Pennsylvania Real Estate Investment Trust (PRET) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 22, 2016
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		69,470,731

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
INVESTMENTS IN REAL ESTATE, at cost:
Operating properties	$ 3,305,542	$ 3,297,520
Construction in progress	66,497	64,019
Land held for development	5,906	6,350
Total investments in real estate	3,377,945	3,367,889
Accumulated depreciation	(1,046,632)	(1,015,647)
Net investments in real estate	2,331,313	2,352,242
INVESTMENTS IN PARTNERSHIPS, at equity:	157,995	161,029
OTHER ASSETS:
Cash and cash equivalents	30,453	22,855
Tenant and other receivables (net of allowance for doubtful accounts of $7,216 and $6,417 at March 31, 2016 and December 31, 2015, respectively)	32,562	40,324
Intangible assets (net of accumulated amortization of $13,972 and $13,441 at March 31, 2016 and December 31, 2015, respectively)	21,717	22,248
Deferred costs and other assets, net	89,974	75,450
Total assets	2,687,385	2,800,392
LIABILITIES:
Mortgage loans payable	1,247,173	1,321,331
Long-term Debt	398,160	398,040
Revolving Facility	115,000	65,000
Tenants’ deposits and deferred rent	17,741	14,631
Distributions in excess of partnership investments	64,712	65,547
Fair value of derivative liabilities	7,248	2,756
Accrued expenses and other liabilities	76,679	78,539
Total liabilities	$ 1,926,713	$ 2,015,762
COMMITMENTS AND CONTINGENCIES (Note 6):
EQUITY:
Shares of beneficial interest, $1.00 par value per share; 200,000 shares authorized; issued and outstanding 69,459 shares at March 31, 2016 and 69,197 shares at December 31, 2015	$ 69,459	$ 69,197
Capital contributed in excess of par	1,475,992	1,476,397
Accumulated other comprehensive loss	(9,052)	4,193
Distributions in excess of net income	(929,046)	(912,221)
Total equity—Pennsylvania Real Estate Investment Trust	607,434	629,261
Noncontrolling interest	153,238	155,369
Total equity	760,672	784,630
Total liabilities and equity	2,687,385	2,800,392
Assets Held-for-sale, Not Part of Disposal Group, Current	23,371	126,244
Real Estate Liabilities Associated with Assets Held for Development and Sale		69,918
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 ($)	Mar. 31, 2016	Dec. 31, 2015
Tenant and other receivables, allowance for doubtful accounts	$ 7,216,000	$ 6,417,000
Intangible assets, accumulated amortization	$ 13,972,000	$ 13,441,000
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	69,459,000	69,197,000
Common stock, shares outstanding	69,459,000	69,197,000
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
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	298	432
Real estate revenue:
Base rent	$ 66,993	$ 64,273
Expense reimbursements	31,134	31,510
Percentage rent	451	524
Lease termination revenue	235	441
Other real estate revenue	2,643	2,035
Total real estate revenue	101,456	98,783
Other Nonoperating Income	516	1,274
Total revenue	101,972	100,057
Property operating expenses:
CAM and real estate taxes	(34,189)	(33,807)
Utilities	(4,326)	(5,149)
Other property operating expenses	(4,596)	(4,196)
Cost of Real Estate Revenue	43,111	43,152
General and administrative expenses	(8,586)	(8,943)
Provision For Employee Separation Expenses	(535)	0
Depreciation and amortization	(33,735)	(33,189)
Acquisition costs and other expenses	(51)	(4,451)
Operating Expenses	86,018	89,735
Interest expense, net	(19,346)	(20,145)
Asset Impairment Charges	(606)	(6,240)
Costs and Expenses	105,970	116,120
Loss before equity in income of partnerships, gains on sales of interests in non operating real estate and gains on sales of real estate	(3,998)	(16,063)
Equity in income of partnerships	3,883	2,083
Gain on sale of non operating real estate	9	43
Gains (Losses) on Sales of Investment Real Estate	2,035	0
Net income (loss)	1,929	(13,937)
Less: net (income) loss attributable to noncontrolling interest	(208)	429
Net income (loss) attributable to PREIT	1,721	(13,508)
Less: preferred share dividends	(3,962)	(3,962)
Net loss attributable to PREIT common shareholders	(2,241)	(17,470)
Net income (loss)	1,929	(13,937)
Noncontrolling interest	(208)	429
Dividends on unvested restricted shares	(84)	(86)
Income (Loss) from Continuing Operations Attributable to Parent	$ (2,325)	$ (17,556)
Basic and diluted loss per share:	$ (0.03)	$ (0.26)
Weighted average shares outstanding—basic	68,973	68,566
Weighted average shares outstanding—diluted	68,973	68,566

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	298	432

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Comprehensive loss:
Net income (loss)	$ 1,929	$ (13,937)
Unrealized loss on derivatives	(5,572)	(2,011)
Amortization of losses on settled swaps, net of gains	126	772
Total comprehensive loss	(3,517)	(15,176)
Less: comprehensive loss attributable to noncontrolling interest	379	466
Comprehensive loss attributable to PREIT	$ (3,138)	$ (14,710)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 3 months ended Mar. 31, 2016 - 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]
December 31, 2015 at Dec. 31, 2015	$ 784,630	$ 69,197	$ 1,476,397	$ (4,193)	$ (912,221)	$ 155,369					$ 46	$ 35
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,929					208
Net Income (Loss), Excluding Portion Attributable to Noncontrolling Interest					1,721
Other comprehensive loss	(5,446)			(4,859)		(587)
Shares issued under employee compensation plans, net of shares retired	(1,716)	262	(1,978)
Amortization of deferred compensation	1,573		1,573
Distributions paid to common shareholders ($0.21 per share)	(14,584)				(14,584)
Distributions paid to preferred shareholders							$ (1,590)	$ (1,590)	$ (2,372)	$ (2,372)
Noncontrolling interests:
Distributions paid to Operating Partnership unit holders ($0.21 per unit)	(1,752)					(1,752)
March 31, 2016 at Mar. 31, 2016	$ 760,672	$ 69,459	$ 1,475,992	$ (9,052)	$ (929,046)	$ 153,238					$ 46	$ 35

