SCHEDULE III INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III INVESTMENTS IN REAL ESTATE

SCHEDULE III

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

INVESTMENTS IN REAL ESTATE

As of December 31, 2014

(in thousands of dollars)	Initial Cost of Land		Initial Cost of Building & Improvements		Cost of Improvements Net of Retirements and Impairment Charges			Balance of Land and Land Held for Develop- ment		Balance of Building & Improvements and Construction in Progress		Accumulated Depreciation Balance			Current Encumbrance		Date of Acquisition/ Construction	Life of Depre- ciation
Operating Properties:
Beaver Valley Mall	$	10,822	$	42,877	$	20,421		$	10,550	$	63,570	$	(30,465	)	$	—	2002	30
Capital City Mall	11,642		65,575		22,601			11,642		88,176		(34,420		)	63,177		2003	40
Cherry Hill Mall	29,938		185,611		254,945			48,608		421,886		(163,178		)	298,231		2003	40
Crossroads Mall	5,054		22,496		21,517			5,627		43,440		(15,098		)	—		2003	40
Cumberland Mall	8,711		43,889		15,196			9,842		57,954		(17,412		)	49,171		2005	40
Dartmouth Mall	7,015		28,328		29,201			7,015		57,529		(32,540		)	64,968		1998	40
Exton Square Mall	21,460		121,326		15,837			22,156		136,467		(41,473		)	—		2003	40
Francis Scott Key Mall	9,786		47,526		34,678			9,639		82,351		(28,480		)	62,625		2003	40
Gadsden Mall	8,842		42,681		12,778			8,617		55,684		(16,483		)	—		2005	40
Jacksonville Mall	9,974		47,802		26,399			9,974		74,201		(27,148		)	—		2003	40
Logan Valley Mall	13,267		68,449		19,171			13,267		87,620		(32,222		)	—		2003	40
Lycoming Mall	10,274		43,440		26,907			10,793		69,828		(26,547		)	33,963		2003	40
Magnolia Mall	9,279		44,165		37,281			15,204		75,521		(37,033		)	55,679		1998	40
Monroe Marketplace	4,850		—		(1,454		)	3,130		266		(60		)	—		2006	10
Moorestown Mall	11,368		62,995		59,137			11,368		122,132		(39,061		)	—		2003	40
New River Valley Mall	4,751		22,808		31,781			4,786		54,554		(27,497		)	28,050		2003	40
Palmer Park Mall	3,747		18,805		12,165			3,747		30,970		(15,002		)	—		2003	40
Patrick Henry Mall	16,075		86,643		43,715			16,397		130,036		(53,642		)	85,013		2003	40
Pitney Road Plaza	905		—		433			301		1,037		(13		)	—		2006	40
Plymouth Meeting Mall	29,265		58,388		86,197			29,947		143,903		(54,036		)	—		2003	40
The Mall at Prince Georges	13,065		57,686		33,024			13,066		90,709		(45,879		)	150,000		1998	40
Sunrise Plaza land	1,739		—		(902		)	837		—		—			—		2005	N/A
Swedes Square land	189		—		18			207		—		—			—		2004	N/A
Uniontown Mall	—		30,761		12,990			—		43,751		(15,972		)	—		2003	40
Valley Mall	13,187		60,658		27,014			13,187		87,672		(32,217		)	80,930		2003	40
Valley View Mall	9,880		46,817		23,145			9,936		69,906		(20,426		)	30,162		2003	40
Viewmont Mall	12,505		61,519		24,622			12,606		86,040		(29,834		)	48,000		2003	40
Voorhees Town Center	2,506		7,807		73,777			4,256		79,834		(28,152		)	—		2003	40
Washington Crown Center	5,460		27,136		18,997			5,282		46,311		(16,747		)	—		2003	40
Willow Grove Park	26,748		131,189		78,300			36,188		200,049		(73,261		)	136,106		2003	40
Wiregrass Commons	5,103		28,758		22,678			7,923		48,616		(16,939		)	—		2003	40
Woodland Mall	35,540		124,504		32,932			17,577		175,399		(51,048		)	143,872		2005	40
Wyoming Valley Mall	14,153		73,035		24,886			13,302		98,772		(37,980		)	78,000		2003	40
Chestnut Street Retail	1,036		5,152		—			1,036		5,152		(258		)	—		2014	40
Walnut Street Retail	3,483		10,556		—			3,483		10,556		(528		)	—		2014	40
Development Properties:
White Clay Point land	31,000		11,803		(8,017		)	31,516		3,270		—			—		2005	N/A
Springhills land	21,555		9,827		(12,152		)	19,066		164		—			—		2006	N/A
Investment In Real Estate	$	424,174	$	1,741,012	$	1,120,218		$	442,078	$	2,843,326	$	(1,061,051	)	$	1,407,947

The aggregate cost basis and depreciated basis for federal income tax purposes of our investment in real estate was $3,340.2 million and $2,362.2 million, respectively, at December 31, 2014 and $3,710.1 million and $2,692.9 million, respectively, at December 31, 2013. The changes in total real estate and accumulated depreciation for the years ended December 31, 2014, 2013 and 2012 are as follows:

(in thousands of dollars) Total Real Estate Assets:	For the Year Ended December 31,
	2014			2013			2012
Balance, beginning of year	$	3,527,868		$	3,477,540		$	3,576,997
Improvements and development	103,946			79,345			77,040
Acquisitions	20,227			59,078			—
Impairment of assets	(33,536		)	(37,708		)	(3,805		)
Dispositions	(331,480		)	(45,047		)	(89		)
Write-off of fully depreciated assets	(1,621		)	(5,340		)	(13,216		)
Reclassification to held for sale	—			—			(159,387		)
Balance, end of year	$	3,285,404		$	3,527,868		$	3,477,540
Balance, end of year – held for sale	$	—		$	—		$	159,387

(in thousands of dollars) Accumulated Depreciation:	For the Year Ended December 31,
	2014			2013			2012
Balance, beginning of year	$	1,012,746		$	907,928		$	844,010
Depreciation expense	133,699			132,114			127,591
Impairment of assets	(13,841		)	(7,742		)	—
Dispositions	(69,933		)	(14,214		)	—
Write-off of fully depreciated assets	(1,620		)	(5,340		)	(13,216		)
Reclassification to held for sale	—			—			(50,457		)
Balance, end of year	$	1,061,051		$	1,012,746		$	907,928
Balance, end of year – held for sale	$	—		$	—		$	50,457