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Investments in Partnerships (Tables)
 9 Months Ended
Sep. 30, 2017
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, 2017 and December 31, 2016:
 
(in thousands of dollars)
As of September 30, 2017
 
As of December 31, 2016
ASSETS:
 
 
 
Investments in real estate, at cost:
 
 
 
Operating properties
$
612,623

 
$
649,960

Construction in progress
261,735

 
160,699

Total investments in real estate
874,358

 
810,659

Accumulated depreciation
(201,964
)
 
(207,987
)
Net investments in real estate
672,394

 
602,672

Cash and cash equivalents
47,431

 
27,643

Deferred costs and other assets, net
34,218

 
37,705

Total assets
754,043

 
668,020

LIABILITIES AND PARTNERS’ INVESTMENT:
 
 
 
Mortgage loans payable, net
440,315

 
445,224

Other liabilities
54,079

 
23,945

Total liabilities
494,394

 
469,169

Net investment
259,649

 
198,851

Partners’ share
130,627

 
101,045

PREIT’s share
129,022

 
97,806

Excess investment (1)
12,107

 
8,969

Net investments and advances
$
141,129

 
$
106,775

 
 
 
 
Investment in partnerships, at equity
$
201,000

 
$
168,608

Distributions in excess of partnership investments
(59,871
)
 
(61,833
)
Net investments and advances
$
141,129

 
$
106,775

_________________________
(1) 
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, 2017 and 2016:
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
(in thousands of dollars)
2017
 
2016
 
2017
 
2016
Real estate revenue
$
29,395

 
$
29,475

 
$
87,089

 
$
85,867

Operating expenses:
 
 
 
 
 
 
 
Property operating and other expenses
(7,885
)
 
(8,198
)
 
(25,098
)
 
(25,220
)
Interest expense
(5,460
)
 
(5,388
)
 
(16,266
)
 
(16,165
)
Depreciation and amortization
(6,496
)
 
(5,840
)
 
(19,151
)
 
(17,367
)
Total expenses
(19,841
)
 
(19,426
)
 
(60,515
)
 
(58,752
)
Net income
9,554

 
10,049

 
26,574

 
27,115

Less: Partners’ share
(5,321
)
 
(5,397
)
 
(14,567
)
 
(14,496
)
PREIT’s share
4,233

 
4,652

 
12,007

 
12,619

Amortization of and adjustments to excess investment
21

 
(9
)
 
137

 
99

Equity in income of partnerships
$
4,254

 
$
4,643

 
$
12,144

 
$
12,718