CONSOLIDATED STATEMENTS OF EQU8

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2016$ / shares
Common Stock, Dividends, Per Share, Cash Paid	$ 0.21
Series A Preferred Shares [Member]
Preferred Stock, Dividends, Per Share, Cash Paid	0.5156
Series B [Member]
Preferred Stock, Dividends, Per Share, Cash Paid	$ 0.4609

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net income (loss)	$ 1,929	$ (13,937)
Depreciation	31,400	31,364
Amortization	2,991	2,450
Straight-line rent adjustments	(618)	(272)
Provision for doubtful accounts	918	1,259
Amortization of deferred compensation	1,573	1,803
Loss on Hedge Ineffectiveness	143	512
Gain on sale of non operating real estate	(2,044)	(43)
Equity in income of partnerships in excess of distributions	(1,346)	(748)
Impairment of assets and expensed project costs	631	6,332
Change in assets and liabilities:
Net change in other assets	9,938	4,530
Net change in other liabilities	(1,032)	(6,332)
Net cash provided by operating activities	44,483	26,918
Cash flows from investing activities:
Investments in consolidated real estate acquisitions	0	(319,986)
Additions to construction in progress	(11,839)	(3,211)
Investments in real estate improvements	(5,921)	(6,426)
Proceeds from Sale of Real Estate Held-for-investment	84,765
Additions to leasehold improvements	(141)	(288)
Investments in partnerships	(919)	(7,708)
Capitalized leasing costs	(1,737)	(1,655)
Decrease in cash escrows	2,085	981
Cash distributions from partnerships in excess of equity in income	4,463	1,323
Net cash provided by (used in) investing activities	70,756	(336,970)
Cash flows from financing activities:
Borrowings from term loans		120,000
Net borrowings from revolving facility	50,000	210,000
Proceeds from mortgage loans	9,000	5,844
Principal installments on mortgage loans	(4,263)	(4,742)
Repayments of mortgage loans	(139,843)
Payment of deferred financing costs	(521)	(130)
Dividends paid to common shareholders	(14,584)	(14,510)
Dividends paid to preferred shareholders	(3,962)	(3,962)
Distributions paid to Operating Partnership unit holders and non controlling interest	(1,752)	(446)
Value of shares of beneficial interest issued	324	337
Value of shares retired under equity incentive plans, net of shares issued	(2,040)	(5,292)
Net cash (used in) provided by financing activities	(107,641)	307,099
Net change in cash and cash equivalents	7,598	$ (2,953)
Cash and cash equivalents, beginning of period	22,855
Cash and cash equivalents, end of period	$ 30,453

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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, 2015. 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 33 properties in 11 states, including 25 operating shopping malls, four other retail properties and four development or redevelopment properties. Two of the development and redevelopment properties are classified as “mixed use” (a combination of retail and other uses), one is classified as “retail” (redevelopment of The Gallery at Market East (the “Gallery”) into the Fashion Outlets of Philadelphia), and one is classified as “other.” The above property counts do not include two street retail properties in Philadelphia, Pennsylvania, because these properties have been classified as “held for sale” as of March 31, 2016. 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 March 31, 2016 , we held an 89.3% 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 March 31, 2016 , the total amount that would have been distributed would have been $182.2 million , which is calculated using our March 31, 2016 closing price on the New York Stock Exchange of $21.85 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,338,299 as of March 31, 2016 . 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 March 2016, the Financial Accounting Standards Board (the “FASB”) issued guidance intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is in the process of evaluating the impact of this new guidance. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not initial direct leasing costs. This standard will be effective for the first annual reporting period beginning after December 15, 2018. The Company is evaluating the effect that ASU No. 2016-02 will have on its consolidated financial statements and related disclosures. In 2016, the Company adopted Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The Company evaluated the application of ASU No. 2015-02 and concluded that no change was required to its accounting of its interests in less than wholly owned joint ventures, however, the Operating Partnership now meets the criteria as a variable interest entity. The Company’s significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is also an obligation of the Operating Partnership. In March 2015, the FASB issued “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” and “Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,” which intend to simplify the presentation of debt issuance costs. This guidance provides an amendment to the accounting guidance related to the presentation of debt issuance costs and is effective for fiscal years beginning after December 15, 2015, and we have adopted this guidance as of January 1, 2016. This guidance is applied retrospectively to all prior periods. Under the new guidance, debt issuance costs related to a note shall be reported in the Consolidated Balance Sheets as a direct deduction from the face amount of that note. In this regard, debt issuance costs shall not be classified separately from related debt obligations as a deferred charge. Therefore, as a result of adopting this guidance, the Company reclassified in its Consolidated Balance Sheets $4.2 million of debt issuance costs, net of accumulated amortization, at December 31, 2015, from “Deferred costs and other assets, net” to “Mortgage loans payable,” and $2.0 million of debt issuance costs at December 31, 2015, from “Deferred costs and other assets, net” to “Term loans,” thereby decreasing the carrying value of our recognized debt obligations for presentational purposes.

Real Estate Activities

Real Estate Activities	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Real Estate Activities	REAL ESTATE ACTIVITIES Investments in real estate as of March 31, 2016 and December 31, 2015 were comprised of the following: (in thousands of dollars) As of March 31, As of December 31, Buildings, improvements and construction in progress $ 2,855,977 $ 2,847,986 Land, including land held for development 521,968 519,903 Total investments in real estate 3,377,945 3,367,889 Accumulated depreciation (1,046,632 ) (1,015,647 ) Net investments in real estate $ 2,331,313 $ 2,352,242 Capitalization of Costs The following table summarizes our capitalized salaries, commissions, benefits, real estate taxes and interest for the three months ended March 31, 2016 and 2015 : Three Months Ended (in thousands of dollars) 2016 2015 Development/Redevelopment Activities: Salaries and benefits $ 274 $ 154 Real estate taxes 19 — Interest 703 35 Leasing Activities: Salaries, commissions and benefits 1,737 1,655 Dispositions The following table presents our dispositions for the three months ended March 31, 2016 : Sale Date Property and Location Description of Real Estate Sold Capitalization Rate Sale Price Gain (in millions) 2016 Activity: March 2016 Lycoming Mall Pennsdale, Pennsylvania Mall 18.0 % $ 26.4 $ 0.3 March 2016 Gadsden Mall, Gadsden, Alabama, New River Valley Mall, Christiansburg, Virginia, and Wiregrass Commons Mall, Dothan, Alabama (1) Three Malls (single combined transaction) 17.4 % 66.0 1.6 February 2016 Palmer Park Mall, Easton, Pennsylvania Mall 13.6 % 18.0 0.1 _________________________ (1) In connection with this transaction, we issued a mortgage loan to the buyer for $17.0 million , which is recorded in “Deferred costs and other assets, net” on our consolidated balance sheet. The mortgage loan is secured by Wiregrass Commons Mall, bears interest at the rate of 6.00% per annum and has a maturity date of April 2026. Impairment of Assets In March 2016 we recorded a loss on impairment of assets on an office building located in Voorhees, New Jersey of $0.6 million in connection with negotiations with a prospective buyer of the property. In connection with these negotiations, we determined that the holding period of the property was less than previously estimated, which we concluded was a triggering event, leading us to conduct an analysis of possible impairment at this property. Based upon the negotiations, we determined that the estimated undiscounted cash flows, net of capital expenditures for the property, were less than the carrying value of the property, and recorded a loss on impairment of assets.

