On September 27, 2023, Pennsylvania Real Estate Investment Trust (Trust), PREIT Associates, L.P. and PREIT-RUBIN, Inc. (collectively with the Trust and PREIT Associates, L.P., the ? Borrower?), Wilmington Savings Fund Society, FSB, as administrative agent, and the lenders that are signatories thereto entered into that certain Second Amendment to Amended and Restated First Lien Credit Agreement (the ? Amendment?), which amends that certain Amended and Restated First Lien Credit Agreement, dated as of December 10, 2020 (as amended by that certain Agency Resignation, Appointment, Acceptance and Waiver Agreement, dated as of April 13, 2021, that certain First Amendment to the First Lien Credit Agreement, dated as of May 12, 2023 and the Amendment, the ?

First Lien Credit Agreement?). Pursuant to the Amendment, certain of the First Lien Credit Agreement?s negative covenants were revised to enable the Borrower to (i) use up to $54 million of proceeds of the First Lien Credit Agreement?s secured first lien revolving credit facility (the ? First Lien Revolving Facility?) to refinance certain outstanding indebtedness owed by PR North Dartmouth LLC that is secured by the Dartmouth Mall (the ?

Dartmouth Refinancing?), and (ii) use up to a certain amount of proceeds of the First Lien Revolving Facility to consummate a specified property acquisition (the ? Specified Acquisition?), in each case, subject to certain conditions, including, but not limited to, that the Borrower must pay certain fees to the Administrative Agent for the account of the Lenders in connection with the consummation of the Dartmouth Refinancing and/or the Specified Acquisition, as applicable. The Amendment did not increase the Borrower?s maximum borrowing capacity or extend the December 10, 2023 maturity date under the First Lien Credit Agreement.

Additionally, the Dartmouth Mall and/or the property acquired in the Specified Acquisition will become collateral under the First Lien Credit Agreement and the Second Lien Credit Agreement in connection with the Dartmouth Refinancing and/or the Specified Acquisition, to the extent consummated, as applicable. On September 27, 2023, the Borrower borrowed $54 million for purposes of the Dartmouth Refinancing.