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Investments in Partnerships (Tables)
 9 Months Ended
Sep. 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 September 30, 2016 and December 31, 2015:
 
(in thousands of dollars)
As of September 30, 2016
 
As of December 31, 2015
ASSETS:
 
 
 
Investments in real estate, at cost:
 
 
 
Operating properties
$
646,247

 
$
636,774

Construction in progress
147,686

 
126,199

Total investments in real estate
793,933

 
762,973

Accumulated depreciation
(201,602
)
 
(186,580
)
Net investments in real estate
592,331

 
576,393

Cash and cash equivalents
34,505

 
37,362

Deferred costs and other assets, net(1)
36,671

 
39,890

Total assets
663,507

 
653,645

LIABILITIES AND PARTNERS’ INVESTMENT:
 
 
 
Mortgage loans payable(1)
444,955

 
440,450

Other liabilities
22,131

 
30,425

Total liabilities
467,086

 
470,875

Net investment
196,421

 
182,770

Partners’ share
100,374

 
95,165

PREIT’s share
96,047

 
87,605

Excess investment (2)
8,485

 
7,877

Net investments and advances
$
104,532

 
$
95,482

 
 
 
 
Investment in partnerships, at equity
$
166,149

 
$
161,029

Distributions in excess of partnership investments
(61,617
)
 
(65,547
)
Net investments and advances
$
104,532

 
$
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 unconsolidated 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 nine months ended September 30, 2016 and 2015:
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
(in thousands of dollars)
2016
 
2015
 
2016
 
2015
Real estate revenue
$
29,475

 
$
25,432

 
$
85,867

 
$
76,285

Operating expenses:
 
 
 
 
 
 
 
Property operating expenses
(8,196
)
 
(8,768
)
 
(25,216
)
 
(28,819
)
Interest expense
(5,388
)
 
(5,211
)
 
(16,165
)
 
(15,653
)
Depreciation and amortization
(5,840
)
 
(6,508
)
 
(17,367
)
 
(18,806
)
Other expenses
(2
)
 
—

 
(4
)
 
—

Total expenses
(19,426
)
 
(20,487
)
 
(58,752
)
 
(63,278
)
Net income
10,049

 
4,945

 
27,115

 
13,007

Less: Partners’ share
(5,397
)
 
(2,647
)
 
(14,496
)
 
(6,667
)
PREIT’s share
4,652

 
2,298

 
12,619

 
6,340

Amortization of and adjustments to excess investment
(9
)
 
87

 
99

 
159

Equity in income of partnerships
$
4,643

 
$
2,385

 
$
12,718

 
$
6,499