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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Real estate revenue:        
Lease revenue $ 66,652 $ 68,112 $ 130,092 $ 128,020
Expense reimbursements 4,215 3,887 8,359 7,786
Other real estate revenue 2,191 1,957 3,801 3,428
Total real estate revenue 73,058 73,956 142,252 139,234
Other income 69 162 310 288
Total revenue 73,127 74,118 142,562 139,522
Property operating expenses:        
CAM and real estate taxes (26,075) (25,661) (53,947) (53,492)
Utilities (3,528) (2,860) (7,089) (5,824)
Other property operating expenses (2,199) (2,244) (4,339) (4,608)
Total property operating expenses (31,802) (30,765) (65,375) (63,924)
Depreciation and amortization (28,382) (29,686) (57,492) (59,525)
General and administrative expenses (9,744) (13,535) (21,227) (25,366)
Provision for employee separation expenses 85 (149) 1 (240)
Insurance recoveries, net   670   670
Project costs and other expenses (19) (77) (79) (179)
Total operating expenses (69,862) (73,542) (144,172) (148,564)
Interest expense, net (32,601) (31,978) (63,992) (62,709)
Gain on debt extinguishment, net   4,587   4,587
Impairment of assets   (1,302)   (1,302)
Reorganization expenses   (69)   (267)
Total expenses (102,463) (102,304) (208,164) (208,255)
Equity in (loss) income of partnerships (1,188) 2,433 (1,583) (1,000)
Gain (loss) on sales of interests in real estate 1,701 (974) 1,701 (974)
Gain on sale of equity method investment 9,053   9,053  
Gain on sales of real estate by equity method investee   1,347   1,347
Gain on sales of non-operating real estate 8,755   8,755  
Gain on sale of preferred equity interest     3,688 4,587
Net loss (11,015) (25,380) (43,988) (69,360)
Less: net loss attributable to noncontrolling interest 225 783 729 2,017
Net loss attributable to PREIT (10,790) (24,597) (43,259) (67,343)
Less: preferred share dividends (6,844) (6,844) (13,688) (13,688)
Net loss attributable to PREIT common shareholders (17,634) (31,441) (56,947) (81,031)
Net loss (11,015) (25,380) (43,988) (69,360)
Noncontrolling interest 225 783 729 2,017
Preferred share dividends (6,844) (6,844) (13,688) (13,688)
Net loss used to calculate loss per share—basic and diluted $ (17,634) $ (31,441) $ (56,947) $ (81,031)
Basic and diluted loss per share: (in dollars per share) $ (3.32) $ (6.04) $ (10.72) $ (15.60)
Weighted average shares outstanding-basic (in shares) 5,317 5,210 5,311 5,193
Effect of common share equivalents (in shares) [1] 0 0 0 0
Weighted average shares outstanding-diluted (in shares) 5,317 5,210 5,311 5,193
[1] The Company had net losses used to calculate earnings per share for the three and six months ended June 30, 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.