false Q2 0000077281 --12-31 P2Y P10Y P10Y true false P3Y P3Y P3Y P1Y P1Y 2023-05-31 P7Y P2Y P1Y P6M P4M P168D P80M P92M P293M P304M pei:AccruedExpenseAndOtherLiabilitiesMember 0000077281 2021-01-01 2021-06-30 xbrli:shares 0000077281 2021-08-04 0000077281 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2021-01-01 2021-06-30 0000077281 us-gaap:SeriesBPreferredStockMember 2021-01-01 2021-06-30 0000077281 us-gaap:SeriesCPreferredStockMember 2021-01-01 2021-06-30 0000077281 us-gaap:SeriesDPreferredStockMember 2021-01-01 2021-06-30 iso4217:USD 0000077281 2021-06-30 0000077281 2020-12-31 0000077281 us-gaap:SeriesBPreferredStockMember 2021-06-30 0000077281 us-gaap:SeriesBPreferredStockMember 2020-12-31 0000077281 us-gaap:SeriesCPreferredStockMember 2021-06-30 0000077281 us-gaap:SeriesCPreferredStockMember 2020-12-31 0000077281 us-gaap:SeriesDPreferredStockMember 2021-06-30 0000077281 us-gaap:SeriesDPreferredStockMember 2020-12-31 iso4217:USD xbrli:shares 0000077281 2021-04-01 2021-06-30 0000077281 2020-04-01 2020-06-30 0000077281 2020-01-01 2020-06-30 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesBPreferredStockMember 2020-12-31 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesCPreferredStockMember 2020-12-31 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesDPreferredStockMember 2020-12-31 0000077281 us-gaap:CommonStockMember 2020-12-31 0000077281 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0000077281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-12-31 0000077281 us-gaap:NoncontrollingInterestMember 2020-12-31 0000077281 2021-01-01 2021-03-31 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-01-01 2021-03-31 0000077281 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-03-31 0000077281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0000077281 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0000077281 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0000077281 2021-03-31 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesBPreferredStockMember 2021-03-31 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesCPreferredStockMember 2021-03-31 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesDPreferredStockMember 2021-03-31 0000077281 us-gaap:CommonStockMember 2021-03-31 0000077281 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0000077281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-03-31 0000077281 us-gaap:NoncontrollingInterestMember 2021-03-31 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-04-01 2021-06-30 0000077281 us-gaap:NoncontrollingInterestMember 2021-04-01 2021-06-30 0000077281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0000077281 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesBPreferredStockMember 2021-06-30 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesCPreferredStockMember 2021-06-30 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesDPreferredStockMember 2021-06-30 0000077281 us-gaap:CommonStockMember 2021-06-30 0000077281 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0000077281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2021-06-30 0000077281 us-gaap:NoncontrollingInterestMember 2021-06-30 0000077281 2019-12-31 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesBPreferredStockMember 2019-12-31 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesCPreferredStockMember 2019-12-31 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesDPreferredStockMember 2019-12-31 0000077281 us-gaap:CommonStockMember 2019-12-31 0000077281 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0000077281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-12-31 0000077281 us-gaap:NoncontrollingInterestMember 2019-12-31 0000077281 2020-01-01 2020-03-31 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-01-01 2020-03-31 0000077281 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0000077281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0000077281 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0000077281 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0000077281 us-gaap:SeriesBPreferredStockMember 2020-01-01 2020-03-31 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember us-gaap:SeriesBPreferredStockMember 2020-01-01 2020-03-31 0000077281 us-gaap:SeriesCPreferredStockMember 2020-01-01 2020-03-31 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember us-gaap:SeriesCPreferredStockMember 2020-01-01 2020-03-31 0000077281 us-gaap:SeriesDPreferredStockMember 2020-01-01 2020-03-31 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember