Pennsylvania Real Estate Investment Trust (PRET) 10-Q 27 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 24, 2017
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	PEI
Entity Registrant Name	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
Entity Central Index Key	77,281
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		69,741,102

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
INVESTMENTS IN REAL ESTATE, at cost:
Operating properties	$ 3,205,211	$ 3,196,529
Construction in progress	108,553	97,575
Land held for development	5,910	5,910
Total investments in real estate	3,319,674	3,300,014
Accumulated depreciation	(1,090,174)	(1,060,845)
Net investments in real estate	2,229,500	2,239,169
INVESTMENTS IN PARTNERSHIPS, at equity:	186,789	168,608
OTHER ASSETS:
Cash and cash equivalents	18,704	9,803
Tenant and other receivables (net of allowance for doubtful accounts of $6,552 and $6,236 at March 31, 2017 and December 31, 2016, respectively)	31,047	39,026
Intangible assets (net of accumulated amortization of $11,638 and $11,064 at March 31, 2017 and December 31, 2016, respectively)	19,172	19,746
Deferred costs and other assets, net	101,839	93,800
Total assets	2,590,495	2,616,832
LIABILITIES:
Mortgage loans payable, net	1,069,539	1,222,859
Long-term Debt	397,231	397,043
Revolving Facility	135,000	147,000
Tenants’ deposits and deferred rent	15,146	13,262
Distributions in excess of partnership investments	61,898	61,833
Derivative, Net Liability Position, Aggregate Fair Value	834
Fair value of derivative liabilities		1,520
Accrued expenses and other liabilities	62,204	68,251
Total liabilities	1,741,852	1,914,426
COMMITMENTS AND CONTINGENCIES (Note 6):
EQUITY:
Shares of beneficial interest, $1.00 par value per share; 200,000 shares authorized; issued and outstanding 69,747 shares at March 31, 2017 and 69,553 shares at December 31, 2016	69,747	69,553
Capital contributed in excess of par	1,648,419	1,481,787
Accumulated other comprehensive loss	3,260	(1,622)
Distributions in excess of net income	(1,018,484)	(997,789)
Total equity—Pennsylvania Real Estate Investment Trust	703,092	555,254
Noncontrolling interest	145,551	147,152
Total equity	848,643	702,406
Total liabilities and equity	2,590,495	2,616,832
Assets Held-for-sale, Not Part of Disposal Group, Current	3,444	46,680
Real Estate Liabilities Associated with Assets Held for Development and Sale		2,658
Series A Preferred Shares [Member]
EQUITY:
Preferred Shares	46	46
Series B Preferred Shares [Member]
EQUITY:
Preferred Shares	35	$ 35
Series C Preferred Stock [Member]
EQUITY:
Preferred Shares	$ 69

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Tenant and other receivables, allowance for doubtful accounts	$ 6,552,000	$ 6,236,000
Intangible assets, accumulated amortization	$ 11,638,000	$ 11,064,000
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	69,747,000	69,553,000
Common stock, shares outstanding	69,747,000	69,553,000
Series A Preferred Shares [Member]
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, authorized	25,000,000	25,000,000
Preferred Stock, 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 Stock, 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
Series C Preferred Stock [Member]
Preferred shares, par value	$ 0.01
Preferred shares, authorized	25,000,000
Preferred Stock, Shares Issued	6,900,000
Preferred shares, outstanding	6,900,000
Liquidation preference	$ 172,500,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	109	298
Real estate revenue:
Base rent	$ 57,435	$ 66,993
Expense reimbursements	28,097	31,134
Percentage rent	304	451
Lease termination revenue	481	235
Other real estate revenue	2,107	2,643
Total real estate revenue	88,424	101,456
Other Nonoperating Income	840	516
Total revenue	89,264	101,972
Property operating expenses:
CAM and real estate taxes	(29,952)	(34,189)
Utilities	(3,823)	(4,326)
Other property operating expenses	(3,205)	(4,596)
Cost of Real Estate Revenue	36,980	43,111
General and administrative expenses	(9,041)	(8,586)
Provision For Employee Separation Expenses	0	(535)
Depreciation and amortization	(31,758)	(33,735)
Project costs and other expenses	(312)	(51)
Operating Expenses	78,091	86,018
Interest expense, net	(15,338)	(19,346)
Asset Impairment Charges	0	(606)
Costs and Expenses	93,429	105,970
Loss before equity in income of partnerships, gains on sales of interests in non operating real estate and gains on sales of real estate	(4,165)	(3,998)
Equity in income of partnerships	3,736	3,883
Gain on sale of non operating real estate	0	9
Gains (Losses) on Sales of Investment Real Estate	(57)	2,035
Net (loss) income	(486)	1,929
Less: net loss (income) attributable to noncontrolling interest	52	(208)
Net (loss attributable) income available to PREIT	(434)	1,721
Less: preferred share dividends	(6,205)	(3,962)
Net (loss attributable) income available to PREIT common shareholders	(6,639)	(2,241)
Net (loss) income	(486)	1,929
Noncontrolling interest	52	(208)
Dividends on unvested restricted shares	(97)	(84)
Income (Loss) from Continuing Operations Attributable to Parent	$ (6,736)	$ (2,325)
Basic and diluted loss per share:	$ (0.10)	$ (0.03)
Weighted average shares outstanding—basic	69,218	68,973
Effect Of Common Share Equivalents	0	0
Weighted average shares outstanding—diluted	69,218	68,973

