Pennsylvania Real Estate Investment Trust (PRET) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 25, 2016
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	PEI
Entity Registrant Name	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
Entity Central Index Key	77,281
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		69,515,348

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
INVESTMENTS IN REAL ESTATE, at cost:
Operating properties	$ 3,259,774	$ 3,297,520
Construction in progress	85,877	64,019
Land held for development	5,904	6,350
Total investments in real estate	3,351,555	3,367,889
Accumulated depreciation	(1,057,857)	(1,015,647)
Net investments in real estate	2,293,698	2,352,242
INVESTMENTS IN PARTNERSHIPS, at equity:	161,450	161,029
OTHER ASSETS:
Cash and cash equivalents	16,841	22,855
Tenant and other receivables (net of allowance for doubtful accounts of $7,239 and $6,417 at June 30, 2016 and December 31, 2015, respectively)	30,591	40,324
Intangible assets (net of accumulated amortization of $9,872 and $13,441 at June 30, 2016 and December 31, 2015, respectively)	21,075	22,248
Deferred costs and other assets, net	84,276	75,450
Total assets	2,631,382	2,800,392
LIABILITIES:
Mortgage loans payable	1,231,709	1,321,331
Long-term Debt	396,688	398,040
Revolving Facility	85,000	65,000
Tenants’ deposits and deferred rent	17,476	14,631
Distributions in excess of partnership investments	63,188	65,547
Fair value of derivative liabilities	10,254	2,756
Accrued expenses and other liabilities	78,342	78,539
Total liabilities	1,883,149	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 69,474 shares at June 30, 2016 and 69,197 shares at December 31, 2015	69,474	69,197
Capital contributed in excess of par	1,477,808	1,476,397
Accumulated other comprehensive loss	(11,629)	4,193
Distributions in excess of net income	(939,407)	(912,221)
Total equity—Pennsylvania Real Estate Investment Trust	596,327	629,261
Noncontrolling interest	151,906	155,369
Total equity	748,233	784,630
Total liabilities and equity	2,631,382	2,800,392
Assets Held-for-sale, Not Part of Disposal Group, Current	23,451	126,244
Real Estate Liabilities Associated with Assets Held for Development and Sale	492	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 ($)	Jun. 30, 2016	Dec. 31, 2015
Tenant and other receivables, allowance for doubtful accounts	$ 7,239,000	$ 6,417,000
Intangible assets, accumulated amortization	$ 9,872,000	$ 13,441,000
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	69,474,000	69,197,000
Common stock, shares outstanding	69,474,000	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			6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			425		493
Real estate revenue:
Base rent	$ 61,243		$ 67,417	$ 128,236	$ 131,691
Expense reimbursements	28,870		30,541	60,004	62,050
Percentage rent	385		322	836	846
Lease termination revenue	16		25	251	467
Other real estate revenue	2,225		2,577	4,868	4,612
Total real estate revenue	92,739		100,882	194,195	199,666
Other Nonoperating Income	1,514		811	2,030	2,084
Total revenue	94,253		101,693	196,225	201,750
Property operating expenses:
CAM and real estate taxes	(30,496)		(33,263)	(64,685)	(67,069)
Utilities	(4,137)		(4,959)	(8,463)	(10,108)
Other property operating expenses	(2,899)		(3,792)	(7,495)	(7,988)
Cost of Real Estate Revenue	37,532		42,014	80,643	85,165
General and administrative expenses	(8,883)		(9,126)	(17,469)	(18,070)
Provision For Employee Separation Expenses	(658)		0	(1,193)	0
Depreciation and amortization	(31,662)		(36,641)	(65,397)	(69,830)
Acquisition costs and other expenses	(243)		(817)	(294)	(5,269)
Operating Expenses	78,978		88,598	164,996	178,334
Interest expense, net	(17,067)		(21,126)	(36,413)	(41,271)
Asset Impairment Charges	(14,118)		(28,667)	(14,724)	(34,907)
Costs and Expenses	110,163		138,391	216,133	254,512
Loss before equity in income of partnerships, gains on sales of interests in non operating real estate and gains on sales of real estate	(15,910)		(36,698)	(19,908)	(52,762)
Equity in income of partnerships	4,192		2,032	8,075	4,114
Gain on sale of non operating real estate	0		0	9	43
Gains (Losses) on Sales of Investment Real Estate	20,887		0	22,922	0
Net income (loss)	9,169		(34,666)	11,098	(48,605)
Less: net (income) loss attributable to noncontrolling interest	(982)		3,742	(1,190)	4,172
Net income available (loss attributable) to PREIT	8,187		(30,924)	9,908	(44,433)
Less: preferred share dividends	(3,962)		(3,962)	(7,924)	(7,924)
Net income available (loss attributable) to PREIT common shareholders	4,225		(34,886)	1,984	(52,357)
Net income (loss)	9,169		(34,666)	11,098	(48,605)
Noncontrolling interest	(982)		3,742	(1,190)	4,172
Dividends on unvested restricted shares	(76)		(79)	(160)	(165)
Income (Loss) from Continuing Operations Attributable to Parent	$ 4,149		$ (34,965)	$ 1,824	$ (52,522)
Basic and diluted earnings (loss) per share:	$ 0.06		$ (0.51)	$ 0.03	$ (0.76)
Weighted average shares outstanding—basic	69,091		68,753	69,032	68,660
Effect Of Common Share Equivalents	68	[1]		125
Weighted average shares outstanding—diluted	69,159		68,753	69,157	68,660
[1]	The Company had net losses used to calculate earnings per share for the three and six months ended June 30, 2015, therefore, the effects of common share equivalents of 425 and 493 for the three and six months ended June 30, 2015, respectively, are excluded from the calculation of diluted loss per share for these periods because they would be antidilutive.