us-gaap:SeriesDPreferredStockMember 2020-01-01 2020-03-31 0000077281 2020-03-31 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesBPreferredStockMember 2020-03-31 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesCPreferredStockMember 2020-03-31 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesDPreferredStockMember 2020-03-31 0000077281 us-gaap:CommonStockMember 2020-03-31 0000077281 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0000077281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-03-31 0000077281 us-gaap:NoncontrollingInterestMember 2020-03-31 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-04-01 2020-06-30 0000077281 us-gaap:NoncontrollingInterestMember 2020-04-01 2020-06-30 0000077281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0000077281 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0000077281 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0000077281 us-gaap:SeriesBPreferredStockMember 2020-04-01 2020-06-30 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember us-gaap:SeriesBPreferredStockMember 2020-04-01 2020-06-30 0000077281 us-gaap:SeriesCPreferredStockMember 2020-04-01 2020-06-30 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember us-gaap:SeriesCPreferredStockMember 2020-04-01 2020-06-30 0000077281 us-gaap:SeriesDPreferredStockMember 2020-04-01 2020-06-30 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember us-gaap:SeriesDPreferredStockMember 2020-04-01 2020-06-30 0000077281 2020-06-30 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesBPreferredStockMember 2020-06-30 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesCPreferredStockMember 2020-06-30 0000077281 us-gaap:PreferredStockMember us-gaap:SeriesDPreferredStockMember 2020-06-30 0000077281 us-gaap:CommonStockMember 2020-06-30 0000077281 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0000077281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0000077281 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2020-06-30 0000077281 us-gaap:NoncontrollingInterestMember 2020-06-30 0000077281 us-gaap:SeriesBPreferredStockMember 2020-03-31 0000077281 us-gaap:SeriesBPreferredStockMember 2020-06-30 0000077281 us-gaap:SeriesCPreferredStockMember 2020-03-31 0000077281 us-gaap:SeriesCPreferredStockMember 2020-06-30 0000077281 us-gaap:SeriesDPreferredStockMember 2020-03-31 0000077281 us-gaap:SeriesDPreferredStockMember 2020-06-30 pei:Property pei:State 0000077281 pei:MallMember 2021-06-30 0000077281 pei:OtherRetailMember 2021-06-30 0000077281 pei:DevelopmentPropertiesMember 2021-06-30 xbrli:pure 0000077281 pei:PREITAssociatesLPOperatingPartnershipMember 2021-06-30 0000077281 us-gaap:SubsequentEventMember 2021-07-20 2021-07-20 0000077281 us-gaap:SubsequentEventMember 2021-07-20 pei:subsidiary pei:Segment 0000077281 pei:ValleyViewCenterMember 2021-04-01 2021-06-30 0000077281 us-gaap:RestrictedStockUnitsRSUMember pei:TwoThousandEighteenEquityIncentivePlanMember 2021-01-01 2021-03-31 0000077281 us-gaap:RestrictedStockUnitsRSUMember pei:TwoThousandEighteenEquityIncentivePlanMember 2021-06-01 2021-06-30 0000077281 us-gaap:PerformanceSharesMember pei:TwoThousandEighteenEquityIncentivePlanMember 2021-01-01 2021-03-31 0000077281 us-gaap:PerformanceSharesMember pei:TwoThousandEighteenEquityIncentivePlanMember 2021-06-01 2021-06-30 0000077281 us-gaap:PerformanceSharesMember pei:TwoThousandEighteenEquityIncentivePlanMember 2021-01-01 2021-06-30 0000077281 us-gaap:PerformanceSharesMember pei:TwoThousandEighteenEquityIncentivePlanMember pei:CoreMallOccupancyMember 2021-01-01 2021-06-30 0000077281 us-gaap:PerformanceSharesMember pei:TwoThousandEighteenEquityIncentivePlanMember pei:CorporateDebtYieldMember 2021-01-01 2021-06-30 pei:Multiplier 0000077281 us-gaap:PerformanceSharesMember pei:TwoThousandEighteenEquityIncentivePlanMember srt:MinimumMember 2021-01-01 2021-06-30 0000077281 us-gaap:PerformanceSharesMember pei:TwoThousandEighteenEquityIncentivePlanMember srt:MaximumMember 2021-01-01 2021-06-30 pei:Installment 0000077281 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-06-30 0000077281 us-gaap:RestrictedStockUnitsRSUMember srt:DirectorMember 2021-01-01 2021-06-30 0000077281 us-gaap:RestrictedStockUnitsRSUMember srt:ChiefExecutiveOfficerMember 2021-05-12 0000077281 us-gaap:RestrictedStockUnitsRSUMember srt:ChiefExecutiveOfficerMember 2021-05-12 2021-05-12 0000077281 us-gaap:RestrictedStockUnitsRSUMember 2021-05-12 2021-05-12 0000077281 pei:NonEmployeeTrusteesMember us-gaap:RestrictedStockUnitsRSUMember 2021-05-28 2021-05-28 0000077281 us-gaap:InterestExpenseMember