Investments in Partnerships (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021:

_____________________

(in thousands of dollars)	March 31, 2022			December 31, 2021
ASSETS:
Investments in real estate, at cost:
Operating properties	$	850,817		$	847,560
Construction in progress		3,534			6,456
Total investments in real estate		854,351			854,016
Accumulated depreciation		(252,849	)		(247,133	)
Net investments in real estate		601,502			606,883
Cash and cash equivalents		66,294			59,004
Deferred costs and other assets, net		155,722			155,247
Total assets		823,518			821,134
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable, net		491,957			493,904
FDP Term Loan, net		194,602			194,602
Partnership Loan		118,560			115,543
Other liabilities		145,691			141,619
Total liabilities		950,810			945,668
Net investment		(127,292	)		(124,534	)
Partners’ share		(63,893	)		(62,771	)
PREIT’s share		(63,399	)		(61,763	)
Excess investment (1)		6,804			6,718
Net investments and advances	$	(56,595	)	$	(55,045	)
Investment in partnerships, at equity	$	12,749		$	16,525
Distributions in excess of partnership investments		(69,344	)		(71,570	)
Net investments and advances	$	(56,595	)	$	(55,045	)

(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 loss of partnerships.”

Summary of Share of Equity in Loss (Income) of Partnerships

The following table summarizes our share of equity in (loss) income of partnerships for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
(in thousands of dollars)	2022			2021
Real estate revenue	$	29,889		$	24,900
Expenses:
Property operating and other expenses		(11,874	)		(13,739	)
Interest expense (1)		(11,754	)		(10,704	)
Depreciation and amortization		(6,655	)		(6,930	)
Total expenses		(30,283	)		(31,373	)
Net loss		(394	)		(6,473	)
Less: Partners’ share		(1	)		3,096
PREIT’s share		(395	)		(3,377	)
Amortization of excess investment		-			(56	)
Equity in loss of partnerships	$	(395	)	$	(3,433	)

(1) Net of capitalized interest expense of $0 and $103 for the three months ended March 31, 2022 and 2021, respectively.