SCHEDULE III INVESTMENTS IN REAL ESTATE

12 Months Ended

Dec. 31, 2022

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, 2022

(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	$	61,471		$	11,325	$	127,101	$	65,874	$	—	2003		40
Cherry Hill Mall		29,938		185,611		257,064			48,610		424,003		290,914		243,675	2003		40
Dartmouth Mall		7,015		28,323		55,416			12,021		78,733		52,397		53,727	1998		40
Francis Scott Key Mall		9,786		47,526		39,295			9,155		87,452		50,821		52,458	2003		40
Jacksonville Mall		9,188		47,139		36,814			9,913		83,228		47,379		-	2003		40
Magnolia Mall		6,229		42,302		57,354			14,368		91,517		57,972		-	1998		40
Monroe Land		262		-		(262	)		-		-		-		-	2006	N/A
Moorestown Mall		10,934		64,746		100,512			18,899		156,847		87,323		-	2003		40
Patrick Henry Mall		16,075		86,643		55,359			16,398		141,679		85,384		83,079	2003		40
Plymouth Meeting Mall		26,984		58,388		55,969			5,055		142,648		94,518		-	2003		40
The Mall at Prince Georges		23,247		57,686		61,174			7,117		130,128		79,096		-	1998		40
Springfield Town Center		119,912		353,551		25,534			119,911		379,086		106,380		-	2015		40
Swedes Square land		189		-		36			225		-		-		-	2004	N/A
Valley Mall		8,325		57,931		83,511			23,999		125,768		62,667		-	2003		40
Viewmont Mall		12,505		61,519		48,330			12,598		109,756		63,261		67,185	2003		40
Willow Grove Park		26,748		131,189		112,377			36,537		233,777		126,094		145,237	2003		40
Woodland Mall		26,706		123,019		133,136			43,799		238,008		99,985		106,100	2005		40
Investment In Real Estate	$	345,423	$	1,411,148	$	1,183,090		$	389,930	$	2,549,731	$	1,370,065	$	751,461

(1) Represents mortgage principal balances outstanding as of December 31, 2022 and does not include unamortized debt costs with an aggregate balance of $2.1 million.

The aggregate cost basis and depreciated basis for federal income tax purposes of our investment in real estate was $3,033.4 million and $1,973.0 million at December 31, 2022, respectively, and $3,106.9 million and $2,074.6 million at December 31, 2021, respectively. The changes in total real estate and accumulated depreciation for the years ended December 31, 2022 and 2021 are as follows:

(in thousands of dollars)	For the Year Ended December 31,
Total Real Estate Assets:	2022			2021
Balance, beginning of year	$	3,206,361		$	3,220,337
Improvements and development		18,302			22,342
Impairment of assets		(100,053	)		(11,474	)
Dispositions		(45,862	)		(20,477	)
Write-off of fully depreciated assets		(75,892	)		(254	)
Reclassification to held for sale		(63,195	)		(4,113	)
Balance, end of year	$	2,939,661		$	3,206,361
Balance, end of year – held for sale	$	58,562		$	8,780

(in thousands of dollars)	For the Year Ended December 31,
Accumulated Depreciation:	2022			2021
Balance, beginning of year	$	1,405,260		$	1,308,427
Depreciation expense		105,397			109,930
Impairment of assets		(40,610	)		(83	)
Dispositions		(11,481	)		(12,827	)
Write-off of fully depreciated assets		(75,893	)		(254	)
Reclassification to held for sale		(12,608	)		67
Balance, end of year	$	1,370,065		$	1,405,260