerships(1)
    Discontinued
operations
    Total  

REVENUE:

               

Base rent

  $ 293,345      $ 25,822      $ —        $ 319,167      $ 293,640      $ 25,663      $ 7,739      $ 327,042   

Expense reimbursements

    131,093        10,365        —          141,458        131,877        10,568        1,750        144,195   

Percentage rent

    6,494        164        —          6,658        5,585        136        —          5,721   

Lease termination revenue

    1,859        78        —          1,937        3,028        275        —          3,303   

Other real estate revenue

    17,057        1,405        —          18,462        16,235        1,450        8        17,693   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Real estate revenue

    449,848        37,834        —          487,682        450,365        38,092        9,497        497,954   

Interest and other income

    6,712        —          —          6,712        5,276        —          —          5,276   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

    456,560        37,834        —          494,394        455,641        38,092        9,497        503,230   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES:

               

Operating expenses:

               

CAM and real estate taxes

    (144,427     (8,316     —          (152,743     (142,767     (8,361     (1,904     (153,032

Utilities

    (24,530     (862     —          (25,392     (26,030     (908     (7     (26,945

Other operating expenses

    (24,876     (2,277     —          (27,153     (26,476     (2,498     (196     (29,170
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

    (193,833     (11,455     —          (205,288     (195,273     (11,767     (2,107     (209,147
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation and amortization

    (140,430     (8,403     —          (148,833     (161,592     (8,656     (3,907     (174,155

Other expenses:

               

General and administrative expenses

    (38,901     —          —          (38,901     (38,973     —          —          (38,973

Impairment of assets

    (52,336     —          —          (52,336     —          —          —          —     

Project costs and other expenses

    (964     —          —          (964     (1,137     —          —          (1,137
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other expenses

    (92,201     —          —          (92,201     (40,110     —          —          (40,110
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest expense, net(2)

    (132,256     (11,341     —          (143,597     (142,730     (8,619     (1,926     (153,275
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    (558,720     (31,199     —          (589,919     (539,705     (29,042     (7,940     (576,687
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss before equity in income of partnerships, discontinued operations and gains on sales of real estate

    (102,160     6,635        —          (95,525     (84,064     9,050        1,557        (73,457

Equity in income of partnerships

    6,635        (6,635     —          —          9,050        (9,050     —          —     

Gains on sales of real estate

    1,590        —          —          1,590        —          —          —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loss from continuing operations

    (93,935     —          —          (93,935     (75,014     —          1,557        (73,457

Discontinued operations

               

Operating results from discontinued operations

    —          —          —          —          1,557        —          (1,557     —     

Gains on sales of discontinued operations

    —          —          —          —          19,094        —          —          19,094   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from discontinued operations

    —          —          —          —          20,651        —          (1,557     19,094   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

    (93,935     —          —          (93,935     (54,363     —          —          (54,363

Less: net loss attributable to noncontrolling interests

    3,774        —          —          3,774        2,436        —          —          2,436   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to PREIT

  $ (90,161   $ —        $ —        $ (90,161   $ (51,927   $ —        $ —        $ (51,927
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

PREIT’s proportionate share of partnership operations is “grossed up” to reflect the Company’s share of the total revenue and expenses of the underlying properties.

(2)

Net of capitalized interest expense of $2,032 and $2,561 for the years ended December 31, 2011 and 2010, respectively.

 

Page 5


Pennsylvania Real Estate Investment Trust

Net Operating Income(1) - Quarters Ended December 31, 2011 and 2010

(in thousands)

 

     Quarter Ended December 31, 2011     Quarter Ended December 31, 2010  

SAME STORE RETAIL/OTHER

   Same     Other     Total     Same     Other     Total  

Real estate revenue:

            

Base rent

   $ 85,176      $ 360      $ 85,536      $ 85,083      $ 388      $ 85,471   

Expense reimbursements

     35,101        8        35,109        34,544        12        34,556   

Percentage rent

     4,079        —          4,079        3,366        —          3,366   

Lease termination revenue

     1,021        —          1,021        478        —          478   

Other real estate revenue

     7,240        122        7,362        6,890        123        7,013   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL REAL ESTATE REVENUE

     132,617        490        133,107        130,361        523        130,884   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

            

