SCHEDULE III INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 2021

(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 (1)		Date of Acquisition/ Construction	Life of Depre- ciation
Capital City Mall	$	11,380	$	65,575	$	61,069		$	11,325		$	126,699	$	61,580	$	—	2003		40
Cherry Hill Mall		29,938		185,611		270,201			48,610			437,140		290,965		255,791	2003		40
Cumberland Mall		8,711		43,889		32,826			9,842			75,584		36,962		39,146	2005		40
Dartmouth Mall		7,015		28,328		57,080			8,286			84,137		51,347		55,318	1998		40
Exton Square Mall		19,976		103,955		(83,277	)		15,989			24,665		14,526		—	2003		40
Francis Scott Key Mall		9,786		47,526		40,983			9,442			88,853		49,342		59,490	2003		40
Jacksonville Mall		9,188		47,139		38,714			9,913			85,128		46,540		—	2003		40
Magnolia Mall		6,229		42,302		60,364			12,588			96,307		57,520		—	1998		40
Monroe Land		262		—		(262	)		—			—		—		—	2006		10
Moorestown Mall		10,934		62,995		113,038			23,058			163,909		88,977		—	2003		40
Patrick Henry Mall		16,075		86,643		54,763			16,398			141,083		81,741		84,924	2003		40
Plymouth Meeting Mall		29,265		58,388		158,560			31,737			214,476		118,337		—	2003		40
The Mall at Prince Georges		18,156		57,686		66,317			11,805			130,354		75,567		—	1998		40
Springfield Town Center		119,912		353,551		23,651			119,911			377,203		95,571		—	2015		40
Swedes Square land		189		—		36			225			—		—		—	2004	N/A
Valley Mall		8,325		57,931		84,737			26,991			124,002		59,345		—	2003		40
Valley View Mall		5,869		46,326		(52,131	)		(826	)		890		66		27,213	2003		40
Viewmont Mall		12,505		61,519		48,560			12,605			109,979		59,046		66,718	2003		40
Willow Grove Park		26,748		131,189		112,282			39,756			230,463		120,100		148,883	2003		40
Woodland Mall		26,706		121,965		139,163			44,865			242,969		97,728		113,800	2005		40
Investment In Real Estate	$	377,169	$	1,602,518	$	1,226,674		$	452,520		$	2,753,841	$	1,405,260	$	851,283

(1) Represents mortgage principal balances outstanding as of December 31, 2021 and does not include unamortized debt costs with an aggregate balance of $1.2 million.

The aggregate cost basis and depreciated basis for federal income tax purposes of our investment in real estate was $3,106.9 million and $2,074.6 million at December 31, 2021, respectively, and $3,163.8 million and $2,180.2 million at December 31, 2020, respectively. The changes in total real estate and accumulated depreciation for the years ended December 31, 2021 and 2020 are as follows:

(in thousands of dollars)	For the Year Ended December 31,
Total Real Estate Assets:	2021			2020
Balance, beginning of year	$	3,220,337		$	3,210,926
Improvements and development		22,342			49,075
Impairment of assets		(11,474	)		—
Dispositions		(20,477	)		(39,661	)
Write-off of fully depreciated assets		(254	)		(3	)
Reclassification to held for sale		(4,113	)		—
Balance, end of year	$	3,206,361		$	3,220,337
Balance, end of year – held for sale	$	8,780		$	1,384

(in thousands of dollars)	For the Year Ended December 31,
Accumulated Depreciation:	2021			2020
Balance, beginning of year	$	1,308,427		$	1,202,722
Depreciation expense		109,930			116,369
Impairment of assets		(83	)		—
Dispositions		(12,827	)		(13,808	)
Write-off of fully depreciated assets		(254	)		(3	)
Reclassification to held for sale		67			3,147
Balance, end of year	$	1,405,260		$	1,308,427
Balance, end of year – held for sale	$	—		$	—