PREIT and 1776 Partner to Open New Flexible Workspace and Founders’ Market Representing the Evolving Mall Model at Cherry Hill Mall

Philadelphia, PA, January 24, 2018 – PREIT (NYSE: PEI) and 1776 announced today the opening of 1776’s newest campus, a startup incubator and Founders’ Market at Cherry Hill Mall, providing space and supporting innovation and collaboration for the local retail and startup communities. This new-to-portfolio concept for PREIT and first mall location for 1776 will focus on startups, small businesses, retail and e-commerce incubation initiatives, revolutionizing the mall model. As the shopping experience continues to evolve, Cherry Hill Mall now offers the opportunity for 1776 members to immerse themselves in a productive retail environment with real-time interaction with live customers, shoppers and retailers as they explore products and concepts to maximize their business.