RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

General

In 2015, 2014 and 2013, we provided management, leasing and development services for eight properties owned by partnerships and other entities in which certain of our officers or current or former trustees or members of their immediate family and affiliated entities have indirect ownership interests. Effective December 31, 2015, our management services were terminated for five of these properties, and the services for one other property are expected to be terminated in 2016. Total revenue earned by PRI for such services was $0.8 million, $0.6 million and $1.0 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Office Lease

We lease our principal executive offices from Bellevue Associates, an entity in which our Executive Chairman, Ronald Rubin, collectively with members of his immediate family and affiliated entities, owns approximately a50% interest. Total rent expense under this lease was $1.3 million, $1.2 million and $1.4 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Springfield Park Disposition

As disclosed in note 3, we sold our entire 50% interests in Springfield Park shopping center in Springfield, Pennsylvania in

July 2015. The buyer, Rubin Retail Acquisitions, L.P., is an entity controlled by Ronald Rubin, Executive Chairman and a

Trustee of PREIT, and his brother, George Rubin, a former Vice Chairman and a former Trustee of PREIT. In accordance with

PREIT’s Related Party Transactions Policy, a Special Committee consisting exclusively of independent members of PREIT’s

Board of Trustees considered and approved the terms of the transaction. The disinterested members of PREIT’s Board of

Trustees also approved the transaction.