Investments in Partnerships

Investments in Partnerships	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 : (in thousands of dollars) As of March 31, 2016 As of December 31, 2015 ASSETS: Investments in real estate, at cost: Operating properties $ 639,874 $ 636,774 Construction in progress 128,479 126,199 Total investments in real estate 768,353 762,973 Accumulated depreciation (191,450 ) (186,580 ) Net investments in real estate 576,903 576,393 Cash and cash equivalents 29,711 37,362 Deferred costs and other assets, net 37,999 39,890 Total assets 644,613 653,645 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable 444,599 440,450 Other liabilities 22,853 30,425 Total liabilities 467,452 470,875 Net investment 177,161 182,770 Partners’ share 91,516 95,165 PREIT’s share 85,645 87,605 Excess investment (1) 7,638 7,877 Net investments and advances $ 93,283 $ 95,482 Investment in partnerships, at equity $ 157,995 $ 161,029 Distributions in excess of partnership investments (64,712 ) (65,547 ) Net investments and advances $ 93,283 $ 95,482 _________________________ (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 months ended March 31, 2016 and 2015 : Three Months Ended (in thousands of dollars) 2016 2015 Real estate revenue $ 29,191 $ 26,497 Operating expenses: Property operating expenses (10,212 ) (10,706 ) Interest expense (5,392 ) (5,350 ) Depreciation and amortization (5,722 ) (6,370 ) Total expenses (21,326 ) (22,426 ) Net income 7,865 4,071 Less: Partners’ share (4,216 ) (2,036 ) PREIT’s share 3,649 2,035 Amortization of excess investment 234 48 Equity in income of partnerships $ 3,883 $ 2,083 Significant Unconsolidated Subsidiaries Two of our unconsolidated subsidiaries, in each of which we have a 50% partnership interest, (i) Lehigh Valley Associates LP, the owner of the substantial majority of Lehigh Valley Mall, and (ii) Metroplex West Associates, LP, the owner of the substantial majority of Metroplex Shopping Center, met the conditions of significant unconsolidated subsidiaries as of March 31, 2016 . The financial information of these entities are included in the amounts above. Summarized balance sheet information as of March 31, 2016 and December 31, 2015 and summarized statement of operations information for the three months ended March 31, 2016 and 2015 for these entities, which are accounted for using the equity method, are as follows: Lehigh Valley Associates LP Metroplex West Associates, LP As of As of (in thousands of dollars) March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Summarized balance sheet information Total assets $ 47,580 $ 48,352 $ 36,230 $ 36,164 Mortgage loan payable 128,305 128,883 81,121 81,505 Three Months Ended Three Months Ended (in thousands of dollars) 2016 2015 2016 2015 Summarized statement of operations information Revenue $ 9,048 $ 8,944 $ 2,868 $ 2,884 Property operating expenses (2,226 ) (2,480 ) (748 ) (637 ) Interest expense (1,906 ) (1,940 ) (1,024 ) (1,044 ) Net income 4,083 3,461 763 358 PREIT’s share of equity in income of partnership 2,042 1,730 381 179