CONSOLIDATED STATEMENTS OF OPE5

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

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Comprehensive income (loss):
Net income (loss)	$ 9,169	$ (34,666)	$ 11,098	$ (48,605)
Unrealized loss on derivatives	(3,006)	1,165	(8,578)	(846)
Amortization of losses on settled swaps, net of gains	126	238	252	1,010
Total comprehensive income (loss)	6,289	(33,263)	2,772	(48,441)
Less: comprehensive (income) loss attributable to noncontrolling interest	(677)	3,686	(300)	4,153
Comprehensive income (loss) PREIT	$ 5,612	$ (29,577)	$ 2,472	$ (44,288)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 6 months ended Jun. 30, 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]
Shares Issued Upon Redemption Of Operating Partnership Units		$ 12	$ 250			$ (262)
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	11,098					1,190
Net Income (Loss), Excluding Portion Attributable to Noncontrolling Interest					9,908
Other comprehensive loss	(8,326)			(7,436)		(890)
Shares issued under employee compensation plans, net of shares retired	(1,505)	265	(1,770)
Amortization of deferred compensation	2,931		2,931
Distributions paid to common shareholders ($0.42 per share)	(29,170)				(29,170)
Distributions paid to preferred shareholders							$ (3,180)	$ (3,180)	$ (4,744)	$ (4,744)
Noncontrolling interests:
Distributions paid to Operating Partnership unit holders ($0.42 per unit)	(3,501)					(3,501)
June 30, 2016 at Jun. 30, 2016	$ 748,233	$ 69,474	$ 1,477,808	$ (11,629)	$ (939,407)	$ 151,906					$ 46	$ 35

CONSOLIDATED STATEMENTS OF EQU8

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2016$ / shares
Common Stock, Dividends, Per Share, Cash Paid	$ 0.42
Series A Preferred Shares [Member]
Preferred Stock, Dividends, Per Share, Cash Paid	1.0312
Series B [Member]
Preferred Stock, Dividends, Per Share, Cash Paid	$ 0.9218

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net income (loss)	$ 11,098	$ (48,605)
Depreciation	62,655	65,517
Amortization	4,066	5,876
Straight-line rent adjustments	(1,331)	(740)
Provision for doubtful accounts	1,260	2,050
Amortization of deferred compensation	2,931	3,227
Loss on Hedge Ineffectiveness	143	512
Gain on sale of non operating real estate	(22,931)	(43)
Equity in income of partnerships in excess of distributions	(3,606)	(2,212)
Impairment of assets and expensed project costs	14,964	35,145
Change in assets and liabilities:
Net change in other assets	8,929	8,069
Net change in other liabilities	2,102	(5,870)
Net cash provided by operating activities	80,280	62,926
Cash flows from investing activities:
Investments in consolidated real estate acquisitions	0	(319,986)
Additions to construction in progress	(28,121)	(14,037)
Investments in real estate improvements	(15,322)	(16,867)
Proceeds from Sale of Real Estate Held-for-investment	131,592
Additions to leasehold improvements	(288)	(341)
Investments in partnerships	(3,953)	(16,194)
Capitalized leasing costs	(3,016)	(3,228)
Decrease (increase) in cash escrows	3,158	(185)
Cash distributions from partnerships in excess of equity in income	4,778	2,926
Net cash provided by (used in) investing activities	88,828	(367,912)
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt		120,000
Proceeds from Lines of Credit	20,000	270,000
Proceeds from mortgage loans	139,000	102,044
Principal installments on mortgage loans	(8,373)	(10,059)
Repayments of mortgage loans	(280,327)	(139,137)
Payment of deferred financing costs	(3,322)	(2,873)
Dividends paid to common shareholders	(29,170)	(29,031)
Dividends paid to preferred shareholders	(7,924)	(7,924)
Distributions paid to Operating Partnership unit holders and noncontrolling interest	(3,501)	(2,198)
Value of shares of beneficial interest issued	621	706
Value of shares retired under equity incentive plans, net of shares issued	(2,126)	(5,655)
Net cash (used in) provided by financing activities	(175,122)	295,873
Net change in cash and cash equivalents	(6,014)	(9,113)
Cash and cash equivalents, beginning of period	22,855	40,433
Cash and cash equivalents, end of period	$ 16,841	$ 31,320

