UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 31, 2022

Pennsylvania Real Estate Investment Trust

(Exact Name of Registrant as Specified in its Charter)

Registrant’s telephone number, including area code: (215) 875-0700

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

On August 31, 2022, PR Cherry Hill STW LLC and Cherry Hill Center, LLC, both of which are subsidiaries of Pennsylvania Real Estate Investment Trust (the “Trust”) that own Cherry Hill Mall (the “Borrowers”), PREIT Associates, L.P., which is the guarantor under the Notes (as defined below), and New York Life Insurance Company and Teachers Insurance and Annuity Association of America, who are the lenders under the loans that are evidenced by the Notes (the “Lenders”), entered into a Loan Extension and Modification Agreement (the “Extension and Modification Agreement”) to that certain (i) $150.0 million promissory note with New York Life Insurance Company dated August 15, 2012, and (ii) $150.0 million promissory note with Teachers Insurance and Annuity Association of America dated August 15, 2012 (together, the “Notes”). The Extension and Modification Agreement extended the maturity date of the Notes from September 1, 2022 to October 1, 2022. To satisfy the conditions precedent of the Extension and Modification Agreement and effectuate the extension of the maturity date of the Notes, the Borrowers paid down $1,000,000 of the outstanding principal balance of the Notes, paid an extension fee equal to 0.10% of the outstanding principal balance of the Notes and paid certain expenses incurred by the Lenders in connection with the Extension and Modification Agreement, among other terms and conditions.

The Extension and Modification agreement also includes an option for the Borrowers to further extend the maturity date of each Note to November 1, 2022 if an additional $500,000 of the outstanding principal balance of the respective Note is paid down and an extension fee equal to 0.10% of the outstanding principal balance of the respective Note is paid, among other terms and conditions.

The foregoing description of the Extension and Modification Agreement is qualified in its entirety by reference to the full text of the Extension and Modification Agreement, which will be filed as an exhibit to the Trust’s Quarterly Report on Form 10-Q to be filed for the quarter ended September 30, 2022.

The Borrowers and the Lenders also entered into a modification and extension of the mortgage that secures the Notes to extend the term of such mortgage consistent with the term of the Notes.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.