Financing Activity

Financing Activity	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Financing Activity	FINANCING ACTIVITY Credit Agreements We have entered into four credit agreements (collectively, the “Credit Agreements”), as further discussed in our Annual Report on Form 10-K for the year ended December 31, 2015: (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. The 2014 7-Year Term Loan, the 2014 5-Year Term Loan and the 2015 5-Year Term Loan are collectively referred to as the “Term Loans.” As of March 31, 2016 , we had borrowed $400.0 million under the Term Loans and $ 115.0 million under the 2013 Revolving Facility (with $15.3 million pledged as collateral for a letter of credit at March 31, 2016 . Interest expense and the deferred financing fee amortization related to the Credit Agreements for the three months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, (in thousands of dollars) 2016 2015 2013 Revolving Facility Interest expense $ 690.1 $ 380.9 Deferred financing amortization 198.7 358.0 Term Loans Interest expense 2,991.9 1,257.2 Deferred financing amortization 119.9 76.4 Each of the Credit Agreements contain certain affirmative and negative covenants, which are identical to those contained in the other Credit Agreements and which are described in detail in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015. As of March 31, 2016, we were in compliance with all financial covenants in the Credit Agreements. Following recent property sales, the net operating income (“NOI”) from our remaining unencumbered properties is at a level such that within the Unencumbered Debt Yield covenant (as described in our Annual Report on Form 10-K for the year ended December 31, 2015), the maximum unsecured amount that was available for us to borrow under the 2013 Revolving Facility as of March 31, 2016 was $209.6 million . Amounts borrowed under the Credit Agreements bear interest at the rate specified below per annum, depending on our leverage, in excess of LIBOR, unless and until we receive an investment grade credit rating and provide notice to the administrative agent (the “Rating Date”), after which alternative rates would apply. In determining our 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. 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. Applicable Margin Level Ratio of Total Liabilities 2013 Revolving Facility 2014 7-Year Term Loan 2014 5-Year Term Loan 2015 5-Year Term Loan 1 Less than 0.450 to 1.00 1.20% 1.80% 1.35% 1.35% 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 1.25% (1) 1.95% (1) 1.45% (1) 1.45% (1) 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 1.30% 2.15% 1.60% 1.60% 4 Equal to or greater than 0.550 to 1.00 1.55% 2.35% 1.90% 1.90% (1) The rate in effect at March 31, 2016. Mortgage Loans The carrying values and estimated fair values of mortgage loans based on interest rates and market conditions at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans $ 1,247.2 $ 1,267.1 $ 1,321.3 $ 1,323.3 The mortgage loans contain various customary default provisions. As of March 31, 2016 , we were not in default on any of the mortgage loans. Mortgage Loan Activity In April 2016, we entered into a $130.0 million mortgage loan secured by Woodland Mall in Grand Rapids, Michigan. The new mortgage loan bears interest at the rate of 2.00% plus LIBOR, and has a maturity date of April 2021 . In March 2016, we borrowed an additional $9.0 million , lowered the interest rate to 2.35% plus LIBOR, and extended the maturity date to March 2021 on the mortgage loan secured by Viewmont Mall in Scranton, Pennsylvania. In March 2016, we repaid a $79.3 million mortgage loan plus accrued interest secured by Valley Mall in Hagerstown, Maryland using $50.0 million from our 2013 Revolving Facility and the balance from available working capital. In March 2016, we repaid a $32.8 million mortgage loan plus accrued interest secured by Lycoming Mall in Pennsdale, Pennsylvania in connection with the March 2016 sale of the property using proceeds from the sale and available working capital. In March 2016, we repaid a $28.1 million mortgage loan plus accrued interest secured by New River Valley Mall in Christiansburg, Virginia in connection with the March 2016 sale of the property using proceeds from the sale. 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	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information	CASH FLOW INFORMATION Cash paid for interest was $17.3 million (net of capitalized interest of $0.7 million ) and $17.0 million (net of capitalized interest of less than $0.1 million ) for the three months ended March 31, 2016 and 2015 , 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 $70.0 million and $210.0 million for the three months ended March 31, 2016 and 2015 , respectively. Aggregate paydowns were $20.0 million for the three months ended March 31, 2016 . In connection with the sale of Gadsden Mall, New River Valley Mall and Wiregrass Commons, we issued a mortgage note to the buyer in the amount of $17.0 million that is secured by Wiregrass Commons Mall.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Contractual Obligations As of March 31, 2016 , we had unaccrued contractual and other commitments related to our capital improvement projects and development projects of $72.6 million in the form of tenant allowances and contracts with general service providers and other professional service providers.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2016
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, net,” 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 $4.0 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 March 31, 2016 , we had entered into 21 interest rate swap agreements with a weighted average interest rate of 1.34% on a notional amount of $497.7 million maturing on various dates through February 2021 , and one forward starting interest rate swap agreement with an interest rate of 1.42% on a notional amount of $48.0 million , which will be effective starting January 2018 and maturing in February 2021. In April 2016, we entered into five additional interest rate swap agreements with a weighted average interest rate of 1.02% on an aggregate notional amounts of $130.0 million . 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 March 31, 2016 , except as set forth below, we considered these interest rate swap agreements to be highly effective as cash flow hedges. The interest rate swap agreements are net settled monthly. In March 2016, in connection with the sale of, and repayment of, the mortgage loan secured by Lycoming Mall, we recorded a loss on hedge ineffectiveness of $0.1 million . Accumulated other comprehensive loss as of March 31, 2016 includes a net loss of $1.9 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. The following table summarizes the terms and estimated fair values of our interest rate swap derivative instruments at March 31, 2016 and December 31, 2015 . 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 March 31, 2016 (1) Fair Value at December 31, 2015 (1) Interest Rate Effective Date Maturity Date Interest Rate Swaps $25.0 $ — $ (0.1 ) 1.10 % July 31, 2016 28.1 (0.2 ) (0.2 ) 1.38 % January 2, 2017 33.0 N/A — 3.72 % December 1, 2017 48.0 (0.4 ) (0.1 ) 1.12 % January 1, 2018 7.6 — — 1.00 % January 1, 2018 55.0 (0.4 ) (0.1 ) 1.12 % January 1, 2018 30.0 (0.8 ) (0.5 ) 1.78 % January 2, 2019 20.0 (0.6 ) (0.4 ) 1.78 % January 2, 2019 20.0 (0.6 ) (0.3 ) 1.78 % January 2, 2019 20.0 (0.6 ) (0.3 ) 1.79 % January 2, 2019 20.0 (0.6 ) (0.3 ) 1.79 % January 2, 2019 20.0 (0.6 ) (0.3 ) 1.79 % January 2, 2019 25.0 (0.3 ) — 1.16 % January 2, 2019 25.0 (0.3 ) — 1.16 % January 2, 2019 25.0 (0.3 ) — 1.16 % January 2, 2019 20.0 (0.2 ) — 1.16 % January 2, 2019 20.0 (0.2 ) 0.1 1.23 % June 26, 2020 20.0 (0.2 ) 0.2 1.23 % June 26, 2020 20.0 (0.2 ) 0.2 1.23 % June 26, 2020 20.0 (0.2 ) 0.2 1.23 % June 26, 2020 20.0 (0.2 ) 0.2 1.24 % June 26, 2020 9.0 (0.1 ) N/A 1.19 % February 1, 2021 48.0 (0.2 ) N/A 1.42 % January 2, 2018 February 1, 2021 $ (7.2 ) $ (1.7 ) _________________________ (1) As of March 31, 2016 and December 31, 2015 , 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 months ended March 31, 2016 and 2015 : Three Months Ended Consolidated Statements of Operations Location (in millions of dollars) 2016 2015 Derivatives in cash flow hedging relationships: Interest rate products Gain (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ (6.7 ) $ (1.7 ) N/A Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) $ 1.4 $ 1.0 Interest expense Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) $ (0.1 ) $ (0.5 ) 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 March 31, 2016 , 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 March 31, 2016 , 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 $7.2 million . If we had breached any of the default provisions in these agreements as of March 31, 2016 , we might have been required to settle our obligations under the agreements at their termination value (including accrued interest) of $7.8 million . We had not breached any of these provisions as of March 31, 2016 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
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, 2015. 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 33 properties in 11 states, including 25 operating shopping malls, four other retail properties and four development or redevelopment properties. Two of the development and redevelopment properties are classified as “mixed use” (a combination of retail and other uses), one is classified as “retail” (redevelopment of The Gallery at Market East (the “Gallery”) into the Fashion Outlets of Philadelphia), and one is classified as “other.” The above property counts do not include two street retail properties in Philadelphia, Pennsylvania, because these properties have been classified as “held for sale” as of March 31, 2016. 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 March 31, 2016 , we held an 89.3% 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 March 31, 2016 , the total amount that would have been distributed would have been $182.2 million , which is calculated using our March 31, 2016 closing price on the New York Stock Exchange of $21.85 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,338,299 as of March 31, 2016 . 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 March 2016, the Financial Accounting Standards Board (the “FASB”) issued guidance intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is in the process of evaluating the impact of this new guidance. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not initial direct leasing costs. This standard will be effective for the first annual reporting period beginning after December 15, 2018. The Company is evaluating the effect that ASU No. 2016-02 will have on its consolidated financial statements and related disclosures. In 2016, the Company adopted Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The Company evaluated the application of ASU No. 2015-02 and concluded that no change was required to its accounting of its interests in less than wholly owned joint ventures, however, the Operating Partnership now meets the criteria as a variable interest entity. The Company’s significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is also an obligation of the Operating Partnership. In March 2015, the FASB issued “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” and “Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,” which intend to simplify the presentation of debt issuance costs. This guidance provides an amendment to the accounting guidance related to the presentation of debt issuance costs and is effective for fiscal years beginning after December 15, 2015, and we have adopted this guidance as of January 1, 2016. This guidance is applied retrospectively to all prior periods. Under the new guidance, debt issuance costs related to a note shall be reported in the Consolidated Balance Sheets as a direct deduction from the face amount of that note. In this regard, debt issuance costs shall not be classified separately from related debt obligations as a deferred charge. Therefore, as a result of adopting this guidance, the Company reclassified in its Consolidated Balance Sheets $4.2 million of debt issuance costs, net of accumulated amortization, at December 31, 2015, from “Deferred costs and other assets, net” to “Mortgage loans payable,” and $2.0 million of debt issuance costs at December 31, 2015, from “Deferred costs and other assets, net” to “Term loans,” thereby decreasing the carrying value of our recognized debt obligations for presentational purposes.
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, 2015. 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 33 properties in 11 states, including 25 operating shopping malls, four other retail properties and four development or redevelopment properties. Two of the development and redevelopment properties are classified as “mixed use” (a combination of retail and other uses), one is classified as “retail” (redevelopment of The Gallery at Market East (the “Gallery”) into the Fashion Outlets of Philadelphia), and one is classified as “other.” The above property counts do not include two street retail properties in Philadelphia, Pennsylvania, because these properties have been classified as “held for sale” as of March 31, 2016. 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 March 31, 2016 , we held an 89.3% 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 March 31, 2016 , the total amount that would have been distributed would have been $182.2 million , which is calculated using our March 31, 2016 closing price on the New York Stock Exchange of $21.85 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,338,299 as of March 31, 2016 . 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 March 2016, the Financial Accounting Standards Board (the “FASB”) issued guidance intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is in the process of evaluating the impact of this new guidance. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not initial direct leasing costs. This standard will be effective for the first annual reporting period beginning after December 15, 2018. The Company is evaluating the effect that ASU No. 2016-02 will have on its consolidated financial statements and related disclosures. In 2016, the Company adopted Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The Company evaluated the application of ASU No. 2015-02 and concluded that no change was required to its accounting of its interests in less than wholly owned joint ventures, however, the Operating Partnership now meets the criteria as a variable interest entity. The Company’s significant asset is its investment in the Operating Partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Company’s debt is also an obligation of the Operating Partnership. In March 2015, the FASB issued “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” and “Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements,” which intend to simplify the presentation of debt issuance costs. This guidance provides an amendment to the accounting guidance related to the presentation of debt issuance costs and is effective for fiscal years beginning after December 15, 2015, and we have adopted this guidance as of January 1, 2016. This guidance is applied retrospectively to all prior periods. Under the new guidance, debt issuance costs related to a note shall be reported in the Consolidated Balance Sheets as a direct deduction from the face amount of that note. In this regard, debt issuance costs shall not be classified separately from related debt obligations as a deferred charge. Therefore, as a result of adopting this guidance, the Company reclassified in its Consolidated Balance Sheets $4.2 million of debt issuance costs, net of accumulated amortization, at December 31, 2015, from “Deferred costs and other assets, net” to “Mortgage loans payable,” and $2.0 million of debt issuance costs at December 31, 2015, from “Deferred costs and other assets, net” to “Term loans,” thereby decreasing the carrying value of our recognized debt obligations for presentational purposes.

