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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Real estate revenue:    
Lease revenue $ 76,615 $ 77,998
Expense reimbursements 5,062 5,234
Other real estate revenue 3,001 2,161
Total real estate revenue 84,678 85,393
Other income 627 889
Total revenue 85,305 86,282
Property operating expenses:    
CAM and real estate taxes (29,403) (29,396)
Utilities (3,660) (3,909)
Other property operating expenses (2,065) (3,400)
Total property operating expenses (35,128) (36,705)
Depreciation and amortization (34,904) (34,030)
General and administrative expenses (11,205) (10,132)
Provision for employee separation expenses (719) 0
Project costs and other expenses (294) (112)
Total operating expenses (82,250) (80,979)
Interest expense, net (15,898) (14,901)
Loss on debt extinguishment (4,768) 0
Impairment of development land parcel (1,464) 0
Total expenses (104,380) (95,880)
Loss before equity in income of partnerships, gain on sale of real estate by equity method investee, and adjustment to gains on sales of interests in non operating real estate (19,075) (9,598)
Equity in income of partnerships 2,289 3,138
Gain on sale of real estate by equity method investee 563 2,773
Adjustment to gains on sales of interests in non operating real estate 0 (25)
Net loss (16,223) (3,712)
Less: net loss attributable to noncontrolling interest 1,688 1,111
Net loss attributable to PREIT (14,535) (2,601)
Less: preferred share dividends (6,844) (6,844)
Net loss attributable to PREIT common shareholders (21,379) (9,445)
Net loss (16,223) (3,712)
Noncontrolling interest 1,688 1,111
Less: preferred share dividends (6,844) (6,844)
Dividends on unvested restricted shares (218) (138)
Net loss used to calculate loss per share—basic and diluted $ (21,597) $ (9,583)
Basic and diluted (loss) earnings per share (in dollars per share) $ (0.30) $ (0.14)
Weighted average shares outstanding—basic (in shares) 71,358 69,601
Effect of common share equivalents (in shares) [1] 0 0
Weighted average shares outstanding—diluted (in shares) 71,358 69,601
[1] The Company had net losses used to calculate earnings per share for all periods presented. Therefore, the effects of common share equivalents of 309 and 209 for the three months ended March 31, 2019 and 2018, respectively, are excluded from the calculation of diluted loss per share for these periods because they would be antidilutive.