Pennsylvania Real Estate Investment Trust (PRET) 10-Q 3 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 29, 2015
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	PEI
Entity Registrant Name	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
Entity Central Index Key	77,281
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		69,168,395

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
INVESTMENTS IN REAL ESTATE, at cost:
Operating properties	$ 3,552,091	$ 3,216,231
Construction in progress	125,525	60,452
Land held for development	8,721	8,721
Total investments in real estate	3,686,337	3,285,404
Accumulated depreciation	(1,083,207)	(1,061,051)
Net investments in real estate	2,603,130	2,224,353
INVESTMENTS IN PARTNERSHIPS, at equity:	155,129	140,882
OTHER ASSETS:
Cash and cash equivalents	31,320	40,433
Tenant and other receivables (net of allowance for doubtful accounts of $12,744 and $11,929 at June 30, 2015 and December 31, 2014, respectively)	34,599	40,566
Intangible assets (net of accumulated amortization of $12,585 and $11,873 at June 30, 2015 and December 31, 2014, respectively)	24,123	6,452
Deferred costs and other assets	88,196	87,017
Total assets	2,958,418	2,539,703
LIABILITIES:
Mortgage loans payable	1,360,795	1,407,947
Long-term Debt	400,000	130,000
Revolving Facility	120,000
Tenants’ deposits and deferred rent	16,344	15,541
Distributions in excess of partnership investments	64,680	65,956
Fair value of derivative liabilities	3,463	2,490
Accrued expenses and other liabilities	91,572	73,032
Total liabilities	$ 2,057,785	$ 1,694,966
COMMITMENTS AND CONTINGENCIES (Note 6):
EQUITY:
Shares of beneficial interest, $1.00 par value per share; 200,000 shares authorized; issued and outstanding 69,167 shares at June 30, 2015 and 68,801 shares at December 31, 2014	$ 69,167	$ 68,801
Capital contributed in excess of par	1,472,590	1,474,183
Accumulated other comprehensive loss	(5,857)	6,002
Distributions in excess of net income	(802,993)	(721,605)
Total equity—Pennsylvania Real Estate Investment Trust	732,988	815,458
Noncontrolling interest	167,645	29,279
Total equity	900,633	844,737
Total liabilities and equity	2,958,418	2,539,703
Assets Held-for-sale, Not Part of Disposal Group, Current	21,921
Real Estate Liabilities Associated with Assets Held for Development and Sale	931
Series A Preferred Shares [Member]
EQUITY:
Preferred Shares	46	46
Series B Preferred Shares [Member]
EQUITY:
Preferred Shares	$ 35	$ 35

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Tenant and other receivables, allowance for doubtful accounts	$ 12,744,000	$ 13,123,000
Intangible assets, accumulated amortization	$ 12,585,000	$ 14,506,000
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	69,167,000	68,293,000
Common stock, shares outstanding	69,167,000	68,293,000
Series A Preferred Shares [Member]
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, authorized	25,000,000	25,000,000
Preferred shares, issued	4,600,000	4,600,000
Preferred shares, outstanding	4,600,000	4,600,000
Liquidation preference	$ 115,000,000	$ 115,000,000
Series B Preferred Shares [Member]
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, authorized	25,000,000	25,000,000
Preferred shares, issued	3,450,000	3,450,000
Preferred shares, outstanding	3,450,000	3,450,000
Liquidation preference	$ 86,250,000	$ 86,250,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			493	326
Real estate revenue:
Base rent	$ 67,417	$ 71,646	$ 131,691	$ 142,988
Expense reimbursements	30,541	30,879	62,050	65,230
Percentage rent	322	324	846	914
Lease termination revenue	25	154	467	254
Other real estate revenue	2,577	3,142	4,612	5,368
Total real estate revenue	100,882	106,145	199,666	214,754
Other Nonoperating Income	811	680	2,084	1,458
Total revenue	101,693	106,825	201,750	216,212
Property operating expenses:
CAM and real estate taxes	(33,263)	(35,228)	(67,069)	(74,631)
Utilities	(4,959)	(5,841)	(10,108)	(14,051)
Other property operating expenses	(3,792)	(3,295)	(7,988)	(7,399)
Cost of Real Estate Revenue	42,014	44,364	85,165	96,081
General and administrative expenses	(9,126)	(8,774)	(18,070)	(17,851)
Provision For Employee Separation Expenses	0	(4,877)	0	(4,877)
Depreciation and amortization	(36,641)	(37,135)	(69,830)	(73,370)
Acquisition costs and other expenses	(817)	(960)	(5,269)	(2,606)
Operating Expenses	88,598	96,110	178,334	194,785
Interest expense, net	(21,126)	(21,550)	(41,271)	(41,720)
Asset Impairment Charges	(28,667)	(16,098)	(34,907)	(17,398)
Costs and Expenses	138,391	133,758	254,512	253,903
Loss before equity in income of partnerships, gain on sale of interest in non operating real estate and gain on sale of interests in real estate	(36,698)	(26,933)	(52,762)	(37,691)
Equity in income of partnerships	2,032	2,784	4,114	5,186
Gain on sale of non operating real estate	0	0	43	0
Gains (Losses) on Sales of Investment Real Estate	0	99	0	99
Net loss	(34,666)	(24,050)	(48,605)	(32,406)
Less: net loss attributable to noncontrolling interest	3,742	725	4,172	977
Net loss attributable to PREIT	(30,924)	(23,325)	(44,433)	(31,429)
Less: preferred share dividends	(3,962)	(3,962)	(7,924)	(7,924)
Net loss attributable to PREIT common shareholders	(34,886)	(27,287)	(52,357)	(39,353)
Net loss	(34,666)	(24,050)	(48,605)	(32,406)
Noncontrolling interest	3,742	725	4,172	977
Dividends on unvested restricted shares	(79)	(92)	(165)	(205)
Income (Loss) from Continuing Operations Attributable to Parent	$ (34,965)	$ (27,379)	$ (52,522)	$ (39,558)
Basic and diluted loss per share:	$ (0.51)	$ (0.40)	$ (0.76)	$ (0.58)
Weighted average shares outstanding—basic	68,753	68,236	68,660	68,091
Weighted average shares outstanding—diluted	68,753	68,236	68,660	68,091

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	425	309	493	326

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Comprehensive loss:
Net loss	$ (34,666)	$ (24,050)	$ (48,605)	$ (32,406)
Unrealized gain (loss) on derivatives	1,165	(1,919)	(846)	(3,102)
Amortization of losses on settled swaps, net of gains	238	1,544	1,010	1,837
Total comprehensive loss	(33,263)	(24,425)	(48,441)	(33,671)
Less: comprehensive loss attributable to noncontrolling interest	3,686	773	4,153	1,052
Comprehensive loss attributable to PREIT	$ (29,577)	$ (23,652)	$ (44,288)	$ (32,619)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Shares of Beneficial Interest, $1.00 Par [Member]	Capital Contributed In Excess Of Par [Member]	Accumulated Other Comprehensive Loss [Member]	Distributions in Excess of Net Income [Member]	Non-controlling interest [Member]	Series B [Member]	Series B [Member]Distributions in Excess of Net Income [Member]	Series A [Member]	Series A [Member]Distributions in Excess of Net Income [Member]	Series A Preferred Shares, $25 plus accrued dividends Liquidation Value [Member]	Series B Preferred Shares, $25 plus accrued dividends Liquidation Value [Member]
Shares Issued Upon Redemption Of Operating Partnership Units		$ 23	$ 472			$ (495)
December 31, 2014 at Dec. 31, 2014	$ 844,737	68,801	1,474,183	$ (6,002)	$ (721,605)	29,279					$ 46	$ 35
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(48,605)					(4,172)
Net Income (Loss), Excluding Portion Attributable to Noncontrolling Interest					(44,433)
Other comprehensive income	164			145		19
Shares issued under employee compensation plans, net of shares retired	(4,949)	343	(5,292)
Amortization of deferred compensation	3,227		3,227
Distributions paid to common shareholders ($0.42 per share)	(29,031)				(29,031)
Distributions paid to preferred shareholders							$ (3,180)	$ (3,180)	$ (4,744)	$ (4,744)
Noncontrolling interests:
Distributions paid to Operating Partnership unit holders ($0.42 per unit)	(2,198)					(2,198)
June 30, 2015 at Jun. 30, 2015	900,633	$ 69,167	$ 1,472,590	$ (5,857)	$ (802,993)	$ 167,645					$ 46	$ 35
Noncontrolling interests:
Operating Partnership Units Issued As Consideration For Acquisition	$ 145,188

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Adjustments to reconcile net loss to net cash provided by operating activities:
Net loss	$ (48,605)	$ (32,406)
Depreciation	65,517	68,415
Amortization	5,876	4,949
Straight-line rent adjustments	(740)	(823)
Provision for doubtful accounts	2,050	629
Amortization of deferred compensation	3,227	5,463
Loss on Hedge Ineffectiveness	512	1,238
Gain on sale of non operating real estate	(43)	(99)
Equity in income of partnerships in excess of distributions	(2,212)	(853)
Impairment of assets and expensed project costs	35,145	17,659
Change in assets and liabilities:
Net change in other assets	8,069	14,739
Net change in other liabilities	(5,870)	4,855
Net cash provided by operating activities	62,926	83,766
Cash flows from investing activities:
Investments in consolidated real estate acquisitions	(319,986)	(20,000)
Additions to construction in progress	(14,037)	(17,493)
Investments in real estate improvements	(16,867)	(19,502)
Proceeds from Sale of Real Estate Held-for-investment		23,600
Additions to leasehold improvements	(341)	(736)
Investments in partnerships	(16,194)	(3,651)
Capitalized leasing costs	(3,228)	(2,829)
Increase in cash escrows	(185)	(211)
Cash distributions from partnerships in excess of equity in income	2,926	1,482
Net cash used in investing activities	(367,912)	(39,340)
Cash flows from financing activities:
Borrowings from term loans	120,000	130,000
Net borrowings from (repayments of) revolving facility	270,000	(130,000)
Proceeds from mortgage loans	102,044
Principal installments on mortgage loans	(10,059)	(7,849)
Repayments of mortgage loans	(139,137)
Payment of deferred financing costs	(2,873)	(1,882)
Dividends paid to common shareholders	(29,031)	(27,466)
Dividends paid to preferred shareholders	(7,924)	(7,924)
Distributions paid to Operating Partnership unit holders and non controlling interest	(2,198)	(852)
Value of shares of beneficial interest issued	706	2,691
Value of shares retired under equity incentive plans, net of shares issued	(5,655)	(4,633)
Net cash provided by (used in) financing activities	295,873	(47,915)
Net change in cash and cash equivalents	(9,113)	(3,489)
Cash and cash equivalents, beginning of period	40,433	34,230
Cash and cash equivalents, end of period	$ 31,320	$ 30,741

