Investments in Partnerships (Tables)

3 Months Ended

Mar. 31, 2021

Equity Method Investments And Joint Ventures [Abstract]

The following table presents summarized financial information of the equity investments in our unconsolidated partnerships as of March 31, 2021 and December 31, 2020:

(in thousands of dollars)	March 31, 2021			December 31, 2020
ASSETS:
Investments in real estate, at cost:
Operating properties	$	814,056		$	824,328
Construction in progress		33,319			20,632
Total investments in real estate		847,375			844,960
Accumulated depreciation		(230,320	)		(224,641	)
Net investments in real estate		617,055			620,319
Cash and cash equivalents		34,698			28,060
Deferred costs and other assets, net		155,057			161,465
Total assets		806,810			809,844
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable, net		488,803			491,119
FDP Term Loan, net		201,000			201,000
Partnership Loan		106,066			100,000
Other liabilities		133,396			132,715
Total liabilities		929,265			924,834
Net investment		(122,455	)		(114,990	)
Partners’ share		(62,672	)		(59,080	)
PREIT’s share		(59,783	)		(55,910	)
Excess investment ⁽¹⁾		6,333			6,390
Net investments and advances	$	(53,450	)	$	(49,520	)
Investment in partnerships, at equity	$	21,597		$	27,066
Distributions in excess of partnership investments		(75,047	)		(76,586	)
Net investments and advances	$	(53,450	)	$	(49,520	)

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⁽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) Income of Partnerships

The following table summarizes our share of equity in (loss) income of partnerships for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(in thousands of dollars)	2021			2020
Real estate revenue	$	24,900		$	27,200
Expenses:
Property operating and other expenses		(13,739	)		(11,229	)
Interest expense ⁽¹⁾		(10,704	)		(6,360	)
Depreciation and amortization		(6,930	)		(7,617	)
Total expenses		(31,373	)		(25,206	)
Net (loss) income		(6,473	)		1,994
Less: Partners’ share		3,096			(1,178	)
PREIT’s share		(3,377	)		816
Amortization of excess investment		(56	)		3
Equity in (loss) income of partnerships	$	(3,433	)	$	819

⁽¹⁾ Net of capitalized interest expense of $103 and $1,091 for the three months ended March 31, 2021 and 2020, respectively.