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 32 properties in 11 states, including 24 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 into the Fashion Outlets of Philadelphia (“Fashion Outlets of Philadelphia”), and one is classified as “other.” The above property counts do not include Washington Crown Center in Washington, Pennsylvania because that property has been classified as “held for sale” as of June 30, 2016. We also classified an office building adjacent to Voorhees Town Center as held for sale as of June 30, 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 June 30, 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 June 30, 2016 , the total amount that would have been distributed would have been $178.6 million , which is calculated using our June 30, 2016 closing price on the New York Stock Exchange of $21.45 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,326,514 as of June 30, 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	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Real Estate Activities	REAL ESTATE ACTIVITIES Investments in real estate as of June 30, 2016 and December 31, 2015 were comprised of the following: (in thousands of dollars) As of June 30, As of December 31, Buildings, improvements and construction in progress $ 2,836,412 $ 2,847,986 Land, including land held for development 515,143 519,903 Total investments in real estate 3,351,555 3,367,889 Accumulated depreciation (1,057,857 ) (1,015,647 ) Net investments in real estate $ 2,293,698 $ 2,352,242 Capitalization of Costs The following table summarizes our capitalized salaries, commissions, benefits, real estate taxes and interest for the three and six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended (in thousands of dollars) 2016 2015 2016 2015 Development/Redevelopment Activities: Salaries and benefits $ 266 $ 219 $ 541 $ 373 Real estate taxes 6 276 25 276 Interest 668 770 1,370 804 Leasing Activities: Salaries, commissions and benefits 1,279 1,573 3,016 3,228 Dispositions The following table presents our dispositions for the three and six months ended June 30, 2016 : Sale Date Property and Location Description of Real Estate Sold Capitalization Rate Sale Price Gain (in millions) 2016 Activity: June 2016 Street retail located on Walnut and Chestnut Streets, Philadelphia, Pennsylvania Street Retail 3.2 % $ 45.0 $ 20.3 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. Other Real Estate Activity In June 2016, we sold an operating parcel located at Monroe Retail Center for $2.1 million , and recorded a gain of $0.6 million . In January 2016, we sold a non operating parcel located at Sunrise Plaza for $2.0 million , and recorded no gain or loss on the sale of this parcel. Impairment of Assets In June 2016 we recorded a loss on impairment of assets on Washington Crown Center, in Washington, Pennsylvania of $14.1 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. 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 : (in thousands of dollars) As of June 30, 2016 As of December 31, 2015 ASSETS: Investments in real estate, at cost: Operating properties $ 640,707 $ 636,774 Construction in progress 143,538 126,199 Total investments in real estate 784,245 762,973 Accumulated depreciation (196,458 ) (186,580 ) Net investments in real estate 587,787 576,393 Cash and cash equivalents 30,651 37,362 Deferred costs and other assets, net (1) 38,951 39,890 Total assets 657,389 653,645 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable (1) 446,512 440,450 Other liabilities 24,957 30,425 Total liabilities 471,469 470,875 Net investment 185,920 182,770 Partners’ share 95,607 95,165 PREIT’s share 90,313 87,605 Excess investment (2) 7,949 7,877 Net investments and advances $ 98,262 $ 95,482 Investment in partnerships, at equity $ 161,450 $ 161,029 Distributions in excess of partnership investments (63,188 ) (65,547 ) Net investments and advances $ 98,262 $ 95,482 _________________________ (1) The December 31, 2015 balance has been adjusted in connection with the Company's adoption of ASU No. 2015-03 “Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs” (Note 1). (2) Excess investment represents the unamortized difference between our investment and our share of the equity in the underlying net investment in the partnerships. The excess investment is amortized over the life of the properties, and the amortization is included in “Equity in income of partnerships.” We record distributions from our equity investments as cash from operating activities up to an amount equal to the equity in income of partnerships. Amounts in excess of our share of the income in the equity investments are treated as a return of partnership capital and recorded as cash from investing activities. The following table summarizes our share of equity in income of partnerships for the three and six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended (in thousands of dollars) 2016 2015 2016 2015 Real estate revenue $ 27,201 $ 24,356 $ 56,392 $ 50,853 Operating expenses: Property operating expenses (6,908 ) (9,290 ) (17,022 ) (20,052 ) Interest expense (5,384 ) (5,146 ) (10,776 ) (10,441 ) Depreciation and amortization (5,804 ) (5,932 ) (11,527 ) (12,303 ) Total expenses (18,096 ) (20,368 ) (39,325 ) (42,796 ) Net income 9,105 3,988 17,067 8,057 Less: Partners’ share (4,883 ) (1,981 ) (9,099 ) (4,017 ) PREIT’s share 4,222 2,007 7,968 4,040 Amortization of and adjustments to excess investment (30 ) 25 107 74 Equity in income of partnerships $ 4,192 $ 2,032 $ 8,075 $ 4,114 Significant Unconsolidated Subsidiary One of our unconsolidated subsidiaries, Lehigh Valley Associates LP, the owner of the substantial majority of Lehigh Valley Mall, in which we have a 50% partnership interest, met the conditions of significant unconsolidated subsidiaries as of June 30, 2016 . The financial information of this entity is included in the amounts above. Summarized balance sheet information as of June 30, 2016 and December 31, 2015 and summarized statement of operations information for the three and six months ended June 30, 2016 and 2015 for this entity, which is accounted for using the equity method, are as follows: As of (in thousands of dollars) June 30, 2016 December 31, 2015 Summarized balance sheet information Total assets $ 49,228 $ 48,352 Mortgage loan payable 127,719 128,883 Three Months Ended Six Months Ended (in thousands of dollars) 2016 2015 2016 2015 Summarized statement of operations information Revenue $ 9,121 $ 8,960 $ 18,169 $ 17,904 Property operating expenses (1,956 ) (2,537 ) (4,183 ) (5,017 ) Interest expense (1,897 ) (1,931 ) (3,803 ) (3,871 ) Net income 4,727 3,858 8,477 7,319 PREIT’s share of equity in income of partnership 2,197 1,929 4,239 3,659