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	BASIS OF PRESENTATION Nature of Operations Pennsylvania Real Estate Investment Trust (“PREIT” or the “Company”) prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. Our unaudited consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in PREIT’s Annual Report on Form 10-K for the year ended December 31, 2014. In our opinion, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position, the consolidated results of our operations, consolidated statements of other comprehensive income (loss), consolidated statements of equity and our consolidated statements of cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. PREIT, a Pennsylvania business trust founded in 1960 and one of the first equity real estate investment trusts (“REITs”) in the United States, has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. Our portfolio currently consists of a total of 41 properties in 12 states, including 31 operating shopping malls, three other retail properties, four development properties and three properties under redevelopment (The Gallery at Market East and two street retail properties). Two of the development properties are classified as “mixed use” (a combination of retail and other uses), one of the development properties is classified as “other retail” (outlet) and one of the development properties is classified as “other.” The above property counts do not include Uniontown Mall, in Uniontown, Pennsylvania, because that property has been classified as “held for sale,” and Springfield Park, in Springfield, Pennsylvania, because that property was sold effective July 2015, and these properties are no longer considered part of our operating portfolio. We hold our interest in our portfolio of properties through our operating partnership, PREIT Associates, L.P. (“PREIT Associates” or the “Operating Partnership”). We are the sole general partner of the Operating Partnership and, as of June 30, 2015 , we held an 89.2% controlling interest in the Operating Partnership, and consolidated it for reporting purposes. The presentation of consolidated financial statements does not itself imply that the assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Pursuant to the terms of the partnership agreement of the Operating Partnership, each of the limited partners has the right to redeem such partner’s units of limited partnership interest in the Operating Partnership (“OP Units”) for cash or, at our election, we may acquire such OP Units in exchange for our common shares on a one-for-one basis, in some cases beginning one year following the respective issue dates of the OP Units and in other cases immediately. If all of the outstanding OP Units held by limited partners had been redeemed for cash as of June 30, 2015 , the total amount that would have been distributed would have been $178.2 million , which is calculated using our June 30, 2015 closing price on the New York Stock Exchange of $21.34 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,348,299 as of June 30, 2015 . We provide management, leasing and real estate development services through two of our subsidiaries: PREIT Services, LLC (“PREIT Services”), which generally develops and manages properties that we consolidate for financial reporting purposes, and PREIT-RUBIN, Inc. (“PRI”), which generally develops and manages properties that we do not consolidate for financial reporting purposes, including properties owned by partnerships in which we own an interest and properties that are owned by third parties in which we do not have an interest. PREIT Services and PRI are consolidated. PRI is a taxable REIT subsidiary, as defined by federal tax laws, which means that it is able to offer an expanded menu of services to tenants without jeopardizing our continuing qualification as a REIT under federal tax law. We evaluate operating results and allocate resources on a property-by-property basis, and do not distinguish or evaluate our consolidated operations on a geographic basis. Due to the nature of our operating properties, which involve retail shopping, we have concluded that our individual properties have similar economic characteristics and meet all other aggregation criteria. Accordingly, we have aggregated our individual properties into one reportable segment. In addition, no single tenant accounts for 10% or more of consolidated revenue, and none of our properties are located outside the United States. Fair Value Fair value accounting applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, these accounting requirements establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs might include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. We utilize the fair value hierarchy in our accounting for derivatives (Level 2) and financial instruments (Level 2) and in our reviews for impairment of real estate assets (Level 3) and goodwill (Level 3). New Accounting Developments In May 2014, the Financial Accounting Standards Board issued “Revenue from Contracts with Customers.” The objective of this new standard is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of this new standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The new guidance is effective for annual reporting periods beginning after December 15, 2017 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt this standard. We are currently evaluating the new guidance and have not determined the impact this standard might have on our consolidated financial statements, nor have we decided upon the method of adoption.

Real Estate Activities

Real Estate Activities	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate Activities	REAL ESTATE ACTIVITIES Investments in real estate as of June 30, 2015 and December 31, 2014 were comprised of the following: (in thousands of dollars) As of June 30, As of December 31, Buildings, improvements and construction in progress $ 3,127,504 $ 2,843,326 Land, including land held for development 558,833 442,078 Total investments in real estate 3,686,337 3,285,404 Accumulated depreciation (1,083,207 ) (1,061,051 ) Net investments in real estate $ 2,603,130 $ 2,224,353 Capitalization of Costs The following table summarizes our capitalized salaries, commissions, benefits, real estate taxes and interest for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended (in thousands of dollars) 2015 2014 2015 2014 Development/Redevelopment Activities: Salaries and benefits $ 219 $ 431 $ 373 $ 825 Real estate taxes 276 — 276 — Interest 770 191 804 294 Leasing Activities: Salaries, commissions and benefits 1,573 1,409 3,228 2,829 Acquisition On March 31, 2015, we acquired Springfield Town Center in Springfield, Virginia for aggregate consideration of $486.6 million , consisting of the following components: (i) the assumption and immediate payoff of $263.8 million of indebtedness owed to affiliates of Vornado Realty L.P.; (ii) 6,250,000 OP Units valued at $145.2 million , (iii) liabilities relating to tenant improvements and allowances of $14.8 million , (iv) the estimated present value of the “Earnout” (as described below) of $7.7 million , and (v) the remainder in cash. The seller is potentially entitled to receive consideration (the “Earnout”) under the terms of the Contribution Agreement which will be calculated as of March 31, 2018. Our allocation of the purchase price is as follows : (in thousands of dollars) Land $ 119,912 Building 299,012 Common area improvements 16,776 Site improvements and tenant improvements 35,565 Intangible assets (liabilities): In-place lease value 18,123 Above market lease value 260 Below market lease value (393 ) Above market ground lease value (as lessor) (5,882 ) Deferred and other assets 3,231 Total $ 486,604 Impairment of Assets Gadsden Mall, New River Valley Mall and Wiregrass Commons Mall In June 2015, we recorded an aggregate loss on impairment of assets on Gadsden Mall in Gadsden, Alabama, New River Valley Mall in Christiansburg, Virginia and Wiregrass Commons Mall in Dothan, Alabama of $27.3 million after signing a purchase and sale agreement with a prospective buyer of the properties. The negotiations with this prospective buyer of the properties are ongoing, and could result in additional changes to our underlying assumptions. As a result of these negotiations, we determined that the holding period for the properties was less than had been previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible asset impairment at these properties. Based upon the purchase and sale agreement with the prospective buyer of the properties, we determined that the estimated aggregate undiscounted cash flows, net of estimated capital expenditures, for Gadsden Mall, New River Valley Mall and Wiregrass Commons Mall were less than the aggregate carrying value of the properties, and recorded a loss on impairment of assets. Uniontown Mall In March 2015, we recorded a loss on impairment of assets at Uniontown Mall in Uniontown, Pennsylvania (“Uniontown Mall”) of $6.2 million , and in June 2015, in connection with further negotiations with the prospective buyer of the property, we recorded an additional $1.3 million loss on impairment of assets. In connection with these negotiations, we had determined that the holding period for the property was less than had been previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible asset impairment at this property. Based upon the original purchase and sale agreement with the prospective buyer of the property and subsequent further negotiations, we determined that the estimated undiscounted cash flows, net of estimated capital expenditures, for Uniontown Mall were less than the carrying value of the property, and recorded both an initial loss on impairment of assets and a subsequent additional loss on impairment of assets.

Investments in Partnerships

Investments in Partnerships	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in Partnerships	INVESTMENTS IN PARTNERSHIPS The following table presents summarized financial information of the equity investments in our unconsolidated partnerships as of June 30, 2015 and December 31, 2014 : (in thousands of dollars) As of June 30, 2015 As of December 31, 2014 ASSETS: Investments in real estate, at cost: Operating properties $ 670,634 $ 654,024 Construction in progress 86,569 41,919 Total investments in real estate 757,203 695,943 Accumulated depreciation (193,353 ) (190,100 ) Net investments in real estate 563,850 505,843 Cash and cash equivalents 24,085 15,229 Deferred costs and other assets, net 40,625 37,274 Total assets 628,560 558,346 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable 419,599 383,190 Other liabilities 36,666 34,314 Total liabilities 456,265 417,504 Net investment 172,295 140,842 Partners’ share 89,685 74,663 PREIT’s share 82,610 66,179 Excess investment (1) 7,839 8,747 Net investments and advances $ 90,449 $ 74,926 Investment in partnerships, at equity $ 155,129 $ 140,882 Distributions in excess of partnership investments (64,680 ) (65,956 ) Net investments and advances $ 90,449 $ 74,926 _________________________ (1) Excess investment represents the unamortized difference between our investment and our share of the equity in the underlying net investment in the partnerships. The excess investment is amortized over the life of the properties, and the amortization is included in “Equity in income of partnerships.” We record distributions from our equity investments as cash from operating activities up to an amount equal to the equity in income of partnerships. Amounts in excess of our share of the income in the equity investments are treated as a return of partnership capital and recorded as cash from investing activities. The following table summarizes our share of equity in income of partnerships for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended (in thousands of dollars) 2015 2014 2015 2014 Real estate revenue $ 24,356 $ 20,331 $ 50,853 $ 41,507 Operating expenses: Property operating expenses (9,290 ) (5,749 ) (20,052 ) (12,849 ) Interest expense (5,146 ) (5,452 ) (10,441 ) (10,927 ) Depreciation and amortization (5,932 ) (3,413 ) (12,303 ) (7,062 ) Total expenses (20,368 ) (14,614 ) (42,796 ) (30,838 ) Net income 3,988 5,717 8,057 10,669 Less: Partners’ share (1,981 ) (2,858 ) (4,017 ) (5,331 ) PREIT’s share 2,007 2,859 4,040 5,338 Amortization of excess investment 25 (75 ) 74 (152 ) Equity in income of partnerships $ 2,032 $ 2,784 $ 4,114 $ 5,186 Disposition In July 2015, we sold our entire 50% interests in the Springfield Park shopping center in Springfield, Pennsylvania for $20.2 million , representing a capitalization rate of 7.0% , and recognized a gain of approximately $12.0 million that will be recorded in the third quarter of 2015. In connection with our interest in the property, we had an ongoing obligation to sublet approximately 10,100 square feet of space of a tenant at the property, which we transferred as part of the transaction. In connection with the sale, a mortgage loan of approximately $9.0 million , of which our share was 50% , was assumed by the buyer. For a limited term after the closing, we will provide limited property management services to the shopping center for nominal consideration. We divested $0.1 million of goodwill in connection with this transaction. We used the net proceeds from the transaction for general corporate purposes. See note 8 regarding the related party aspect of the transaction. Lehigh Valley Mall We have a 50% partnership interest in Lehigh Valley Associates LP, the owner of the substantial majority of Lehigh Valley Mall, which was considered to be a significant unconsolidated subsidiary as of December 31, 2014, and which is included in the amounts above. Summarized balance sheet information as of June 30, 2015 and December 31, 2014 and summarized statement of operations information for the six months ended June 30, 2015 and 2014 for this entity, which is accounted for using the equity method, is as follows: As of (in thousands of dollars) June 30, 2015 December 31, 2014 Summarized balance sheet information Total assets $ 52,161 $ 51,703 Mortgage loan payable 130,272 131,394 Three Months Ended Six Months Ended (in thousands of dollars) 2015 2014 2015 2014 Summarized statement of operations information Revenue $ 8,960 $ 9,061 $ 17,904 $ 18,096 Property operating expenses (2,537 ) (2,455 ) (5,017 ) (5,219 ) Interest expense (1,931 ) (1,964 ) (3,871 ) (3,935 ) Net income 3,858 3,836 7,319 7,082 PREIT’s share of equity in income of partnership 1,929 1,918 3,659 3,541

