PEI Presents at Citi's 2009 Global Property CEO Conference — PEI's COO, Ed Glickman commented that the company is focused on near-term liquidity and the completion of their significant redevelopment program. PEI plans to pull excess proceeds from refis this year giving them enough liquidity to fund the rest of their redevelopment capital needs and has largely cut all other projects out of their pipeline. Dividend Cut – The company’s recent dividend cut was a step in the right direction to get a hold of the tight liquidity and high leverage situation, in our view. The cut provides an additional ~$47m of cash annually. Glickman noted that the company is unlikely to cut the dividend further or to issue a dividend in stock given the retail client base, which relies on dividend income as well as the minimal broader impact that the excess cash provides compared to total financing needed. Leverage – Longer term leverage management will be a byproduct of higher NOI from recently redeveloped assets as well as stronger cash flows, which will be used to pay down debt, according to management. Asset sales and JVs are not likely avenues to reduce leverage given the weak economy and lack of transaction markets. In the near term, PEI is looking to take care of pressing maturities such as the LOC maturing in March 2010. Redevelopment – PEI’s major redevelopments at Cherry Hill, Voorhees, Market East, and Plymouth Meeting are nearing completion and should help in easing capital needs but also provide positive NOI. No new projects are expected in the near term.