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	109	298

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Comprehensive (loss) income:
Net (loss) income	$ (486)	$ 1,929
Unrealized gain (loss) on derivatives	1,710	(5,572)
Amortization of losses on settled swaps, net of gains	125	126
Total comprehensive income (loss)	1,349	(3,517)
Less: comprehensive (income) loss attributable to noncontrolling interest	(145)	379
Comprehensive income (loss) PREIT	$ 1,204	$ (3,138)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 3 months ended Mar. 31, 2017 - 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 C [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]	Preferred Class C [Member]
December 31, 2016 at Dec. 31, 2016	$ 702,406	$ 69,553	$ 1,481,787	$ 1,622	$ (997,789)	$ 147,152						$ 46	$ 35
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(486)					(52)
Net Income (Loss), Excluding Portion Attributable to Noncontrolling Interest					(434)
Other comprehensive income	1,835			1,638		197
Shares issued under employee compensation plans, net of shares retired	(947)	194	(1,141)
Amortization of deferred compensation	1,497		1,497
Distributions paid to common shareholders ($0.21 per share)	(14,643)				(14,643)
Distributions paid to preferred shareholders							$ (1,590)	$ (1,590)	$ (1,656)	$ (2,372)	$ (2,372)
Noncontrolling interests:
Distributions paid to Operating Partnership unit holders ($0.21 per unit)	(1,746)					(1,746)
March 31, 2017 at Mar. 31, 2017	848,643	$ 69,747	1,648,419	$ 3,260	$ (1,018,484)	$ 145,551						$ 46	$ 35	$ 69
Noncontrolling interests:
Stock Issued During Period, Value, New Issues	$ 166,345		$ 166,276											$ 69

CONSOLIDATED STATEMENTS OF EQU8

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2017$ / shares
Common Stock, Dividends, Per Share, Cash Paid	$ 0.21
Series A Preferred Shares [Member]
Preferred Stock, Dividends, Per Share, Cash Paid	0.5156
Series B [Member]
Preferred Stock, Dividends, Per Share, Cash Paid	0.4609
Series C [Member]
Preferred Stock, Dividends, Per Share, Cash Paid	$ 0.24

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Proceeds from (Repayments of) Lines of Credit	$ (12,000)	$ 50,000
Proceeds from Issuance of Preferred Stock and Preference Stock	166,345	0
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Net (loss) income	(486)	1,929
Depreciation	29,632	31,400
Amortization	2,883	2,991
Straight-line rent adjustments	(738)	(618)
Provision for doubtful accounts	573	918
Amortization of deferred compensation	1,497	1,573
Loss on Hedge Ineffectiveness	0	143
Gain on sale of non operating real estate	57	(2,044)
Equity in income of partnerships in excess of distributions	(697)	(1,346)
Impairment of assets	0	631
Change in assets and liabilities:
Net change in other assets	8,411	9,938
Net change in other liabilities	(2,457)	(1,032)
Net cash provided by operating activities	38,675	44,483
Cash flows from investing activities:
Additions to construction in progress	(16,178)	(11,839)
Investments in real estate improvements	(12,504)	(5,921)
Proceeds from Sale of Real Estate Held-for-investment	41,736	84,765
Additions to leasehold improvements	(390)	(141)
Investments in partnerships	(18,152)	(919)
Capitalized leasing costs	(1,667)	(1,737)
Decrease in cash escrows	(1,038)	2,085
Cash distributions from partnerships in excess of equity in income	732	4,463
Net cash (used in) provided by investing activities	(7,461)	70,756
Cash flows from financing activities:
Proceeds from mortgage loans		9,000
Principal installments on mortgage loans	(3,693)	(4,263)
Repayments of mortgage loans	(150,000)	(139,843)
Payment of deferred financing costs	(11)	(521)
Dividends paid to common shareholders	(14,643)	(14,584)
Dividends paid to preferred shareholders	(5,618)	(3,962)
Distributions paid to Operating Partnership unit holders and noncontrolling interest	(1,746)	(1,752)
Value of shares of beneficial interest issued	344	324
Value of shares retired under equity incentive plans, net of shares issued	(1,291)	(2,040)
Net cash used in financing activities	(22,313)	(107,641)
Net change in cash and cash equivalents	8,901	$ 7,598
Cash and cash equivalents, beginning of period	9,803
Cash and cash equivalents, end of period	$ 18,704

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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, 2016. 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 30 properties in 10 states, including 22 operating shopping malls, four other operating 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.” We hold our interest in our portfolio of properties through our operating partnership, PREIT Associates, L.P. (“PREIT Associates” or the “Operating Partnership”). We are the sole general partner of the Operating Partnership and, as of March 31, 2017 , we held an 89.4% controlling interest in the Operating Partnership, and consolidated it for reporting purposes. The presentation of consolidated financial statements does not itself imply that the assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Pursuant to the terms of the partnership agreement of the Operating Partnership, each of the limited partners has the right to redeem such partner’s units of limited partnership interest in the Operating Partnership (“OP Units”) for cash or, at our election, we may acquire such OP Units in exchange for our common shares on a one-for-one basis, in some cases beginning one year following the respective issue dates of the OP Units and in other cases immediately. If all of the outstanding OP Units held by limited partners had been redeemed for cash as of March 31, 2017 , the total amount that would have been distributed would have been $125.9 million , which is calculated using our March 31, 2017 closing price on the New York Stock Exchange of $15.14 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,312,676 as of March 31, 2017 . 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 January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business. The update adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. We expect that future property acquisitions will generally qualify as asset acquisitions under the standard, which permits the capitalization of acquisition costs to the underlying assets. The Company adopted this new guidance effective January 1, 2017. This new guidance is not expected to have a significant impact on our financial statements. In August 2016, the FASB issued ASU No. 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in the practice of how certain transactions are classified in the statement of cash flows, including classification guidance for distributions received from equity method investments. The standard is effective for annual reporting periods beginning after December 15, 2017, however early adoption is permitted. The standard requires the use of the retrospective transition method. This new guidance is not expected to have a significant impact on our financial statements. In March 2016, 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. The Company adopted this guidance effective January 1, 2017. This new guidance is not expected to have a significant impact on the Company’s financial statements. 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, which were $5.1 million for the year ended December 31, 2016. 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 May 2014, the FASB issued “Revenue from Contracts with Customers.” The objective of this new standard is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of this new standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The new guidance is effective for annual reporting periods beginning after December 15, 2017 for public companies. Entities have the option of using either a full retrospective or modified approach to adopt this standard. We are currently evaluating the new guidance and have not determined the impact this standard might have on our consolidated financial statements, nor have we decided upon the method of adoption.