Financing Activity

Financing Activity	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Financing Activity	FINANCING ACTIVITY Credit Agreements We have entered into four credit agreements (collectively, the “Credit Agreements”), as further discussed and defined below: (1) the 2013 Revolving Facility, (2) the 2014 7-Year Term Loan, (3) the 2014 5-Year Term Loan, and (4) the 2015 5-Year Term Loan. 2013 Revolving Facility, as amended In April 2013, PREIT, PREIT Associates, and PRI (collectively, the “Borrower” or “we”) entered into a credit agreement (as amended, the “2013 Revolving Facility”) with Wells Fargo Bank, National Association, and the other financial institutions signatory thereto, for a $400.0 million senior unsecured revolving credit facility. In December 2013, we amended the 2013 Revolving Facility to make certain terms of the 2013 Revolving Facility consistent with the terms of the 2014 Term Loans (discussed below). In June 2015, we further amended the 2013 Revolving Facility to lower the interest rates in the applicable pricing grid, modify one covenant and to extend the Termination Date to June 26, 2018. All capitalized terms used in this note 4 and not otherwise defined herein have the meanings ascribed to such terms in the 2013 Revolving Facility. As of June 30, 2015 , $120.0 million was outstanding under our 2013 Revolving Facility, $7.9 million was pledged as collateral for letters of credit and the unused portion that was available to us was $272.1 million . Currently, $100.0 million is outstanding under our 2013 Revolving Facility, $7.9 million is pledged for a letter of credit and the unused portion that is available to us is $292.1 million . Interest expense related to the 2013 Revolving Facility was $1.3 million and $0.3 million for the three months ended June 30, 2015 and 2014 , respectively, and $1.7 million and $0.8 million for the six months ended June 30, 2015 and 2014 , respectively. Deferred financing fee amortization associated with the 2013 Revolving Facility was $0.6 million (including $0.2 million of accelerated amortization resulting from the 2015 amendment) and $0.4 million for the three months ended June 30, 2015 and 2014 , respectively, and $1.0 million (including $0.2 million of accelerated amortization resulting from the 2015 amendment) and $0.7 million for the six months ended June 30, 2015 and 2014 , respectively. Pursuant to the June 2015 amendment, the initial maturity of the 2013 Revolving Facility is now June 26, 2018 , and the Borrower has two options for one-year extensions of the initial maturity date, subject to certain conditions and to the payment of extension fees of 0.15% and 0.20% of the Facility Amount for the first and second options, respectively. Subject to the terms of the Credit Agreements, the Borrower has the option to increase the maximum amount available under the 2013 Revolving Facility, through an accordion option, from $400.0 million to as much as $600.0 million , in increments of $5.0 million (with a minimum increase of $25.0 million ), based on Wells Fargo Bank’s ability to obtain increases in Revolving Commitments from the current lenders or Revolving Commitments from new lenders. No option to increase the maximum amount available under the 2013 Revolving Facility has been exercised by the Borrower. After the June 2015 amendment, amounts borrowed under the 2013 Revolving Facility bear interest at a rate between 1.20% and 1.55% per annum, depending on PREIT’s leverage at the end of each quarter, in excess of LIBOR, as set forth in the table below. The rate that will be in effect following the reporting of our June 30, 2015 covenant compliance information will be 1.30% per annum in excess of LIBOR. In determining PREIT’s leverage (the ratio of Total Liabilities to Gross Asset Value), the capitalization rate used to calculate Gross Asset Value is (a) 6.50% for each Property having an average sales per square foot of more than $500 for the most recent period of 12 consecutive months, and (b) 7.50% for any other Property. Level Ratio of Total Liabilities to Gross Asset Value Applicable Margin 1 Less than 0.450 to 1.00 1.20 % 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 1.25 % 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 1.30 % 4 Equal to or greater than 0.550 to 1.00 1.55 % The 2013 Revolving Facility is subject to a facility fee which is currently 0.25% , depending on leverage, and is recorded in interest expense in the consolidated statements of operations. In the event that we seek and obtain an investment grade credit rating, alternative interest rates and facility fees would apply. The 2013 Revolving Facility contains certain affirmative and negative covenants and other provisions which are identical to those contained in the other Credit Agreements and which are described in detail below in the section entitled “—Identical covenants and common provisions contained in the Credit Agreements.” The Borrower may prepay the 2013 Revolving Facility at any time without premium or penalty, subject to reimbursement obligations for the lenders’ breakage costs for LIBOR borrowings. The Borrower must repay the entire principal amount outstanding under the 2013 Revolving Facility at the end of its term, as the term may be extended. Term Loans 2015 5-Year Term Loan In June 2015, the Borrower entered into a five year term loan agreement (the “2015 5-Year Term Loan”) with Wells Fargo Bank, National Association, PNC Bank, National Association and the other financial institutions signatory thereto, for a $150.0 million senior unsecured five year term loan facility. The maturity date of the 2015 5-Year Term Loan is June 26, 2020. At closing, the Borrower borrowed the entire $150.0 million under the 2015 5-Year Term Loan and used the proceeds to repay $150.0 million of the then outstanding balance under the Borrower’s 2013 Revolving Facility. Amounts borrowed under the 2015 5-Year Term Loan bear interest at the rate specified below per annum, depending on PREIT’s leverage, in excess of LIBOR, unless and until the Borrower receives an investment grade credit rating and provides notice to the Administrative Agent (the “Rating Date”), after which alternative rates would apply. In determining PREIT’s leverage (the ratio of Total Liabilities to Gross Asset Value), the capitalization rate used to calculate Gross Asset Value is 6.50% for each Property having an average sales per square foot of more than $500 for the most recent period of 12 consecutive months and (b) 7.50% for any other Property. Level Ratio of Total Liabilities to Gross Asset Value 2015 5-Year Term Loan Applicable Margin 1 Less than 0.450 to 1.00 1.35% 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 1.45% 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 1.60% 4 Equal to or greater than 0.550 to 1.00 1.90% The rate that will be in effect following the reporting of our June 30, 2015 covenant compliance information will be 1.60% per annum in excess of LIBOR. The 2015 5-Year Term Loan also contains an additional covenant that prior to the Rating Date, if any, PREIT may not permit the amount of the Gross Asset Value attributable to assets directly owned by PREIT, PREIT Associates, PRI and the guarantors to be less than 95% of Gross Asset Value excluding assets owned by Excluded Subsidiaries or Unconsolidated Affiliates. The Borrower may prepay the 2015 5-Year Term Loan at any time without premium or penalty, subject to reimbursement obligations for the lenders’ breakage costs for LIBOR borrowings. The 2015 5-Year Term Loan contains certain affirmative and negative covenants and other provisions which are identical to those contained in the other Credit Agreements, and which are described in detail below in the section entitled “—Identical covenants and common provisions contained in the Credit Agreements.” 2014 Term Loans In January 2014, the Borrower entered into two unsecured term loans in the initial aggregate amount of $250.0 million , comprised of: (1) a five year term loan agreement (the “2014 5-Year Term Loan”) with Wells Fargo Bank, National Association, U.S. Bank National Association and the other financial institutions signatory thereto, for a $150.0 million senior unsecured five-year term loan facility; and (2) a seven year term loan agreement (the “2014 7-Year Term Loan” and, together with the 2014 5-Year Term Loan, the “2014 Term Loans”) with Wells Fargo Bank, National Association, Capital One, National Association and the other financial institutions signatory thereto, for a $100.0 million senior unsecured seven year term loan facility. In June 2015, the Borrower entered into an amendment to each of the 2014 Term Loans under which PREIT is required to maintain, on a consolidated basis, minimum Unencumbered Debt Yield of 11.0% , versus 12.0% previously, consistent with the amendment to the covenant in the 2013 Revolving Facility, and the provision of the 2015 5-Year Term Loan. The cross-default provisions in the 2014 Term Loans were also amended to add the new 2015 5-Year Term Loan. Amounts borrowed under the 2014 Term Loans bear interest at the rate specified in the chart below per annum, depending on PREIT’s leverage at the end of each quarter, in excess of LIBOR. In determining PREIT’s leverage (the ratio of Total Liabilities to Gross Asset Value), the capitalization rate used to calculate Gross Asset Value is (a) 6.50% for each Property having an average sales per square foot of more than $500 for the most recent period of 12 consecutive months, and (b) 7.50% for any other Property. Level 2014 7-Year Term Loan 2014 5-Year Term Loan 1 Less than 0.450 to 1.00 1.80% 1.35% 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 1.95% 1.45% 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 2.15% 1.60% 4 Equal to or greater than 0.550 to 1.00 2.35% 1.90% The rate that will be in effect following the reporting of our June 30, 2015 covenant compliance information will be 2.15% and 1.60% for the 7-Year Term Loan and 5-Year Term Loan, respectively, per annum in excess of LIBOR. If PREIT seeks and obtains an investment grade credit rating and so notifies the lenders under the respective 2014 Term Loans, alternative interest rates would apply. Subject to the terms of the Credit Agreements, the Borrower has the option to increase the maximum amount available under the 2014 5-Year Term Loan, through an accordion option (subject to certain conditions), from $150.0 million to as much as $300.0 million , in increments of $5.0 million (with a minimum increase of $25.0 million ), based on Wells Fargo Bank’s ability to obtain increases in commitments from the current lenders or from new lenders. Subject to the terms of the Credit Agreements, the Borrower has the option to increase the maximum amount available under the 2014 7-Year Term Loan, through an accordion option (subject to certain conditions), from $100.0 million to as much as $200.0 million , in increments of $5.0 million (with a minimum increase of $25.0 million ), based on Wells Fargo Bank’s ability to obtain increases in commitments from the current lenders or from new lenders. The 2014 Term Loans contain certain affirmative and negative covenants and other provisions which are identical to those contained in the other Credit Agreements, and which are described in detail below in the section entitled “—Identical covenants and common provisions contained in the Credit Agreements.” The Borrower may prepay the 2014 Term Loans at any time without premium or penalty, subject to reimbursement obligations for the lenders’ breakage costs for LIBOR borrowings. The payment of the 2014 7-Year Term Loan prior to its maturity is subject to reimbursement obligations for the lenders’ breakage costs for LIBOR borrowings and a declining prepayment penalty ranging from 3% from closing to one year after closing, to 2% from one year after closing to two years after closing, to 1% from two years after closing to three years after closing, and without penalty thereafter. The table set forth below presents the amounts outstanding, interest rate (inclusive of the LIBOR spread and excluding the impact of interest rate swap agreements on LIBOR-based debt) in effect and the maturity dates of the 2014 Term Loans and the 2015 Term Loan (collectively, the “Term Loans”) as of June 30, 2015 : (in millions of dollars) 2014 7-Year Term Loan 2014 5-Year Term Loan 2015 5-Year Term Loan Total facility $ 100.0 $ 150.0 $ 150.0 Amount outstanding $ 100.0 $ 150.0 $ 150.0 Interest rate 2.13 % 1.63 % 1.64 % Maturity date January 2021 January 2019 June 2020 Interest expense related to the Term Loans was $2.0 million and $1.2 million for the three months ended June 30, 2015 and 2014 , respectively, and $3.2 million and $2.2 million for the six months ended June 30, 2015 and 2014 , respectively. Deferred financing fee amortization associated with the Term Loans was $0.1 million and $0.1 million for the three months ended June 30, 2015 and 2014 , respectively, and $0.2 million and 0.1 million for the six months ended June 30, 2015 and 2014 , respectively. Identical covenants and common provisions contained in the Credit Agreements The Credit Agreements contain certain affirmative and negative covenants which are identical, including, without limitation, requirements that PREIT maintain, on a consolidated basis: (1) minimum Tangible Net Worth of not less than 75% of the Company’s tangible net worth on December 31, 2012, plus 75% of the Net Proceeds of all Equity Issuances effected at any time after December 31, 2012; (2) maximum ratio of Total Liabilities to Gross Asset Value of 0.60 : 1 , provided that it will not be a Default if the ratio exceeds 0.60 :1 but does not exceed 0.625 : 1 , for more than two consecutive quarters on more than two occasions during the term; (3) minimum ratio of Adjusted EBITDA to Fixed Charges of 1.50 :1 (4) minimum Unencumbered Debt Yield of 11.0% ; (5) minimum Unencumbered NOI to Unsecured Interest Expense of 1.75 : 1 ; (6) maximum ratio of Secured Indebtedness to Gross Asset Value of 0.60 : 1 ; (7) maximum Investments in unimproved real estate and predevelopment costs not in excess of 5.0% of Gross Asset Value; (8) maximum Investments in Persons other than Subsidiaries, Consolidated Affiliates and Unconsolidated Affiliates not in excess of 5.0% of Gross Asset Value; (9) maximum Mortgages in favor of the Borrower or any other Subsidiary not in excess of 5.0% of Gross Asset Value; (10) the aggregate value of the Investments and the other items subject to the preceding clauses (7) through (9) not in excess of 10.0% of Gross Asset Value; (11) maximum Investments in Consolidation Exempt Entities not in excess of 25.0% of Gross Asset Value; (12) maximum Projects Under Development not in excess of 15.0% of Gross Asset Value; (13) the aggregate value of the Investments and the other items subject to the preceding clauses (7) through (9) and (11) and (12) not in excess of 35.0% of Gross Asset Value; (14) Distributions may not exceed (A) with respect to our preferred shares, the amounts required by the terms of the preferred shares, and (B) with respect to our common shares, the greater of (i) 95.0% of Funds From Operations and (ii) 110% of REIT taxable income for a fiscal year; and (15) PREIT may not permit the amount of the Gross Asset Value attributable to assets directly owned by PREIT, PREIT Associates, PRI and the guarantors to be less than 95% of Gross Asset Value excluding assets owned by Excluded Subsidiaries or Unconsolidated Affiliates. These covenants and restrictions limit PREIT’s ability to incur additional indebtedness, grant liens on assets and enter into negative pledge agreements, merge, consolidate or sell all or substantially all of its assets and enter into certain transactions with affiliates. The Credit Agreements are subject to customary events of default and are cross-defaulted with one another. As of June 30, 2015, the Borrower was in compliance with all such financial covenants. PREIT and the subsidiaries of PREIT that either (1) account for more than 2.5% of adjusted Gross Asset Value (other than an Excluded Subsidiary), (2) own or lease an Unencumbered Property, (3) own, directly or indirectly, a subsidiary described in (2), or (4) with respect to the Term Loans, are guarantors under the 2013 Revolving Facility, as amended, will serve as guarantors for funds borrowed under the Credit Agreements. In the event that we seek and obtain an investment grade credit rating, if any, PREIT may request that a subsidiary guarantor be released, unless such guarantor becomes obligated in respect of the debt of the Borrower or another subsidiary or owns Unencumbered Property or incurs recourse debt. Upon the expiration of any applicable cure period following an event of default, the lenders may declare all of the obligations in connection with the Credit Agreements immediately due and payable, and the Commitments of the lenders to make further loans under the 2013 Revolving Facility and the 2014 Term Loans will terminate. Upon the occurrence of a voluntary or involuntary bankruptcy proceeding of PREIT, PREIT Associates, PRI, any Material Subsidiary, any subsidiary that owns or leases an Unencumbered Property or certain other subsidiaries, all outstanding amounts will automatically become immediately due and payable and the Commitments of the lenders to make further loans will automatically terminate. Mortgage Loans The carrying values and estimated fair values of mortgage loans based on interest rates and market conditions at June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans $ 1,360.8 $ 1,358.5 $ 1,407.9 $ 1,415.5 The mortgage loans contain various customary default provisions. As of June 30, 2015 , we were not in default on any of the mortgage loans. Mortgage Loan Activity In June 2015, we entered into a $96.2 million mortgage loan secured by Patrick Henry Mall in Newport News, Virginia. The mortgage loan has a fixed interest rate of 4.35% per annum and a 10 year term. Payments are of principal and interest based on a 30 year amortization schedule with a balloon payment due in July 2025. In connection with the repayment, we repaid the existing $83.8 million mortgage loan plus accrued interest and incurred an $0.8 million prepayment penalty. The balance of the proceeds were used for general corporate purposes. In April 2015, we repaid a $55.6 million mortgage loan plus accrued interest secured by Magnolia Mall in Florence, South Carolina using $40.0 million from our 2013 Revolving Facility and $15.6 million from available working capital. In March 2015, we borrowed an additional $5.8 million under the mortgage loan secured by Francis Scott Key Mall in Frederick, Maryland. Interest Rate Risk We follow established risk management policies designed to limit our interest rate risk on our interest bearing liabilities, as further discussed in note 7 to our unaudited consolidated financial statements.

