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Investments in Partnerships (Tables)
 6 Months Ended
Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Equity Investments
The following table presents summarized financial information of the equity investments in our unconsolidated partnerships as of June 30, 2016 and December 31, 2015:
 
(in thousands of dollars)
As of June 30, 2016
 
As of December 31, 2015
ASSETS:
 
 
 
Investments in real estate, at cost:
 
 
 
Operating properties
$
640,707

 
$
636,774

Construction in progress
143,538

 
126,199

Total investments in real estate
784,245

 
762,973

Accumulated depreciation
(196,458
)
 
(186,580
)
Net investments in real estate
587,787

 
576,393

Cash and cash equivalents
30,651

 
37,362

Deferred costs and other assets, net(1)
38,951

 
39,890

Total assets
657,389

 
653,645

LIABILITIES AND PARTNERS’ INVESTMENT:
 
 
 
Mortgage loans payable(1)
446,512

 
440,450

Other liabilities
24,957

 
30,425

Total liabilities
471,469

 
470,875

Net investment
185,920

 
182,770

Partners’ share
95,607

 
95,165

PREIT’s share
90,313

 
87,605

Excess investment (2)
7,949

 
7,877

Net investments and advances
$
98,262

 
$
95,482

 
 
 
 
Investment in partnerships, at equity
$
161,450

 
$
161,029

Distributions in excess of partnership investments
(63,188
)
 
(65,547
)
Net investments and advances
$
98,262

 
$
95,482

_________________________
(1) 
The December 31, 2015 balance has been adjusted in connection with the Company's adoption of ASU No. 2015-03 “Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs” (Note 1).
(2) 
Excess investment represents the unamortized difference between our investment and our share of the equity in the underlying net investment in the partnerships. The excess investment is amortized over the life of the properties, and the amortization is included in “Equity in income of partnerships.”
Summary of Share of Equity in Income of Partnerships
The following table summarizes our share of equity in income of partnerships for the three and six months ended June 30, 2016 and 2015:
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
(in thousands of dollars)
2016
 
2015
 
2016
 
2015
Real estate revenue
$
27,201

 
$
24,356

 
$
56,392

 
$
50,853

Operating expenses:
 
 
 
 
 
 
 
Property operating expenses
(6,908
)
 
(9,290
)
 
(17,022
)
 
(20,052
)
Interest expense
(5,384
)
 
(5,146
)
 
(10,776
)
 
(10,441
)
Depreciation and amortization
(5,804
)
 
(5,932
)
 
(11,527
)
 
(12,303
)
Total expenses
(18,096
)
 
(20,368
)
 
(39,325
)
 
(42,796
)
Net income
9,105

 
3,988

 
17,067

 
8,057

Less: Partners’ share
(4,883
)
 
(1,981
)
 
(9,099
)
 
(4,017
)
PREIT’s share
4,222

 
2,007

 
7,968

 
4,040

Amortization of and adjustments to excess investment
(30
)
 
25

 
107

 
74

Equity in income of partnerships
$
4,192

 
$
2,032

 
$
8,075

 
$
4,114