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Investments in Partnerships (Tables)
 3 Months Ended
Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Equity Investments
The following table presents summarized financial information of the equity investments in our unconsolidated partnerships as of March 31, 2018 and December 31, 2017:
 
(in thousands of dollars)
March 31, 2018
 
December 31, 2017
ASSETS:
 
 
 
Investments in real estate, at cost:
 
 
 
Operating properties
$
563,525

 
$
612,689

Construction in progress
334,579

 
293,102

Total investments in real estate
898,104

 
905,791

Accumulated depreciation
(200,286
)
 
(202,424
)
Net investments in real estate
697,818

 
703,367

Cash and cash equivalents
26,391

 
26,158

Deferred costs and other assets, net
31,466

 
34,345

Total assets
755,675

 
763,870

LIABILITIES AND PARTNERS’ INVESTMENT:
 
 
 
Mortgage loans payable, net
512,772

 
513,139

Term Loan, net
247,517

 
—

Other liabilities
36,359

 
37,971

Total liabilities
796,648

 
551,110

Net investment
(40,973
)
 
212,760

Partners’ share
(20,396
)
 
106,886

PREIT’s share
(20,577
)
 
105,874

Excess investment (1)
13,870

 
13,081

Net investments and advances
$
(6,707
)
 
$
118,955

 
 
 
 
 
 
 
 
Investment in partnerships, at equity
$
90,188

 
$
216,823

Distributions in excess of partnership investments
(96,895
)
 
(97,868
)
Net investments and advances
$
(6,707
)
 
$
118,955

_________________________
(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 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, 2018 and 2017:
 
 
Three Months Ended 
 March 31,
 
(in thousands of dollars)
2018
 
2017
 
Real estate revenue
$
26,088

 
$
28,168

 
Operating expenses:
 
 
 
 
Property operating and other expenses
(8,330
)
 
(8,704
)
 
Interest expense
(5,734
)
 
(5,372
)
 
Depreciation and amortization
(5,071
)
 
(5,855
)
 
Total expenses
(19,135
)
 
(19,931
)
 
Net income
6,953

 
8,237

 
Partners’ share
(3,824
)
 
(4,491
)
 
PREIT’s share
3,129

 
3,746

 
Amortization of and adjustments to excess investment, net
9

 
(10
)
 
Equity in income of partnerships
$
3,138

 
$
3,736