Cash Flow Information

Cash Flow Information	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information	CASH FLOW INFORMATION Cash paid for interest was $37.3 million (net of capitalized interest of $0.8 million ) and $36.6 million (net of capitalized interest of $0.3 million ) for the six months ended June 30, 2015 and 2014 , respectively. In our statement of cash flows, we show cash flows on our revolving facility on a net basis. Aggregate borrowings on our 2013 Revolving Facility were $270.0 million and $90.0 million for the six months ended June 30, 2015 and 2014 , respectively. Aggregate paydowns were $150.0 million and $220.0 million for the six months ended June 30, 2015 and 2014 , respectively. The $150.0 million paydown in the six months ended June 30, 2015 was directly paid from the 2015 5-Year Term Loan initial borrowing, and is considered to be a non-cash transaction. In connection with our acquisition of Springfield Town Center in March 2015, we issued 6,250,000 OP Units with a value of $145.2 million as partial consideration for the purchase.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Contractual Obligations As of June 30, 2015 , we had unaccrued contractual and other commitments related to our capital improvement projects and development projects of $14.3 million in the form of tenant allowances and contracts with general service providers and other professional service providers.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	DERIVATIVES In the normal course of business, we are exposed to financial market risks, including interest rate risk on our interest bearing liabilities. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of financial instruments such as derivatives. We do not use financial instruments for trading or speculative purposes. Cash Flow Hedges of Interest Rate Risk Our outstanding derivatives have been designated under applicable accounting authority as cash flow hedges. The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in “Accumulated other comprehensive income (loss)” and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. To the extent these instruments are ineffective as cash flow hedges, changes in the fair value of these instruments are recorded in “Interest expense, net.” We recognize all derivatives at fair value as either assets or liabilities in the accompanying consolidated balance sheets. The carrying amount of the derivative assets is reflected in “Deferred costs and other assets,” the amount of the associated liabilities is reflected in “Accrued expenses and other liabilities” and the amount of the net unrealized income or loss is reflected in “Accumulated other comprehensive income (loss)” in the accompanying balance sheets. Amounts reported in “Accumulated other comprehensive income (loss)” that are related to derivatives will be reclassified to “Interest expense, net” as interest payments are made on our corresponding debt. During the next 12 months, we estimate that $4.4 million will be reclassified as an increase to interest expense in connection with derivatives. The amortization of these amounts could be accelerated in the event that we repay amounts outstanding on the debt instruments and do not replace them with new borrowings. Interest Rate Swaps As of June 30, 2015 , we had entered into 16 interest rate swap agreements with a weighted average interest rate of 1.55% on a notional amount of $422.1 million maturing on various dates through January 2019 . We entered into these interest rate swap agreements in order to hedge the interest payments associated with our issuances of variable interest rate long term debt. We have assessed the effectiveness of these interest rate swap agreements as hedges at inception and on a quarterly basis. As of June 30, 2015 , we considered these interest rate swap agreements to be highly effective as cash flow hedges. The interest rate swap agreements are net settled monthly. Accumulated other comprehensive loss as of June 30, 2015 includes a net loss of $2.3 million relating to forward starting swaps that we cash settled in prior years that are being amortized over 10 year periods commencing on the closing dates of the debt instruments that are associated with these settled swaps. In the six months ended June 30, 2015 , we recorded net loss on hedge ineffectiveness of $0.5 million . Following our July 2014 repayment of the $25.8 million mortgage loan secured by 801 Market Street, Philadelphia, Pennsylvania, we anticipated that we would not have sufficient 1-month LIBOR based interest payments to meet the entire swap notional amount related to two of our swaps, and we estimated that this condition would exist until approximately March 2015, when we planned to incur variable rate debt as part of the consideration for the acquisition of Springfield Town Center. These swaps, with an aggregate notional amount of $40.0 million , did not qualify for ongoing hedge accounting after July 2014 as a result of the unrealized forecasted transactions. We recognized mark-to-market interest expense on these two swaps of $0.5 million for the period from January 1, 2015 to March 31, 2015, the date the Springfield Town Center acquisition closed and variable rate debt was issued. These swaps are scheduled to expire by their terms in January 2019. The following table summarizes the terms and estimated fair values of our interest rate swap derivative instruments at June 30, 2015 and December 31, 2014 . The notional values provide an indication of the extent of our involvement in these instruments, but do not represent exposure to credit, interest rate or market risks. (in millions of dollars) Notional Value Fair Value at June 30, 2015 (1) Fair Value at December 31, 2014 (1) Interest Rate Maturity Date Interest Rate Swaps $25.0 $ (0.2 ) $ (0.2 ) 1.10 % July 31, 2016 28.1 (0.3 ) (0.4 ) 1.38 % January 2, 2017 33.4 (0.1 ) 0.1 3.72 % December 1, 2017 7.6 — — 1.00 % January 1, 2018 55.0 (0.2 ) — 1.12 % January 1, 2018 48.0 (0.2 ) — 1.12 % January 1, 2018 30.0 (0.5 ) (0.4 ) 1.78 % January 2, 2019 20.0 (0.4 ) (0.3 ) 1.78 % January 2, 2019 20.0 (0.4 ) (0.3 ) 1.78 % January 2, 2019 20.0 (0.4 ) (0.3 ) 1.79 % January 2, 2019 20.0 (0.4 ) (0.3 ) 1.79 % January 2, 2019 20.0 (0.4 ) (0.3 ) 1.79 % January 2, 2019 25.0 0.1 N/A 1.16 % January 2, 2019 25.0 0.1 N/A 1.16 % January 2, 2019 25.0 — N/A 1.16 % January 2, 2019 20.0 0.1 N/A 1.16 % January 2, 2019 $ (3.2 ) $ (2.4 ) _________________________ (1) As of June 30, 2015 and December 31, 2014 , derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy and we did not have any significant recurring fair value measurements related to derivative instruments using significant unobservable inputs (Level 3). The table below presents the effect of derivative financial instruments on our consolidated statements of operations and on our share of our partnerships’ statements of operations for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended Consolidated Statements of Operations Location (in millions of dollars) 2015 2014 2015 2014 Derivatives in cash flow hedging relationships: Interest rate products Loss recognized in Other Comprehensive Income (Loss) on derivatives $ 0.2 $ (0.3 ) $ (1.6 ) $ (2.2 ) N/A Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) $ 1.2 $ 1.2 $ 2.3 $ 2.2 Interest expense Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) $ — $ (1.2 ) $ (0.5 ) $ (1.2 ) Interest expense Credit-Risk-Related Contingent Features We have agreements with some of our derivative counterparties that contain a provision pursuant to which, if our entity that originated such derivative instruments defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. As of June 30, 2015 , we were not in default on any of our derivative obligations. We have an agreement with a derivative counterparty that incorporates the loan covenant provisions of our loan agreement with a lender affiliated with the derivative counterparty. Failure to comply with the loan covenant provisions would result in our being in default on any derivative instrument obligations covered by the agreement. As of June 30, 2015 , the fair value of derivatives in a net liability position, which excludes accrued interest but includes any adjustment for nonperformance risk related to these agreements, was $3.2 million . If we had breached any of the default provisions in these agreements as of June 30, 2015 , we might have been required to settle our obligations under the agreements at their termination value (including accrued interest) of $3.7 million . We had not breached any of these provisions as of June 30, 2015 .

