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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Real estate revenue:        
Lease revenue $ 65,796 $ 65,543 $ 195,888 $ 193,563
Expense reimbursements 4,864 4,650 13,223 12,436
Other real estate revenue 2,086 1,400 5,887 4,828
Total real estate revenue 72,746 71,593 214,998 210,827
Other income 67 143 377 430
Total revenue 72,813 71,736 215,375 211,257
Property operating expenses:        
CAM and real estate taxes (26,564) (26,408) (80,511) (79,899)
Utilities (4,380) (3,749) (11,469) (9,573)
Other property operating expenses (2,246) (1,972) (6,585) (6,580)
Total property operating expenses (33,190) (32,129) (98,565) (96,052)
Depreciation and amortization (28,032) (29,142) (85,524) (88,667)
General and administrative expenses (10,965) (14,453) (32,192) (39,819)
Other expenses (65) (66) (143) (185)
Total operating expenses (72,252) (75,790) (216,424) (224,353)
Interest expense, net (36,481) (32,426) (100,473) (95,135)
Gain on debt extinguishment, net       4,587
Impairment of assets (42,271) (262) (42,271) (1,564)
Reorganization expenses       (267)
Total expenses (151,004) (108,478) (359,168) (316,732)
Equity in loss of partnerships (2,356) 1,429 (3,939) (2,429)
Gain (loss) on sales of interests in real estate 7,509 (217) 9,210 (1,191)
Gain (loss) on sale of equity method investment 77   8,976  
Gain (loss) on sales of real estate by equity method investee   10   1,337
Gain on sales of non-operating real estate 1,772   10,527  
Gain on sale of preferred equity interest     3,688  
Net loss (71,343) (38,398) (115,331) (107,758)
Less: net loss attributable to noncontrolling interest 989 669 1,718 2,686
Net loss attributable to PREIT (70,354) (37,729) (113,613) (105,072)
Less: preferred share dividends (6,843) (6,843) (20,531) (20,531)
Net loss attributable to PREIT common shareholders $ (77,197) $ (44,572) $ (134,144) $ (125,603)
Basic loss per share: $ (14.52) $ (8.44) $ (25.25) $ (24.05)
Diluted loss per share: $ (14.52) $ (8.44) $ (25.25) $ (24.05)
Weighted average shares outstanding-basic (in shares) 5,317 5,279 5,313 5,222
Effect of common share equivalents (in shares) [1] 0 0 0 0
Weighted average shares outstanding-diluted (in shares) 5,317 5,279 5,313 5,222
[1] The Company had net losses used to calculate earnings per share for the three and nine months ended September 30, 2022 and 2021. Therefore, the effects of common share equivalents are excluded from the calculation of diluted loss per share for these periods because they would be antidilutive.