Financing Activity

Financing Activity	6 Months Ended
	Jun. 30, 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.” On June 30, 2016, Pennsylvania Real Estate Investment Trust (“PREIT”), PREIT Associates, L.P. (“PREIT Associates”) and PREIT-RUBIN, Inc. (“PRI” and, collectively with PREIT and PREIT Associates, the “Borrower”) entered into an Amendment (the “Amendment”) to the 2014 7-Year Term Loan. The Amendment increased potential borrowing under the 2014 7-Year Term Loan from $100.0 million to $250.0 million, and expanded the accordion feature of the 2014 7-Year Term Loan from up to $200.0 million to up to $400.0 million. Among other things, the Amendment lowered the interest rates in the applicable pricing grid and extended the termination date from January 7, 2021 to December 29, 2021. Pursuant to the Amendment, amounts borrowed under the 2014 7-Year Term Loan bear interest at a rate between 1.35% and 1.90% per annum, depending on PREIT’s leverage, in excess of LIBOR, which is a reduction from the former range of 1.80% to 2.35%. As of June 30, 2016 , we had borrowed $400.0 million under the Term Loans and $ 85.0 million under the 2013 Revolving Facility (with $7.4 million pledged as collateral for a letter of credit at June 30, 2016 ). Interest expense and the deferred financing fee amortization related to the Credit Agreements for the three and six months ended June 30, 2016 and 2015 was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands of dollars) 2016 2015 2016 2015 2013 Revolving Facility Interest expense $ 782.3 $ 1,326.7 $ 1,472.4 $ 1,707.5 Deferred financing amortization 198.7 613.6 397.5 971.5 Term Loans Interest expense 3,045.0 1,971.5 6,036.9 3,228.7 Deferred financing amortization 120.7 79.1 240.5 155.5 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 June 30, 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 June 30, 2016 was $252.0 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. The following table presents the applicable margin for each level for the Credit Agreements: 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% 1.35% 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% 1.45% 1.45% 1.45% 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 1.30% (1) 1.60% (1) 1.60% (1) 1.60% (1) 4 Equal to or greater than 0.550 to 1.00 1.55% 1.90% 1.90% 1.90% (1) The rate in effect at June 30, 2016 . Mortgage Loans The carrying values and estimated fair values of mortgage loans based on interest rates and market conditions at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans $ 1,231.7 $ 1,241.3 $ 1,321.3 $ 1,323.3 The mortgage loans contain various customary default provisions. As of June 30, 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 . The proceeds from the new mortgage loan were used to pay down a portion of the Credit Facility borrowings that were used to repay the previous $141.2 million mortgage loan. 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	6 Months Ended
	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information	CASH FLOW INFORMATION Cash paid for interest was $33.9 million (net of capitalized interest of $1.4 million ) and $37.3 million (net of capitalized interest of less than $0.8 million ) for the six months ended June 30, 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 $200.0 million and $270.0 million for the six months ended June 30, 2016 and 2015 , respectively. Aggregate paydowns were $180.0 million and $150.0 million for the six months ended June 30, 2016 and 2015 , respectively. 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	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Contractual Obligations As of June 30, 2016 , we had unaccrued contractual and other commitments related to our capital improvement projects and development projects of $78.7 million , including commitments related to the redevelopment of the Fashion Outlets of Philadelphia, in the form of tenant allowances and contracts with general service providers and other professional service providers. In addition, our operating partnership, PREIT Associates, has jointly and severally guaranteed the obligations of the joint venture we formed with Macerich to develop the Fashion Outlets of Philadelphia to commence and complete a comprehensive redevelopment of that property costing not less than $300.0 million within 48 months after commencement of construction. Provision for Employee Separation Expense In 2016 and 2015, we terminated the employment of certain employees. In connection with the departure of those employees, we recorded $0.7 million and $1.2 million of employee separations expenses, respectively, for the three and six months ended June 30, 2016 .

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 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 $5.1 million will be reclassified as an increase to interest expense in connection with derivatives. The amortization of these amounts could be accelerated in the event that we repay amounts outstanding on the debt instruments and do not replace them with new borrowings. Interest Rate Swaps As of June 30, 2016 , we had entered into 26 interest rate swap agreements with a weighted average base interest rate of 1.27% on a notional amount of $627.7 million maturing on various dates through February 2021 , and one forward starting interest rate swap agreement with a base 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 July 2016, we entered into an additional interest rate swap agreement with an interest rate of 0.70% on a notional amount of $25.0 million and maturing January 2, 2019 . We entered into these interest rate swap agreements in order to hedge the interest payments associated with our issuances of variable interest rate long term debt. We have assessed the effectiveness of these interest rate swap agreements as hedges at inception and on a quarterly basis. As of June 30, 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 June 30, 2016 includes a net loss of $1.8 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 June 30, 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 June 30, 2016 (1) Fair Value at December 31, 2015 (1) Interest Rate Effective Date of Forward Starting Swap Maturity Date Interest Rate Swaps $25.0 $ — $ (0.1 ) 1.10 % July 31, 2016 28.1 (0.1 ) (0.2 ) 1.38 % January 2, 2017 33.0 N/A (2) — 3.72 % December 1, 2017 48.0 (0.4 ) (0.1 ) 1.12 % January 1, 2018 7.6 (0.1 ) — 1.00 % January 1, 2018 55.0 (0.5 ) (0.1 ) 1.12 % January 1, 2018 30.0 (0.9 ) (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 (0.3 ) — 1.16 % January 2, 2019 20.0 (0.4 ) 0.1 1.23 % June 26, 2020 20.0 (0.4 ) 0.2 1.23 % June 26, 2020 20.0 (0.4 ) 0.2 1.23 % June 26, 2020 20.0 (0.4 ) 0.2 1.23 % June 26, 2020 20.0 (0.4 ) 0.2 1.24 % June 26, 2020 9.0 (0.2 ) N/A 1.19 % February 1, 2021 35.0 (0.3 ) N/A 1.01 % March 1, 2021 35.0 (0.3 ) N/A 1.02 % March 1, 2021 20.0 (0.2 ) N/A 1.01 % March 1, 2021 20.0 (0.2 ) N/A 1.02 % March 1, 2021 20.0 (0.2 ) N/A 1.02 % March 1, 2021 Forward Starting Swap 48.0 (0.7 ) N/A 1.42 % January 2, 2018 February 1, 2021 $ (10.3 ) $ (1.7 ) _________________________ (1) As of June 30, 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). (2) This interest rate swap was terminated effective March 23, 2016. 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 six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended Consolidated Statements of Operations Location (in millions of dollars) 2016 2015 2016 2015 Derivatives in cash flow hedging relationships: Interest rate products Loss recognized in Other Comprehensive Income (Loss) on derivatives $ (4.3 ) $ 0.2 $ (11.0 ) $ (1.6 ) N/A Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) $ 1.4 $ 1.2 $ 2.8 $ 2.3 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 June 30, 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 June 30, 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 $10.3 million . If we had breached any of the default provisions in these agreements as of June 30, 2016 , we might have been required to settle our obligations under the agreements at their termination value (including accrued interest) of $10.9 million . We had not breached any of these provisions as of June 30, 2016 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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 32 properties in 11 states, including 24 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 into the Fashion Outlets of Philadelphia (“Fashion Outlets of Philadelphia”), and one is classified as “other.” The above property counts do not include Washington Crown Center in Washington, Pennsylvania because that property has been classified as “held for sale” as of June 30, 2016. We also classified an office building adjacent to Voorhees Town Center as held for sale as of June 30, 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 June 30, 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 June 30, 2016 , the total amount that would have been distributed would have been $178.6 million , which is calculated using our June 30, 2016 closing price on the New York Stock Exchange of $21.45 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,326,514 as of June 30, 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 32 properties in 11 states, including 24 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 into the Fashion Outlets of Philadelphia (“Fashion Outlets of Philadelphia”), and one is classified as “other.” The above property counts do not include Washington Crown Center in Washington, Pennsylvania because that property has been classified as “held for sale” as of June 30, 2016. We also classified an office building adjacent to Voorhees Town Center as held for sale as of June 30, 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 June 30, 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 June 30, 2016 , the total amount that would have been distributed would have been $178.6 million , which is calculated using our June 30, 2016 closing price on the New York Stock Exchange of $21.45 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,326,514 as of June 30, 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)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Investments in Real Estate	Investments in real estate as of June 30, 2016 and December 31, 2015 were comprised of the following: (in thousands of dollars) As of June 30, As of December 31, Buildings, improvements and construction in progress $ 2,836,412 $ 2,847,986 Land, including land held for development 515,143 519,903 Total investments in real estate 3,351,555 3,367,889 Accumulated depreciation (1,057,857 ) (1,015,647 ) Net investments in real estate $ 2,293,698 $ 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 and six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended (in thousands of dollars) 2016 2015 2016 2015 Development/Redevelopment Activities: Salaries and benefits $ 266 $ 219 $ 541 $ 373 Real estate taxes 6 276 25 276 Interest 668 770 1,370 804 Leasing Activities: Salaries, commissions and benefits 1,279 1,573 3,016 3,228