RELATED PARTY TRANSACTIONS (Not

RELATED PARTY TRANSACTIONS (Notes)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	RELATED PARTY TRANSACTION As disclosed in note 3, we sold our entire 50% interests in Springfield Park shopping center, in Springfield, Pennsylvania in July 2015. The buyer, Rubin Retail Acquisitions, L.P., is an entity controlled by Ronald Rubin, Executive Chairman and a Trustee of PREIT, and his brother, George Rubin, a former Vice Chairman and a former Trustee of PREIT. In accordance with PREIT’s Related Party Transactions Policy, a Special Committee consisting exclusively of independent members of PREIT’s Board of Trustees considered and approved the terms of the transaction. The disinterested members of PREIT’s Board of Trustees also approved the transaction.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	BASIS OF PRESENTATION Nature of Operations Pennsylvania Real Estate Investment Trust (“PREIT” or the “Company”) prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. Our unaudited consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in PREIT’s Annual Report on Form 10-K for the year ended December 31, 2014. In our opinion, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position, the consolidated results of our operations, consolidated statements of other comprehensive income (loss), consolidated statements of equity and our consolidated statements of cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. PREIT, a Pennsylvania business trust founded in 1960 and one of the first equity real estate investment trusts (“REITs”) in the United States, has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. Our portfolio currently consists of a total of 41 properties in 12 states, including 31 operating shopping malls, three other retail properties, four development properties and three properties under redevelopment (The Gallery at Market East and two street retail properties). Two of the development properties are classified as “mixed use” (a combination of retail and other uses), one of the development properties is classified as “other retail” (outlet) and one of the development properties is classified as “other.” The above property counts do not include Uniontown Mall, in Uniontown, Pennsylvania, because that property has been classified as “held for sale,” and Springfield Park, in Springfield, Pennsylvania, because that property was sold effective July 2015, and these properties are no longer considered part of our operating portfolio. We hold our interest in our portfolio of properties through our operating partnership, PREIT Associates, L.P. (“PREIT Associates” or the “Operating Partnership”). We are the sole general partner of the Operating Partnership and, as of June 30, 2015 , we held an 89.2% controlling interest in the Operating Partnership, and consolidated it for reporting purposes. The presentation of consolidated financial statements does not itself imply that the assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Pursuant to the terms of the partnership agreement of the Operating Partnership, each of the limited partners has the right to redeem such partner’s units of limited partnership interest in the Operating Partnership (“OP Units”) for cash or, at our election, we may acquire such OP Units in exchange for our common shares on a one-for-one basis, in some cases beginning one year following the respective issue dates of the OP Units and in other cases immediately. If all of the outstanding OP Units held by limited partners had been redeemed for cash as of June 30, 2015 , the total amount that would have been distributed would have been $178.2 million , which is calculated using our June 30, 2015 closing price on the New York Stock Exchange of $21.34 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,348,299 as of June 30, 2015 . We provide management, leasing and real estate development services through two of our subsidiaries: PREIT Services, LLC (“PREIT Services”), which generally develops and manages properties that we consolidate for financial reporting purposes, and PREIT-RUBIN, Inc. (“PRI”), which generally develops and manages properties that we do not consolidate for financial reporting purposes, including properties owned by partnerships in which we own an interest and properties that are owned by third parties in which we do not have an interest. PREIT Services and PRI are consolidated. PRI is a taxable REIT subsidiary, as defined by federal tax laws, which means that it is able to offer an expanded menu of services to tenants without jeopardizing our continuing qualification as a REIT under federal tax law. We evaluate operating results and allocate resources on a property-by-property basis, and do not distinguish or evaluate our consolidated operations on a geographic basis. Due to the nature of our operating properties, which involve retail shopping, we have concluded that our individual properties have similar economic characteristics and meet all other aggregation criteria. Accordingly, we have aggregated our individual properties into one reportable segment. In addition, no single tenant accounts for 10% or more of consolidated revenue, and none of our properties are located outside the United States. Fair Value Fair value accounting applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, these accounting requirements establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs might include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. We utilize the fair value hierarchy in our accounting for derivatives (Level 2) and financial instruments (Level 2) and in our reviews for impairment of real estate assets (Level 3) and goodwill (Level 3). New Accounting Developments In May 2014, the Financial Accounting Standards Board issued “Revenue from Contracts with Customers.” The objective of this new standard is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of this new standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The new guidance is effective for annual reporting periods beginning after December 15, 2017 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt this standard. We are currently evaluating the new guidance and have not determined the impact this standard might have on our consolidated financial statements, nor have we decided upon the method of adoption.
Nature of Operations	Nature of Operations Pennsylvania Real Estate Investment Trust (“PREIT” or the “Company”) prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. Our unaudited consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in PREIT’s Annual Report on Form 10-K for the year ended December 31, 2014. In our opinion, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position, the consolidated results of our operations, consolidated statements of other comprehensive income (loss), consolidated statements of equity and our consolidated statements of cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. PREIT, a Pennsylvania business trust founded in 1960 and one of the first equity real estate investment trusts (“REITs”) in the United States, has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. Our portfolio currently consists of a total of 41 properties in 12 states, including 31 operating shopping malls, three other retail properties, four development properties and three properties under redevelopment (The Gallery at Market East and two street retail properties). Two of the development properties are classified as “mixed use” (a combination of retail and other uses), one of the development properties is classified as “other retail” (outlet) and one of the development properties is classified as “other.” The above property counts do not include Uniontown Mall, in Uniontown, Pennsylvania, because that property has been classified as “held for sale,” and Springfield Park, in Springfield, Pennsylvania, because that property was sold effective July 2015, and these properties are no longer considered part of our operating portfolio. We hold our interest in our portfolio of properties through our operating partnership, PREIT Associates, L.P. (“PREIT Associates” or the “Operating Partnership”). We are the sole general partner of the Operating Partnership and, as of June 30, 2015 , we held an 89.2% controlling interest in the Operating Partnership, and consolidated it for reporting purposes. The presentation of consolidated financial statements does not itself imply that the assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Pursuant to the terms of the partnership agreement of the Operating Partnership, each of the limited partners has the right to redeem such partner’s units of limited partnership interest in the Operating Partnership (“OP Units”) for cash or, at our election, we may acquire such OP Units in exchange for our common shares on a one-for-one basis, in some cases beginning one year following the respective issue dates of the OP Units and in other cases immediately. If all of the outstanding OP Units held by limited partners had been redeemed for cash as of June 30, 2015 , the total amount that would have been distributed would have been $178.2 million , which is calculated using our June 30, 2015 closing price on the New York Stock Exchange of $21.34 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,348,299 as of June 30, 2015 . We provide management, leasing and real estate development services through two of our subsidiaries: PREIT Services, LLC (“PREIT Services”), which generally develops and manages properties that we consolidate for financial reporting purposes, and PREIT-RUBIN, Inc. (“PRI”), which generally develops and manages properties that we do not consolidate for financial reporting purposes, including properties owned by partnerships in which we own an interest and properties that are owned by third parties in which we do not have an interest. PREIT Services and PRI are consolidated. PRI is a taxable REIT subsidiary, as defined by federal tax laws, which means that it is able to offer an expanded menu of services to tenants without jeopardizing our continuing qualification as a REIT under federal tax law. We evaluate operating results and allocate resources on a property-by-property basis, and do not distinguish or evaluate our consolidated operations on a geographic basis. Due to the nature of our operating properties, which involve retail shopping, we have concluded that our individual properties have similar economic characteristics and meet all other aggregation criteria. Accordingly, we have aggregated our individual properties into one reportable segment. In addition, no single tenant accounts for 10% or more of consolidated revenue, and none of our properties are located outside the United States.
Fair Value	Fair Value Fair value accounting applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, these accounting requirements establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs might include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. We utilize the fair value hierarchy in our accounting for derivatives (Level 2) and financial instruments (Level 2) and in our reviews for impairment of real estate assets (Level 3) and goodwill (Level 3).
New Accounting Developments	New Accounting Developments In May 2014, the Financial Accounting Standards Board issued “Revenue from Contracts with Customers.” The objective of this new standard is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of this new standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The new guidance is effective for annual reporting periods beginning after December 15, 2017 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt this standard. We are currently evaluating the new guidance and have not determined the impact this standard might have on our consolidated financial statements, nor have we decided upon the method of adoption.