Real Estate Activities

Real Estate Activities	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Real Estate Activities	REAL ESTATE ACTIVITIES Investments in real estate as of March 31, 2017 and December 31, 2016 were comprised of the following: (in thousands of dollars) As of March 31, As of December 31, Buildings, improvements and construction in progress $ 2,813,278 $ 2,794,213 Land, including land held for development 506,396 505,801 Total investments in real estate 3,319,674 3,300,014 Accumulated depreciation (1,090,174 ) (1,060,845 ) Net investments in real estate $ 2,229,500 $ 2,239,169 Capitalization of Costs The following table summarizes our capitalized salaries, commissions, benefits, real estate taxes and interest for the three months ended March 31, 2017 and 2016 : Three Months Ended (in thousands of dollars) 2017 2016 Development/Redevelopment Activities: Salaries and benefits $ 348 $ 274 Real estate taxes 93 19 Interest 1,431 703 Leasing Activities: Salaries, commissions and benefits 1,667 1,737 Dispositions The following table presents our dispositions for the three months ended March 31, 2017 : Sale Date Property and Location Description of Real Estate Sold Capitalization Rate Sale Price Gain (in millions) 2017 Activity: January Beaver Valley Mall, Monaca, Pennsylvania Mall 15.6 % $ 24.2 $ — Crossroads Mall, Beckley, West Virginia Mall 15.5 % 24.8 — Acquisitions In April 2017, we purchased the vacant anchor stores from Macy’s located at Valley View and Valley Malls for $2.5 million each. We have executed a lease with a replacement tenant for the Valley View Mall location. The Valley View Mall tenant is expected to open in the fourth quarter of 2017.

Investments in Partnerships

Investments in Partnerships	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Partnerships	INVESTMENTS IN PARTNERSHIPS The following table presents summarized financial information of the equity investments in our unconsolidated partnerships as of March 31, 2017 and December 31, 2016 : (in thousands of dollars) As of March 31, 2017 As of December 31, 2016 ASSETS: Investments in real estate, at cost: Operating properties $ 637,106 $ 649,960 Construction in progress 202,879 160,699 Total investments in real estate 839,985 810,659 Accumulated depreciation (211,153 ) (207,987 ) Net investments in real estate 628,832 602,672 Cash and cash equivalents 45,721 27,643 Deferred costs and other assets, net 39,440 37,705 Total assets 713,993 668,020 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable 443,585 445,224 Other liabilities 37,424 23,945 Total liabilities 481,009 469,169 Net investment 232,984 198,851 Partners’ share 117,755 101,045 PREIT’s share 115,229 97,806 Excess investment (1) 9,662 8,969 Net investments and advances $ 124,891 $ 106,775 Investment in partnerships, at equity $ 186,789 $ 168,608 Distributions in excess of partnership investments (61,898 ) (61,833 ) Net investments and advances $ 124,891 $ 106,775 _________________________ (1) Excess investment represents the unamortized difference between our investment and our share of the equity in the underlying net investment in the unconsolidated partnerships. The excess investment is amortized over the life of the properties, and the amortization is included in “Equity in income of partnerships.” We record distributions from our equity investments as cash from operating activities up to an amount equal to the equity in income of partnerships. Amounts in excess of our share of the income in the equity investments are treated as a return of partnership capital and recorded as cash from investing activities. The following table summarizes our share of equity in income of partnerships for the three months ended March 31, 2017 and 2016 : Three Months Ended (in thousands of dollars) 2017 2016 Real estate revenue $ 28,168 $ 29,191 Operating expenses: Property operating expenses (8,704 ) (10,212 ) Interest expense (5,372 ) (5,392 ) Depreciation and amortization (5,855 ) (5,722 ) Total expenses (19,931 ) (21,326 ) Net income 8,237 7,865 Less: Partners’ share (4,491 ) (4,216 ) PREIT’s share 3,746 3,649 Amortization of and adjustments to excess investment (10 ) 234 Equity in income of partnerships $ 3,736 $ 3,883 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 March 31, 2017 . The financial information of this entity is included in the amounts above. Summarized balance sheet information as of March 31, 2017 and December 31, 2016 and summarized statement of operations information for the three months ended March 31, 2017 and 2016 for this entity, which is accounted for using the equity method, are as follows: As of (in thousands of dollars) March 31, 2017 December 31, 2016 Summarized balance sheet information Total assets $ 45,901 $ 49,264 Mortgage loan payable 125,907 126,520 Three Months Ended (in thousands of dollars) 2017 2016 Summarized statement of operations information Revenue $ 8,809 $ 9,048 Property operating expenses (1,903 ) (2,226 ) Interest expense (1,869 ) (1,906 ) Net income 4,203 4,083 PREIT’s share of equity in income of partnership 2,102 2,042