Real Estate Activities Disposit

Real Estate Activities Dispositions (Tables)	6 Months Ended
	Jun. 30, 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: June 2016 Street retail located on Walnut and Chestnut Streets, Philadelphia, Pennsylvania Street Retail 3.2 % $ 45.0 $ 20.3 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)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 : (in thousands of dollars) As of June 30, 2016 As of December 31, 2015 ASSETS: Investments in real estate, at cost: Operating properties $ 640,707 $ 636,774 Construction in progress 143,538 126,199 Total investments in real estate 784,245 762,973 Accumulated depreciation (196,458 ) (186,580 ) Net investments in real estate 587,787 576,393 Cash and cash equivalents 30,651 37,362 Deferred costs and other assets, net (1) 38,951 39,890 Total assets 657,389 653,645 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable (1) 446,512 440,450 Other liabilities 24,957 30,425 Total liabilities 471,469 470,875 Net investment 185,920 182,770 Partners’ share 95,607 95,165 PREIT’s share 90,313 87,605 Excess investment (2) 7,949 7,877 Net investments and advances $ 98,262 $ 95,482 Investment in partnerships, at equity $ 161,450 $ 161,029 Distributions in excess of partnership investments (63,188 ) (65,547 ) Net investments and advances $ 98,262 $ 95,482 _________________________ (1) The December 31, 2015 balance has been adjusted in connection with the Company's adoption of ASU No. 2015-03 “Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs” (Note 1). (2) Excess investment represents the unamortized difference between our investment and our share of the equity in the underlying net investment in the partnerships. The excess investment is amortized over the life of the properties, and the amortization is included in “Equity in income of partnerships.”
Summary of Share of Equity in Income of Partnerships	The following table summarizes our share of equity in income of partnerships for the three and six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended (in thousands of dollars) 2016 2015 2016 2015 Real estate revenue $ 27,201 $ 24,356 $ 56,392 $ 50,853 Operating expenses: Property operating expenses (6,908 ) (9,290 ) (17,022 ) (20,052 ) Interest expense (5,384 ) (5,146 ) (10,776 ) (10,441 ) Depreciation and amortization (5,804 ) (5,932 ) (11,527 ) (12,303 ) Total expenses (18,096 ) (20,368 ) (39,325 ) (42,796 ) Net income 9,105 3,988 17,067 8,057 Less: Partners’ share (4,883 ) (1,981 ) (9,099 ) (4,017 ) PREIT’s share 4,222 2,007 7,968 4,040 Amortization of and adjustments to excess investment (30 ) 25 107 74 Equity in income of partnerships $ 4,192 $ 2,032 $ 8,075 $ 4,114

Financing Activity (Tables)

Financing Activity (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of credit facility interest expense [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, (in thousands of dollars) 2016 2015 2016 2015 2013 Revolving Facility Interest expense $ 782.3 $ 1,326.7 $ 1,472.4 $ 1,707.5 Deferred financing amortization 198.7 613.6 397.5 971.5 Term Loans Interest expense 3,045.0 1,971.5 6,036.9 3,228.7 Deferred financing amortization 120.7 79.1 240.5 155.5
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% 1.35% 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% 1.45% 1.45% 1.45% 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 1.30% (1) 1.60% (1) 1.60% (1) 1.60% (1) 4 Equal to or greater than 0.550 to 1.00 1.55% 1.90% 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 June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans $ 1,231.7 $ 1,241.3 $ 1,321.3 $ 1,323.3