pei:DevelopmentAndRedevelopmentActivitiesMember 2021-04-01 2021-06-30 0000077281 us-gaap:InterestExpenseMember pei:DevelopmentAndRedevelopmentActivitiesMember 2020-04-01 2020-06-30 0000077281 us-gaap:InterestExpenseMember pei:DevelopmentAndRedevelopmentActivitiesMember 2021-01-01 2021-06-30 0000077281 us-gaap:InterestExpenseMember pei:DevelopmentAndRedevelopmentActivitiesMember 2020-01-01 2020-06-30 0000077281 pei:SalariesAndBenefitsMember pei:DevelopmentAndRedevelopmentActivitiesMember 2021-04-01 2021-06-30 0000077281 pei:SalariesAndBenefitsMember pei:DevelopmentAndRedevelopmentActivitiesMember 2020-04-01 2020-06-30 0000077281 pei:SalariesAndBenefitsMember pei:DevelopmentAndRedevelopmentActivitiesMember 2021-01-01 2021-06-30 0000077281 pei:SalariesAndBenefitsMember pei:DevelopmentAndRedevelopmentActivitiesMember 2020-01-01 2020-06-30 0000077281 pei:CapitalizedRealEstateTaxesMember pei:DevelopmentAndRedevelopmentActivitiesMember 2021-04-01 2021-06-30 0000077281 pei:CapitalizedRealEstateTaxesMember pei:DevelopmentAndRedevelopmentActivitiesMember 2020-04-01 2020-06-30 0000077281 pei:CapitalizedRealEstateTaxesMember pei:DevelopmentAndRedevelopmentActivitiesMember 2021-01-01 2021-06-30 0000077281 pei:CapitalizedRealEstateTaxesMember pei:DevelopmentAndRedevelopmentActivitiesMember 2020-01-01 2020-06-30 0000077281 pei:SalariesAndBenefitsExpenseMember pei:LeasingActivitiesMember 2021-04-01 2021-06-30 0000077281 pei:SalariesAndBenefitsExpenseMember pei:LeasingActivitiesMember 2021-01-01 2021-06-30 0000077281 pei:SalariesAndBenefitsExpenseMember pei:LeasingActivitiesMember 2020-01-01 2020-06-30 0000077281 pei:MoorestownMallMember 2021-05-31 0000077281 pei:MoorestownMallMember 2021-05-01 2021-05-31 0000077281 pei:ValleyViewMallMember us-gaap:MortgagesMember 2020-12-31 0000077281 pei:ValleyViewMallMember us-gaap:MortgagesMember 2021-06-30 0000077281 2020-01-01 2020-12-31 0000077281 pei:FashionDistrictPhiladelphiaSaleOfUnitMember srt:PartnershipInterestMember 2021-05-01 2021-05-31 0000077281 pei:FashionDistrictPhiladelphiaSaleOfUnitMember 2021-05-01 2021-05-31 0000077281 pei:FashionDistrictPhiladelphiaSaleOfUnitMember srt:PartnershipInterestMember 2021-05-31 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember 2018-01-31 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember 2019-07-31 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember 2019-07-01 2019-09-30 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember pei:PartnershipLoanMember 2020-12-10 2020-12-10 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember pei:PartnershipLoanMember 2020-12-10 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember pei:PartnershipLoanMember 2021-03-31 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember pei:PartnershipLoanMember 2021-01-01 2021-03-31 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember 2021-01-01 2021-03-31 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember pei:FederalFundsRateMember 2021-01-01 2021-03-31 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember pei:LIBORMarketIndexRateMember 2021-01-01 2021-03-31 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-01-01 2021-03-31 0000077281 pei:FashionDistrictPhiladelphiaLoanAgreementMember 2021-03-31 0000077281 us-gaap:MortgagesMember pei:PavilionAtMarketEastMemberMember 2021-05-25 0000077281 us-gaap:MortgagesMember pei:TheCourtAtOxfordValleyMember 2021-06-25 0000077281 us-gaap:MortgagesMember pei:RedRoseCommonsMember 2021-06-30 0000077281 us-gaap:MortgagesMember pei:PavilionAtMarketEastMemberMember 2021-05-25 2021-05-25 0000077281 us-gaap:MortgagesMember pei:TheCourtAtOxfordValleyMember 2021-06-25 2021-06-25 0000077281 us-gaap:MortgagesMember pei:RedRoseCommonsMember 2021-06-30 2021-06-30 0000077281 us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:MortgagesMember pei:PavilionAtMarketEastMemberMember 2021-05-25 2021-05-25 pei:Agreement 0000077281 pei:CreditAgreementsMember 2020-12-10 0000077281 pei:SecuredFirstLienRevolvingCreditFacilityMember 2020-12-10 0000077281 us-gaap:LetterOfCreditMember 2020-12-10 0000077281 pei:SecuredFirstLienTermLoanFacilityMember 2020-12-10 0000077281 pei:SecondLienTermLoanFacilityMember 2020-12-10 0000077281 pei:CreditAgreementsMember 2020-01-01 2020-09-30 0000077281 pei:BridgeCreditAgreementMember 2020-12-10 2020-12-10 0000077281 pei:SevenYearTermLoanAgreementMember 2020-12-10 2020-12-10 0000077281 pei:TwoThousandEighteenAmendedAndRestatedCreditAgreementMember 2020-12-10 2020-12-10 0000077281 pei:TwoThousandEighteenCreditAgreementMember 2020-12-10 2020-12-10 