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2. Company Background
• PREIT is the oldest equity REIT in existence with over 50 years of Brand Equity and
organizational experience. It manages 34 million square feet of commercial property. Its
competencies span the Retail, Office and Multi-Family Sectors of Commercial Real Estate
and its partnerships span the other sectors as well.
• In its core markets, PREIT’s name is synonymous with Best Demonstrated Practices and
Institutional Grade Commercial Real Estate leadership across property types and business
functions.
• PREIT Capital Advisors brings together in one service platform the extensive commercial
real estate capabilities of PREIT - a leading NYSE traded REIT, the banking and lending
experience of Christophe Terlizzi, the corporate finance and private equity experience of
Daniel Dean.
• As a result, PREIT Capital Advisors is uniquely positioned to provide Portfolio Advisory
Services to Lending Institutions facing distress with commercial real estate loans and or
properties.
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3. PREIT Capital Advisors (PCA)
• PCA’ s mission is to resourcefully help lending institutions and institutional investors address
and resolve their most complex commercial real estate issues and problems.
• PCA’ s geographic focus is on Mid-Atlantic and Northeastern markets where it can leverage
the significant scale, marketing presence and infrastructure of Pennsylvania Real Estate
Investment Trust (Symbol: PEI -- NYSE).
• PCA blends real estate capital markets expertise, principal investing and restructuring
experience with corporate strategic planning and workout expertise to achieve superior
results for its clients.
• PCA’ s principal/developer/owner/operator experience across multiple property types
creates a broad and deep repository of property and market level real estate capabilities
that, when combined with scale driven purchasing power, allows PCA to deliver immediate
savings for its clients.
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4. PCA Core Competencies
• Capital Markets Sophistication and Regulatory Awareness
• Property Development and Construction Expertise
• Property Management and Leasing Expertise
• Asset Management and Reporting Expertise
• Property Recapture and Integration Expertise
• Conservator and Receiver Expertise
• In-House Expertise with Retail, Office, Industrial and Multi-Family
• Expertise with Residential Land Development, For Sale Housing and
Hospitality via Strategic Partnerships with “Best in Class” Providers
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5. Click to
zoom
PREIT Capital Advisors is
geographically focused in
markets where it has an
established presence, broad
and deep relationships and
reasonable economies of
scale.

6. “Extraordinary Times Call for
Extraordinary Measures”
Strategy
&
Restructuring
Asset Property
Management Management
Capital Markets
Expertise
PCA’s platform is the natural extension of the Company’s owner/operator heritage, super-regional
realty expertise, capital markets presence, and corporate infrastructure. It is positioned to maximize
value and minimize impairment in the midst of the continued erosion in market conditions for
commercial real estate.
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7. For Unmanaged Assets “Time Is The Enemy” – The PCA Difference
Recovery %
PCA Distressed
Asset
Services
Time
Asset Optimization
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8. PCA Process
Asset/Portfolio Evaluation
Longer Term Repositioning/
Near Term Disposition Medium Term Hold
Redevelopment
Capital Markets/ Asset Management Asset Management
Asset Sale Property
Capital Markets/ Management/Development
Asset Sale
Capital Markets/
Asset Sale
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9. Managing the Distressed Asset’s Lifecycle
PCA takes a broad, systematic and entrepreneurial approach to dealing with complex
property level issues, recognizing and acting on opportunity, minimizing risk and
maximizing value. Its hallmark is its ability to position properties optimally for sale.
Minimize Write-downs and Maximize Proceeds
Restructuring/
Decision Asset Management/ Redevelopment/
Support Optimization Repositioning
• Assessment • Physical Recapture • Leasing
• Evaluation/Re-Appraisal • Asset Management • Construction
• Budgeting/Forecasting • Property Management • Development
• Reporting • Facilities Management • Financing/Marketing/Disposition
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10. Why now?