Real Estate Activities (Tables)

Real Estate Activities (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Investments in Real Estate	Investments in real estate as of June 30, 2015 and December 31, 2014 were comprised of the following: (in thousands of dollars) As of June 30, As of December 31, Buildings, improvements and construction in progress $ 3,127,504 $ 2,843,326 Land, including land held for development 558,833 442,078 Total investments in real estate 3,686,337 3,285,404 Accumulated depreciation (1,083,207 ) (1,061,051 ) Net investments in real estate $ 2,603,130 $ 2,224,353
Real Estate Capitalized Costs [Table Text Block]	The following table summarizes our capitalized salaries, commissions, benefits, real estate taxes and interest for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended (in thousands of dollars) 2015 2014 2015 2014 Development/Redevelopment Activities: Salaries and benefits $ 219 $ 431 $ 373 $ 825 Real estate taxes 276 — 276 — Interest 770 191 804 294 Leasing Activities: Salaries, commissions and benefits 1,573 1,409 3,228 2,829

Real Estate Activities Acquisit

Real Estate Activities Acquisition (Tables)	6 Months Ended
	Jun. 30, 2015
Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Acquisition On March 31, 2015, we acquired Springfield Town Center in Springfield, Virginia for aggregate consideration of $486.6 million , consisting of the following components: (i) the assumption and immediate payoff of $263.8 million of indebtedness owed to affiliates of Vornado Realty L.P.; (ii) 6,250,000 OP Units valued at $145.2 million , (iii) liabilities relating to tenant improvements and allowances of $14.8 million , (iv) the estimated present value of the “Earnout” (as described below) of $7.7 million , and (v) the remainder in cash. The seller is potentially entitled to receive consideration (the “Earnout”) under the terms of the Contribution Agreement which will be calculated as of March 31, 2018. Our allocation of the purchase price is as follows : (in thousands of dollars) Land $ 119,912 Building 299,012 Common area improvements 16,776 Site improvements and tenant improvements 35,565 Intangible assets (liabilities): In-place lease value 18,123 Above market lease value 260 Below market lease value (393 ) Above market ground lease value (as lessor) (5,882 ) Deferred and other assets 3,231 Total $ 486,604

Investments in Partnerships (Ta

Investments in Partnerships (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 : (in thousands of dollars) As of June 30, 2015 As of December 31, 2014 ASSETS: Investments in real estate, at cost: Operating properties $ 670,634 $ 654,024 Construction in progress 86,569 41,919 Total investments in real estate 757,203 695,943 Accumulated depreciation (193,353 ) (190,100 ) Net investments in real estate 563,850 505,843 Cash and cash equivalents 24,085 15,229 Deferred costs and other assets, net 40,625 37,274 Total assets 628,560 558,346 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable 419,599 383,190 Other liabilities 36,666 34,314 Total liabilities 456,265 417,504 Net investment 172,295 140,842 Partners’ share 89,685 74,663 PREIT’s share 82,610 66,179 Excess investment (1) 7,839 8,747 Net investments and advances $ 90,449 $ 74,926 Investment in partnerships, at equity $ 155,129 $ 140,882 Distributions in excess of partnership investments (64,680 ) (65,956 ) Net investments and advances $ 90,449 $ 74,926 _________________________ (1) Excess investment represents the unamortized difference between our investment and our share of the equity in the underlying net investment in the 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 and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended (in thousands of dollars) 2015 2014 2015 2014 Real estate revenue $ 24,356 $ 20,331 $ 50,853 $ 41,507 Operating expenses: Property operating expenses (9,290 ) (5,749 ) (20,052 ) (12,849 ) Interest expense (5,146 ) (5,452 ) (10,441 ) (10,927 ) Depreciation and amortization (5,932 ) (3,413 ) (12,303 ) (7,062 ) Total expenses (20,368 ) (14,614 ) (42,796 ) (30,838 ) Net income 3,988 5,717 8,057 10,669 Less: Partners’ share (1,981 ) (2,858 ) (4,017 ) (5,331 ) PREIT’s share 2,007 2,859 4,040 5,338 Amortization of excess investment 25 (75 ) 74 (152 ) Equity in income of partnerships $ 2,032 $ 2,784 $ 4,114 $ 5,186

Financing Activity (Tables)

Financing Activity (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Applicable Credit Spread Over Libor at Various Leverage Levels	In determining PREIT’s leverage (the ratio of Total Liabilities to Gross Asset Value), the capitalization rate used to calculate Gross Asset Value is (a) 6.50% for each Property having an average sales per square foot of more than $500 for the most recent period of 12 consecutive months, and (b) 7.50% for any other Property. Level Ratio of Total Liabilities to Gross Asset Value Applicable Margin 1 Less than 0.450 to 1.00 1.20 % 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 1.25 % 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 1.30 % 4 Equal to or greater than 0.550 to 1.00 1.55 %
Schedule of Credit Spread 2015 Term Loan [Table Text Block]	Level Ratio of Total Liabilities to Gross Asset Value 2015 5-Year Term Loan Applicable Margin 1 Less than 0.450 to 1.00 1.35% 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 1.45% 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 1.60% 4 Equal to or greater than 0.550 to 1.00 1.90%
Schedule of Credit Spread 2014 Term Loans [Table Text Block]	Level 2014 7-Year Term Loan 2014 5-Year Term Loan 1 Less than 0.450 to 1.00 1.80% 1.35% 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 1.95% 1.45% 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 2.15% 1.60% 4 Equal to or greater than 0.550 to 1.00 2.35% 1.90%
Schedule of Long-term Debt Instruments [Table Text Block]	(in millions of dollars) 2014 7-Year Term Loan 2014 5-Year Term Loan 2015 5-Year Term Loan Total facility $ 100.0 $ 150.0 $ 150.0 Amount outstanding $ 100.0 $ 150.0 $ 150.0 Interest rate 2.13 % 1.63 % 1.64 % Maturity date January 2021 January 2019 June 2020
Carrying and Fair Values of Mortgage Loans	The carrying values and estimated fair values of mortgage loans based on interest rates and market conditions at June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans $ 1,360.8 $ 1,358.5 $ 1,407.9 $ 1,415.5

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments	(in millions of dollars) Notional Value Fair Value at June 30, 2015 (1) Fair Value at December 31, 2014 (1) Interest Rate Maturity Date Interest Rate Swaps $25.0 $ (0.2 ) $ (0.2 ) 1.10 % July 31, 2016 28.1 (0.3 ) (0.4 ) 1.38 % January 2, 2017 33.4 (0.1 ) 0.1 3.72 % December 1, 2017 7.6 — — 1.00 % January 1, 2018 55.0 (0.2 ) — 1.12 % January 1, 2018 48.0 (0.2 ) — 1.12 % January 1, 2018 30.0 (0.5 ) (0.4 ) 1.78 % January 2, 2019 20.0 (0.4 ) (0.3 ) 1.78 % January 2, 2019 20.0 (0.4 ) (0.3 ) 1.78 % January 2, 2019 20.0 (0.4 ) (0.3 ) 1.79 % January 2, 2019 20.0 (0.4 ) (0.3 ) 1.79 % January 2, 2019 20.0 (0.4 ) (0.3 ) 1.79 % January 2, 2019 25.0 0.1 N/A 1.16 % January 2, 2019 25.0 0.1 N/A 1.16 % January 2, 2019 25.0 — N/A 1.16 % January 2, 2019 20.0 0.1 N/A 1.16 % January 2, 2019 $ (3.2 ) $ (2.4 ) _________________________ (1) As of June 30, 2015 and December 31, 2014 , derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy and we did not have any significant recurring fair value measurements related to derivative instruments using significant unobservable inputs (Level 3).
Effect of Our Derivative Financial Instruments on Our Consolidated Statements of Operations	The table below presents the effect of derivative financial instruments on our consolidated statements of operations and on our share of our partnerships’ statements of operations for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended Consolidated Statements of Operations Location (in millions of dollars) 2015 2014 2015 2014 Derivatives in cash flow hedging relationships: Interest rate products Loss recognized in Other Comprehensive Income (Loss) on derivatives $ 0.2 $ (0.3 ) $ (1.6 ) $ (2.2 ) N/A Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) $ 1.2 $ 1.2 $ 2.3 $ 2.2 Interest expense Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) $ — $ (1.2 ) $ (0.5 ) $ (1.2 ) Interest expense

Basis of Presentation Nature of

Basis of Presentation Nature of Operations (Details)	Aug. 03, 2015PropertyState	Jun. 30, 2015shares
Number of outstanding OP Units held by limited partners | shares		8,348,299
Subsequent Event [Member]
Number of Real Estate Properties	41
Number of States in which Entity Operates | State	12
Subsequent Event [Member] | Mall [Member]
Number of Real Estate Properties	31
Subsequent Event [Member] | Mixed Use Development Property [Member]
Number of Real Estate Properties	2
Subsequent Event [Member] | Strip And Power Center [Member]
Number of Real Estate Properties	3
Subsequent Event [Member] | Development Properties [Member]
Number of Real Estate Properties	4
Subsequent Event [Member] | Redevelopment Properties [Member]
Number of Real Estate Properties	3
Subsequent Event [Member] | Other Retail Development [Member]
Number of Real Estate Properties	1
Subsequent Event [Member] | Other Development Property [Member]
Number of Real Estate Properties	1

Basis of Presentation Noncontro

Basis of Presentation Noncontrolling interest (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Millions	Total
Noncontrolling Interest [Line Items]
Closing share price	$ 21.34
Interest in the Operating Partnership	89.20%
Redeemable Noncontrolling Interest, Equity, Other, Fair Value	$ 178.2
Limited Partners' Capital Account, Units Outstanding	8,348,299

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - 6 months ended Jun. 30, 2015 - Segment	Total
Accounting Policies [Abstract]
Percentage of consolidated revenue having no single tenant	10.00%
Number of reportable segment	1

Real Estate Activities - Invest

Real Estate Activities - Investments in Real Estate (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	Dec. 31, 2014
Gains (Losses) on Sales of Investment Real Estate	$ 0	$ 99	$ 0	$ 99
Buildings, improvements and construction in progress	3,127,504		3,127,504			$ 2,843,326
Land, including land held for development	558,833		558,833			442,078
Total investments in real estate	3,686,337		3,686,337			3,285,404
Accumulated depreciation	(1,083,207)		(1,083,207)			(1,061,051)
Net investments in real estate	$ 2,603,130		$ 2,603,130			$ 2,224,353
Two Thousand Fourteen Term Loans [Member]
Percentage Of Debt Yield	11.00%		11.00%		12.00%