Financing Activity

Financing Activity	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Financing Activity	FINANCING ACTIVITY Credit Agreements We have entered into four credit agreements (collectively, as amended, the “Credit Agreements”), as further discussed in our Annual Report on Form 10-K for the year ended December 31, 2016: (1) the 2013 Revolving Facility, (2) the 2014 7-Year Term Loan, (3) the 2014 5-Year Term Loan, and (4) the 2015 5-Year Term Loan. The 2014 7-Year Term Loan, the 2014 5-Year Term Loan and the 2015 5-Year Term Loan are collectively referred to as the “Term Loans.” As of March 31, 2017 , we had borrowed $400.0 million under the Term Loans and $ 135.0 million under the 2013 Revolving Facility (with $15.8 million pledged as collateral for letters of credit at March 31, 2017 ). The carrying value of the Term Loans on our consolidated balance sheet is net of $2.8 million of unamortized debt issuance costs. March 31, 2017 and 2016 were as follows: Three Months Ended March 31, (in thousands of dollars) 2017 2016 2013 Revolving Facility Interest expense $ 764.1 $ 690.1 Deferred financing amortization 199.4 198.7 Term Loans Interest expense 2,835.4 2,991.9 Deferred financing amortization 187.2 119.9 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, 2016 . As of March 31, 2017 , 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 pursuant to Unencumbered Debt Yield covenant (as described in our Annual Report on Form 10-K for the year ended December 31, 2016 ), the maximum unsecured amount that was available for us to borrow under the 2013 Revolving Facility as of March 31, 2017 was $242.5 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 depends on leverage and is currently 0.25% , 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 Term Loans 1 Less than 0.450 to 1.00 1.20% 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% 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) 4 Equal to or greater than 0.550 to 1.00 1.55% 1.90% (1) The rate in effect at March 31, 2017 . Mortgage Loans The aggregate carrying values and estimated fair values of mortgage loans based on interest rates and market conditions at March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 December 31, 2016 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans (1) $ 1,069.5 $ 1,039.8 $ 1,222.9 $ 1,189.6 (1) The carrying value of mortgage loans is net of unamortized debt issuance costs of $4.2 million and $4.5 million as of March 31, 2017 and December 31, 2016 , respectively. The mortgage loans contain various customary default provisions. As of March 31, 2017 , we were not in default on any of the mortgage loans. Mortgage Loan Activity In March 2017, we repaid a $150.6 million mortgage loan including accrued interest secured by The Mall at Prince Georges in Hyattsville, Maryland using $110.0 million from our 2013 Revolving Facility and the balance from available working capital. Interest Rate Risk We follow established risk management policies designed to limit our interest rate risk on our interest bearing liabilities, as further discussed in note 7 to our unaudited consolidated financial statements.

Cash Flow Information

Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information	CASH FLOW INFORMATION Cash paid for interest was $13.5 million (net of capitalized interest of $1.4 million ) and $17.3 million (net of capitalized interest of $0.7 million ) for the three months ended March 31, 2017 and 2016 , 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 $135.0 million and $70.0 million for the three months ended March 31, 2017 and 2016 , respectively. Aggregate paydowns were $147.0 million and $20.0 million for the three months ended March 31, 2017 and 2016 , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Contractual Obligations As of March 31, 2017 , we had unaccrued contractual and other commitments related to our capital improvement projects and development projects of $186.5 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 which was March 14, 2016.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2017
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 $1.0 million will be reclassified as an increase to interest expense in connection with derivatives. The amortization of these amounts could be accelerated in the event that we repay amounts outstanding on the debt instruments and do not replace them with new borrowings. Interest Rate Swaps As of March 31, 2017 , we had entered into 25 interest rate swap agreements with a weighted average base interest rate of 1.25% on a notional amount of $599.6 million , maturing on various dates through March 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 will mature in February 2021 . We entered into these interest rate swap agreements in order to hedge the interest payments associated with our issuances of variable interest rate long term debt. We have assessed the effectiveness of these interest rate swap agreements as hedges at inception and on a quarterly basis. As of March 31, 2017 , we considered these interest rate swap agreements to be highly effective as cash flow hedges. The interest rate swap agreements are net settled monthly. Accumulated other comprehensive loss as of March 31, 2017 includes a net loss of $1.4 million relating to forward starting swaps that we cash settled in prior years that are being amortized over 10 year periods commencing on the closing dates of the debt instruments that are associated with these settled swaps. The following table summarizes the terms and estimated fair values of our interest rate swap derivative instruments at March 31, 2017 and December 31, 2016 . 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 (1) Fair Value at December 31, 2016 (1) Interest Rate Effective Date of Forward Starting Swap Maturity Date Interest Rate Swaps 28.1 N/A $ — 1.38 % January 2, 2017 48.0 $ — (0.1 ) 1.12 % January 1, 2018 7.6 — — 1.00 % January 1, 2018 55.0 — (0.1 ) 1.12 % January 1, 2018 30.0 (0.2 ) (0.3 ) 1.78 % January 2, 2019 25.0 0.3 0.3 0.70 % January 2, 2019 20.0 (0.1 ) (0.2 ) 1.78 % January 2, 2019 20.0 (0.1 ) (0.2 ) 1.78 % January 2, 2019 20.0 (0.1 ) (0.2 ) 1.79 % January 2, 2019 20.0 (0.1 ) (0.2 ) 1.79 % January 2, 2019 20.0 (0.1 ) (0.2 ) 1.79 % January 2, 2019 25.0 0.1 0.1 1.16 % January 2, 2019 25.0 0.1 0.1 1.16 % January 2, 2019 25.0 0.1 0.1 1.16 % January 2, 2019 20.0 0.1 — 1.16 % January 2, 2019 20.0 0.3 0.2 1.23 % June 26, 2020 20.0 0.3 0.2 1.23 % June 26, 2020 20.0 0.3 0.2 1.23 % June 26, 2020 20.0 0.3 0.2 1.23 % June 26, 2020 20.0 0.3 0.2 1.24 % June 26, 2020 9.0 0.2 0.2 1.19 % February 1, 2021 35.0 1.0 0.9 1.01 % March 1, 2021 35.0 1.0 0.9 1.02 % March 1, 2021 20.0 0.6 0.5 1.01 % March 1, 2021 20.0 0.5 0.5 1.02 % March 1, 2021 20.0 0.5 0.5 1.02 % March 1, 2021 Forward Starting Swap 48.0 0.7 0.7 1.42 % January 2, 2018 February 1, 2021 $ 6.0 $ 4.3 _________________________ (1) As of March 31, 2017 and December 31, 2016 , derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy and we did not have any significant recurring fair value measurements related to derivative instruments using significant unobservable inputs (Level 3). The table below presents the effect of derivative financial instruments on our consolidated statements of operations and on our share of our partnerships’ statements of operations for the three months ended March 31, 2017 and 2016 : Three Months Ended Consolidated Statements of Operations Location (in millions of dollars) 2017 2016 Derivatives in cash flow hedging relationships: Interest rate products Gain (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ 1.0 $ (6.7 ) N/A Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) $ 0.8 $ 1.4 Interest expense Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) $ — $ (0.1 ) Interest expense Credit-Risk-Related Contingent Features We have agreements with some of our derivative counterparties that contain a provision pursuant to which, if our entity that originated such derivative instruments defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. As of March 31, 2017 , we were not in default on any of our derivative obligations. We have an agreement with a derivative counterparty that incorporates the loan covenant provisions of our loan agreement with a lender affiliated with the derivative counterparty. Failure to comply with the loan covenant provisions would result in our being in default on any derivative instrument obligations covered by the agreement. As of March 31, 2017 , 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 $0.8 million . If we had breached any of the default provisions in these agreements as of March 31, 2017 , we might have been required to settle our obligations under the agreements at their termination value (including accrued interest) of $1.0 million . We had not breached any of these provisions as of March 31, 2017 .