• The erosion of market conditions for Commercial Real Estate is projected to intensify and
pose increasingly complex challenges to lenders, investors and servicers, potentially often
overwhelming their capacity to resolve defaults and recover their investments.
• Finding and managing qualified experts to address issues using a “piece meal” approach
is risky, costly and time consuming, often leading to management intensive solutions that
by virtue of their fragmentation are less likely to achieve satisfactory results.
• Single solution outsourcing with PCA provides:
• Basis for Effective Cost/Expense Management
• Ability to Leverage Your Organizational Resources
• Transparency
• Optionality
• Removal of Execution Risk
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11. Process Recap
Repor
Evaluation and Strategy ting
Assessment and Recommendations Execu and
(Triage) tion
Planning Monit
oring
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12. Sample Case Studies - Retail
Property name Challenges Accomplishments Relevance
Cherry Hill Mall • To restore and solidify property’s • Replaced vacated department store. • Drove overall sales/SF in complex
Cherry Hill, NJ premier Southern New Jersey up by nearly $100.
• Addressed aging infrastructure.
Regional Mall location and reputation.
• Received national recognition for
• Responded to increased competition.
• To reverse negative trend lines design.
on all of property’s fundamentals. • Created super-regional retail fortress
• Drove “waiting list” tenant demand for
and most significant shopping node in
property.
region.
• Achieved 100% of pro-forma rents
• Received entitlements to add a
during historically challenged time in
Nordstrom’s and 90,000SF of new
retail sector.
best-in-class restaurant and fashion
retail.
Plymouth Meeting Mall • To differentiate a very well located, • Created an open-air food and • Demolition and re-configuration of
Plymouth Meeting, PA but poorly merchandised property. entertainment destination in excess of 100,000SF of vacancy generated in
Regional Mall 100,000SF with national brands such excess of $80 million of incremental
• To re-configure and re-
as Dave & Busters, Whole Foods and net sales.
merchandise property in the face
PF Chang’s.
of very stiff competition and an • Remerchandising served as catalyst
uncooperative municipality. to absorb all of the vacancy in balance
of property.
Mall at Prince Georges •Significantly un-utilized land parcel • Added Target as anchor tenant in • Created over $100 million in
Hyattsville, MD and unrealized Leasing Upsides 2004. incremental value in time for
Regional Mall/ refinancing of property at par in 2008.
• Added Marshall’s and Ross Dress for
Power Center
Less in locations that were perceived
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to be “the back of the mall”.

13. Sample Case Studies - Office
Property name Challenges Accomplishments Relevance
Mellon Banks Center • Significant soils based • Relocated Greyhound to new site. • Project completed on budget.
Philadelphia, PA environmental issues on the
• In JV with Equitable, constructed and • Building was 100% leased at opening.
Central Business District property.
leased 54 story,1.3 million SF Class A
Office Tower • Building had highest rental structure of
• Low level use as Greyhound Bus office tower.
any office building in the City.
Terminal.
• At the time was premier building in
Philadelphia.
40 Monument Road • Constrictive parking code • Utilized JV structure with CBS. • Developed HQ office in strong
Bala Cynwyd, PA prevented high density suburban office market at high rents.
• Achieved parking variance and
Suburban Office Building development.
negotiated cross easements with • Excellent creditworthiness of tenant
• Land Owner/JV partner needed to adjoining landowner to facilitate high facilitated high permanent loan
accomplish structure to defer tax density development. advance rate and enabled CBS’
consequences. goals in entering JV.
• Karr Barth, a division of Equitable,
occupied majority of building.

14. Sample Case Studies – Mixed Use
Property name Challenges Accomplishments Relevance
Voorhees Town Center • To reduce significant retail • In JV with local multi-family developer, • Converted 250,000SF of largely
Voorhees, NJ overcapacity and re-deploy space demolished 250,000SF of vacant vacant mall space into 475 multi-family
Mixed-use, retail, to other profitable uses. retail space. units, a 48,000SF100% leased HQ
residential, office office building, and 100,000SF of
• To meet the above challenge with • Constructed mixed-use project
vibrant street retail.
the support of municipal and consisting of apartments, office, street
resident concerns. retail and traditional mall uses.
