XML 16 R4.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Real estate revenue:    
Lease revenue $ 270,065 $ 237,141
Expense reimbursements 16,514 15,462
Other real estate revenue 9,290 8,333
Total real estate revenue 295,869 260,936
Other income 561 887
Total revenue 296,430 261,823
Property operating expenses:    
CAM and real estate taxes (105,933) (106,522)
Utilities (12,473) (11,829)
Other property operating expenses (9,176) (8,547)
Total property operating expenses (127,582) (126,898)
Depreciation and amortization (117,986) (126,362)
General and administrative expenses (49,570) (50,272)
Provision for employee separation expenses (305) (1,227)
Insurance recoveries, net 669 586
Project costs and other expenses (309) (294)
Total operating expenses (295,083) (304,467)
Interest expense, net (128,031) (84,341)
Gain (loss) on debt extinguishment, net 4,587 (1,487)
Gain on derecognition of property 0 8,127
Impairment of assets (9,938) 0
Reorganization expenses (267) (3,769)
Total expenses (428,732) (385,938)
Loss before equity in loss of partnerships, loss on remeasurement of assets by equity method investee, gain on sales of real estate by equity method investee, gain on sales of real estate, net, and gain on sales of interests in non operating real estate (132,302) (124,115)
Equity in loss of partnerships (3,732) (5,544)
Loss on remeasurement of assets by equity method investee 0 (148,545)
Gain on sales of real estate by equity method investee 1,337 0
(Loss) gain on sales of real estate, net (1,180) 11,444
Gain on sales of interests in non operating real estate 10 54
Net loss (135,867) (266,706)
Less: net loss attributed to noncontrolling interest 3,130 7,189
Net loss attributable to PREIT (132,737) (259,517)
Less: cumulative preferred share dividends (27,375) (27,375)
Net loss attributable to PREIT common shareholders (160,112) (286,892)
Net loss (135,867) (266,706)
Noncontrolling interest 3,130 7,189
Cumulative preferred share dividends (27,375) (27,375)
Dividends on unvested restricted shares 0 (363)
Net loss used to calculate earnings per share – basic and diluted $ (160,112) $ (287,255)
Basic and diluted loss per share (in dollars per share) $ (2.04) $ (3.72)
Weighted average shares outstanding - basic (in shares) 78,595 77,227
Effect of dilutive common share equivalents (in shares) [1] 0 0
Weighted average shares outstanding - diluted (in shares) 78,595 77,227
[1] The Company had net losses used to calculate earnings per share for the years ended December 31, 2021 and 2020. Therefore, the effects of common share equivalents are excluded from the calculation of diluted loss per share for these periods because they would be anti-dilutive.