0000077281 pei:CreditAgreementsMember pei:TermLoansMember 2021-06-30 0000077281 pei:CreditAgreementsMember pei:FirstLienRevolvingFacilityMember 2021-06-30 0000077281 us-gaap:UnsecuredDebtMember 2021-06-30 0000077281 pei:A2018RevolvingFacilityMember pei:CreditAgreementsAndRestructuredCreditAgreementsMember 2021-04-01 2021-06-30 0000077281 pei:A2018RevolvingFacilityMember pei:CreditAgreementsAndRestructuredCreditAgreementsMember 2020-04-01 2020-06-30 0000077281 pei:A2018RevolvingFacilityMember pei:CreditAgreementsAndRestructuredCreditAgreementsMember 2021-01-01 2021-06-30 0000077281 pei:A2018RevolvingFacilityMember pei:CreditAgreementsAndRestructuredCreditAgreementsMember 2020-01-01 2020-06-30 0000077281 pei:TermLoansMember pei:CreditAgreementsAndRestructuredCreditAgreementsMember 2021-04-01 2021-06-30 0000077281 pei:TermLoansMember pei:CreditAgreementsAndRestructuredCreditAgreementsMember 2020-04-01 2020-06-30 0000077281 pei:TermLoansMember pei:CreditAgreementsAndRestructuredCreditAgreementsMember 2021-01-01 2021-06-30 0000077281 pei:TermLoansMember pei:CreditAgreementsAndRestructuredCreditAgreementsMember 2020-01-01 2020-06-30 0000077281 pei:CreditAgreementsAndRestructuredCreditAgreementsMember pei:SecondLienTermLoanMember 2021-04-01 2021-06-30 0000077281 pei:CreditAgreementsAndRestructuredCreditAgreementsMember pei:SecondLienTermLoanMember 2021-01-01 2021-06-30 0000077281 pei:CreditAgreementsMember 2021-06-30 0000077281 pei:CreditAgreementsMember 2021-01-01 2021-06-30 0000077281 pei:FederalFundsRateMember pei:FirstLienCreditAgreementBaseRateLoansMember 2021-01-01 2021-06-30 0000077281 pei:LIBORMarketIndexRateMember pei:FirstLienCreditAgreementBaseRateLoansMember 2021-01-01 2021-06-30 0000077281 us-gaap:BaseRateMember pei:FirstLienCreditAgreementBaseRateLoansMember 2021-01-01 2021-06-30 0000077281 us-gaap:RevolvingCreditFacilityMember 2021-01-01 2021-06-30 0000077281 pei:FirstLienCreditAgreementMember pei:TermLoansMember 2021-01-01 2021-06-30 0000077281 us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-01-01 2021-06-30 0000077281 pei:FirstLienCreditAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember pei:TermLoansMember 2021-01-01 2021-06-30 0000077281 pei:FirstLienCreditAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember srt:MaximumMember 2021-01-01 2021-06-30 0000077281 pei:FirstLienCreditAgreementMember 2021-01-01 2021-06-30 0000077281 pei:SecondLienCreditAgreementBaseRateLoansMember pei:FederalFundsRateMember 2021-01-01 2021-06-30 0000077281 pei:SecondLienCreditAgreementBaseRateLoansMember pei:LIBORMarketIndexRateMember 2021-01-01 2021-06-30 0000077281 pei:SecondLienCreditAgreementBaseRateLoansMember us-gaap:BaseRateMember 2021-01-01 2021-06-30 0000077281 pei:SecondLienCreditAgreementBaseRateLoansMember us-gaap:BaseRateMember 2021-06-30 0000077281 pei:SecondLienCreditAgreementLIBORLoansMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-01-01 2021-06-30 0000077281 pei:SecondLienCreditAgreementLIBORLoansMember srt:MaximumMember 2021-01-01 2021-06-30 0000077281 pei:SecondLienCreditAgreementMember 2021-01-01 2021-06-30 0000077281 pei:FirstAmendmentToSecondLienCreditAgreementMember 2021-02-08 2021-02-08 0000077281 pei:FirstAmendmentToSecondLienCreditAgreementMember 2020-12-10 0000077281 pei:CreditAgreementsMember 2021-06-30 2021-06-30 0000077281 srt:ScenarioForecastMember pei:CreditAgreementsMember 2021-07-01 2021-09-30 0000077281 srt:ScenarioForecastMember pei:CreditAgreementsMember 2021-10-01 2021-10-01 utr:sqft 0000077281 srt:MinimumMember 2021-06-30 0000077281 srt:MinimumMember 2021-01-01 2021-06-30 0000077281 srt:MaximumMember 2021-01-01 2021-06-30 pei:Award 0000077281 pei:A2018RevolvingFacilityMember pei:CreditAgreementsMember 2021-06-30 0000077281 pei:A2018TermLoanFacilityMember pei:CreditAgreementsMember 2021-06-30 0000077281 pei:A2014SevenYearTermLoanMember pei:CreditAgreementsMember 2021-06-30 0000077281 pei:BridgeFacilityMember pei:CreditAgreementsMember 2021-06-30 0000077281 pei:BridgeFacilityMember pei:CreditAgreementsMember 2021-01-01 2021-06-30 0000077281 pei:BridgeFacilityMember pei:CreditAgreementsMember 2020-10-16 2020-10-16 0000077281 pei:TermLoansMember pei:CreditAgreementsMember 2020-11-01 0000077281 pei:BridgeFacilityMember pei:CreditAgreementsMember 2020-11-01 0000077281 pei:A2018RevolvingFacilityMember pei:CreditAgreementsMember 2020-11-01 0000077281 pei:A2018RevolvingFacilityMember pei:CreditAgreementsMember 2021-01-01 2021-06-30 0000077281 us-gaap:CarryingReportedAmountFairValueDisclosureMember pei:MortgageLoanMember 2021-06-30 0000077281 