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INVESTMENTS IN PARTNERSHIPS (Tables)
 12 Months Ended
Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Share of Equity in Income of Partnerships
The following table summarizes our share of equity in income of partnerships for the years ended December 31, 2015, 2014 and 2013:
 
 
For the Year Ended December 31,
(in thousands of dollars)
2015
 
2014
 
2013
Real estate revenue
$
105,813

 
$
95,643

 
$
81,020

Expenses:
 
 
 
 
 
Property operating expenses
(39,134
)
 
(32,992
)
 
(24,104
)
Interest expense
(21,021
)
 
(21,805
)
 
(22,228
)
Depreciation and amortization
(25,718
)
 
(19,521
)
 
(14,401
)
Total expenses
(85,873
)
 
(74,318
)
 
(60,733
)
Net income
19,940

 
21,325

 
20,287

Less: Partners’ share
(10,128
)
 
(10,637
)
 
(10,096
)
Company’s share
9,812

 
10,688

 
10,191

Amortization of excess investment
(272
)
 
(119
)
 
(413
)
Equity in income of partnerships
$
9,540

 
$
10,569

 
$
9,778
Schedule of Principal Payments Based On Respective Partnership Interest
Our proportionate share, based on our respective partnership interest, of principal payments due in the next five years and thereafter is as follows:
 
 
Company’s Proportionate Share
 
 
(in thousands of dollars)
For the Year Ending December 31,
Principal
Amortization
 
Balloon
Payments
 
Total
 
Property
Total
2016
$
3,313

 
$
—

 
$
3,313

 
$
6,675

2017
3,461

 
3,283

 
6,744

 
15,157

2018
3,591

 
18,232

 
21,823

 
80,110

2019
3,789

 
—

 
3,789

 
7,577

2020
3,212

 
58,519

 
61,731

 
123,462

2021 and thereafter
6,713

 
97,961

 
104,674

 
209,349

 
$
24,079

 
$
177,995

 
$
202,074

 
$
442,330
Summary of Equity Investments
We have a 50% partnership interest in Lehigh Valley Associates LP, the owner of Lehigh Valley Mall, which met the definition of a significant unconsolidated subsidiary in the years ended December 31, 2014 and 2013. The mortgage loan associated with the property is included in the amounts above. Summarized financial information as of or for the years ended December 31, 2014 and 2013 for this property, which is accounted for by the equity method, is as follows:

 
 
As of or for the years ended December 31,
(in thousands of dollars)
 
2014
 
2013
Total assets
 
$
51,703

 
$
55,592

Mortgage payable
 
131,394

 
133,542

Revenue
 
36,605

 
35,628

Property operating expenses
 
10,027

 
9,817

Interest expense
 
7,839

 
7,962

Net income
 
14,932

 
14,515

PREIT’s share of equity in income of partnership
 
7,466

 
7,258

The following table presents summarized financial information of our equity investments in unconsolidated partnerships as of December 31, 2015 and 2014:
 
 
As of December 31,
(in thousands of dollars)
2015
 
2014
ASSETS:
 
 
 
Investments in real estate, at cost:
 
 
 
Retail properties
$
636,774

 
$
654,024

Construction in progress
126,199

 
41,919

Total investments in real estate
762,973

 
695,943

Accumulated depreciation
(186,580
)
 
(190,100
)
Net investments in real estate
576,393

 
505,843

Cash and cash equivalents
37,362

 
15,229

Deferred costs and other assets, net
41,770

 
37,274

Total assets
655,525

 
558,346

LIABILITIES AND PARTNERS’ EQUITY:
 
 
 
Mortgage loans
442,330

 
383,190

Other liabilities
30,425

 
34,314

Total liabilities
472,755

 
417,504

Net equity
182,770

 
140,842

Partners’ share
95,165

 
74,663

Company’s share
87,605

 
66,179

Excess investment(1) 
7,877

 
8,747

Net investments and advances
$
95,482

 
$
74,926

 
 
 
 
Investment in partnerships, at equity
$
161,029

 
$
140,882

Distributions in excess of partnership investments
(65,547
)
 
(65,956
)
Net investments and advances
$
95,482

 
$
74,926

 
(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 Mortgage Loans Secured by Our Unconsolidated Properties
The following table presents the mortgage loans secured by the unconsolidated properties entered into since January 1, 2014:
 
Financing Date
Property
 
Amount Financed or
Extended
(in millions of dollars)
 
Stated Interest Rate
 
Maturity
2015 Activity:
 
 
 
 
 
 
 
September
Springfield Mall(1)
 
$
65.0

 
Fixed 4.45%
 
September 2025
 
 
 
 
 
 
 
 
2014 Activity:
 
 
 
 
 
 
 
December
Gloucester Premium Outlets(2)
 
72.9

 
LIBOR plus 1.50%
 
June 2018
 
(1) 
The proceeds were used to repay the existing $61.7 million mortgage loan plus accrued interest. We received $1.0 million of proceeds as a distribution in connection with the financing.
(2) 
The unconsolidated entity that owns Gloucester Premium Outlets entered into this construction mortgage loan and completed the project in 2015. The construction mortgage loan has a maximum availability of $90.0 million, of which $71.3 million and $1.6 million was borrowed during 2015 and 2014, respectively, and $17.1 million was available as of December 31, 2015 (subject to submission of required documentation). Our interest in the unconsolidated entity is 25%.