CAM and real estate taxes

     (38,040     (432     (38,472     (37,215     (417     (37,632

Utilities

     (5,859     —          (5,859     (6,197     —          (6,197

Other operating expenses

     (8,065     4        (8,061     (8,058     (39     (8,097
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL OPERATING EXPENSES

     (51,964     (428     (52,392     (51,470     (456     (51,926
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NET OPERATING INCOME

   $ 80,653      $ 62      $ 80,715      $ 78,891      $ 67      $ 78,958   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Quarter Ended December 31, 2011     Quarter Ended December 31, 2010  

SAME STORE RETAIL COMPARISON

   Malls     Strip and
Power Centers
    Total     Malls     Strip and
Power Centers
    Total  

Real estate revenue:

            

Base rent

   $ 79,448      $ 5,728      $ 85,176      $ 79,505      $ 5,578      $ 85,083   

Expense reimbursements

     33,786        1,315        35,101        33,442        1,102        34,544   

Percentage rent

     4,029        50        4,079        3,328        38        3,366   

Lease termination revenue

     971        50        1,021        473        5        478   

Other real estate revenue

     7,208        32        7,240        6,821        69        6,890   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL REAL ESTATE REVENUE

     125,442        7,175        132,617        123,569        6,792        130,361   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

            

CAM and real estate taxes

     (36,819     (1,221     (38,040     (35,974     (1,241     (37,215

Utilities

     (5,787     (72     (5,859     (6,133     (64     (6,197

Other operating expenses

     (7,961     (104     (8,065     (7,879     (179     (8,058
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL OPERATING EXPENSES

     (50,567     (1,397     (51,964     (49,986     (1,484     (51,470
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NET OPERATING INCOME

   $ 74,875      $ 5,778      $ 80,653      $ 73,583      $ 5,308      $ 78,891   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

PREIT’s proportionate share of partnership operations is “grossed up” to reflect the Company’s share of the total revenue and expenses of the underlying properties.

 

Page 6


Pennsylvania Real Estate Investment Trust

Net Operating Income(1) - Years Ended December 31, 2011 and 2010

(in thousands)

 

     Year Ended December 31, 2011     Year Ended December 31, 2010  

SAME STORE RETAIL/OTHER

   Same     Other     Total     Same     Other     Total  

Real estate revenue:

            

Base rent

   $ 317,789      $ 1,378      $ 319,167      $ 317,724      $ 9,318      $ 327,042   

Expense reimbursements

     141,420        38        141,458        142,395        1,800        144,195   

Percentage rent

     6,658        —          6,658        5,721        —          5,721   

Lease termination revenue

     1,937        —          1,937        3,303        —          3,303   

Other real estate revenue

     17,977        485        18,462        17,202        491        17,693   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL REAL ESTATE REVENUE

     485,781        1,901        487,682        486,345        11,609        497,954   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

            

CAM and real estate taxes

     (151,108     (1,635     (152,743     (149,685     (3,347     (153,032

Utilities

     (25,391     (1     (25,392     (26,938     (7     (26,945

Other operating expenses

     (27,037     (116     (27,153     (28,788     (382     (29,170
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL OPERATING EXPENSES

     (203,536     (1,752     (205,288     (205,411     (3,736     (209,147
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NET OPERATING INCOME

   $ 282,245      $ 149      $ 282,394      $ 280,934      $ 7,873      $ 288,807   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Year Ended December 31, 2011     Year Ended December 31, 2010  

SAME STORE RETAIL COMPARISON

   Malls     Strip and
Power Centers
    Total     Malls     Strip and
Power Centers
    Total  

Real estate revenue:

            

Base rent

   $ 295,346      $ 22,443      $ 317,789      $ 295,114      $ 22,610      $ 317,724   

Expense reimbursements

     136,337        5,083        141,420        137,320        5,075        142,395   

Percentage rent

     6,538        120        6,658        5,660        61        5,721   

Lease termination revenue

     1,272        665        1,937        3,298        5        3,303   

Other real estate revenue

     17,787        190        17,977        16,972        230        17,202   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL REAL ESTATE REVENUE

     457,280        28,501        485,781        458,364        27,981        486,345   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

            

CAM and real estate taxes

     (145,952     (5,156     (151,108     (144,329     (5,356     (149,685

Utilities

     (25,119     (272     (25,391     (26,684     (254     (26,938

Other operating expenses

     (26,475     (562     (27,037     (28,095     (693     (28,788
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL OPERATING EXPENSES

     (197,546     (5,990     (203,536     (199,108     (6,303     (205,411
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NET OPERATING INCOME

   $ 259,734      $ 22,511      $ 282,245      $ 259,256      $ 21,678      $ 280,934   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

PREIT’s proportionate share of partnership operations is “grossed up” to reflect the Company’s share of the total revenue and expenses of the underlying properties.