801 Market Street • To rehabilitate and modernize a • Completed $80MM historic renovation • Delivered new office and retail space.
Philadelphia, PA vacant historic building into modern ahead of schedule and under budget,
• Attracted State of Pennsylvania as
Adaptive Re-use space usage while preserving its achieved LEED certification, and
lead office tenant, paying market rents
historic features. obtained historic tax credits.
for 220,000SF of leased space.

15. CBD Office – Viewpoint
Mellon Bank Center
1735 Market Street
Philadelphia, PA
Floors: 53
Class: A
Building Area:
1,327,689 SF
Site area: 55,000 SF
Lobby retail: 15,189 SF
Concourse retail: 23,975 SF
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16. Suburban Development – Viewpoint
40 Monument Road
40 Monument Road
Bala Cynwyd, PA
Floors: 5
Class: A
Bldg Area: 80,463 SF
Site area: 208,008 SF
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17. Adaptive Re-Use - Viewpoint
801 Market Street
801 Market Street
Philadelphia, PA
Floors: 13
Class: A
Building Area: 382,487 SF
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18. PREIT Capital Advisors Team
Christophe Terlizzi
Chris Terlizzi’s career in commercial banking and real estate lending spans more than 37 years and
includes executive leadership positions at Citizens Bank, Fleet Bank and Fidelity Bank. He is expert
at building and operating commercial real estate lending platforms, specializing in project specific
transactions as well as enterprise level debt capitalization. As a senior banking executive, Chris has
had full P & L responsibility for over 15 years in enterprises that have topped $3.5 billion in CRE
assets with net earnings of more than $80 million. In this capacity, he has been responsible for
managing business origination, underwriting, approval, closing, servicing, restructuring, workouts,
policy, compliance and portfolio management with a focus on the Mid Atlantic region.
Chris is the current chairman of Urban Land Institute (ULI) Philadelphia, a non-profit education and
research institute whose mission is to provide responsible leadership in the use of land.
ULI Philadelphia encompasses more than 1,100 members throughout Eastern and Central Pennsylvania, the southern half of New Jersey
and the State of Delaware. In addition, he serves on the boards of Central Philadelphia Development Corporation, Center City District,
10,000 Friends of Pennsylvania and the Preservation Alliance of Greater Philadelphia. He is a graduate of St. Joseph’s University where he
earned a B.S. in Business Administration.
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19. PREIT Capital Advisors Team
Daniel Dean
Dan Dean is a financial and operating executive with substantial experience in commercial real
estate, multi-unit restaurant and retail, franchising, restructurings, and private equity. His experience
has spanned financial, operating and corporate governance roles in public and private enterprises
and has included workouts and corporate finance roles involving, among other things, underwriting
and structuring of debt and equity investments. He has been intimately involved in the development,
implementation and management of organizational initiatives, conflict resolution, workouts and
strategic and tactical plans.
Mr. Dean was a founder of United Enterprise Fund, L.P. (UEF), a fund fully dedicated to the franchise
restaurant industry. There, in addition to his role as portfolio manager, he has played interim
operating roles and has held leadership positions on several Boards of Directors.
He started his 25-year business career in retail and residential real estate acquisitions and mortgage finance before joining PepsiCo, Inc.’s
renowned PepsiCo Restaurant Group, where he was involved in strategic planning, corporate finance, and workouts. While at PepsiCo, he
worked with operations management to execute turnarounds at underperforming units. Dan earned a BA in English Literature from
Columbia College in 1983, and an MBA in Marketing & Finance from The Wharton School at the University of Pennsylvania in 1994.