Real Estate Activities - Summar

Real Estate Activities - Summary of Capitalized Salaries, Commissions and Benefits, Real Estate Taxes and Interest (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Salaries and benefits | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 219		$ 431	$ 373	$ 825
Capitalized Real Estate Taxes [Member] | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost		$ 276
Interest | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	770		191	804	294
Salaries, commissions and benefits | Leasing Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 1,573		$ 1,409	$ 3,228	$ 2,829

Real Estate Activities Real Est

Real Estate Activities Real Estate Activities - Acquisitions and Dispositions(Details) - Subsequent Event Type [Domain] $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Property, Plant and Equipment [Line Items]
Repayments of Secured Debt				$ 139,137
Liabilities related to future tenant improvements		$ 14,800
Deferred costs and other assets	$ 88,196			88,196		$ 87,017
Gains (Losses) on Sales of Investment Real Estate	$ 0		$ 99	$ 0	$ 99
Springfield Town Center [Member]
Property, Plant and Equipment [Line Items]
Business Combination, Consideration		486,604
Assumption and payoff of long term debt		263,800
Land		$ 119,912
Other significant noncash transaction, consideration given, OP Units		6,250,000
Buildings and Improvements, Gross		$ 299,012
Land Improvements		35,565
Finite-Lived Intangible Asset, Acquired-in-Place Leases		18,123
Above Market Lease Gross		260
Below Market Lease, Acquired		(393)
Ground Leases, Gross		(5,882)
Deferred costs and other assets		3,231
Accrued Liabilities and Other Liabilities		$ 7,700

Real Estate Activities Real E29

Real Estate Activities Real Estate Activities - Impairment of Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2014
Impairment of assets and expensed project costs			$ 35,145	$ 17,659
Uniontown Mall [Member]
Impairment Of Assets	$ 1,300	$ 6,200
Gadsden Mall [Member]
Impairment Of Assets	$ 27,300

Investments in Partnerships - S

Investments in Partnerships - Summary of Equity Investments (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Total assets		$ 628,560		$ 628,560		$ 558,346
Investments in real estate, at cost:
Operating properties		670,634		670,634		654,024
Construction in progress		86,569		86,569		41,919
Total investments in real estate		757,203		757,203		695,943
Accumulated depreciation		(193,353)		(193,353)		(190,100)
Net investments in real estate		563,850		563,850		505,843
Cash and cash equivalents		24,085		24,085		15,229
Deferred costs and other assets, net		40,625		40,625		37,274
Total assets		628,560		628,560		558,346
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable		419,599		419,599		383,190
Other liabilities		36,666		36,666		34,314
Total liabilities		456,265		456,265		417,504
Net investment		172,295		172,295		140,842
Partners’ share		89,685		89,685		74,663
PREIT’s share		82,610		82,610		66,179
Excess investment	[1]	7,839		7,839		8,747
Net investments and advances		90,449		90,449		74,926
Investment in partnerships, at equity		155,129		155,129		140,882
Distributions in excess of partnership investments		(64,680)		(64,680)		(65,956)
Lehigh Valley Associates, LP [Member]
Schedule of Equity Method Investments [Line Items]
Total assets		52,161		52,161		51,703
Equity Method Investment, Summarized Financial Information, Mortgages Payable		130,272		130,272		131,394
Equity Method Investment, Summarized Financial Information, Revenue		8,960	$ 9,061	17,904	$ 18,096
Equity Method Investment, Summarized Financial Information, Property Operating Expenses		(2,537)	(2,455)	(5,017)	(5,219)
Equity Method Investment, Summarized Financial Information, Interest Expense		(1,931)	(1,964)	(3,871)	(3,935)
Equity Method Investment, Summarized Financial Information, Net Income (Loss)		3,858	3,836	7,319	7,082
Equity Method Investment, Summarized Financial Information, Share of Equity in Income of Partnership		1,929	$ 1,918	3,659	$ 3,541
Investments in real estate, at cost:
Total assets		$ 52,161		$ 52,161		$ 51,703
Lehigh Valley Associates, LP [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		50.00%		50.00%
[1]	Excess investment represents the unamortized difference between our investment and our share of the equity in the underlying net investment in the partnerships. The excess investment is amortized over the life of the properties, and the amortization is included in “Equity in income of partnerships.”

Investments in Partnerships Dis

Investments in Partnerships Dispositions (Details) - Springfield Park [Member] - USD ($) $ in Millions	Jul. 02, 2015	Sep. 30, 2015	Jun. 30, 2015
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Carrying Amount of Mortgages			$ 9
Equity Method Investment, Ownership Percentage			0.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Divestiture of Real Estate Partnership		$ 20.2
Capitalization Rates	7.00%
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 12

Investments in Partnerships -32

Investments in Partnerships - Summary of Share of Equity in Income of Partnerships (Detail) - USD ($) $ in Thousands, number in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Real Estate Revenue Net Equity Method Investments	$ 24,356	$ 20,331	$ 50,853	$ 41,507
Total assets	628,560		628,560		$ 558,346
Operating expenses:
Property operating expenses	(9,290)	(5,749)	(20,052)	(12,849)
Interest expense	(5,146)	(5,452)	(10,441)	(10,927)
Depreciation and amortization	(5,932)	(3,413)	(12,303)	(7,062)
Total expenses	(20,368)	(14,614)	(42,796)	(30,838)
Net income	3,988	5,717	8,057	10,669
Less: Partners’ share	(1,981)	(2,858)	(4,017)	(5,331)
PREIT’s share	2,007	2,859	4,040	5,338
Amortization of excess investment	25	(75)	74	(152)
Equity in income of partnerships	2,032	2,784	4,114	5,186
Lehigh Valley Associates, LP [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	52,161		52,161		51,703
Equity Method Investment, Summarized Financial Information, Mortgages Payable	130,272		130,272		$ 131,394
Equity Method Investment, Summarized Financial Information, Revenue	8,960	9,061	17,904	18,096
Equity Method Investment, Summarized Financial Information, Property Operating Expenses	(2,537)	(2,455)	(5,017)	(5,219)
Equity Method Investment, Summarized Financial Information, Interest Expense	(1,931)	(1,964)	(3,871)	(3,935)
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	3,858	3,836	7,319	7,082
Equity Method Investment, Summarized Financial Information, Share of Equity in Income of Partnership	$ 1,929	$ 1,918	$ 3,659	$ 3,541
Springfield Park [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	0.00%		0.00%

Financing Activity - Additional

Financing Activity - Additional Information (Detail) - Subsequent Event Type [Domain] - Name of Property [Domain] - Variable Rate [Domain]	Jan. 08, 2014USD ($)	Jun. 30, 2015USD ($)Extension	Mar. 31, 2015	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Extension	Jun. 30, 2014USD ($)	Aug. 03, 2015USD ($)	Dec. 31, 2014USD ($)	Apr. 17, 2013USD ($)
Debt Instrument [Line Items]
Long-term Debt		$ 400,000,000			$ 400,000,000			$ 130,000,000
Amount outstanding		$ 120,000,000			$ 120,000,000
Revolving Credit Facility Extension Options Available | Extension		2			2
Repayments of Long-term Debt					$ (120,000,000)	$ (130,000,000)
Two Thousand Fourteen Term Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 250,000,000
Sales Per Square Foot		$ 500
Percentage Of Debt Yield		11.00%	12.00%		11.00%
Debt Instrument, Number of Loan Entered During Period	2
Two Thousand Fourteen Term Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Capitalization Rate		6.50%
Two Thousand Fourteen Term Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Capitalization Rate		7.50%
2013 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Senior Unsecured Credit Facility									$ 400,000,000
Amount outstanding		$ 120,000,000			$ 120,000,000		$ 100,000,000
Unused portion of line of credit		272,100,000			272,100,000		292,100,000
Interest expense excluding non-cash amortization of finance costs		1,300,000		$ 300,000	1,700,000	800,000
Non-cash amortization of deferred financing fees		$ 600,000		400,000	$ 1,000,000	700,000
Debt Instrument, Maturity Date					Jun. 26, 2018
Outstanding commitments					0.25%
Stated Interest Rate		1.30%			1.30%
Sales Per Square Foot					$ 500
Line of Credit Facility, Accordion Option, Minimum Incremental Increase		$ 5,000,000			5,000,000
Line of Credit Facility, Accordion Option, Minimum Increase		25,000,000			25,000,000
Repayments of Long-term Debt		150,000,000
Letters of Credit Outstanding, Amount		7,900,000			$ 7,900,000		$ 7,900,000
2013 Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Capitalization Rate					6.50%
2013 Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Weighted average interest rate of Term Loan					1.20%
2013 Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Capitalization Rate					7.50%
2013 Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Weighted average interest rate of Term Loan					1.55%
2013 Revolving Credit Facility [Member] | First Extension [Member]
Debt Instrument [Line Items]
Outstanding commitments			0.15%
2013 Revolving Credit Facility [Member] | Second Extension [Member]
Debt Instrument [Line Items]
Outstanding commitments			0.20%
Term Loans [Member]
Debt Instrument [Line Items]
Interest expense excluding non-cash amortization of finance costs		2,000,000		$ 1,200,000	$ 3,200,000	2,200,000
Non-cash amortization of deferred financing fees		100,000			200,000	$ 100,000
Seven Year Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000,000	$ 100,000,000			100,000,000
Debt Instrument, Interest Rate During Period		2.13%
Long-term Debt		$ 100,000,000			$ 100,000,000
Debt Instrument, Maturity Date					Jan. 31, 2021
Maximum amount available under revolving facility through accordion option		200,000,000			$ 200,000,000
Line of Credit Facility, Accordion Option, Minimum Incremental Increase		5,000,000			5,000,000
Line of Credit Facility, Accordion Option, Minimum Increase		25,000,000			25,000,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 100,000,000			$ 100,000,000
Line of Credit Facility, Prepayment Penalty, Next Twelve Months	3.00%
Line of Credit Facility, Prepayment Penalty, Year Two	2.00%
Line of Credit Facility, Prepayment Penalty, Year Three	1.00%
Credit Agreements [Member]
Debt Instrument [Line Items]
Minimum tangible net worth		75.00%			75.00%
Net proceeds of equity issuances			75.00%
Maximum secured indebtedness			0.625
Funded Indebtedness Asset Value Ratio Minimum			0.60		0.60
Maximum Investments in Persons other than Subsidiaries, Consolidated Affiliates and Unconsolidated Affiliates					5.00%
Maximum Mortgages in Favor of the Borrower or any other Subsidiary			5.00%
Maximum Aggregate Value of Investments to Gross Asset Value			10.00%
Maximum Investments in Consolidation Exempt Entities to Gross Asset Value					25.00%
Maximum Projects Under Development to Gross Asset Value			15.00%
Aggregate of Consolidation Exempt Entities and Projects to Gross Asset Value			35.00%
Minimum ratio of Adjusted EBITDA to Fixed Charges		1.50			1.50
Percentage Of Debt Yield		11.00%			11.00%
Investment Percentage of Gross Asset Value					1.75
Maximum Ratio of Secured Indebtedness to Gross Asset Value			0.60
Percentage of distribution related to FFO		95.00%			95.00%
REIT Taxable Income distributions					110.00%
Minimum Percentage of Total Guarantors Required to be Guarantors Based on Gross Asset Value		95.00%			95.00%
2014 Five Year Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 150,000,000	$ 150,000,000			$ 150,000,000
Debt Instrument, Interest Rate During Period		1.63%
Long-term Debt		$ 150,000,000			$ 150,000,000
Debt Instrument, Maturity Date					Jan. 31, 2019
Maximum amount available under revolving facility through accordion option		300,000,000			$ 300,000,000
Line of Credit Facility, Accordion Option, Minimum Incremental Increase		5,000,000			5,000,000
Line of Credit Facility, Accordion Option, Minimum Increase		25,000,000			25,000,000
Line of Credit Facility, Maximum Borrowing Capacity		150,000,000			150,000,000
2015 Five Year Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 150,000,000			150,000,000
Debt Instrument, Interest Rate During Period		1.64%
Long-term Debt		$ 150,000,000			$ 150,000,000
Debt Instrument, Maturity Date					Jun. 30, 2020
Sales Per Square Foot		$ 500
2015 Five Year Term Loan [Member] | Minimum [Member]
Debt Instrument [Line Items]
Capitalization Rate		6.50%
2015 Five Year Term Loan [Member] | Maximum [Member]
Debt Instrument [Line Items]
Capitalization Rate		7.50%
Wells Fargo Bank , NA [Member] | 2013 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Senior Unsecured Credit Facility		$ 400,000,000			$ 400,000,000
Maximum amount available under revolving facility through accordion option		$ 600,000,000			$ 600,000,000