 

Page 7


Pennsylvania Real Estate Investment Trust

Computation of

Earnings Per Share

(in thousands, except per share amounts)

 

     Quarter Ended December 31,     Year Ended December 31,  
     2011     2010     2011     2010  

Loss from continuing operations

   $ (580   $ (8,482   $ (93,935   $ (75,014

Noncontrolling interest in continuing operations

     23        505        3,774        3,270   

Dividends on unvested restricted shares

     (143     (174     (547     (615
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from continuing operations used to calculate earnings per share - basic and diluted

   $ (700   $ (8,151   $ (90,708   $ (72,359
  

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from discontinued operations

   $ —        $ (56   $ —        $ 20,651   

Noncontrolling interest in discontinued operations

     —          2        —          (834
  

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income from discontinued operations used to calculate earnings per share - basic and diluted

   $ —        $ (54   $ —        $ 19,817   
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic loss per share

        

Loss from continuing operations

   $ (0.01   $ (0.15   $ (1.66   $ (1.43

Income from discontinued operations

     —          (0.00     —          0.39   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ (0.01   $ (0.15   $ (1.66   $ (1.04
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted loss per share

        

Loss from continuing operations

   $ (0.01   $ (0.15   $ (1.66   $ (1.43

Income from discontinued operations

     —          (0.00     —          0.39   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ (0.01   $ (0.15   $ (1.66   $ (1.04
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares outstanding

     55,668        55,386        55,621        51,733   

Weighted average unvested restricted shares

     (951     (1,163     (982     (1,091
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding - basic

     54,717        54,223        54,639        50,642   

Weighted average effect of common share equivalents(1)

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total weighted average shares outstanding - diluted

     54,717        54,223        54,639        50,642   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

The Company had net losses from continuing operations for all periods presented. Therefore, the effect of common share equivalents of 369 and 781 for the quarters ended December 31, 2011 and 2010, respectively, and 502 and 502 for the years ended December 31, 2011 and 2010, respectively, are excluded from the calculation of diluted loss per share because they would be antidilutive.

 

Page 8


Pennsylvania Real Estate Investment Trust

Funds From Operations and Funds Available for Distribution

(in thousands, except per share amounts)

 

    Quarter Ended December 31, 2011     Quarter Ended December 31, 2010  
    Consolidated     Share of
unconsolidated
partnerships
    Total     Consolidated     Share of
unconsolidated
partnerships
    Total  

FUNDS FROM OPERATIONS (FFO)

           

Real estate revenue(1)

  $ 123,132      $ 9,975      $ 133,107      $ 121,084      $ 9,800      $ 130,884   

Operating expenses

    (49,475     (2,917     (52,392     (48,974     (2,952     (51,926
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NET OPERATING INCOME

    73,657        7,058        80,715        72,110        6,848        78,958   

General and administrative expenses

    (10,390     —          (10,390     (10,712     —          (10,712

Interest and other income

    1,004        —          1,004        1,145        —          1,145   

Project costs and other expenses

    (532     —          (532     (125     —          (125

Interest expense, net

    (31,855     (2,828     (34,683     (34,142     (2,617     (36,759

Gains on sales of non-operating real estate

    140        —          140        —          —          —     

Depreciation on non real estate assets

    (228     —          (228     (324     —          (324
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FFO

    31,796        4,230        36,026        27,952        4,231        32,183   

Depreciation on real estate assets

    (34,397     (2,209     (36,606     (38,591     (2,074     (40,665

Equity in income of partnerships

    2,021        (2,021     —          2,157        (2,157     —     

Adjustments to gain on sales of discontinued operations

    —          —          —          (56     —          (56
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