us-gaap:EstimateOfFairValueFairValueDisclosureMember pei:MortgageLoanMember 2021-06-30 0000077281 us-gaap:CarryingReportedAmountFairValueDisclosureMember pei:MortgageLoanMember 2020-12-31 0000077281 us-gaap:EstimateOfFairValueFairValueDisclosureMember pei:MortgageLoanMember 2020-12-31 0000077281 pei:MortgageLoanMember 2021-06-30 0000077281 pei:MortgageLoanMember 2020-12-31 0000077281 pei:FrancisScottKeyMall1Member us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember 2021-06-25 0000077281 pei:FrancisScottKeyMall1Member us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember 2021-06-25 2021-06-25 0000077281 pei:FrancisScottKeyMall1Member us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-06-25 2021-06-25 0000077281 pei:ViewmontMall1Member us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember 2021-06-25 0000077281 pei:ViewmontMall1Member us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember 2021-06-25 2021-06-25 0000077281 pei:ViewmontMall1Member us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember us-gaap:LondonInterbankOfferedRateLIBORMember 2021-06-25 2021-06-25 0000077281 pei:WoodlandAmendmentMember us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember 2021-02-08 2021-02-08 0000077281 pei:WoodlandAmendmentMember us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember 2021-02-08 0000077281 us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember srt:MinimumMember 2020-01-01 2020-12-31 0000077281 us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember srt:MaximumMember 2020-01-01 2020-12-31 0000077281 us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember 2020-01-01 2020-12-31 0000077281 pei:ValleyViewMallMember us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember 2020-06-30 0000077281 pei:ValleyViewMallMember us-gaap:MortgagesMember us-gaap:CommercialRealEstateMember 2020-04-01 2020-06-30 0000077281 pei:PaycheckProtectionProgramOfCoronavirusAidReliefAndEconomicSecurityCARESActMember pei:NotePayableMember 2020-04-01 2020-04-30 0000077281 pei:PaycheckProtectionProgramOfCoronavirusAidReliefAndEconomicSecurityCARESActMember pei:NotePayableMember 2020-04-30 0000077281 pei:PaycheckProtectionProgramOfCoronavirusAidReliefAndEconomicSecurityCARESActMember pei:NotePayableMember 2021-04-01 2021-06-30 0000077281 pei:PaycheckProtectionProgramOfCoronavirusAidReliefAndEconomicSecurityCARESActMember pei:NotePayableMember 2021-01-01 2021-06-30 0000077281 pei:FirstLienRevolvingFacilityMember 2021-01-01 2021-06-30 0000077281 pei:RestructuredRevolverMember 2020-01-01 2020-06-30 0000077281 pei:CreditAgreementsMember pei:TermLoansMember 2021-01-01 2021-06-30 pei:DerivativeInstrument 0000077281 pei:CreditAgreementsMember pei:TermLoansMember 2020-12-10 2020-12-10 0000077281 2020-12-21 2020-12-22 0000077281 us-gaap:InterestRateSwapMember 2020-12-22 0000077281 us-gaap:InterestRateSwapMember 2021-06-30 0000077281 pei:InterestRateNonDesignatedHedgesSwaps2021MaturityMember 2021-06-30 0000077281 pei:InterestRateSwaps2021MaturityMember 2021-06-30 0000077281 pei:InterestRateSwaps2023MaturityMember 2021-06-30 0000077281 pei:InterestRateSwaps2021MaturityMember 2020-12-31 0000077281 pei:InterestRateSwaps2023MaturityMember 2020-12-31 0000077281 pei:InterestRateNonDesignatedHedgesSwaps2021MaturityMember 2020-12-31 0000077281 us-gaap:NondesignatedMember 2021-04-01 2021-06-30 0000077281 us-gaap:NondesignatedMember 2021-01-01 2021-06-30 0000077281 srt:MaximumMember 2021-06-30 0000077281 pei:SolarPanelLeasesMember 2021-04-01 2021-06-30 0000077281 pei:SolarPanelLeasesMember 2020-04-01 2020-06-30 0000077281 pei:GroundLeaseMember 2021-04-01 2021-06-30 0000077281 pei:OfficeEquipmentAndVehicleLeasesMember 2021-04-01 2021-06-30 0000077281 pei:GroundLeaseMember 2020-04-01 2020-06-30 0000077281 pei:OfficeEquipmentAndVehicleLeasesMember 2020-04-01 2020-06-30 0000077281 pei:SolarPanelLeasesMember 2021-01-01 2021-06-30 0000077281 pei:SolarPanelLeasesMember 2020-01-01 2020-06-30 0000077281 pei:GroundLeaseMember 2021-01-01 2021-06-30 0000077281 pei:OfficeEquipmentAndVehicleLeasesMember 2021-01-01 2021-06-30 0000077281 pei:GroundLeaseMember 2020-01-01 2020-06-30 0000077281 pei:OfficeEquipmentAndVehicleLeasesMember 2020-01-01 2020-06-30 0000077281 us-gaap:ConstructionInProgressMember 2021-06-30 0000077281 pei:FashionDistrictPhiladelphiaMember 2021-06-30 0000077281 pei:FashionDistrictPhiladelphiaMember 2021-01-01 2021-06-30 0000077281 pei:CherryHillMallInCherryHillNewJerseyMember 2020-01-01 2020-06-30 0000077281 pei:CherryHillMallInCherryHillNewJerseyMember 2020-04-01 2020-04-30

