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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Real estate revenue:    
Lease revenue $ 61,515 $ 64,283
Expense reimbursements 4,653 4,144
Other real estate revenue 1,006 767
Total real estate revenue 67,174 69,194
Other income 91 241
Total revenue 67,265 69,435
Property operating expenses:    
CAM and real estate taxes (26,159) (27,872)
Utilities (3,395) (3,561)
Other property operating expenses (2,215) (2,140)
Total property operating expenses (31,769) (33,573)
Depreciation and amortization (26,369) (29,110)
General and administrative expenses (11,125) (11,483)
Other expenses (3) (144)
Total operating expenses (69,266) (74,310)
Interest expense, net (41,048) (31,391)
Total expenses (110,314) (105,701)
Equity in loss of partnerships (2,696) (395)
Gain on sale of preferred equity interest 0 3,688
Net loss (45,745) (32,973)
Less: net loss attributable to noncontrolling interest 659 504
Net loss attributable to PREIT (45,086) (32,469)
Less: preferred share dividends (6,844) (6,844)
Net loss attributable to PREIT common shareholders $ (51,930) $ (39,313)
Basic loss per share: $ (9.75) $ (7.41)
Diluted loss per share: $ (9.75) $ (7.41)
Weighted average shares outstanding-basic (in shares) 5,324 5,305
Effect of common share equivalents (in shares) [1] 0 0
Weighted average shares outstanding-diluted (in shares) 5,324 5,305
[1] The Company had net losses used to calculate earnings per share for the three months ended March 31, 2023 and 2022. 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.