Investments in Partnerships (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Summary of Equity Investments

The following table presents summarized financial information of our equity investments in unconsolidated partnerships as of December 31, 2022 and 2021:

	December 31,
(in thousands of dollars)	2022			2021
ASSETS:
Investments in real estate, at cost:
Operating properties	$	741,007		$	847,560
Construction in progress		5,346			6,456
Total investments in real estate		746,353			854,016
Accumulated depreciation		(237,791	)		(247,133	)
Net investments in real estate		508,562			606,883
Cash and cash equivalents		28,186			59,004
Deferred costs and other assets, net		142,929			155,247
Total assets		679,677			821,134
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable, net		400,141			493,904
FDP Term Loan, net		104,427			194,602
Partnership Loans		214,008			115,543
Other liabilities		155,873			141,619
Total liabilities		874,449			945,668
Net investment		(194,772	)		(124,534	)
Partners’ share		(102,495	)		(62,771	)
PREIT’s share		(92,277	)		(61,763	)
Excess investment (1)		6,986			6,718
Net investments and advances	$	(85,291	)	$	(55,045	)
Investment in partnerships, at equity	$	7,845		$	16,525
Distributions in excess of partnership investments		(93,136	)		(71,570	)
Net investments and advances	$	(85,291	)	$	(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) income of partnerships.”

Summary of Share of Equity in Loss of Partnerships

The following table summarizes our share of equity in loss of partnerships for the years ended December 31, 2022 and 2021:

	For the Year Ended December 31,
(in thousands of dollars)	2022			2021
Real estate revenue	$	109,390		$	120,861
Expenses:
Property operating and other expenses		(45,805	)		(52,111	)
Interest expense (1)		(51,319	)		(44,547	)
Depreciation and amortization		(23,918	)		(29,200	)
Total expenses		(121,042	)		(125,858	)
Net loss		(11,652	)		(4,997	)
Less: Partners’ share		5,507			1,469
PREIT’s share		(6,145	)		(3,528	)
Amortization of excess investment		-			(204	)
Equity in loss of partnerships	$	(6,145	)	$	(3,732	)

(1) Net of capitalized interest expense of $8 thousand and $347 thousand for the year ended December 31, 2022 and 2021, respectively.

Schedule of Property Total of Principal Payments

The property total of principal payments due in the next five years and thereafter is as follows:

(in thousands of dollars) For the Year Ending December 31,	Property Total
2023	$	82,462
2024		7,675
2025		61,848
2026		8,323
2027 and thereafter		241,850
Total principal payments		402,158
Less: Unamortized debt issuance costs		2,017
Carrying value of mortgage notes payable	$	400,141