PREIT Urges Preferred Shareholders to Cast their Votes for Preferred Share Trustee Nominees Prior to August 2, 2022, and Addresses the Cygnus Capital Statement Issued July 7, 2022

PHILADELPHIA , July 8, 2022 /PRNewswire/ -- PREIT (NYSE:PEI ), today issued the following statement: or on Twitter or LinkedIn. (PRNewsFoto/PREIT) (PRNewsFoto/)" alt="PREIT has a primary focus on the ownership and management of differentiated retail shopping malls crafted to fit the dynamic communities they serve. The Company operates properties in 12 states in the eastern U.S. with concentration in the Mid-Atlantic and Greater Philadelphia region. The Company is headquartered in Philadelphia, Pennsylvania. More information about PREIT can be found at or on Twitter or LinkedIn. (PRNewsFoto/PREIT) (PRNewsFoto/)"> The Company and its proxy solicitor continue to make efforts to achieve a quorum for the Preferred Share Trustee nominees prior to August 2, 2022 and again urge eligible Preferred Shareholders to vote.  Eligible shareholders may cast their vote by contacting Alliance Advisors at 1-866-407-1960 between the hours of 9:00am and 10:00pm Eastern time , Monday through Friday and Saturday and Sunday from 10:00am to 6:00pm , as noted in soliciting materials furnished to the SEC. PREIT recognizes and has lived up to its obligations to permit and enable the Preferred Shareholders to elect two Trustees to its Board. The Company welcomes and values the opinions of all shareholders and is open to input that may help advance the goal of enhancing shareholder value.  Accordingly, the Company endorsed the Preferred Shareholder nominees in a press release issued on March 28, 2022 , linked here . The Company has remained engaged and in contact with Cygnus Capital and Mr. Hart throughout the election process.  The Company has complied with its obligations with respect to election of the Preferred Shareholder Trustee nominees by including the nominees in its proxy statement, engaging a proxy solicitor to achieve a quorum to vote for the Preferred Shareholder Trustee nominees and incurring additional expenses for a subsequent mailing, solicitation calls, emails and automated phone calls.  PREIT has filed all of these solicitation efforts with the SEC, further encouraging voting activity. With respect to Cygnus' assertion that a quorum (i.e.. a majority of the Preferred Shares)  was achieved at the annual meeting of shareholders on June 2, 2022 , the Company respectfully, but strongly, disagrees.  As a Pennsylvania Business Trust, the Company is governed by its Trust Agreement and Bylaws, ... Full story available on