Real Estate Activities (Tables)

Real Estate Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Investments in Real Estate	Investments in real estate as of March 31, 2016 and December 31, 2015 were comprised of the following: (in thousands of dollars) As of March 31, As of December 31, Buildings, improvements and construction in progress $ 2,855,977 $ 2,847,986 Land, including land held for development 521,968 519,903 Total investments in real estate 3,377,945 3,367,889 Accumulated depreciation (1,046,632 ) (1,015,647 ) Net investments in real estate $ 2,331,313 $ 2,352,242
Real Estate Capitalized Costs [Table Text Block]	The following table summarizes our capitalized salaries, commissions, benefits, real estate taxes and interest for the three months ended March 31, 2016 and 2015 : Three Months Ended (in thousands of dollars) 2016 2015 Development/Redevelopment Activities: Salaries and benefits $ 274 $ 154 Real estate taxes 19 — Interest 703 35 Leasing Activities: Salaries, commissions and benefits 1,737 1,655

Real Estate Activities Disposit

Real Estate Activities Dispositions (Tables)	3 Months Ended
	Mar. 31, 2016
Dispositions [Abstract]
Dispositions [Table Text Block]	Sale Date Property and Location Description of Real Estate Sold Capitalization Rate Sale Price Gain (in millions) 2016 Activity: March 2016 Lycoming Mall Pennsdale, Pennsylvania Mall 18.0 % $ 26.4 $ 0.3 March 2016 Gadsden Mall, Gadsden, Alabama, New River Valley Mall, Christiansburg, Virginia, and Wiregrass Commons Mall, Dothan, Alabama (1) Three Malls (single combined transaction) 17.4 % 66.0 1.6 February 2016 Palmer Park Mall, Easton, Pennsylvania Mall 13.6 % 18.0 0.1