EQUITY OFFERING (Notes)

EQUITY OFFERING (Notes)	3 Months Ended
	Mar. 31, 2017
Equity Offering [Abstract]
Equity Offering [Text Block]	EQUITY OFFERING 2017 Preferred Share Offering In January 2017, we issued 6,900,000 7.20% Series C Cumulative Redeemable Perpetual Preferred Shares (the “Series C Preferred Shares”) in a public offering at $25.00 per share. We received net proceeds from the offering of approximately $166.3 million after deducting payment of the underwriting discount of $5.4 million ( $0.7875 per Series C Preferred Share) and offering expenses of $0.7 million . We used a portion of the net proceeds from this offering to repay all $117.0 million of the then-outstanding borrowings under the 2013 Revolving Facility. We may not redeem the Series C Preferred Shares before January 27, 2022 except to preserve our status as a REIT or upon the occurrence of a Change of Control, as defined in the Trust Agreement addendum designating the Series C Preferred Shares. On and after January 27, 2022, we may redeem any or all of the Series C Preferred Shares at $25.00 per share plus any accrued and unpaid dividends. In addition, upon the occurrence of a Change of Control, we may redeem any or all of the Series C Preferred Shares for cash within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accrued and unpaid dividends. The Series C Preferred Shares have no stated maturity, are not subject to any sinking fund or mandatory redemption provisions, and will remain outstanding indefinitely unless we redeem or otherwise repurchase them or they are converted

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
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, 2016. 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 30 properties in 10 states, including 22 operating shopping malls, four other operating 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.” We hold our interest in our portfolio of properties through our operating partnership, PREIT Associates, L.P. (“PREIT Associates” or the “Operating Partnership”). We are the sole general partner of the Operating Partnership and, as of March 31, 2017 , we held an 89.4% controlling interest in the Operating Partnership, and consolidated it for reporting purposes. The presentation of consolidated financial statements does not itself imply that the assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Pursuant to the terms of the partnership agreement of the Operating Partnership, each of the limited partners has the right to redeem such partner’s units of limited partnership interest in the Operating Partnership (“OP Units”) for cash or, at our election, we may acquire such OP Units in exchange for our common shares on a one-for-one basis, in some cases beginning one year following the respective issue dates of the OP Units and in other cases immediately. If all of the outstanding OP Units held by limited partners had been redeemed for cash as of March 31, 2017 , the total amount that would have been distributed would have been $125.9 million , which is calculated using our March 31, 2017 closing price on the New York Stock Exchange of $15.14 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,312,676 as of March 31, 2017 . 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 January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business. The update adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. We expect that future property acquisitions will generally qualify as asset acquisitions under the standard, which permits the capitalization of acquisition costs to the underlying assets. The Company adopted this new guidance effective January 1, 2017. This new guidance is not expected to have a significant impact on our financial statements. In August 2016, the FASB issued ASU No. 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in the practice of how certain transactions are classified in the statement of cash flows, including classification guidance for distributions received from equity method investments. The standard is effective for annual reporting periods beginning after December 15, 2017, however early adoption is permitted. The standard requires the use of the retrospective transition method. This new guidance is not expected to have a significant impact on our financial statements. In March 2016, 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. The Company adopted this guidance effective January 1, 2017. This new guidance is not expected to have a significant impact on the Company’s financial statements. 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, which were $5.1 million for the year ended December 31, 2016. 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 May 2014, the FASB issued “Revenue from Contracts with Customers.” The objective of this new standard is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of this new standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The new guidance is effective for annual reporting periods beginning after December 15, 2017 for public companies. Entities have the option of using either a full retrospective or modified approach to adopt this standard. We are currently evaluating the new guidance and have not determined the impact this standard might have on our consolidated financial statements, nor have we decided upon the method of adoption.
Nature of Operations	Nature of Operations Pennsylvania Real Estate Investment Trust (“PREIT” or the “Company”) prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. Our unaudited consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in PREIT’s Annual Report on Form 10-K for the year ended December 31, 2016. 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 30 properties in 10 states, including 22 operating shopping malls, four other operating 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.” We hold our interest in our portfolio of properties through our operating partnership, PREIT Associates, L.P. (“PREIT Associates” or the “Operating Partnership”). We are the sole general partner of the Operating Partnership and, as of March 31, 2017 , we held an 89.4% controlling interest in the Operating Partnership, and consolidated it for reporting purposes. The presentation of consolidated financial statements does not itself imply that the assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Pursuant to the terms of the partnership agreement of the Operating Partnership, each of the limited partners has the right to redeem such partner’s units of limited partnership interest in the Operating Partnership (“OP Units”) for cash or, at our election, we may acquire such OP Units in exchange for our common shares on a one-for-one basis, in some cases beginning one year following the respective issue dates of the OP Units and in other cases immediately. If all of the outstanding OP Units held by limited partners had been redeemed for cash as of March 31, 2017 , the total amount that would have been distributed would have been $125.9 million , which is calculated using our March 31, 2017 closing price on the New York Stock Exchange of $15.14 per share multiplied by the number of outstanding OP Units held by limited partners, which was 8,312,676 as of March 31, 2017 . 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 January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business. The update adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. We expect that future property acquisitions will generally qualify as asset acquisitions under the standard, which permits the capitalization of acquisition costs to the underlying assets. The Company adopted this new guidance effective January 1, 2017. This new guidance is not expected to have a significant impact on our financial statements. In August 2016, the FASB issued ASU No. 2016-15 - Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which is intended to reduce diversity in the practice of how certain transactions are classified in the statement of cash flows, including classification guidance for distributions received from equity method investments. The standard is effective for annual reporting periods beginning after December 15, 2017, however early adoption is permitted. The standard requires the use of the retrospective transition method. This new guidance is not expected to have a significant impact on our financial statements. In March 2016, 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. The Company adopted this guidance effective January 1, 2017. This new guidance is not expected to have a significant impact on the Company’s financial statements. 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, which were $5.1 million for the year ended December 31, 2016. 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 May 2014, the FASB issued “Revenue from Contracts with Customers.” The objective of this new standard is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of this new standard is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. The new guidance is effective for annual reporting periods beginning after December 15, 2017 for public companies. Entities have the option of using either a full retrospective or modified approach to adopt this standard. We are currently evaluating the new guidance and have not determined the impact this standard might have on our consolidated financial statements, nor have we decided upon the method of adoption.