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2021  

or

 

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                     

Commission File Number: 001-6300

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

(Exact name of Registrant as specified in its charter)

 

Pennsylvania

 

23-6216339

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

One Commerce Square

2005 Market Street, Suite 1000

Philadelphia, PA

 

19103

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code (215) 875-0700

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of Exchange on which registered

Shares of Beneficial Interest, par value $1.00 per share

PEI

New York Stock Exchange

Series B Preferred Shares, par value $0.01 per share

PEIPrB

New York Stock Exchange

Series C Preferred Shares, par value $0.01 per share

PEIPrC

New York Stock Exchange

Series D Preferred Shares, par value $0.01 per share

PEIPrD

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.  Yes      No  

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. On August 4, 2021, 80,205,329 shares of beneficial interest, par value $1.00 per share, of the Registrant were outstanding.

 

 

 


Table of Contents

 

 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

 

CONTENTS

 

 

 

 

Page

 

PART I—FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited):

1

 

 

 

 

 

 

Consolidated Balance Sheets—June 30, 2021 and December 31, 2020

1

 

 

 

 

 

 

Consolidated Statements of Operations—Three and Six Months Ended June 30, 2021 and 2020

2

 

 

 

 

 

 

Consolidated Statements of Comprehensive Loss—Three and Six Months Ended June 30, 2021 and 2020

4

 

 

 

 

 

 

Consolidated Statements of Equity—Three and Six Months Ended June 30, 2021 and 2020

5

 

 

 

 

 

 

Consolidated Statements of Cash Flows—Three and Six Months Ended June 30, 2021 and 2020

6

 

 

 

 

 

 

Notes to Unaudited Consolidated Financial Statements

7

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

23

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

49

 

 

 

 

Item 4.

 

Controls and Procedures

50

 

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

Item 1.

 

Legal Proceedings

51

 

 

 

 

Item 1A.

 

Risk Factors

51

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

51

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

51

 

 

 

 

Item 4.

 

Not Applicable

 

 

 

 

 

Item 5.

 

Not Applicable

 

 

 

 

 

Item 6.

 

Exhibits

52

 

 

 

 

Signatures

 

 

54

 

Except as the context otherwise requires, references in this Quarterly Report on Form 10-Q to “we,” “our,” “us,” the “Company” and “PREIT” refer to Pennsylvania Real Estate Investment Trust and its subsidiaries, including our operating partnership, PREIT Associates, L.P. References in this Quarterly Report on Form 10-Q to “PREIT Associates” or the “Operating Partnership” refer to PREIT Associates, L.P.

 


Table of Contents

 

 

Item 1. FINANCIAL STATEMENTS

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

June 30, 2021

 

 

December 31, 2020

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

ASSETS:

 

 

 

 

 

 

 

 

INVESTMENTS IN REAL ESTATE, at cost:

 

 

 

 

 

 

 

 

Operating properties

 

$

3,171,551

 

 

$

3,168,536

 

Construction in progress

 

 

43,571

 

 

 

46,285

 

Land held for development

 

 

5,516

 

 

 

5,516

 

Total investments in real estate

 

 

3,220,638

 

 

 

3,220,337

 

Accumulated depreciation

 

 

(1,361,137

)

 

 

(1,308,427

)

Net investments in real estate

 

 

1,859,501

 

 

 

1,911,910

 

INVESTMENTS IN PARTNERSHIPS, at equity:

 

 

23,576

 

 

 

27,066

 

OTHER ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

38,794

 

 

 

43,309

 

Tenant and other receivables

 

 

37,846

 

 

 

54,532

 

Intangible assets (net of accumulated amortization of $19,896 and $19,187 at June 30, 2021 and December 31, 2020, respectively)

 

 

10,683

 

 

 

11,392

 

Deferred costs and other assets, net

 

 

124,732

 

 

 

127,593

 

Assets held for sale

 

 

4,925

 

 

 

1,384

 

Total assets

 

$

2,100,057

 

 

$

2,177,186

 

LIABILITIES:

 

 

 

 

 

 

 

 

Mortgage loans payable, net

 

$

861,899

 

 

$

884,503

 

Term Loans, net

 

 

934,588

 

 

 

908,473

 

Revolving Facilities

 

 

54,830

 

 

 

54,830

 

Tenants’ deposits and deferred rent

 

 

9,776

 

 

 

8,899

 

Distributions in excess of partnership investments

 

 

72,390

 

 

 

76,586

 

Fair value of derivative instruments

 

 

16,227

 

 

 

23,292

 

Accrued expenses and other liabilities

 

 

85,632

 

 

 

93,663

 

Total liabilities

 

 

2,035,342

 

 

 

2,050,246

 

COMMITMENTS AND CONTINGENCIES (Note 8)

 

 

 

 

 

 

 

 

EQUITY:

 

 

 

 

 

 

 

 

Series B Preferred Shares, $.01 par value per share; 25,000 shares authorized; 3,450 shares issued and outstanding; liquidation preference of $92,610 and $89,430 at June 30, 2021 and December 31, 2020, respectively

 

 

35

 

 

 

35

 

Series C Preferred Shares, $.01 par value per share; 25,000 shares authorized; 6,900 shares issued and outstanding; liquidation preference of $184,920 and $178,710 at June 30, 2021 and December 31, 2020, respectively

 

 

69

 

 

 

69

 

Series D Preferred Shares, $.01 par value per share; 25,000 shares authorized; 5,000 shares issued and outstanding; liquidation preference of $133,594 and $129,297 at June 30, 2021 and December 31, 2020, respectively

 

 

50

 

 

 

50

 

Shares of beneficial interest, $1.00 par value per share; 200,000 shares authorized; 79,260 and 79,537 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

79,260

 

 

 

79,537

 

Capital contributed in excess of par

 

 

1,773,877

 

 

 

1,771,777

 

Accumulated other comprehensive loss

 

 

(15,475

)

 

 

(20,620

)

Distributions in excess of net income

 

 

(1,766,981

)

 

 

(1,699,638

)

Total equity – Pennsylvania Real Estate Investment Trust

 

 

70,835

 

 

 

131,210

 

Noncontrolling interest

 

 

(6,120

)

 

 

(4,270

)

Total equity

 

 

64,715

 

 

 

126,940

 

Total liabilities and equity

 

$

2,100,057

 

 

$

2,177,186

 

 

See accompanying notes to the unaudited consolidated financial statements.

