ANNUAL REPORT 2010
Pennsylvania Real Estate Investment Trust celebrated its 50th anniversary in 2010, having been founded in 1960 as one of the first equity REITs in the United States. PREIT has a primary investment focus on retail shopping malls. As of December 31, 2010, the Company's 49 properties were comprised of 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 Company's operating retail properties had approximately 33 million total square feet of space. PREIT, headquartered in Philadelphia, is publicly traded on the New York Stock Exchange under the symbol PEI. The Company's website can be found at www.preit.com
FINANCIAL HIGHLIGHTS
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (In thousands, except per share amounts)
Year Ended December 31
| 2010 | 2009 | 2008 | ||||
|---|---|---|---|---|---|---|
| - | - | - | - | - | ||
| Funds from operations* | $ | 99,214 | $ | 73,087 | $ | 141,012 |
| Total real estate revenue | $ | 455,641 | $ | 451,306 | $ | 461,035 |
| Loss from continuing operations | $ | (75,014) | $ | (103,867) | $ | (20,590) |
| Net loss allocable to common shareholders | $ | (51,927) | $ | (85,738) | $ | (15,766) |
| Loss from continuing operations per diluted share | $ | (1.43) | $ | (2.43) | $ | (0.54) |
| Net loss allocable to common shareholders per diluted share | $ | (1.04) | $ | (2.11) | $ | (0.43) |
| Investment in real estate, at cost | $ | 3,578,468 | $ | 3,684,313 | $ | 3,708,048 |
| Total assets | $ | 3,080,117 | $ | 3,346,580 | $ | 3,444,277 |
| Distributions paid to common shareholders/unitholders | $ | 32,949 | $ | 32,474 | $ | 94,702 |
| Distributions paid per common share | $ | 0.60 | $ | 0.74 | $ | 2.28 |
| Number of common shares and OP Units outstanding | $ | 57,765 | $ | 46,994 | $ | 41,669 |
| Total market capitalization | $ | 3,241,799 | $ | 3,146,241 | $ | 3,062,271 |
*A Reconciliation to GAAP can be found on page 10 of the Annual Report or click here to view that page.