Real Estate Activities (Tables)

Real Estate Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Investments in Real Estate	Investments in real estate as of March 31, 2017 and December 31, 2016 were comprised of the following: (in thousands of dollars) As of March 31, As of December 31, Buildings, improvements and construction in progress $ 2,813,278 $ 2,794,213 Land, including land held for development 506,396 505,801 Total investments in real estate 3,319,674 3,300,014 Accumulated depreciation (1,090,174 ) (1,060,845 ) Net investments in real estate $ 2,229,500 $ 2,239,169
Real Estate Capitalized Costs [Table Text Block]	The following table summarizes our capitalized salaries, commissions, benefits, real estate taxes and interest for the three months ended March 31, 2017 and 2016 : Three Months Ended (in thousands of dollars) 2017 2016 Development/Redevelopment Activities: Salaries and benefits $ 348 $ 274 Real estate taxes 93 19 Interest 1,431 703 Leasing Activities: Salaries, commissions and benefits 1,667 1,737

Real Estate Activities Disposit

Real Estate Activities Dispositions (Tables)	3 Months Ended
	Mar. 31, 2017
Dispositions [Abstract]
Dispositions [Table Text Block]	Sale Date Property and Location Description of Real Estate Sold Capitalization Rate Sale Price Gain (in millions) 2017 Activity: January Beaver Valley Mall, Monaca, Pennsylvania Mall 15.6 % $ 24.2 $ — Crossroads Mall, Beckley, West Virginia Mall 15.5 % 24.8 —

Investments in Partnerships (Ta

Investments in Partnerships (Tables)	3 Months Ended
	Mar. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Investments	The following table presents summarized financial information of the equity investments in our unconsolidated partnerships as of March 31, 2017 and December 31, 2016 : (in thousands of dollars) As of March 31, 2017 As of December 31, 2016 ASSETS: Investments in real estate, at cost: Operating properties $ 637,106 $ 649,960 Construction in progress 202,879 160,699 Total investments in real estate 839,985 810,659 Accumulated depreciation (211,153 ) (207,987 ) Net investments in real estate 628,832 602,672 Cash and cash equivalents 45,721 27,643 Deferred costs and other assets, net 39,440 37,705 Total assets 713,993 668,020 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable 443,585 445,224 Other liabilities 37,424 23,945 Total liabilities 481,009 469,169 Net investment 232,984 198,851 Partners’ share 117,755 101,045 PREIT’s share 115,229 97,806 Excess investment (1) 9,662 8,969 Net investments and advances $ 124,891 $ 106,775 Investment in partnerships, at equity $ 186,789 $ 168,608 Distributions in excess of partnership investments (61,898 ) (61,833 ) Net investments and advances $ 124,891 $ 106,775 _________________________ (1) Excess investment represents the unamortized difference between our investment and our share of the equity in the underlying net investment in the unconsolidated partnerships. The excess investment is amortized over the life of the properties, and the amortization is included in “Equity in income of partnerships.”
Summary of Share of Equity in Income of Partnerships	The following table summarizes our share of equity in income of partnerships for the three months ended March 31, 2017 and 2016 : Three Months Ended (in thousands of dollars) 2017 2016 Real estate revenue $ 28,168 $ 29,191 Operating expenses: Property operating expenses (8,704 ) (10,212 ) Interest expense (5,372 ) (5,392 ) Depreciation and amortization (5,855 ) (5,722 ) Total expenses (19,931 ) (21,326 ) Net income 8,237 7,865 Less: Partners’ share (4,491 ) (4,216 ) PREIT’s share 3,746 3,649 Amortization of and adjustments to excess investment (10 ) 234 Equity in income of partnerships $ 3,736 $ 3,883

Financing Activity (Tables)

Financing Activity (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of credit facility interest expense [Table Text Block]	Three Months Ended March 31, (in thousands of dollars) 2017 2016 2013 Revolving Facility Interest expense $ 764.1 $ 690.1 Deferred financing amortization 199.4 198.7 Term Loans Interest expense 2,835.4 2,991.9 Deferred financing amortization 187.2 119.9
Applicable Credit Spread Over Libor at Various Leverage Levels	Applicable Margin Level Ratio of Total Liabilities 2013 Revolving Facility Term Loans 1 Less than 0.450 to 1.00 1.20% 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% 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) 4 Equal to or greater than 0.550 to 1.00 1.55% 1.90%
Carrying and Fair Values of Mortgage Loans	The aggregate carrying values and estimated fair values of mortgage loans based on interest rates and market conditions at March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 December 31, 2016 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans (1) $ 1,069.5 $ 1,039.8 $ 1,222.9 $ 1,189.6

