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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Real estate revenue:    
Lease revenue $ 63,440 $ 59,908
Expense reimbursements 4,144 3,899
Other real estate revenue 1,610 1,471
Total real estate revenue 69,194 65,278
Other income 241 125
Total revenue 69,435 65,403
Property operating expenses:    
CAM and real estate taxes (27,872) (27,831)
Utilities (3,561) (2,964)
Other property operating expenses (2,140) (2,364)
Total property operating expenses (33,573) (33,159)
Depreciation and amortization (29,110) (29,839)
General and administrative expenses (11,483) (11,831)
Provision for employee separation expenses (84) (92)
Project costs and other expenses (60) (101)
Total operating expenses (74,310) (75,022)
Interest expense, net (31,391) (30,731)
Reorganization expenses 0 (197)
Total expenses (105,701) (105,950)
Loss before equity in loss of partnerships and gain on sale of preferred equity interest (36,266) (40,547)
Equity in loss of partnerships (395) (3,433)
Gain on sale of preferred equity interest 3,688 0
Net loss (32,973) (43,980)
Less: net loss attributable to noncontrolling interest 504 1,234
Net loss attributable to PREIT (32,469) (42,746)
Less: preferred share dividends (6,844) (6,844)
Net loss attributable to PREIT common shareholders (39,313) (49,590)
Net loss (32,973) (43,980)
Noncontrolling interest 504 1,234
Preferred share dividends (6,844) (6,844)
Net loss used to calculate loss per share—basic and diluted $ (39,313) $ (49,590)
Basic and diluted loss per share: (in dollars per share) $ (0.49) $ (0.64)
Weighted average shares outstanding-basic (in shares) 79,577 77,647
Effect of common share equivalents (in shares) [1] 0 0
Weighted average shares outstanding-diluted (in shares) 79,577 77,647
[1] The Company had net losses used to calculate earnings per share for the three months ended March 31, 2022 and 2021. Therefore, the effects of common share equivalents are excluded from the calculation of diluted loss per share for these periods because they would be antidilutive.