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments	(in millions of dollars) Notional Value Fair Value at June 30, 2016 (1) Fair Value at December 31, 2015 (1) Interest Rate Effective Date of Forward Starting Swap Maturity Date Interest Rate Swaps $25.0 $ — $ (0.1 ) 1.10 % July 31, 2016 28.1 (0.1 ) (0.2 ) 1.38 % January 2, 2017 33.0 N/A (2) — 3.72 % December 1, 2017 48.0 (0.4 ) (0.1 ) 1.12 % January 1, 2018 7.6 (0.1 ) — 1.00 % January 1, 2018 55.0 (0.5 ) (0.1 ) 1.12 % January 1, 2018 30.0 (0.9 ) (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 (0.3 ) — 1.16 % January 2, 2019 20.0 (0.4 ) 0.1 1.23 % June 26, 2020 20.0 (0.4 ) 0.2 1.23 % June 26, 2020 20.0 (0.4 ) 0.2 1.23 % June 26, 2020 20.0 (0.4 ) 0.2 1.23 % June 26, 2020 20.0 (0.4 ) 0.2 1.24 % June 26, 2020 9.0 (0.2 ) N/A 1.19 % February 1, 2021 35.0 (0.3 ) N/A 1.01 % March 1, 2021 35.0 (0.3 ) N/A 1.02 % March 1, 2021 20.0 (0.2 ) N/A 1.01 % March 1, 2021 20.0 (0.2 ) N/A 1.02 % March 1, 2021 20.0 (0.2 ) N/A 1.02 % March 1, 2021 Forward Starting Swap 48.0 (0.7 ) N/A 1.42 % January 2, 2018 February 1, 2021 $ (10.3 ) $ (1.7 ) _________________________ (1) As of June 30, 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 six months ended June 30, 2016 and 2015 : Three Months Ended Six Months Ended Consolidated Statements of Operations Location (in millions of dollars) 2016 2015 2016 2015 Derivatives in cash flow hedging relationships: Interest rate products Loss recognized in Other Comprehensive Income (Loss) on derivatives $ (4.3 ) $ 0.2 $ (11.0 ) $ (1.6 ) N/A Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) $ 1.4 $ 1.2 $ 2.8 $ 2.3 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)	6 Months Ended
	Jun. 30, 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	32
Mall [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	24
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	Jun. 30, 2016USD ($)$ / sharesshares
Noncontrolling Interest [Line Items]
Closing share price | $ / shares	$ 21.45
Interest in the Operating Partnership	89.30%
Redeemable Noncontrolling Interest, Equity, Other, Fair Value | $	$ 178.6
Limited Partners' Capital Account, Units Outstanding | shares	8,326,514

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Investment [Line Items]
Buildings, improvements and construction in progress	$ 2,836,412		$ 2,836,412		$ 2,847,986
Land, including land held for development	515,143		515,143		519,903
Total investments in real estate	3,351,555		3,351,555		3,367,889
Accumulated depreciation	(1,057,857)		(1,057,857)		(1,015,647)
Net investments in real estate	2,293,698		2,293,698		$ 2,352,242
Gains (Losses) on Sales of Investment Real Estate	$ 20,887	$ 0	$ 22,922	$ 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Salaries and benefits | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 266	$ 219	$ 541	$ 373
Capitalized Real Estate Taxes [Member] | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	6	276	25
Interest | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	668	770	1,370	804
Salaries, commissions and benefits | Leasing Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 1,279	$ 1,573	$ 3,016	$ 3,228

Real Estate Activities Real Est

Real Estate Activities Real Estate Activities - Acquisitions and Dispositions(Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Repayments of Secured Debt					$ 280,327,000	$ 139,137,000
Deferred costs and other assets, net	$ 84,276,000				84,276,000		$ 75,450,000
Gains (Losses) on Sales of Investment Real Estate	20,887,000		$ 0		22,922,000	0
Gain (Loss) on Sale of Properties					22,931,000	43,000
Asset Impairment Charges	$ 14,118,000		$ 28,667,000		$ 14,724,000	$ 34,907,000
Walnut and Chestnut Street Retail [Member]
Property, Plant and Equipment [Line Items]
Fair Value Inputs, Cap Rate	3.20%
Proceeds from Sale of Real Estate	$ 45,000
Gain Loss On Sale Of Real Estate	20,300
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%
OperatingParcelAtMonroe [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Real Estate	2,100,000
Gain Loss On Sale Of Real Estate	600,000
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
Non Operating Parcel at Sunrise Plaza [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Real Estate	2,000,000
Gain Loss On Sale Of Real Estate	$ 0

Real Estate Activities Real E29

Real Estate Activities Real Estate Activities - Impairment of Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Asset Impairments [Line Items]
Asset Impairment Charges	$ 14,118	$ 28,667	$ 14,724	$ 34,907
Impairment of assets and expensed project costs			14,964	$ 35,145
Washington Crown Center [Member]
Schedule of Asset Impairments [Line Items]
Impairment of assets and expensed project costs			14,100
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		Jun. 30, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Total assets		$ 657,389	$ 653,645
Investments in real estate, at cost:
Operating properties		640,707	636,774
Construction in progress		143,538	126,199
Total investments in real estate		784,245	762,973
Accumulated depreciation		(196,458)	(186,580)
Net investments in real estate		587,787	576,393
Cash and cash equivalents		30,651	37,362
Deferred costs and other assets, net(1)		38,951	39,890
Total assets		657,389	653,645
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable(1)		446,512	440,450
Other liabilities		24,957	30,425
Total liabilities		471,469	470,875
Net investment		185,920	182,770
Partners’ share		95,607	95,165
PREIT’s share		90,313	87,605
Excess investment	[1]	7,949	7,877
Net investments and advances		98,262	95,482
Investment in partnerships, at equity		161,450	161,029
Distributions in excess of partnership investments		$ (63,188)	$ (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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Real Estate Revenue Net Equity Method Investments	$ 27,201	$ 24,356	$ 56,392	$ 50,853
Total assets	657,389		657,389		$ 653,645
Operating expenses:
Property operating expenses	(6,908)	(9,290)	(17,022)	(20,052)
Interest expense	(5,384)	(5,146)	(10,776)	(10,441)
Depreciation and amortization	(5,804)	(5,932)	(11,527)	(12,303)
Total expenses	(18,096)	(20,368)	(39,325)	(42,796)
Net income	9,105	3,988	17,067	8,057
Less: Partners’ share	(4,883)	(1,981)	(9,099)	(4,017)
PREIT’s share	4,222	2,007	7,968	4,040
Amortization of and adjustments to excess investment	(30)	25	107	74
Equity in income of partnerships	$ 4,192	2,032	$ 8,075	4,114
Lehigh Valley Associates, LP [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Equity Method Investment, Summarized Financial Information, Revenue	$ 9,121	8,960	$ 18,169	17,904
Total assets	49,228		49,228		48,352
Equity Method Investment, Summarized Financial Information, Mortgages Payable	127,719		127,719		$ 128,883
Equity Method Investment, Summarized Financial Information, Property Operating Expenses	(1,956)	(2,537)	(4,183)	(5,017)
Equity Method Investment, Summarized Financial Information, Interest Expense	(1,897)	(1,931)	(3,803)	(3,871)
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	4,727	3,858	8,477	7,319
Equity Method Investment, Summarized Financial Information, Share of Equity in Income of Partnership	$ 2,197	$ 1,929	$ 4,239	$ 3,659