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments	(in millions of dollars) Notional Value Fair Value at (1) Fair Value at December 31, 2016 (1) Interest Rate Effective Date of Forward Starting Swap Maturity Date Interest Rate Swaps 28.1 N/A $ — 1.38 % January 2, 2017 48.0 $ — (0.1 ) 1.12 % January 1, 2018 7.6 — — 1.00 % January 1, 2018 55.0 — (0.1 ) 1.12 % January 1, 2018 30.0 (0.2 ) (0.3 ) 1.78 % January 2, 2019 25.0 0.3 0.3 0.70 % January 2, 2019 20.0 (0.1 ) (0.2 ) 1.78 % January 2, 2019 20.0 (0.1 ) (0.2 ) 1.78 % January 2, 2019 20.0 (0.1 ) (0.2 ) 1.79 % January 2, 2019 20.0 (0.1 ) (0.2 ) 1.79 % January 2, 2019 20.0 (0.1 ) (0.2 ) 1.79 % January 2, 2019 25.0 0.1 0.1 1.16 % January 2, 2019 25.0 0.1 0.1 1.16 % January 2, 2019 25.0 0.1 0.1 1.16 % January 2, 2019 20.0 0.1 — 1.16 % January 2, 2019 20.0 0.3 0.2 1.23 % June 26, 2020 20.0 0.3 0.2 1.23 % June 26, 2020 20.0 0.3 0.2 1.23 % June 26, 2020 20.0 0.3 0.2 1.23 % June 26, 2020 20.0 0.3 0.2 1.24 % June 26, 2020 9.0 0.2 0.2 1.19 % February 1, 2021 35.0 1.0 0.9 1.01 % March 1, 2021 35.0 1.0 0.9 1.02 % March 1, 2021 20.0 0.6 0.5 1.01 % March 1, 2021 20.0 0.5 0.5 1.02 % March 1, 2021 20.0 0.5 0.5 1.02 % March 1, 2021 Forward Starting Swap 48.0 0.7 0.7 1.42 % January 2, 2018 February 1, 2021 $ 6.0 $ 4.3 _________________________ (1) As of March 31, 2017 and December 31, 2016 , derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy and we did not have any significant recurring fair value measurements related to derivative instruments using significant unobservable inputs (Level 3).
Effect of Our Derivative Financial Instruments on Our Consolidated Statements of Operations	The table below presents the effect of derivative financial instruments on our consolidated statements of operations and on our share of our partnerships’ statements of operations for the three months ended March 31, 2017 and 2016 : Three Months Ended Consolidated Statements of Operations Location (in millions of dollars) 2017 2016 Derivatives in cash flow hedging relationships: Interest rate products Gain (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ 1.0 $ (6.7 ) N/A Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion) $ 0.8 $ 1.4 Interest expense Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) $ — $ (0.1 ) Interest expense

Basis of Presentation Nature of

Basis of Presentation Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2017PropertyState
Real Estate Properties [Line Items]
Percentage of consolidated revenue having no single tenant	10.00%
Number of States in which Entity Operates | State	10
Number of Real Estate Properties	30
Mall [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	22
Mixed Use Development Property [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	2
Retail Site [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	1
Strip And Power Center [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	4
Development Properties [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	4
Other Development Property [Member]
Real Estate Properties [Line Items]
Number of Real Estate Properties	1

Basis of Presentation Noncontro

Basis of Presentation Noncontrolling interest (Details) $ / shares in Units, $ in Millions	Mar. 31, 2017USD ($)$ / sharesshares
Noncontrolling Interest [Line Items]
Closing share price | $ / shares	$ 15.14
Interest in the Operating Partnership	89.40%
Redeemable Noncontrolling Interest, Equity, Other, Fair Value | $	$ 125.9
Limited Partners' Capital Account, Units Outstanding | shares	8,312,676

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017Segment
Debt Instrument [Line Items]
Number of reportable segment	1

Basis of Presentation New Accou

Basis of Presentation New Accounting Rules (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cost which are not initial direct leasing costs	$ 5.1

Real Estate Activities - Invest

Real Estate Activities - Investments in Real Estate (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Investment [Line Items]
Buildings, improvements and construction in progress	$ 2,813,278		$ 2,794,213
Land, including land held for development	506,396		505,801
Total investments in real estate	3,319,674		3,300,014
Accumulated depreciation	(1,090,174)		(1,060,845)
Net investments in real estate	2,229,500		$ 2,239,169
Gains (Losses) on Sales of Investment Real Estate	$ (57)	$ 2,035

Real Estate Activities - Summar

Real Estate Activities - Summary of Capitalized Salaries, Commissions and Benefits, Real Estate Taxes and Interest (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Salaries and benefits | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 348	$ 274
Capitalized Real Estate Taxes [Member] | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	93	19
Interest | Development/Redevelopment Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	1,431	703
Salaries, commissions and benefits | Leasing Activities [Member]
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 1,667	$ 1,737

Real Estate Activities Real Est

Real Estate Activities Real Estate Activities - Acquisitions and Dispositions(Details) - USD ($)	1 Months Ended			3 Months Ended
	Apr. 30, 2017	Aug. 31, 2016	Jun. 30, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Repayments of Secured Debt				$ 150,000,000	$ 139,843,000
Deferred costs and other assets, net				101,839,000		$ 93,800,000
Gains (Losses) on Sales of Investment Real Estate				(57,000)	2,035,000
Gain (Loss) on Sale of Properties				(57,000)	2,044,000
Asset Impairment Charges				$ 0	$ 606,000
Walnut and Chestnut Street Retail [Member]
Property, Plant and Equipment [Line Items]
Fair Value Inputs, Cap Rate			15.50%
Proceeds from Sale of Real Estate			$ 24,800
Gain Loss On Sale Of Real Estate			$ 0
Washington Crown Center [Member]
Property, Plant and Equipment [Line Items]
Fair Value Inputs, Cap Rate		15.60%
Proceeds from Sale of Real Estate		$ 24,200
Gain Loss On Sale Of Real Estate		$ 0
Subsequent Event [Member] | Anchor located at Valley Mall [Member]
Property, Plant and Equipment [Line Items]
Payments to Acquire Real Estate	$ 2,500,000
Subsequent Event [Member] | Anchor located at Valley View Mall [Member]
Property, Plant and Equipment [Line Items]
Payments to Acquire Real Estate	$ 2,500,000