Investments in Partnerships (Ta

Investments in Partnerships (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 : (in thousands of dollars) As of March 31, 2016 As of December 31, 2015 ASSETS: Investments in real estate, at cost: Operating properties $ 639,874 $ 636,774 Construction in progress 128,479 126,199 Total investments in real estate 768,353 762,973 Accumulated depreciation (191,450 ) (186,580 ) Net investments in real estate 576,903 576,393 Cash and cash equivalents 29,711 37,362 Deferred costs and other assets, net 37,999 39,890 Total assets 644,613 653,645 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable 444,599 440,450 Other liabilities 22,853 30,425 Total liabilities 467,452 470,875 Net investment 177,161 182,770 Partners’ share 91,516 95,165 PREIT’s share 85,645 87,605 Excess investment (1) 7,638 7,877 Net investments and advances $ 93,283 $ 95,482 Investment in partnerships, at equity $ 157,995 $ 161,029 Distributions in excess of partnership investments (64,712 ) (65,547 ) Net investments and advances $ 93,283 $ 95,482 _________________________ (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 months ended March 31, 2016 and 2015 : Three Months Ended (in thousands of dollars) 2016 2015 Real estate revenue $ 29,191 $ 26,497 Operating expenses: Property operating expenses (10,212 ) (10,706 ) Interest expense (5,392 ) (5,350 ) Depreciation and amortization (5,722 ) (6,370 ) Total expenses (21,326 ) (22,426 ) Net income 7,865 4,071 Less: Partners’ share (4,216 ) (2,036 ) PREIT’s share 3,649 2,035 Amortization of excess investment 234 48 Equity in income of partnerships $ 3,883 $ 2,083

Financing Activity (Tables)

Financing Activity (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of credit facility interest expense [Table Text Block]	Three Months Ended March 31, (in thousands of dollars) 2016 2015 2013 Revolving Facility Interest expense $ 690.1 $ 380.9 Deferred financing amortization 198.7 358.0 Term Loans Interest expense 2,991.9 1,257.2 Deferred financing amortization 119.9 76.4
Applicable Credit Spread Over Libor at Various Leverage Levels	Applicable Margin Level Ratio of Total Liabilities 2013 Revolving Facility 2014 7-Year Term Loan 2014 5-Year Term Loan 2015 5-Year Term Loan 1 Less than 0.450 to 1.00 1.20% 1.80% 1.35% 1.35% 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 1.25% (1) 1.95% (1) 1.45% (1) 1.45% (1) 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 1.30% 2.15% 1.60% 1.60% 4 Equal to or greater than 0.550 to 1.00 1.55% 2.35% 1.90% 1.90%
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 March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans $ 1,247.2 $ 1,267.1 $ 1,321.3 $ 1,323.3

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments	(in millions of dollars) Notional Value Fair Value at March 31, 2016 (1) Fair Value at December 31, 2015 (1) Interest Rate Effective Date Maturity Date Interest Rate Swaps $25.0 $ — $ (0.1 ) 1.10 % July 31, 2016 28.1 (0.2 ) (0.2 ) 1.38 % January 2, 2017 33.0 N/A — 3.72 % December 1, 2017 48.0 (0.4 ) (0.1 ) 1.12 % January 1, 2018 7.6 — — 1.00 % January 1, 2018 55.0 (0.4 ) (0.1 ) 1.12 % January 1, 2018 30.0 (0.8 ) (0.5 ) 1.78 % January 2, 2019 20.0 (0.6 ) (0.4 ) 1.78 % January 2, 2019 20.0 (0.6 ) (0.3 ) 1.78 % January 2, 2019 20.0 (0.6 ) (0.3 ) 1.79 % January 2, 2019 20.0 (0.6 ) (0.3 ) 1.79 % January 2, 2019 20.0 (0.6 ) (0.3 ) 1.79 % January 2, 2019 25.0 (0.3 ) — 1.16 % January 2, 2019 25.0 (0.3 ) — 1.16 % January 2, 2019 25.0 (0.3 ) — 1.16 % January 2, 2019 20.0 (0.2 ) — 1.16 % January 2, 2019 20.0 (0.2 ) 0.1 1.23 % June 26, 2020 20.0 (0.2 ) 0.2 1.23 % June 26, 2020 20.0 (0.2 ) 0.2 1.23 % June 26, 2020 20.0 (0.2 ) 0.2 1.23 % June 26, 2020 20.0 (0.2 ) 0.2 1.24 % June 26, 2020 9.0 (0.1 ) N/A 1.19 % February 1, 2021 48.0 (0.2 ) N/A 1.42 % January 2, 2018 February 1, 2021 $ (7.2 ) $ (1.7 ) _________________________ (1) As of March 31, 2016 and December 31, 2015 , 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 months ended March 31, 2016 and 2015 : Three Months Ended Consolidated Statements of Operations Location (in millions of dollars) 2016 2015 Derivatives in cash flow hedging relationships: Interest rate products Gain (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ (6.7 ) $ (1.7 ) N/A Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) $ 1.4 $ 1.0 Interest expense Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) $ (0.1 ) $ (0.5 ) Interest expense

Basis of Presentation Nature of

Basis of Presentation Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2016PropertyState
Real Estate Properties [Line Items]
Percentage of consolidated revenue having no single tenant	10.00%
Number of States in which Entity Operates | State	11
Number of Real Estate Properties	33
Mall [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	25
Mixed Use Development Property [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	2
Strip And Power Center [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	4
Development Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	4
Other Development Property [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	1

Basis of Presentation Noncontro

Basis of Presentation Noncontrolling interest (Details) $ / shares in Units, $ in Millions	Mar. 31, 2016USD ($)$ / sharesshares
Noncontrolling Interest [Line Items]
Closing share price | $ / shares	$ 21.85
Interest in the Operating Partnership	89.30%
Redeemable Noncontrolling Interest, Equity, Other, Fair Value | $	$ 182.2
Limited Partners' Capital Account, Units Outstanding | shares	8,338,299

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016Segment	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Number of reportable segment | Segment	1
Mortgages [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		$ 4.2
Term Loans [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		$ 2