Financing Activity - Applicable

Financing Activity - Applicable Credit Spread Over Libor at Various Leverage Levels (Detail)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Jun. 30, 2015
2015 Five Year Term Loan [Member] | Minimum [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Capitalization Rates		6.50%
2015 Five Year Term Loan [Member] | Maximum [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Capitalization Rates		7.50%
Two Thousand Fourteen Term Loans [Member] | Minimum [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Capitalization Rates		6.50%
Two Thousand Fourteen Term Loans [Member] | Maximum [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Capitalization Rates		7.50%
2013 Revolving Credit Facility [Member] | Minimum [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Capitalization Rates			6.50%
2013 Revolving Credit Facility [Member] | Maximum [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Capitalization Rates			7.50%
Ratio One [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2015 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		1.35%
Ratio One [Member] | London Interbank Offered Rate (LIBOR) [Member] | Seven Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		1.80%
Ratio One [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2014 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		1.35%
Ratio One [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2013 Revolving Credit Facility [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate			1.20%
Ratio Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2015 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		1.45%
Ratio Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | Seven Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		1.95%
Ratio Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2014 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		1.45%
Ratio Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2013 Revolving Credit Facility [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate			1.25%
Ratio Three [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2015 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		1.60%
Ratio Three [Member] | London Interbank Offered Rate (LIBOR) [Member] | Seven Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		2.15%
Ratio Three [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2014 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		1.60%
Ratio Three [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2013 Revolving Credit Facility [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate			1.30%
Ratio Four [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2015 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		1.90%
Ratio Four [Member] | London Interbank Offered Rate (LIBOR) [Member] | Seven Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		2.35%
Ratio Four [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2014 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate		1.90%
Ratio Four [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2013 Revolving Credit Facility [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate			1.55%
Subsequent Event [Member] | Ratio Three [Member] | London Interbank Offered Rate (LIBOR) [Member] | Seven Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	2.15%
Subsequent Event [Member] | Ratio Three [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2014 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.60%

Financing Activity - Carrying a

Financing Activity - Carrying and Fair Values of Mortgage Loans (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Mortgage loans, Carrying Value	$ 1,360,795	$ 1,407,947
Mortgage loans, Fair Value	$ 1,358,500	$ 1,415,500

Financing Activity - Mortgage L

Financing Activity - Mortgage Loan Activity (Detail) - Credit Facility [Domain] - Variable Rate [Domain] - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2014	Jun. 30, 2014	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Mortgage Loan Activity [Line Items]
Mortgage loans payable			$ 1,360,795		$ 1,407,947
Repayments of Secured Debt			139,137
Francis Scott Key Mall [Member]
Mortgage Loan Activity [Line Items]
Mortgage loans payable				$ 5,800
Patrick Henry Mall [Member]
Mortgage Loan Activity [Line Items]
Mortgage loans payable		$ 96,200
Payments of Debt Extinguishment Costs		$ 800
Stated Interest Rate		4.35%
Repayment Of Mortgage Secured Loan			$ 83,800
The Gallery at Market East [Member]
Mortgage Loan Activity [Line Items]
Repayments of Secured Debt	$ 25,800

Financing Activity - Mortgage37

Financing Activity - Mortgage Loan Activity Additional Detail (Detail) - Magnolia Mall [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Mortgage Loan Activity [Line Items]
Repayment Of Mortgage Secured Loan	$ 55.6
Two Thousand Thirteen Revolving Credit Facility [Member]
Mortgage Loan Activity [Line Items]
Revolving Facility Debt Used to Repay Mortgage Debt		$ 40
Available Cash From Working Capital Used To Repay Mortgage Debt		$ 15.6

Cash Flow Information - Additio

Cash Flow Information - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Other Significant Noncash Transactions [Line Items]
Cash paid for interest		$ 37.3	$ 36.6
Net of capitalized interest		0.8	0.3
Line of credit facilities gross borrowings		270	90
Line of credit facilities gross repayments		$ 150	$ 220
Springfield Town Center [Member]
Other Significant Noncash Transactions [Line Items]
Other significant noncash transaction, consideration given, OP Units	6,250,000
Other Significant Noncash Transaction, Value of Consideration Given	$ 145.2

Commitments and Contingencies C

Commitments and Contingencies Contractual Obligations (Details) $ in Millions	Jun. 30, 2015USD ($)
Projects Under Development [Member]
Unaccrued Contractual And Other Commitments	$ 14.3

Derivatives - Additional Inform

Derivatives - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 31, 2014USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)Agreement
Derivative Instruments [Line Items]
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)			$ 500
Repayments of Secured Debt			139,137
Estimate increase to interest expense			4,400
Fair value of derivatives in a net liability position			(3,200)
Termination value			$ (3,700)
Interest expense, mark to market		$ 500
Interest rate swaps [Member]
Derivative Instruments [Line Items]
Number of derivative, interest rate swap agreement | Agreement			16
Derivative, Weighted average interest rate			1.55%
Derivative, notional amount			$ 422,100
Interest Rate Swap Eleven [Member]
Derivative Instruments [Line Items]
Derivative Liability, Notional Amount, Ineffective		$ 40,000
Interest Rate Swap Twelve [Member]
Derivative Instruments [Line Items]
Maturity Date			Jan. 2, 2019
Net loss			$ 2,300
Settled Interest Rate Swaps [Member]
Derivative Instruments [Line Items]
Amortized period			10 years
The Gallery at Market East [Member]
Derivative Instruments [Line Items]
Repayments of Secured Debt	$ 25,800

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2015		Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value at period end	[1]	$ 3.2		$ 2.4
Interest Rate Swap One [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		25
Fair Value at period end	[1]	$ 0.2		0.2
Interest Rate		1.10%
Maturity Date		Jul. 31, 2016
Interest Rate Swaps Two [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 28.1
Fair Value at period end	[1]	$ 0.3		0.4
Interest Rate		1.38%
Maturity Date		Jan. 2, 2017
Interest Rate Swaps Three [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 33.4
Fair Value at period end	[1]	$ 0.1		0.1
Interest Rate		3.72%
Maturity Date		Dec. 1, 2017
Interest Rate Swaps Four [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 7.6
Fair Value at period end	[1]	$ 0		0
Interest Rate		1.00%
Maturity Date		Jan. 1, 2018
Interest Rate Swaps Five [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 55
Fair Value at period end		$ 0.2	[1]	0
Interest Rate		1.12%
Maturity Date		Jan. 1, 2018
Interest Rate Swaps Six [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 48
Fair Value at period end		$ 0.2	[1]	0
Interest Rate		1.12%
Maturity Date		Jan. 1, 2018
Interest Rate Swap Seven [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 30
Fair Value at period end	[1]	$ 0.5		0.4
Interest Rate		1.7775%
Maturity Date		Jan. 2, 2019
Interest Rate Swap Eight [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ 0.4		0.3
Interest Rate		1.7775%
Maturity Date		Jan. 2, 2019
Interest Rate Swaps Nine [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ 0.4		0.3
Interest Rate		1.78%
Maturity Date		Jan. 2, 2019
Interest Rate Swap Ten [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ 0.4		0.3
Interest Rate		1.79%
Maturity Date		Jan. 2, 2019
Interest Rate Swap Eleven [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ 0.4		0.3
Interest Rate		1.79%
Maturity Date		Jan. 2, 2019
Interest Rate Swap Twelve [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ 0.4		$ 0.3
Interest Rate		1.79%
Maturity Date		Jan. 2, 2019
Interest Rate Swap Thirteen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 25
Fair Value at period end	[1]	$ 0.1
Interest Rate		1.164%
Maturity Date		Jan. 2, 2019
Interest Rate Swap Fourteen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 25
Fair Value at period end	[1]	$ 0.1
Interest Rate		1.1635%
Interest Rate Swap Fifteen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 25
Fair Value at period end	[1]	$ 0
Interest Rate		1.164%
Maturity Date		Jan. 2, 2019
Interest Rate Swap Sixteen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ (0.1)
Interest Rate		1.159%
[1]	As of June 30, 2015 and December 31, 2014, derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy and we did not have any significant recurring fair value measurements related to derivative instruments using significant unobservable inputs (Level 3).

Derivatives - Effect of Our Der

Derivatives - Effect of Our Derivative Financial Instruments on Our Consolidated Statements of Operations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivatives in cash flow hedging relationships:
Loss recognized in Other Comprehensive Income (Loss) on derivatives	$ 0.2	$ (0.3)	$ (1.6)	$ (2.2)
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)			0.5
Interest
Derivatives in cash flow hedging relationships:
Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion)	$ 1.2	1.2	2.3	2.2
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)		$ (1.2)	$ (0.5)	$ (1.2)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	1 Months Ended
	Jul. 31, 2014
Related Party Transactions [Abstract]
Related Party Transaction, Arms Length, Basis of Transactions	In accordance with PREIT’s Related Party Transactions Policy, a Special Committee consisting exclusively of independent members of PREIT’s Board of Trustees considered and approved the terms of the transaction. The disinterested members of PREIT’s Board of Trustees also approved the transaction.

Uncategorized Items - pei-20150

Label	Element	Value
Other Minority Interest Decrease From Distributions To Noncontrolling Interest Holders	pei_OtherMinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	$ 24
Noncontrolling Interest [Member]
Other Minority Interest Decrease From Distributions To Noncontrolling Interest Holders	pei_OtherMinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	$ 24