Investments in Partnerships (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Summary of Equity Method Investments

The following table presents summarized financial information of the equity method investments in our unconsolidated partnerships as of March 31, 2023 and December 31, 2022:

_____________________

	March 31,			December 31,
(in thousands of dollars)	2023			2022
ASSETS:
Investments in real estate, at cost:
Operating properties	$	741,998		$	741,007
Construction in progress		5,378			5,346
Total investments in real estate		747,376			746,353
Accumulated depreciation		(242,380	)		(237,791	)
Net investments in real estate		504,996			508,562
Cash and cash equivalents		39,603			28,186
Deferred costs and other assets, net		142,940			142,929
Total assets		687,539			679,677
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable, net		397,998			400,141
FDP Term Loan, net		78,320			104,427
Partnership Loans		246,905			214,008
Other liabilities		165,562			155,873
Total liabilities		888,785			874,449
Net investment		(201,246	)		(194,772	)
Partners’ share		(105,788	)		(102,495	)
PREIT’s share		(95,458	)		(92,277	)
Excess investment (1)		6,987			6,986
Net investments and advances	$	(88,471	)	$	(85,291	)
Investment in partnerships, at equity	$	7,621		$	7,845
Distributions in excess of partnership investments		(96,092	)		(93,136	)
Net investments and advances	$	(88,471	)	$	(85,291	)

(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 three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
(in thousands of dollars)	2023			2022
Real estate revenue	$	27,167		$	29,889
Expenses:
Property operating and other expenses		(10,157	)		(11,874	)
Interest expense (1)		(16,698	)		(11,754	)
Depreciation and amortization		(5,691	)		(6,655	)
Total expenses		(32,546	)		(30,283	)
Net loss		(5,379	)		(394	)
Less: Partners’ share		2,683			(1	)
PREIT’s share		(2,696	)		(395	)
Equity in loss of partnerships	$	(2,696	)	$	(395	)

(1) Net of capitalized interest expense of $24 and $0 for the three months ended March 31, 2023 and 2022, respectively.