Investments in Partnerships (Tables)

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Summary of Equity Investments

Summarized balance sheet information as of March 31, 2015 and December 31, 2014 and summarized statement of operations information for the three months ended March 31, 2015 and 2014 for this entity, which is accounted for using the equity method, is as follows:

	As of
(in thousands of dollars)	March 31, 2015		December 31, 2014
Summarized balance sheet information
Total assets	$	51,392	$	51,703
Mortgage loan payable	130,837		131,394

	Three Months Ended   March 31,
(in thousands of dollars)	2015			2014
Summarized statement of operations information
Revenue	$	8,944		$	9,034
Property operating expenses	(2,480		)	(2,764		)
Interest expense	(1,940		)	(1,971		)
Net income	3,461			3,247
PREIT’s share of equity in income of partnership	1,730			1,623

The following table presents summarized financial information of the equity investments in our unconsolidated partnerships as of March 31, 2015 and December 31, 2014:

(in thousands of dollars)	As of March 31, 2015			As of December 31, 2014
ASSETS:
Investments in real estate, at cost:
Operating properties	$	660,431		$	654,024
Construction in progress	63,067			41,919
Total investments in real estate	723,498			695,943
Accumulated depreciation	(194,729		)	(190,100		)
Net investments in real estate	528,769			505,843
Cash and cash equivalents	21,871			15,229
Deferred costs and other assets, net	41,711			37,274
Total assets	592,351			558,346
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable	394,324			383,190
Other liabilities	42,488			34,314
Total liabilities	436,812			417,504
Net investment	155,539			140,842
Partners’ share	81,336			74,663
PREIT’s share	74,203			66,179
Excess investment (1)	7,898			8,747
Net investments and advances	$	82,101		$	74,926
Investment in partnerships, at equity	$	147,847		$	140,882
Distributions in excess of partnership investments	(65,746		)	(65,956		)
Net investments and advances	$	82,101		$	74,926

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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 partnerships. The excess investment is amortized over the life of the properties, and the amortization is included in “Equity in income of partnerships.”

Summary of Share of Equity in Income of Partnerships

The following table summarizes our share of equity in income of partnerships for the three months ended March 31, 2015 and 2014:

	Three Months Ended   March 31,
(in thousands of dollars)	2015			2014
Real estate revenue	$	26,497		$	21,175
Operating expenses:
Property operating expenses	(10,706		)	(7,100		)
Interest expense	(5,350		)	(5,475		)
Depreciation and amortization	(6,370		)	(3,649		)
Total expenses	(22,426		)	(16,224		)
Net income	4,071			4,951
Less: Partners’ share	(2,036		)	(2,473		)
PREIT’s share	2,035			2,478
Amortization of excess investment	48			(76		)
Equity in income of partnerships	$	2,083		$	2,402