Real Estate Activities - Invest

Real Estate Activities - Investments in Real Estate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Investment [Line Items]
Buildings, improvements and construction in progress	$ 2,855,977		$ 2,847,986
Land, including land held for development	521,968		519,903
Total investments in real estate	3,377,945		3,367,889
Accumulated depreciation	(1,046,632)		(1,015,647)
Net investments in real estate	2,331,313		$ 2,352,242
Gains (Losses) on Sales of Investment Real Estate	$ 2,035	$ 0

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
	Mar. 31, 2016	Mar. 31, 2015
Salaries and benefits | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 274	$ 154
Capitalized Real Estate Taxes [Member] | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	19
Interest | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	703	35
Salaries, commissions and benefits | Leasing Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 1,737	$ 1,655

Real Estate Activities Real Est

Real Estate Activities Real Estate Activities - Acquisitions and Dispositions(Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Repayments of Secured Debt	$ 139,843,000
Deferred costs and other assets, net	89,974,000		$ 75,450,000
Gains (Losses) on Sales of Investment Real Estate	2,035,000	$ 0
Gain (Loss) on Sale of Properties	2,044,000	43,000
Asset Impairment Charges	$ 606,000	$ 6,240,000
Lycoming Mall [Member]
Property, Plant and Equipment [Line Items]
Fair Value Inputs, Cap Rate	18.00%
Repayments of Secured Debt	$ 32,800,000
Proceeds from Sale of Real Estate	26,400
Gain Loss On Sale Of Real Estate	$ 300
Gadsden Mall, New River Valley Mall and Wiregrass Commons Mall [Member]
Property, Plant and Equipment [Line Items]
Fair Value Inputs, Cap Rate	17.40%
Proceeds from Sale of Real Estate	$ 66,000
Gain Loss On Sale Of Real Estate	1,600
Wiregrass Commons [Member]
Property, Plant and Equipment [Line Items]
Loans Receivable with Fixed Rates of Interest	$ 17,000,000
Mortgage Loans on Real Estate, Interest Rate	6.00%
Palmer Park Mall [Member]
Property, Plant and Equipment [Line Items]
Fair Value Inputs, Cap Rate	13.60%
Proceeds from Sale of Real Estate	$ 18,000
Gain Loss On Sale Of Real Estate	$ 100

Real Estate Activities Real E29

Real Estate Activities Real Estate Activities - Impairment of Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Asset Impairments [Line Items]
Asset Impairment Charges	$ 606	$ 6,240
Impairment of assets and expensed project costs	631	$ 6,332
Voorhees Town Center [Member]
Schedule of Asset Impairments [Line Items]
Impairment of assets and expensed project costs	$ 600

Investments in Partnerships - S

Investments in Partnerships - Summary of Equity Investments (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Total assets		$ 644,613	$ 653,645
Investments in real estate, at cost:
Operating properties		639,874	636,774
Construction in progress		128,479	126,199
Total investments in real estate		768,353	762,973
Accumulated depreciation		(191,450)	(186,580)
Net investments in real estate		576,903	576,393
Cash and cash equivalents		29,711	37,362
Deferred costs and other assets, net		37,999	39,890
Total assets		644,613	653,645
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable		444,599	440,450
Other liabilities		22,853	30,425
Total liabilities		467,452	470,875
Net investment		177,161	182,770
Partners’ share		91,516	95,165
PREIT’s share		85,645	87,605
Excess investment	[1]	7,638	7,877
Net investments and advances		93,283	95,482
Investment in partnerships, at equity		157,995	161,029
Distributions in excess of partnership investments		$ (64,712)	$ (65,547)
[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 -31

Investments in Partnerships - Summary of Share of Equity in Income of Partnerships (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Real Estate Revenue Net Equity Method Investments	$ 29,191	$ 26,497
Total assets	644,613		$ 653,645
Operating expenses:
Property operating expenses	(10,212)	(10,706)
Interest expense	(5,392)	(5,350)
Depreciation and amortization	(5,722)	(6,370)
Total expenses	(21,326)	(22,426)
Net income	7,865	4,071
Less: Partners’ share	(4,216)	(2,036)
PREIT’s share	3,649	2,035
Amortization of excess investment	234	48
Equity in income of partnerships	3,883	2,083
Lehigh Valley Associates, LP [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Revenue	9,048	8,944
Total assets	47,580		48,352
Equity Method Investment, Summarized Financial Information, Mortgages Payable	128,305		128,883
Equity Method Investment, Summarized Financial Information, Property Operating Expenses	(2,226)	(2,480)
Equity Method Investment, Summarized Financial Information, Interest Expense	(1,906)	(1,940)
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	4,083	3,461
Equity Method Investment, Summarized Financial Information, Share of Equity in Income of Partnership	2,042	1,730
Metroplex West Associates, LP [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Revenue	2,868	2,884
Total assets	36,230		36,164
Equity Method Investment, Summarized Financial Information, Mortgages Payable	81,121		$ 81,505
Equity Method Investment, Summarized Financial Information, Property Operating Expenses	(748)	(637)
Equity Method Investment, Summarized Financial Information, Interest Expense	(1,024)	(1,044)
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	763	358
Equity Method Investment, Summarized Financial Information, Share of Equity in Income of Partnership	$ 381	$ 179

Investments in Partnerships Mor

Investments in Partnerships Mortgage Loan Activity Partnerships (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgage loans payable	$ 1,247,173	$ 1,321,331

Financing Activity - Additional

Financing Activity - Additional Information (Detail) - USD ($)	Jan. 08, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Term Loan Borrowing		$ 400,000,000
Long-term Debt		398,160,000		$ 398,040,000
Amount outstanding		115,000,000		$ 65,000,000
Repayments of Long-term Debt			$ (120,000,000)
Maximum Unsecured Borrowing Amount Under Unencumbered Debt Yield Covenant		209,600,000
Two Thousand Fourteen Term Loans [Member]
Debt Instrument [Line Items]
Sales Per Square Foot	$ 500
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]
Interest expense excluding non-cash amortization of finance costs		690,100	380,900
Non-cash amortization of deferred financing fees		198,700	358,000
Outstanding commitments				0.25%
Letters of Credit Outstanding, Amount		15,300,000
Term Loans [Member]
Debt Instrument [Line Items]
Interest expense excluding non-cash amortization of finance costs		2,991,900	1,257,200
Non-cash amortization of deferred financing fees		$ 119,900	$ 76,400