Investments in Partnerships Mor

Investments in Partnerships Mortgage Loan Activity Partnerships (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgage loans payable	$ 1,231,709	$ 1,321,331

Financing Activity - Additional

Financing Activity - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Line of Credit Facility, Description	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.”
Term Loan Borrowing			$ 400,000,000
Maximum Unsecured Borrowing Amount Under Unencumbered Debt Yield Covenant	$ 252,000,000		252,000,000
Sales Per Square Foot			500
Long-term Debt	396,688,000		$ 396,688,000		$ 398,040,000
Line of Credit Facility, Commitment Fee Percentage			0.25%
Minimum [Member]
Debt Instrument [Line Items]
Capitalization Rates			6.50%
Maximum [Member]
Debt Instrument [Line Items]
Capitalization Rates			7.50%
2013 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	7,400,000		$ 7,400,000
Interest Expense, Debt, Excluding Amortization	782,300	$ 1,326,700	1,472,400	$ 1,707,500
Non-cash amortization of deferred financing fees	198,700	613,600	397,500	971,500
Term Loans [Member]
Debt Instrument [Line Items]
Interest Expense, Debt, Excluding Amortization	3,045,000	1,971,500	6,036,900	3,228,700
Non-cash amortization of deferred financing fees	$ 120,700	$ 79,100	$ 240,500	$ 155,500
Seven Year Term Loan [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Description	On June 30, 2016, Pennsylvania Real Estate Investment Trust (“PREIT”), PREIT Associates, L.P. (“PREIT Associates”) and PREIT-RUBIN, Inc. (“PRI” and, collectively with PREIT and PREIT Associates, the “Borrower”) entered into an Amendment (the “Amendment”) to the 2014 7-Year Term Loan. The Amendment increased potential borrowing under the 2014 7-Year Term Loan from $100.0 million to $250.0 million, and expanded the accordion feature of the 2014 7-Year Term Loan from up to $200.0 million to up to $400.0 million. Among other things, the Amendment lowered the interest rates in the applicable pricing grid and extended the termination date from January 7, 2021 to December 29, 2021. Pursuant to the Amendment, amounts borrowed under the 2014 7-Year Term Loan bear interest at a rate between 1.35% and 1.90% per annum, depending on PREIT’s leverage, in excess of LIBOR, which is a reduction from the former range of 1.80% to 2.35%.

Financing Activity - Applicable

Financing Activity - Applicable Credit Spread Over Libor at Various Leverage Levels (Detail)	6 Months Ended
	Jun. 30, 2016
Minimum [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Capitalization Rates	6.50%
Maximum [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Capitalization Rates	7.50%
Ratio One [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2013 Revolving Credit Facility [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.20%
Ratio One [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2015 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.35%
Ratio One [Member] | London Interbank Offered Rate (LIBOR) [Member] | Seven Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.35%
Ratio One [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2014 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.35%
Ratio Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2013 Revolving Credit Facility [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.25%
Ratio Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2015 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.45%
Ratio Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | Seven Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.45%
Ratio Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2014 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.45%
Ratio Three [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2013 Revolving Credit Facility [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.30%
Ratio Three [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2015 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.60%
Ratio Three [Member] | London Interbank Offered Rate (LIBOR) [Member] | Seven Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.60%
Ratio Three [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2014 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.60%
Ratio 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%
Ratio Four [Member] | London Interbank Offered Rate (LIBOR) [Member] | 2015 Five Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.90%
Ratio Four [Member] | London Interbank Offered Rate (LIBOR) [Member] | Seven Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.90%
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%

Financing Activity - Carrying a

Financing Activity - Carrying and Fair Values of Mortgage Loans (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Mortgage loans, Carrying Value	$ 1,231,709	$ 1,321,331
Mortgage loans, Fair Value	$ 1,241,300	$ 1,323,300

Financing Activity - Mortgage L

Financing Activity - Mortgage Loan Activity (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Apr. 08, 2016	Mar. 31, 2016	Dec. 31, 2015
Mortgage Loan Activity [Line Items]
Mortgage loans payable		$ 1,231,709				$ 1,321,331
Repayments of Secured Debt		$ 280,327	$ 139,137
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

Financing Activity - Mortgage37

Financing Activity - Mortgage Loan Activity Additional Detail (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Apr. 08, 2016
Mortgage Loan Activity [Line Items]
Common Stock, Dividends, Per Share, Cash Paid		$ 0.42
Maximum Unsecured Borrowing Amount Under Unencumbered Debt Yield Covenant	$ 252,000	$ 252,000
Carrying Value Of Net Losses Associated With Interest Rate Swaps	1,800	1,800
Derivative, Net Liability Position, Aggregate Fair Value	10,300	10,300
Assets Needed for Immediate Settlement, Aggregate Fair Value	(10,900)	(10,900)
Repayments of Secured Debt		280,327	$ 139,137
Two Thousand Thirteen Revolving Credit Facility [Member]
Mortgage Loan Activity [Line Items]
Letters of Credit Outstanding, Amount	7,400	$ 7,400
Woodland Mall [Member]
Mortgage Loan Activity [Line Items]
Mortgage Loans on Real Estate, Face Amount of Mortgages				$ 130,000
Loans Receivable, Basis Spread on Variable Rate				2.00%
Repayments of Debt	$ 141,200