  $ (580   $ —        $ (580   $ (8,538   $ —        $ (8,538
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FUNDS AVAILABLE FOR DISTRIBUTION (FAD)

           

FFO

  $ 31,796      $ 4,230      $ 36,026      $ 27,952      $ 4,231      $ 32,183   

Adjustments:

           

Straight line rent

    (235     49        (186     (197     244        47   

Recurring capital expenditures

    (5,815     (174     (5,989     (8,216     (127     (8,343

Tenant allowances

    (3,366     (139     (3,505     (7,664     7        (7,657

Capitalized leasing costs

    (1,245     —          (1,245     (1,336     —          (1,336

Amortization of mortgage loan premium

    (419     —          (419     (290     —          (290

Amortization of above- and below-market lease intangibles

    56        (41     15        62        (51     11   

Amortization of exchangeable notes debt discount

    500        —          500        473        —          473   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FAD

  $ 21,272      $ 3,925      $ 25,197      $ 10,784      $ 4,304      $ 15,088   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of shares outstanding

        54,717            54,223   

Weighted average effect of full conversion of OP Units

        2,329            2,329   

Effect of common share equivalents

        369            781   
     

 

 

       

 

 

 

Total weighted average shares outstanding, including OP Units

        57,415            57,333   
     

 

 

       

 

 

 

FFO

      $ 36,026          $ 32,183   

FFO PER DILUTED SHARE AND OP UNIT

      $ 0.63          $ 0.56   
     

 

 

       

 

 

 

FAD PER DILUTED SHARE AND OP UNIT

      $ 0.44          $ 0.26   
     

 

 

       

 

 

 

DIVIDEND PER COMMON SHARE

      $ 0.15          $ 0.15   
     

 

 

       

 

 

 

PAYOUT RATIOS

           

Payout ratio of FFO

        32.7 % (2)          32.3 % (3) 

Payout ratio of FAD

        49.3 % (2)          53.7 % (3) 

 

(1) 

Total includes the non-cash effect of straight-line rent.

(2) 

Twelve months ended December 31, 2011.

(3) 

Twelve months ended December 31, 2010.

 

Page 9


Pennsylvania Real Estate Investment Trust

Funds From Operations and Funds Available for Distribution

(in thousands, except per share amounts)

 

    Year Ended December 31, 2011     Year Ended December 31, 2010  
    Consolidated     Share of
unconsolidated
partnerships
    Discontinued
operations
    Total     Consolidated     Share of
unconsolidated
partnerships
    Discontinued
operations
    Total  

FUNDS FROM OPERATIONS (FFO)

               

Real estate revenue(1)

  $ 449,848      $ 37,834      $ —        $ 487,682      $ 450,365      $ 38,092      $ 9,497      $ 497,954   

Operating expenses

    (193,833     (11,455     —          (205,288     (195,273     (11,767     (2,107     (209,147
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NET OPERATING INCOME

    256,015        26,379        —          282,394        255,092        26,325        7,390        288,807   

General and administrative expenses

    (38,901     —          —          (38,901     (38,973     —          —          (38,973

Interest and other income

    6,712        —          —          6,712        5,276        —          —          5,276   

Project costs and other expenses

    (964     —          —          (964     (1,137     —          —          (1,137

Interest expense, net

    (132,256     (11,341     —          (143,597     (142,730     (8,619     (1,926     (153,275

Gains on sales of non operating real estate

    850        —          —          850        —          —          —          —     

Depreciation on non real estate assets

    (909     —          —          (909     (1,484     —          —          (1,484
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FFO

    90,547        15,038        —          105,585        76,044        17,706        5,464        99,214   

Gains on sales of real estate

    740        —          —          740        —          —          —          —     

Depreciation on real estate assets

    (139,521     (8,403     —          (147,924     (160,108     (8,656     (3,907     (172,671

Impairment of assets

    (52,336     —          —          (52,336     —          —          —          —     

Equity in income of partnerships

    6,635        (6,635     —          —          9,050        (9,050     —          —     

Income from discontinued operations

    —          —          —          —          1,557        —          (1,557     —     

Gain on sale of discontinued operations

    —          —          —          —          19,094        —          —          19,094   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

  $ (93,935   $ —        $ —        $ (93,935   $ (54,363   $ —        $ —        $ (54,363
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FUNDS AVAILABLE FOR DISTRIBUTION (FAD)

               

FFO

  $ 90,547      $ 15,038      $ —        $ 105,585      $ 76,044      $ 17,706      $ 5,464      $ 99,214   

Adjustments:

               

Straight line rent

    (330     232        —          (98     (1,378     319        (88     (1,147

Recurring capital expenditures

    (16,499     (422     —          (16,921     (15,792     (183     —          (15,975

Tenant allowances

    (13,793     (513     —          (14,306     (18,129     (418     —          (18,547

Capitalized leasing costs

    (4,999     —          —          (4,999     (4,459     —          —          (4,459

Amortization of mortgage loan premium

    (1,287     —          —          (1,287     (1,175     —          —          (1,175

Amortization of above- and below-market lease intangibles

    217        (176     —          41        240        (244     —          (4

Amortization of exchangeable notes debt discount

    1,960        —          —          1,960        1,855        —          —          1,855   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FAD

  $ 55,816      $ 14,159      $ —        $ 69,975      $ 37,206      $ 17,180      $ 5,376      $ 59,762   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of shares outstanding

          54,639              50,642   

Weighted average effect of full conversion of OP Units

          2,329              2,329   

Effect of common share equivalents

          502              502   
       

 

 

         

 

 

 

Total weighted average shares outstanding, including OP Units

          57,470              53,473   
       

 

 

         

 

 

 

FFO

        $ 105,585            $ 99,214   

Accelerated amortization of deferred financing fees

          —                3,652   
       

 

 

         

 

 

 

FFO AS ADJUSTED

        $ 105,585            $ 102,866   
       

 

 

         

 

 

 

FFO PER DILUTED SHARE AND OP UNIT

        $ 1.84            $ 1.86   
       

 

 

         

 

 

 

FFO PER DILUTED SHARE AND OP UNIT AS ADJUSTED

   

      $ 1.84            $ 1.93   
       

 

 

         

 

 

 

FAD PER DILUTED SHARE AND OP UNIT

        $ 1.22            $ 1.12   
       

 

 

         

 

 

 

DIVIDEND PER COMMON SHARE

        $ 0.60            $ 0.60   
       

 

 

         

 

 

 

PAYOUT RATIOS

               

Payout ratio of FFO

          32.7 % (2)            32.3 % (3) 

Payout ratio of FFO as adjusted

          32.7 % (2)            31.0 % (3) 

Payout ratio of FAD

          49.3 % (2)            53.7 % (3) 

 

(1) 

Total includes the non-cash effect of straight-line rent.

(2) 

Twelve months ended December 31, 2011.

(3) 

Twelve months ended December 31, 2010.

 

Page 10


Pennsylvania Real Estate Investment Trust

2011 Leasing Activity Summary

 

                   Average Base Rent psf      Change in Base Rent psf        
     Number      GLA      Previous      New      Dollar     Percentage     Annualized Tenant
Improvements psf(1)
 

New Leases - Previously Leased Space:

                  

1st Quarter(2)

     21         77,140       $ 22.24       $ 19.68       $ (2.56     -11.5   $ 1.39   

2nd Quarter(3)

     27         82,868         21.79         21.97         0.18        0.8     1.45   

3rd Quarter(4)

     30         102,554         24.39         18.87         (5.52     -22.6     0.82   

4th Quarter(5)

     35         110,812         19.58         18.71         (0.87     -4.4     0.60   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total/Average

     113         373,374       $ 21.94       $ 19.68       $ (2.26     -10.3   $ 1.01   

New Leases - Previously Vacant Space: (6)

                  

1st Quarter

     20         86,463         N/A       $ 16.86       $ 16.86        N/A      $ 2.05   

2nd Quarter

     39         110,003         N/A         18.38         18.38        N/A        3.40   

3rd Quarter

     41         225,145         N/A         16.56         16.56        N/A        2.28   

4th Quarter

     23         74,087         N/A         20.08         20.08        N/A        2.86   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total/Average

     123         495,698         N/A       $ 17.54       $ 17.54        N/A      $ 2.58   

Renewal: (7)

                  

1st Quarter(2)

     81         310,673       $ 22.22       $ 22.23       $ 0.01        0.0   $ 0.09   

2nd Quarter(3)

     92         321,947         22.37         22.89         0.52        2.3     0.05   

3rd Quarter(4)

     109         367,407         21.59         21.70         0.11        0.5     0.05   

4th Quarter(5)

     109         409,349         18.97         19.83         0.86        4.5     —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total/Average

     391         1,409,376       $ 21.15       $ 21.55       $ 0.40        1.9   $ 0.04   

Anchor New:

                  

1st Quarter

     0         —           N/A       $ —         $ —          N/A      $ —     

2nd Quarter

     0         —           N/A         —           —          N/A        —     

3rd Quarter

     1         113,692         N/A         1.89         1.89        N/A        —     

4th Quarter

     0         —           N/A         —           —          N/A        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total/Average

     1         113,692         N/A       $ 1.89       $ 1.89        N/A      $ —     

Anchor Renewal:

                  

1st Quarter

     5         367,162       $ 2.73       $ 2.73       $ —          0.0   $ —     

2nd Quarter

     4         436,916         2.40         2.40         —          0.0     —     

3rd Quarter

     1         155,392         1.56         1.56         —          0.0     —     

4th Quarter

     3         321,974         2.26         2.26         —          0.0     0.16   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total/Average

     13         1,281,444       $ 2.36       $ 2.36       $ —          0.0   $ 0.04   

 

(1) 

These leasing costs are presented as annualized costs per square foot and are spread uniformly over the initial lease term.

(2) 

Leasing spreads on a gross rent basis (base rent plus common area maintenance, real estate taxes, and other charges) were -5.6% for New Leases - Previously Leased Space and -6.0% for Renewals.

(3) 

Leasing spreads on a gross rent basis (base rent plus common area maintenance, real estate taxes, and other charges) were 2.2% for New Leases - Previously Leased Space and -2.3% for Renewals.

(4) 

Leasing spreads on a gross rent basis (base rent plus common area maintenance, real estate taxes, and other charges) were -14.8% for New Leases - Previously Leased Space and 0.3% for Renewals.

(5) 

Leasing spreads on a gross rent basis (base rent plus common area maintenance, real estate taxes, and other charges) were -14.0% for New Leases - Previously Leased Space and 3.5% for Renewals.

(6) 

This category includes newly constructed and recommissioned space.

(7) 

This category includes expansions, relocations and lease extensions.

 

Page 11


Pennsylvania Real Estate Investment Trust

Summarized Rent Per Square Foot and Occupancy(1) Percentages

 

     December 31, 2011     December 31, 2010     Change  
            Occupancy            Occupancy           Occupancy  
     Avg Base
Rent
     Total     Non-Anchor     Avg Base
Rent
     Total     Non-Anchor     Avg Base
Rent
    Total     Non-Anchor  

Malls weighted average(2)

   $ 31.77         92.9     89.7   $ 32.47         92.1     89.4     -2.2     0.8     0.3

Strip and Power Centers weighted average

   $ 16.19         93.8     93.8   $ 16.36         95.5     93.3     -1.0     -1.7     0.5

Retail Portfolio weighted average

   $ 28.39         93.0     90.2   $ 28.80         92.5     90.0     -1.4     0.5     0.2

Consolidated Properties

   $ 29.78         92.9     89.5   $ 30.44         92.1     89.2     -2.2     0.8     0.3

Unconsolidated Properties

   $ 23.55         94.1     94.6   $ 23.36         95.6     94.1     0.8     -1.5     0.5

Same Properties

   $ 28.39         93.0     90.2   $ 28.80         92.5     90.0     -1.4     0.5     0.2

 

(1) 

Occupancy for both periods presented includes all tenants irrespective of the terms of their agreement. Previously, occupancy was reported excluding tenants under agreements with initial terms of less than one year.

(2) 

Average base rent for tenants that lease individual spaces of 10,000 square feet or less and pay fixed rent. Average base rent for tenants greater than 10,000 square feet that pay fixed rent was $14.28/sq ft as of December 31, 2011 and $14.36/sq ft as of December 31, 2010.

 

Page 12


Pennsylvania Real Estate Investment Trust

Mall Sales and Rent Per Square Foot

 

          December 31, 2011     December 31, 2010     Change  
    % of Current
Quarter Mall
NOI
    Avg  Base
Rent(1)
    Avg
Comp
Sales(2)
    Occup.
Cost
Ratio(2)
    Avg  Base
Rent(1)
    Avg
Comp
Sales(2)
    Occup.
Cost
Ratio(2)
    Avg  Base
Rent(1)
    Avg
Comp
Sales(2)
    Occup.
Cost
Ratio(2)
 

Sales per square foot over $400

    31.4                  

Cherry Hill Mall

    $ 48.02      $ 599        12.7   $ 45.71      $ 559        13.6     5.1     7.2     -0.9

Lehigh Valley Mall

      45.44        526        11.7     45.10        516        12.7     0.8     1.9     -1.0

Woodland Mall

      40.07        526        12.3     40.85        499        12.9     -1.9     5.4     -0.6

Jacksonville Mall

      32.90        489        10.4     32.88        490        10.2     0.1     -0.2     0.2

Dartmouth Mall

      30.83        411        11.0     30.49        361        12.1     1.1     13.9     -1.1

Willow Grove Park

      42.49        400        16.4     44.10        390        16.9     -3.7     2.6     -0.5

Sales per square foot between $350 - $400

    32.4                  

The Mall at Prince Georges

      37.35        388        14.6     36.87        365        15.1     1.3     6.3     -0.5

Patrick Henry Mall

      39.44        382        14.5     39.65        392        14.2     -0.5     -2.6     0.3

Viewmont Mall

      29.21        377        12.7     29.71        369        13.0     -1.7     2.2     -0.3

The Gallery at Market East

      38.07        374        14.0     38.51        359        13.7     -1.1     4.2     0.3

Valley View Mall

      29.27        372        12.1     30.49        366        11.7     -4.0     1.6     0.4

Wyoming Valley Mall

      30.42        372        12.1     30.95        361        13.1     -1.7     3.0     -1.0

Springfield Mall

      33.92        368        14.3     34.06        349        14.3     -0.4     5.4     0.0

Valley Mall

      25.17        364        10.8     26.16        314        11.7     -3.8     15.9     -0.9

Moorestown Mall

      35.67        363        14.9     36.61        378        15.1     -2.6     -4.0     -0.2

Crossroads Mall

      21.46        354        9.1     21.06        313        9.8     1.9     13.1     -0.7

Capital City Mall

      33.63        353        11.9     32.83        347        11.8     2.4     1.7     0.1

Sales per square foot between $300 - $349

    16.1                  

Francis Scott Key Mall

      27.66        335        11.5     27.19        334        11.5     1.7     0.3     0.0

Exton Square Mall

      35.07        332        13.4     37.62        317        14.5     -6.8     4.7     -1.1

Magnolia Mall

      27.41        324        12.9     27.11        318        12.6     1.1     1.9     0.3

Plymouth Meeting Mall

      29.33        323        10.4     29.84        321        9.6     -1.7     0.6     0.8

Logan Valley Mall

      25.68        314        11.4     26.89        306        11.5     -4.5     2.6     -0.1

Cumberland Mall

      28.13        313        13.1     28.58        306        13.7     -1.5     2.3     -0.6

Sales per square foot under $300

    20.1                  

Palmer Park Mall

      24.08        293        12.0     25.53        285        11.2     -5.7     2.8     0.8

Gadsden Mall

      21.04        292        10.2     21.52        274        9.3     -2.2     6.6     0.9

Uniontown Mall

      22.53        287        10.7     22.96        282        10.8     -1.9     1.8     -0.1

New River Valley Mall

      23.43        287        10.0     23.86        270        10.6     -1.8     6.3     -0.6

Wiregrass Commons Mall

      24.94        281        10.9     27.05        278        11.6     -7.8     1.1     -0.7

Nittany Mall

      20.95        273        10.9     22.36        277        11.1     -6.3     -1.4     -0.2

Lycoming Mall

      20.95        265        10.2     21.29        255        10.3     -1.6     3.9     -0.1

North Hanover Mall

      23.56        261        12.5     26.13        269        12.6     -9.8     -3.0     -0.1

Washington Crown Center

      19.51        253        10.8     20.63        234        11.7     -5.4     8.1     -0.9

Orlando Fashion Square

      29.91        250        14.6     30.90        234        17.0     -3.2     6.8     -2.4

South Mall

      21.94        246        12.6     23.27        227        12.3