Financing Activity - Applicable

Financing Activity - Applicable Credit Spread Over Libor at Various Leverage Levels (Detail)	Jan. 08, 2014	Dec. 31, 2015
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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [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%
Wells Fargo Bank, NA and US Bank N [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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%
Wells Fargo Bank, NA and US Bank N [Member] | 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%

Financing Activity - Carrying a

Financing Activity - Carrying and Fair Values of Mortgage Loans (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgage loans, Carrying Value	$ 1,247,173	$ 1,321,331
Mortgage loans, Fair Value	$ 1,267,100	$ 1,323,300

Financing Activity - Mortgage L

Financing Activity - Mortgage Loan Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Apr. 08, 2016	Dec. 31, 2015
Mortgage Loan Activity [Line Items]
Mortgage loans payable	$ 1,247,173		$ 1,321,331
Repayments of Secured Debt	$ 139,843
Woodland Mall [Member]
Mortgage Loan Activity [Line Items]
Mortgage Loans on Real Estate, Face Amount of Mortgages		$ 130,000
Stated Interest Rate		2.00%
Debt Instrument, Maturity Date	Apr. 8, 2021
Viewmont Mall [Member]
Mortgage Loan Activity [Line Items]
Stated Interest Rate	2.35%
Debt Instrument, Maturity Date	Mar. 29, 2021
Mortgage Loans on Real Estate, Other Additions	$ 9,000
Valley Mall [Member]
Mortgage Loan Activity [Line Items]
Repayments of Secured Debt	79,300
Revolving Facility Debt Used To Repay Mortgage Debt	50,000
Lycoming Mall [Member]
Mortgage Loan Activity [Line Items]
Repayments of Secured Debt	32,800
New River Valley Mall [Member]
Mortgage Loan Activity [Line Items]
Repayments of Secured Debt	$ 28,100

Cash Flow Information - Additio

Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Significant Noncash Transactions [Line Items]
Cash paid for interest	$ 17.3	$ 17
Net of capitalized interest	0.7	0.1
Line of credit facilities gross borrowings	70	$ 210
Line of credit facilities gross repayments	20
Wiregrass Commons [Member]
Other Significant Noncash Transactions [Line Items]
Loans Receivable with Fixed Rates of Interest	$ 17

Commitments and Contingencies C

Commitments and Contingencies Contractual Obligations (Details) $ in Millions	Mar. 31, 2016USD ($)
Construction in Progress [Member]
Other Commitments [Line Items]
Unaccrued Contractual And Other Commitments	$ 72.6

Derivatives - Additional Inform

Derivatives - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Agreement	Apr. 08, 2016USD ($)
Derivative Instruments [Line Items]
Repayments of Secured Debt	$ 139,843
Estimate increase to interest expense	4,000
Loss on Fair Value Hedge Ineffectiveness	100
Net loss	1,900
Fair value of derivatives in a net liability position	(7,200)
Termination value	$ 7,800
Interest rate swaps [Member]
Derivative Instruments [Line Items]
Number of derivative, interest rate swap agreement | Agreement	21
Derivative, Weighted average interest rate	1.34%
Derivative, notional amount	$ 497,700	$ 130,000
Interest Rate Swap Twelve [Member]
Derivative Instruments [Line Items]
Maturity Date	Jan. 2, 2019
Settled Interest Rate Swaps [Member]
Derivative Instruments [Line Items]
Amortized period	10 years
Subsequent Event [Member] | Interest rate swaps [Member]
Derivative Instruments [Line Items]
Derivative, Weighted average interest rate		1.02%

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016		Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value at period end	[1]	$ (7.2)		$ (1.7)
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		(0.1)
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]	$ (0.2)		(0.2)
Interest Rate		1.38%
Maturity Date		Jan. 2, 2017
Interest Rate Swaps Three [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value at period end	[1]			0
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		$ 48
Fair Value at period end	[1]	$ (0.4)		0.1
Interest Rate		1.12%
Maturity Date		Jan. 1, 2018
Interest Rate Swaps Five [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 Six [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 55
Fair Value at period end		$ (0.4)	[1]	0.1
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		$ (0.8)	[1]	0.5
Interest Rate		1.78%
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]	$ (0.6)		(0.4)
Interest Rate		1.78%
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]	$ (0.6)		(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]	$ (0.6)		(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]	$ (0.6)		(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]	$ (0.6)		(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]	$ (0.3)		0
Interest Rate		1.16%
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]	$ 0.3		0
Interest Rate		1.16%
Maturity Date		Jan. 2, 2019
Interest Rate Swap Fifteen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 25
Fair Value at period end	[1]	$ 0.3		0
Interest Rate		1.16%
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]	$ 0.2		0
Interest Rate		1.16%
Maturity Date		Jan. 2, 2019
Interest Rate Swap Seventeen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ (0.2)		0.1
Interest Rate		1.23%
Maturity Date		Jun. 26, 2020
Interest Rate Swap Eighteen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ (0.2)		0.2
Interest Rate		1.23%
Maturity Date		Jun. 26, 2020
Interest Rate Swap Nineteen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ (0.2)		0.2
Interest Rate		1.23%
Maturity Date		Jun. 26, 2020
Interest Rate Swap Twenty [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ (0.2)		0.2
Interest Rate		1.23%
Maturity Date		Jun. 26, 2020
Interest Rate Swap Twenty One [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ (0.2)		$ 0.2
Interest Rate		1.24%
Maturity Date		Jun. 26, 2020
Interest Rate Swap Twenty Three [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 48
Fair Value at period end	[1]	$ (0.2)
Interest Rate		1.42%
Maturity Date		Feb. 1, 2021
Interest Rate Swap Twenty Two [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 9
Fair Value at period end	[1]	$ (0.1)
Interest Rate		1.19%
Maturity Date		Feb. 1, 2021
[1]	As of March 31, 2016 and December 31, 2015, 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
	Mar. 31, 2016	Mar. 31, 2015
Derivatives in cash flow hedging relationships:
Gain (loss) recognized in Other Comprehensive Income (Loss) on derivatives	$ (6.7)	$ (1.7)
Interest
Derivatives in cash flow hedging relationships:
Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion)	1.4	1
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)	$ (0.1)	$ (0.5)