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20. PREIT Capital Advisors Team
Timothy Rubin
During his 22 year tenure at PREIT, Tim Rubin has advanced through several positions of increasing
responsibility within the organization. Presently he holds the position of Executive Vice President of
Leasing, where his primary responsibilities include the oversight of all department store, anchor
and off-mall leasing within PREIT’s 34 million square foot retail portfolio across 13 states. Prior to
this, he managed the Leasing Department's sales force of 30 people and his primary responsibility
was the delivery of over $500 million of total annual revenue through leasing activity that generated,
on average, one million square feet per year. While serving as the head of leasing, Tim played an
instrumental role in the successful execution of PREIT’s $1 billion portfolio redevelopment initiative,
highlights of which include the redevelopments of Cherry Hill Mall, Plymouth Meeting Mall,
Patrick Henry Mall and Voorhees Town Center. He has also held several positions in the organization related to development and
redevelopment in which he has been responsible for the coordination and completion of projects ranging from the J C Penney addition at
Beaver Valley Mall outside of Pittsburgh, to the expansion and renovation of Cumberland Mall in Vineland, NJ.
Mr. Rubin earned a Masters of Business Administration from Temple University, and a Bachelor of Arts degree from Lafayette College. He is
a member of the International Council of Shopping Centers (ICSC), the National Retail Federation and holds a Real Estate Sales License in
the state of Pennsylvania.
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21. PREIT Capital Advisors Team
Douglas Grayson
Doug Grayson joined PREIT in 1990 as a development director and asset manager. In 1998, he
was promoted to executive vice president with the responsibility of running the Development Division
of the company. His primary responsibility is to manage all of the company’s development activities,
which includes the supervision of the professional staff engaged in the responsibilities of site
acquisition, feasibility assessment and analysis, planning, permitting and implementing prospective
development projects. Before coming to PREIT he worked in a development capacity for The
CoreGroup, a Philadelphia based real estate company with projects in the Delaware Valley and
Puerto Rico. Prior to the CoreGroup, Mr. Grayson co-founded a micro-computing consulting firm in
Austin, TX. He also worked as a manager for Westin Hotels.
Mr. Grayson earned a BA in Economics from the University of Pennsylvania in 1980 and an MBA from the University of Texas at Austin in
1986.
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22. PREIT Capital Advisors Team
Mario Ventresca
Mario Ventresca is Senior Vice President of Asset Management at PREIT, overseeing
all related activities for the company’s 34 million square foot portfolio. Mr. Ventresca joined
PREIT in 1994 as a Financial Analyst in the Acquisitions group, was promoted in 2000 to
Vice President of Acquisitions and later in 2000 assumed the role of Vice President with the
responsibility for the Asset Management group of the organization. Prior to his employ with
PREIT, he worked for Kravco Company, a King of Prussia, Pennsylvania-based owner and
manager of retail real estate. He has served as Dean of the School of Finance, Accounting and
Lease Administration for the International Council of Shopping Centers University of Shopping
Centers, and regularly leads ICSC roundtables and accreditation courses.
Mr. Ventresca earned a Bachelors of Business Administration from Temple University.
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23. PREIT Capital Advisors Team
Scott Petrie
Scott Petrie has been responsible for the entire scope of general management functions for the
PREIT portfolio of shopping centers since 1998. While at PREIT’s predecessor company, Mr. Petrie
held the position of Director of Operations for The Rubin-Strouse Greenberg Value Oriented Retail
Group. In that capacity, he was responsible for all property management functions of the company’s
7.5 million square foot retail portfolio. Prior to his employ with Strouse Greenberg, he was employed
by The Edward J. DeBartolo Corporation as a General Manager, in which role he oversaw the
management of approximately 2.8 million square feet of commercial space.
Mr. Petrie holds a Bachelor of Arts Degree from the University of Dayton, has the designation of
Senior Certified Shopping Center Manager (SCSM) from the International Council of Shopping
Centers, and maintains real estate licenses in both Pennsylvania and North Carolina.
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