XML 137 R4.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Real estate revenue:      
Lease revenue $ 302,311 $ 324,829 $ 325,010
Expense reimbursements 19,979 21,322 22,468
Other real estate revenue 12,668 12,078 14,046
Total real estate revenue 334,958 358,229 361,524
Other income 1,834 4,171 5,966
Total revenue 336,792 362,400 367,490
Property operating expenses:      
CAM and real estate taxes (113,260) (113,235) (111,275)
Utilities (14,733) (15,990) (16,151)
Other property operating expenses (8,565) (12,007) (12,879)
Total property operating expenses (136,558) (141,232) (140,305)
Depreciation and amortization (137,784) (133,116) (128,822)
General and administrative expenses (46,010) (38,342) (36,736)
Provision for employee separation expenses (3,689) (1,139) (1,299)
Insurance recoveries, net 4,362 689 0
Project costs and other expenses (284) (693) (768)
Total operating expenses (319,963) (313,833) (307,930)
Interest expense, net (63,987) (61,355) (58,430)
Gain on debt extinguishment, net 24,859 0 0
Impairment of assets (1,455) (137,487) (55,793)
Total expenses (364,108) (512,675) (422,153)
Loss before equity in income of partnerships, gain on sales of real estate by equity method investee, gain on sales of real estate, net, gain on sales of interest in non operating real estate, and adjustment to gain on sales of interests in non operating real estate (27,316) (150,275) (54,663)
Equity in income of partnerships 8,289 11,375 14,367
Gain on sales of real estate by equity method investee 553 2,772 6,567
Gain (loss) on sales of real estate, net 2,744 1,722 (27)
Gain on sales of interests in non operating real estate 2,718 8,126 1,270
Adjustment to gain on sales of interests in non operating real estate 12 (223) (362)
Net loss (13,000) (126,503) (32,848)
Less: net loss attributed to noncontrolling interest 2,128 16,174 6,895
Net loss attributable to PREIT (10,872) (110,329) (25,953)
Less: preferred share dividends (27,375) (27,375) (27,845)
Less: loss on redemption on preferred shares 0 0 (4,103)
Net loss attributable to PREIT common shareholders (38,247) (137,704) (57,901)
Net loss (13,000) (126,503) (32,848)
Noncontrolling interest 2,128 16,174 6,895
Preferred share dividends (27,375) (27,375) (27,845)
Loss on redemption of preferred shares 0 0 (4,103)
Dividends on unvested restricted shares (883) (542) (372)
Net loss used to calculate earnings per share – basic and diluted $ (39,130) $ (138,246) $ (58,273)
Basic and diluted loss per share (in dollars per share) $ (0.52) $ (1.98) $ (0.84)
Weighted average shares outstanding – basic (in shares) 75,221 69,749 69,364
Effect of dilutive common share equivalents (in shares) [1] 0 0 0
Weighted average shares outstanding – diluted (in shares) 75,221 69,749 69,364
Development Land Parcel      
Property operating expenses:      
Impairment of assets $ (3,562) $ 0 $ 0
[1] For the years ended December 31, 2019, 2018 and 2017, there were net losses allocable to common shareholders, so the effect of common share equivalents of 452, 203 and 93 for the years ended December 31, 2019, 2018 and 2017, respectively, is excluded from the calculation of diluted loss per share, as their inclusion would be anti-dilutive.