XML 18 R4.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Real estate revenue:      
Base rent $ 271,957 $ 278,896 $ 283,074
Expense reimbursements 125,505 126,925 126,909
Percentage rent 5,724 5,124 5,732
Lease termination revenue 2,014 2,250 1,565
Other real estate revenue 14,997 13,401 14,448
Total real estate revenue 420,197 426,596 431,728
Other income 5,214 6,107 6,950
Total revenue 425,411 432,703 438,678
Property operating expenses:      
CAM and real estate taxes (133,912) (140,662) (142,684)
Utilities (19,674) (23,993) (22,028)
Other (16,461) (15,772) (17,567)
Cost of Real Estate Revenue 170,047 180,427 182,279
Depreciation and amortization (142,647) (144,304) (140,880)
Other expenses:      
Impairment of assets 140,318 19,695 6,304
General and administrative expenses (34,836) (35,518) (36,975)
Provision for employee separation expense (2,087) (4,961) (2,314)
Acquisition costs and other expenses (6,108) (4,937) (1,422)
Interest expense, net (81,096) (82,165) (98,731)
Costs and Expenses (577,139) (472,007) (468,905)
Operating Expenses 355,725 370,147 363,870
Loss before equity in income of partnerships, gains on sales of real estate and discontinued operations (151,728) (39,304) (30,227)
Equity in income of partnerships 9,540 10,569 9,778
Gains on sales of interests in real estate, net 12,362 12,699  
Discontinued operations:      
Operating results from discontinued operations 0 0 2,812
Impairment of assets of discontinued operations 0 0 (23,662)
Gains on sales of discontinued operations 0 0 78,512
Income from discontinued operations 0 0 57,662
Net (loss) income (129,567) (14,262) 37,213
Less: net loss (income) attributed to noncontrolling interest 12,884 432 (1,354)
Net (loss) income attributable to PREIT (116,683) (13,830) 35,859
Less: preferred share dividends (15,848) (15,848) (15,848)
Net (loss) income attributable to PREIT common shareholders (132,531) (29,678) 20,011
Loss from continuing operations (129,567) (14,262) (20,449)
Preferred dividends (15,848) (15,848) (15,848)
Noncontrolling interest in continuing operations 12,884 432 729
Dividends on restricted shares (315) (380) (439)
Loss from continuing operations used to calculate earnings per share – basic and diluted (132,846) (30,058) (36,007)
Income from discontinued operations 0 0 57,662
Noncontrolling interest in discontinued operations 0 0 (2,083)
Income from discontinued operations used to calculate earnings per share – basic and diluted $ 0 $ 0 $ 55,579
Basic and diluted (loss) earnings per share:      
Loss from continuing operations (in dollars per share) $ (1.93) $ (0.44) $ (0.56)
Income (loss) from discontinued operations (in dollars per share) 0.00 0.00 0.87
Basic and diluted earnings (loss) per share (in dollars per share) $ (1.93) $ (0.44) $ 0.31
Weighted average shares outstanding – basic 68,740 68,217 63,662
Weighted average shares outstanding – diluted 68,740 68,217 63,662
Gain Loss On Sale Of Real Estate $ 259 $ 1,774