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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Real estate revenue:        
Lease revenue $ 62,138 $ 66,744 $ 185,161 $ 198,474
Expense reimbursements 4,767 4,864 13,734 13,223
Other real estate revenue 1,016 1,138 3,583 3,301
Total real estate revenue 67,921 72,746 202,478 214,998
Other income 60 67 213 377
Total revenue 67,981 72,813 202,691 215,375
Property operating expenses:        
CAM and real estate taxes (26,464) (26,564) (77,976) (80,511)
Utilities (3,970) (4,380) (10,818) (11,469)
Other property operating expenses (2,370) (2,246) (6,665) (6,585)
Total property operating expenses (32,804) (33,190) (95,459) (98,565)
Depreciation and amortization (26,725) (28,032) (79,064) (85,524)
General and administrative expenses (13,241) (10,965) (34,459) (32,192)
Other expenses (61) (65) (72) (143)
Total operating expenses (72,831) (72,252) (209,054) (216,424)
Interest expense, net (47,779) (36,481) (131,991) (100,473)
Loss on debt extinguishment (687) 0 (687) 0
Impairment of assets 0 (42,271) 0 (42,271)
Total expenses (121,297) (151,004) (341,732) (359,168)
Equity in loss of partnerships (4,602) (2,356) (11,284) (3,939)
Gain on sales of interests in real estate 60 7,509 60 9,210
Gain (loss) on sale of equity method investment 0 (77) 0 8,976
Gain on sales of interests in non operating real estate 0 1,772 1,057 10,527
Gain on sale of preferred equity interest 0 0 0 3,688
Net loss (57,858) (71,343) (149,208) (115,331)
Less: net loss attributable to noncontrolling interest 814 989 2,127 1,718
Net loss attributable to PREIT (57,044) (70,354) (147,081) (113,613)
Less: preferred share dividends (6,844) (6,843) (20,532) (20,531)
Net loss attributable to PREIT common shareholders $ (63,888) $ (77,197) $ (167,613) $ (134,144)
Basic loss per share: $ (12) $ (14.52) $ (31.48) $ (25.25)
Diluted loss per share: $ (12) $ (14.52) $ (31.48) $ (25.25)
Weighted average shares outstanding-basic (in shares) 5,325 5,317 5,325 5,313
Effect of common share equivalents (in shares) [1] 0 0 0 0
Weighted average shares outstanding-diluted (in shares) 5,325 5,317 5,325 5,313
[1] The Company had net losses used to calculate earnings per share for the three and nine months ended September 30, 2023 and 2022. 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.