Cash Flow Information - Additio

Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Other Significant Noncash Transactions [Line Items]
Cash paid for interest	$ 33.9	$ 37.3
Net of capitalized interest	1.4	0.8
Line of credit facilities gross borrowings	200	270
Line of credit facilities gross repayments	$ 180	$ 150
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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Commitments [Line Items]
Provision For Employee Separation Expenses	$ 658	$ 0	$ 1,193	$ 0
Construction in Progress [Member]
Other Commitments [Line Items]
Unaccrued Contractual And Other Commitments	$ 78,700		$ 78,700

Derivatives - Additional Inform

Derivatives - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 13, 2016	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments [Line Items]
Repayments of Secured Debt			$ 280,327	$ 139,137
Estimate increase to interest expense		$ 5,100	5,100
Loss on Fair Value Hedge Ineffectiveness		100
Carrying Value Of Net Losses Associated With Interest Rate Swaps		1,800	1,800
Fair value of derivatives in a net liability position		(10,300)	(10,300)
Termination value		$ 10,900	$ 10,900
Interest rate swaps [Member]
Derivative Instruments [Line Items]
Number of derivative, interest rate swap agreement		26	26
Derivative, Weighted average interest rate		1.27%	1.27%
Derivative, notional amount		$ 627,700	$ 627,700
Interest Rate Swap Member Forward Starting [Member]
Derivative Instruments [Line Items]
Number of derivative, interest rate swap agreement		1	1
Derivative, Weighted average interest rate		1.42%	1.42%
Derivative, notional amount		$ 48,000	$ 48,000
Maturity Date		Feb. 1, 2021
Interest Rate Swap Twelve [Member]
Derivative Instruments [Line Items]
Maturity Date			Jan. 2, 2019
Settled Interest Rate Swaps [Member]
Derivative Instruments [Line Items]
Amortization Period of Deferred Gain (Loss) on Discontinuation of Fair Value Hedge			10 years
Subsequent Event [Member] | Interest rate swaps [Member]
Derivative Instruments [Line Items]
Derivative, Weighted average interest rate	0.70%
Derivative, notional amount	$ 25,000
Maturity Date	Jan. 2, 2019

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2016		Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value at period end	[1]	$ (10.3)		$ (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]	$ (0.1)		(0.2)
Interest Rate		1.38%
Maturity Date		Jan. 2, 2017
Interest Rate Swap Three PY [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value				33
Fair Value at period end	[1]			0
Interest Rate		3.72%
Maturity Date		Dec. 1, 2017
Interest Rate Swaps Three [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 48		(0.1)	[1]
Fair Value at period end	[1]	$ (0.4)
Interest Rate		1.12%
Interest Rate Swaps Four [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 7.6
Fair Value at period end	[1]	$ (0.1)		0
Interest Rate		1.00%
Maturity Date		Jan. 1, 2018
Interest Rate Swap Five [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 55
Fair Value at period end		$ (0.5)	[1]	0.1
Interest Rate		1.12%
Maturity Date		Jan. 1, 2018
Interest Rate Swap Six [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 30
Fair Value at period end		$ (0.9)	[1]	0.5
Interest Rate		1.78%
Maturity Date		Jan. 2, 2019
Interest Rate Swap Seven [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 Swap Eight [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ (0.6)		(0.3)
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		1.79%
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		$ 25
Fair Value at period end	[1]	$ (0.3)		0
Interest Rate		1.16%
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		$ 20
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]	$ (0.4)		0.1
Interest Rate		1.23%
Maturity Date		Jun. 26, 2020
Interest Rate Swap Seventeen [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ (0.4)		0.2
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]	$ (0.4)		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]	$ (0.4)		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]	$ (0.4)		$ 0.2
Interest Rate		1.24%
Maturity Date		Jun. 26, 2020
Interest Rate Swap Twenty One [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 9
Fair Value at period end	[1]	$ (0.2)
Interest Rate		1.19%
Maturity Date		Feb. 1, 2021
Interest Rate Swap Twenty Three [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 35
Fair Value at period end	[1]	$ (0.3)
Interest Rate		1.016%
Maturity Date		Mar. 1, 2021
Interest Rate Swap Twenty Two [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 35
Fair Value at period end	[1]	$ (0.3)
Interest Rate		1.013%
Maturity Date		Mar. 1, 2021
Interest Rate Forward Starting Swap One [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 48
Fair Value at period end	[1]	$ (0.7)
Interest Rate		1.42%
DerivativeEffectiveDate		Jan. 2, 2018
Maturity Date		Feb. 1, 2021
Interest Rate Swap Twenty Six [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ (0.2)
Interest Rate		1.018%
Maturity Date		Mar. 1, 2021
Interest Rate Swap Twenty Five [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ (0.2)
Interest Rate		1.016%
Maturity Date		Mar. 1, 2021
Interest Rate Swap Twenty Four [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 20
Fair Value at period end	[1]	$ (0.2)
Interest Rate		1.0145%
Maturity Date		Mar. 1, 2021
[1]	As of June 30, 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).(2) This interest rate swap was terminated effective March 23, 2016.

Derivatives - Effect of Our Der

Derivatives - Effect of Our Derivative Financial Instruments on Our Consolidated Statements of Operations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivatives in cash flow hedging relationships:
Loss recognized in Other Comprehensive Income (Loss) on derivatives	$ (4.3)	$ 0.2	$ (11)	$ (1.6)
Interest
Derivatives in cash flow hedging relationships:
Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion)	$ 1.4	$ 1.2	2.8	2.3
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)			$ (0.1)	$ (0.5)