1


Table of Contents

 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(in thousands of dollars)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease revenue

 

$

68,112

 

 

$

52,119

 

 

$

128,020

 

 

$

119,840

 

Expense reimbursements

 

 

3,887

 

 

 

2,976

 

 

 

7,786

 

 

 

7,280

 

Other real estate revenue

 

 

1,957

 

 

 

1,543

 

 

 

3,428

 

 

 

3,467

 

Total real estate revenue

 

 

73,956

 

 

 

56,638

 

 

 

139,234

 

 

 

130,587

 

Other income

 

 

162

 

 

 

131

 

 

 

288

 

 

 

424

 

Total revenue

 

 

74,118

 

 

 

56,769

 

 

 

139,522

 

 

 

131,011

 

EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAM and real estate taxes

 

 

(25,661

)

 

 

(25,213

)

 

 

(53,492

)

 

 

(52,730

)

Utilities

 

 

(2,860

)

 

 

(2,519

)

 

 

(5,824

)

 

 

(5,442

)

Other property operating expenses

 

 

(2,244

)

 

 

(1,775

)

 

 

(4,608

)

 

 

(3,872

)

Total property operating expenses

 

 

(30,765

)

 

 

(29,507

)

 

 

(63,924

)

 

 

(62,044

)

Depreciation and amortization

 

 

(29,686

)

 

 

(30,908

)

 

 

(59,525

)

 

 

(61,177

)

General and administrative expenses

 

 

(13,535

)

 

 

(10,569

)

 

 

(25,366

)

 

 

(21,264

)

Provision for employee separation expenses

 

 

(149

)

 

 

(1,040

)

 

 

(240

)

 

 

(1,113

)

Insurance recoveries, net

 

 

670

 

 

 

586

 

 

 

670

 

 

 

586

 

Project costs and other expenses

 

 

(77

)

 

 

(66

)

 

 

(179

)

 

 

(161

)

Total operating expenses

 

 

(73,542

)

 

 

(71,504

)

 

 

(148,564

)

 

 

(145,173

)

Interest expense, net

 

 

(31,978

)

 

 

(17,182

)

 

 

(62,709

)

 

 

(34,040

)

Gain on debt extinguishment, net

 

 

4,587

 

 

 

 

 

 

4,587

 

 

 

 

Impairment of assets

 

 

(1,302

)

 

 

 

 

 

(1,302

)

 

 

 

Reorganization expenses

 

 

(69

)

 

 

 

 

 

(267

)

 

 

 

Total expenses

 

 

(102,304

)

 

 

(88,686

)

 

 

(208,255

)

 

 

(179,213

)

Loss before equity in income (loss) of partnerships, gain on sales of real estate by equity method investee, (loss) gain on sales of real estate, net, and loss on sales of interests in non operating real estate

 

 

(28,186

)

 

 

(31,917

)

 

 

(68,733

)

 

 

(48,202

)

Equity in income (loss) of partnerships

 

 

2,433

 

 

 

(358

)

 

 

(1,000

)

 

 

461

 

Gain on sales of real estate by equity method investee

 

 

1,347

 

 

 

 

 

 

1,347

 

 

 

 

(Loss) gain on sales of real estate, net

 

 

(974

)

 

 

9,300

 

 

 

(974

)

 

 

11,263

 

Loss on sales of interests in non operating real estate

 

 

 

 

 

(144

)

 

 

 

 

 

(190

)

Net loss

 

 

(25,380

)

 

 

(23,119

)

 

 

(69,360

)

 

 

(36,668

)

Less: net loss attributable to noncontrolling interest

 

 

783

 

 

 

746

 

 

 

2,017

 

 

 

1,262

 

Net loss attributable to PREIT

 

 

(24,597

)

 

 

(22,373

)

 

 

(67,343

)

 

 

(35,406

)

Less: cumulative preferred share dividends

 

 

(6,844

)

 

 

(6,844

)

 

 

(13,688

)

 

 

(13,688

)

Net loss attributable to PREIT common shareholders

 

$

(31,441

)

 

$

(29,217

)

 

$

(81,031

)

 

$

(49,094

)

 

See accompanying notes to the unaudited consolidated financial statements.

2


Table of Contents

 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(in thousands, except per share amounts)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(25,380

)

 

$

(23,119

)

 

$

(69,360

)

 

$

(36,668

)

Noncontrolling interest

 

 

783

 

 

 

746

 

 

 

2,017

 

 

 

1,262

 

Cumulative preferred share dividends

 

 

(6,844

)

 

 

(6,844

)

 

 

(13,688

)

 

 

(13,688

)

Dividends on unvested restricted shares

 

 

 

 

 

(13

)

 

 

 

 

 

(363

)

Net loss used to calculate loss per share—basic and diluted

 

$

(31,441

)

 

$

(29,230

)

 

$

(81,031

)

 

$

(49,457

)

Basic and diluted loss per share:

 

$

(0.40

)

 

$

(0.38

)

 

$

(1.04

)

 

$

(0.64

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands of shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding—basic

 

 

78,144

 

 

 

77,269

 

 

 

77,896

 

 

 

77,021

 

Effect of common share equivalents(1)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding—diluted

 

 

78,144

 

 

 

77,269

 

 

 

77,896

 

 

 

77,021

 

 

 

 

 

 

 

 

 

 

(1)

The Company had net losses used to calculate earnings per share for the three and six months ended June 30, 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 antidilutive.

