SCHEDULE III

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

INVESTMENTS IN REAL ESTATE

As of December 31, 2015



(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	$	21,752		$	10,550	$	64,901	$	33,555	$	—	2002	30
Capital City Mall	11,642		65,575		31,069			11,642		96,644		37,284		62,165		2003	40
Cherry Hill Mall	29,938		185,611		257,178			48,608		424,119		185,049		292,786		2003	40
Crossroads Mall	5,054		22,496		21,899			5,627		43,822		16,811		—		2003	40
Cumberland Mall	8,711		43,889		18,492			9,842		61,250		19,560		47,905		2005	40
Dartmouth Mall	7,015		28,328		32,479			7,004		60,818		33,870		63,736		1998	40
Exton Square Mall	21,460		121,326		18,940			25,209		136,517		44,755		—		2003	40
Francis Scott Key Mall	9,786		47,526		33,037			9,639		80,710		31,647		68,469		2003	40
Jacksonville Mall	9,974		47,802		26,691			9,974		74,493		29,963		—		2003	40
Logan Valley Mall	13,267		68,449		22,656			13,267		91,105		34,303		—		2003	40
Magnolia Mall	9,279		44,165		36,655			15,204		74,895		39,537		—		1998	40
Monroe Marketplace	2,430		—		265			2,430		265		86		—		2006	10
Moorestown Mall	11,368		62,995		70,189			11,368		133,184		44,234		—		2003	40
Patrick Henry Mall	16,075		86,643		43,134			16,397		129,455		58,362		95,579		2003	40
Pitney Road Plaza	905		—		(905		)	—		—		—		—		2006	40
Plymouth Meeting Mall	29,265		58,388		90,343			29,947		148,049		61,885		—		2003	40
The Mall at Prince Georges	13,065		57,686		33,199			13,066		90,884		48,364		150,000		1998	40
Springfield Town Center	119,912		353,551		1,521			119,912		355,072		8,545		—		2015	40
Sunrise Plaza land	1,739		—		690			837		1,592		—		—		2005	N/A
Swedes Square land	189		—		30			219		—		—		—		2004	N/A
Valley Mall	13,187		60,658		28,641			13,187		89,299		34,843		79,268		2003	40
Valley View Mall	9,880		46,817		22,312			9,936		69,073		22,841		29,678		2003	40
Viewmont Mall	12,505		61,519		27,919			12,606		89,337		32,920		48,000		2003	40
Voorhees Town Center⁽¹⁾	—		—		4,491			401		4,090		141		—		2003	20
Washington Crown Center	5,460		27,136		19,463			5,282		46,777		18,550		—		2003	40
Willow Grove Park	26,748		131,189		80,762			36,188		202,511		80,708		169,499		2003	40
Woodland Mall	35,540		124,504		33,757			17,577		176,224		57,033		141,185		2005	40
Wyoming Valley Mall	14,153		73,035		25,681			13,302		99,567		40,801		77,225		2003	40
Development Properties:
White Clay Point land	31,000		11,803		(8,017		)	31,612		3,174		—		—		2005	N/A
Springhills land	21,555		9,827		(12,153		)	19,070		159		—		—		2006	N/A
Investment In Real Estate	$	501,924	$	1,883,795	$	982,170		$	519,903	$	2,847,986	$	1,015,647	$	1,325,495
Assets Held For Sale:
Gadsden Mall	$	8,842	$	42,681	$	(29,480	)	$	1,544	$	20,499	$	7,652	$	—	2005	N/A
Lycoming Mall	10,274		43,440		(13,364		)	3,468		36,882		15,781		33,035		2003	N/A
New River Valley Mall	4,751		22,808		5,505			727		32,337		23,254		28,050		2003	N/A
Palmer Park Mall ⁽²⁾	3,747		18,805		2,153			3,371		21,334		6,829		—		2003	N/A
Wiregrass Commons Mall	5,103		28,758		6,099			5,592		34,368		10,338		—		2003	N/A
Chestnut Street Retail	1,036		5,152		—			1,036		5,152		515		—		2014	N/A
Walnut Street Retail	3,483		10,556		3,785			3,483		14,341		1,057		—		2014	N/A
Total Assets Held for Sale	$	37,236	$	172,200	$	(25,302	)	$	19,221	$	164,913	$	65,426	$	61,085

⁽¹⁾Office building located at Voorhees Town Center

⁽²⁾Palmer Park Mall was sold in February 2016.

The aggregate cost basis and depreciated basis for federal income tax purposes of our investment in real estate was $3,662.8 million and $2,660.7 million, respectively, at December 31, 2015 and $3,340.2 million and $2,362.2 million, respectively, at December 31, 2014. The changes in total real estate and accumulated depreciation for the years ended December 31, 2015, 2014 and 2013 are as follows:



(in thousands of dollars) Total Real Estate Assets:	For the Year Ended December 31,
(in thousands of dollars) Total Real Estate Assets:	2015			2014			2013
Balance, beginning of year	$	3,285,404		$	3,527,868		$	3,477,540
Improvements and development	69,486			103,946			79,345
Acquisitions	476,516			20,227			59,078
Impairment of assets	(195,111		)	(33,536		)	(37,708		)
Dispositions	(71,172		)	(331,480		)	(45,047		)
Write-off of fully depreciated assets	(13,100		)	(1,621		)	(5,340		)
Reclassification to held for sale	(184,134		)	—			—
Balance, end of year	$	3,367,889		$	3,285,404		$	3,527,868
Balance, end of year – held for sale	$	184,134		$	—		$	159,387



(in thousands of dollars) Accumulated Depreciation:	For the Year Ended December 31,
(in thousands of dollars) Accumulated Depreciation:	2015			2014			2013
Balance, beginning of year	$	1,061,051		$	1,012,746		$	907,928
Depreciation expense	131,102			133,699			132,114
Impairment of assets	(60,461		)	(13,841		)	(7,742		)
Dispositions	(37,519		)	(69,933		)	(14,214		)
Write-off of fully depreciated assets	(13,100		)	(1,620		)	(5,340		)
Reclassification to held for sale	(65,426		)	—			—
Balance, end of year	$	1,015,647		$	1,061,051		$	1,012,746
Balance, end of year – held for sale	$	65,426		$	—		$	50,457