XML 16 R4.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Real estate revenue:        
Lease revenue $ 61,508 $ 67,447 $ 123,023 $ 131,730
Expense reimbursements 4,314 4,215 8,967 8,359
Other real estate revenue 1,561 1,396 2,567 2,163
Total real estate revenue 67,383 73,058 134,557 142,252
Other income 62 69 153 310
Total revenue 67,445 73,127 134,710 142,562
Property operating expenses:        
CAM and real estate taxes (25,353) (26,075) (51,512) (53,947)
Utilities (3,453) (3,528) (6,848) (7,089)
Other property operating expenses (2,090) (2,199) (4,305) (4,339)
Total property operating expenses (30,896) (31,802) (62,665) (65,375)
Depreciation and amortization (25,970) (28,382) (52,339) (57,492)
General and administrative expenses (10,093) (9,744) (21,218) (21,227)
Other expenses (8) 66 (11) (78)
Total operating expenses (66,967) (69,862) (136,233) (144,172)
Interest expense, net (43,154) (32,601) (84,202) (63,992)
Total expenses (110,121) (102,463) (220,435) (208,164)
Equity in loss of partnerships (3,986) (1,188) (6,682) (1,583)
Gain on sales of interests in real estate 0 1,701 0 1,701
Gain on sale of equity method investment 0 9,053 0 9,053
Gain on sales of interests in non operating real estate 1,057 8,755 1,057 8,755
Gain on sale of preferred equity interest 0 0 0 3,688
Net loss (45,605) (11,015) (91,350) (43,988)
Less: net loss attributable to noncontrolling interest 654 225 1,313 729
Net loss attributable to PREIT (44,951) (10,790) (90,037) (43,259)
Less: preferred share dividends (6,844) (6,844) (13,688) (13,688)
Net loss attributable to PREIT common shareholders $ (51,795) $ (17,634) $ (103,725) $ (56,947)
Basic loss per share: $ (9.73) $ (3.32) $ (19.48) $ (10.72)
Diluted loss per share: $ (9.73) $ (3.32) $ (19.48) $ (10.72)
Weighted average shares outstanding-basic (in shares) 5,325 5,317 5,324 5,311
Effect of common share equivalents (in shares) [1] 0 0 0 0
Weighted average shares outstanding-diluted (in shares) 5,325 5,317 5,324 5,311
[1] The Company had net losses used to calculate earnings per share for the three and six months ended June 30, 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.