 

See accompanying notes to the unaudited consolidated financial statements.

3


Table of Contents

 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(in thousands of dollars)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(25,380

)

 

$

(23,119

)

 

$

(69,360

)

 

$

(36,668

)

Unrealized gain (loss) on derivatives

 

 

2,668

 

 

 

(52

)

 

 

5,269

 

 

 

(19,803

)

Amortization of settled swaps

 

 

2

 

 

 

65

 

 

 

5

 

 

 

70

 

Total comprehensive loss

 

 

(22,710

)

 

 

(23,106

)

 

 

(64,086

)

 

 

(56,401

)

Less: comprehensive loss attributable to noncontrolling interest

 

 

718

 

 

 

1,241

 

 

 

1,888

 

 

 

2,263

 

Comprehensive loss attributable to PREIT

 

$

(21,992

)

 

$

(21,865

)

 

$

(62,198

)

 

$

(54,138

)

 

See accompanying notes to the unaudited consolidated financial statements.

4


Table of Contents

 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

CONSOLIDATED STATEMENTS OF EQUITY

Three and Six Months Ended

June 30, 2021 and 2020

(Unaudited)

 

 

 

 

 

 

 

PREIT Shareholders

 

 

 

 

 

 

 

 

 

 

 

Preferred Shares $.01 par

 

 

Shares of

Beneficial

 

 

Capital

Contributed

 

 

Accumulated

Other

 

 

Distributions

 

 

Non-

 

(in thousands of dollars, except per share amounts)

 

Total

Equity

 

 

Series

B

 

 

Series

C

 

 

Series

D

 

 

Interest,

$1.00 Par

 

 

in Excess of

Par

 

 

Comprehensive

Loss

 

 

in Excess of

Net Income

 

 

controlling

interest

 

Balance January 1, 2021

 

$

126,940

 

 

$

35

 

 

$

69

 

 

$

50

 

 

$

79,537

 

 

$

1,771,777

 

 

$

(20,620

)

 

$

(1,699,638

)

 

$

(4,270

)

Net loss

 

 

(43,980

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,746

)

 

 

(1,234

)

Other comprehensive income

 

 

2,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,540

 

 

 

 

 

 

64

 

Shares issued under employee compensation plan, net of shares retired

 

 

(647

)

 

 

 

 

 

 

 

 

 

 

 

(277

)

 

 

(370

)

 

 

 

 

 

 

 

 

 

Amortization of deferred compensation

 

 

1,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,321

 

 

 

 

 

 

 

 

 

 

Balance March 31, 2021

 

$

86,238

 

 

$

35

 

 

$

69

 

 

$

50

 

 

$

79,260

 

 

$

1,772,728

 

 

$

(18,080

)

 

$

(1,742,384

)

 

$

(5,440

)

Net loss

 

 

(25,380

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,597

)

 

 

(783

)

Other comprehensive income

 

 

2,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,605

 

 

 

 

 

 

65

 

Amortization of deferred compensation

 

 

1,149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,149

 

 

 

 

 

 

 

 

 

 

Other changes in noncontrolling interest, net

 

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38

 

Balance June 30, 2021

 

$

64,715

 

 

$

35

 

 

$

69

 

 

$

50

 

 

$

79,260

 

 

$

1,773,877

 

 

$

(15,475

)

 

$

(1,766,981

)

 

$

(6,120

)

 

 

 

 

 

 

 

PREIT Shareholders

 

 

 

 

 

 

 

 

 

 

 

Preferred Shares $.01 par

 

 

Shares of

Beneficial

 

 

Capital

Contributed

 

 

Accumulated

Other

 

 

Distributions

 

 

Non-

 

(in thousands of dollars, except per share amounts)

 

Total

Equity

 

 

Series

B

 

 

Series

C

 

 

Series

D

 

 

Interest,

$1.00 Par

 

 

in Excess of

Par

 

 

Comprehensive

Loss

 

 

in Excess of

Net Income

 

 

controlling

interest

 

Balance January 1, 2020

 

$

427,425

 

 

$

35

 

 

$

69

 

 

$

50

 

 

$

77,550

 

 

$

1,766,883

 

 

$

(12,556

)

 

$

(1,408,352

)

 

$

3,746

 

Net loss

 

 

(13,549

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,033

)

 

 

(516

)

Other comprehensive loss

 

 

(19,746

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,240

)

 

 

 

 

 

(506

)

Shares issued under employee compensation

   plans, net of shares retired

 

 

(42

)

 

 

 

 

 

 

 

 

 

 

 

1,290

 

 

 

(1,332

)

 

 

 

 

 

 

 

 

 

Amortization of deferred compensation

 

 

1,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,624

 

 

 

 

 

 

 

 

 

 

Dividends paid to common shareholders

   ($0.21 per share)

 

 

(16,492

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,492

)

 

 

 

Dividends paid to Series B preferred

   shareholders ($0.4609 per share)

 

 

(1,591

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,591

)

 

 

 

Dividends paid to Series C preferred

   shareholders ($0.45 per share)

 

 

(3,105

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,105

)

 

 

 

Dividends paid to Series D preferred

   shareholders ($0.4297 per share)

 

 

(2,148

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,148

)

 

 

 

Noncontrolling interests: