PREIT Reports First Quarter 2011 Results

Pennsylvania Real Estate Investment Trust PEI today reported results for the quarter ended March 31, 2011. Funds From Operations (“FFO”) for the quarter ended March 31, 2011 was $21.3 million, or $0.37 per diluted share. FFO for the quarter ended March 31, 2010 was $25.5 million, or $0.55 per diluted share. Same store NOI excluding lease termination revenue for the quarter ended March 31, 2011 decreased 0.7% to $66.7 million, compared to $67.2 million for the quarter ended March 31, 2010. Lease termination revenue for the quarter ended March 31, 2011 decreased $1.8 million compared to the quarter ended March 31, 2010. Same store results represent retail properties owned for the full periods presented. Total NOI was $66.8 million for the quarter ended March 31, 2011, compared to $71.6 million for the quarter ended March 31, 2010, a decrease of 6.7%, primarily due to the sale of five power centers in September 2010 and lower lease termination revenue. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure are located at the end of this press release. Net loss attributable to PREIT was $14.3 million, or $0.27 per diluted share, for the quarter ended March 31, 2011, compared to a net loss attributable to PREIT of $17.6 million, or $0.41 per diluted share, for the quarter ended March 31, 2010.