Investments in Partnerships - S

Investments in Partnerships - Summary of Equity Investments (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Total assets		$ 713,993	$ 668,020
Investments in real estate, at cost:
Operating properties		637,106	649,960
Construction in progress		202,879	160,699
Total investments in real estate		839,985	810,659
Accumulated depreciation		(211,153)	(207,987)
Net investments in real estate		628,832	602,672
Cash and cash equivalents		45,721	27,643
Deferred costs and other assets, net		39,440	37,705
Total assets		713,993	668,020
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable		443,585	445,224
Other liabilities		37,424	23,945
Total liabilities		481,009	469,169
Net investment		232,984	198,851
Partners’ share		117,755	101,045
PREIT’s share		115,229	97,806
Excess investment	[1]	9,662	8,969
Net investments and advances		124,891	106,775
Investment in partnerships, at equity		186,789	168,608
Distributions in excess of partnership investments		$ (61,898)	$ (61,833)
[1]	Excess investment represents the unamortized difference between our investment and our share of the equity in the underlying net investment in the unconsolidated 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 -32

Investments in Partnerships - Summary of Share of Equity in Income of Partnerships (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Real Estate Revenue Net Equity Method Investments	$ 28,168	$ 29,191
Total assets	713,993		$ 668,020
Operating expenses:
Property operating expenses	(8,704)	(10,212)
Interest expense	(5,372)	(5,392)
Depreciation and amortization	(5,855)	(5,722)
Total expenses	(19,931)	(21,326)
Net income	8,237	7,865
Less: Partners’ share	(4,491)	(4,216)
PREIT’s share	3,746	3,649
Amortization of and adjustments to excess investment	(10)	234
Equity in income of partnerships	$ 3,736	3,883
Lehigh Valley Associates, LP [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Equity Method Investment, Summarized Financial Information, Revenue	$ 8,809	9,048
Total assets	45,901		49,264
Equity Method Investment, Summarized Financial Information, Mortgages Payable	125,907		$ 126,520
Equity Method Investment, Summarized Financial Information, Property Operating Expenses	(1,903)	(2,226)
Equity Method Investment, Summarized Financial Information, Interest Expense	(1,869)	(1,906)
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	4,203	4,083
Equity Method Investment, Summarized Financial Information, Share of Equity in Income of Partnership	$ 2,102	$ 2,042

Investments in Partnerships Mor

Investments in Partnerships Mortgage Loan Activity Partnerships (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Mortgage loans payable, net	$ 1,069,539	$ 1,222,859

Financing Activity - Additional

Financing Activity - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Line of Credit Facility, Description	We have entered into four credit agreements (collectively, as amended, the “Credit Agreements”), as further discussed in our Annual Report on Form 10-K for the year ended December 31, 2016: (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	242,500,000
Sales Per Square Foot	500
Long-term Debt	$ 397,231,000		$ 397,043,000
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	$ 15,800,000
Interest Expense, Debt, Excluding Amortization	764,100	$ 690,100
Non-cash amortization of deferred financing fees	199,400	198,700
Term Loans [Member]
Debt Instrument [Line Items]
Interest Expense, Debt, Excluding Amortization	2,835,400	2,991,900
Non-cash amortization of deferred financing fees	187,200	$ 119,900
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Net	$ 2,800,000

Financing Activity - Applicable

Financing Activity - Applicable Credit Spread Over Libor at Various Leverage Levels (Detail)	3 Months Ended
	Mar. 31, 2017
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] | 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] | Seven 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] | Seven 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] | Seven Year Term Loan [Member]
Schedule Of Maximum Leverage Ratio [Line Items]
Stated Interest Rate	1.90%

Financing Activity - Carrying a

Financing Activity - Carrying and Fair Values of Mortgage Loans (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Mortgage loans, Carrying Value	$ 1,069,539	$ 1,222,859
Mortgage loans, Fair Value	$ 1,039,800	$ 1,189,600

Financing Activity - Mortgage L

Financing Activity - Mortgage Loan Activity (Detail) - USD ($) $ in Thousands	Apr. 01, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Mortgage Loan Activity [Line Items]
Mortgage loans payable, net		$ 1,069,539		$ 1,222,859
Repayments of Secured Debt		150,000	$ 139,843
Revolving Facility Debt Used To Repay Mortgage Debt		$ 110,000
Mall At Prince Georges [Member]
Mortgage Loan Activity [Line Items]
Repayments of Secured Debt	$ 150,600

Financing Activity - Mortgage38

Financing Activity - Mortgage Loan Activity Additional Detail (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Mortgage Loan Activity [Line Items]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.21
Maximum Unsecured Borrowing Amount Under Unencumbered Debt Yield Covenant	$ 242,500
Carrying Value Of Net Losses Associated With Interest Rate Swaps	1,400
Derivative, Net Liability Position, Aggregate Fair Value	834
Termination value	1,000
Repayments of Secured Debt	150,000	$ 139,843
Two Thousand Thirteen Revolving Credit Facility [Member]
Mortgage Loan Activity [Line Items]
Letters of Credit Outstanding, Amount	15,800
Secured Debt [Member]
Mortgage Loan Activity [Line Items]
Debt Issuance Costs, Line of Credit Arrangements, Net	$ 4,200		$ 4,500

Cash Flow Information - Additio

Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Significant Noncash Transactions [Line Items]
Cash paid for interest	$ 13.5	$ 17.3
Net of capitalized interest	1.4	0.7
Line of credit facilities gross borrowings	135	70
Line of credit facilities gross repayments	$ 147	$ 20

Commitments and Contingencies C

Commitments and Contingencies Contractual Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Commitments [Line Items]
Provision For Employee Separation Expenses	$ 0	$ 535
Construction in Progress [Member]
Other Commitments [Line Items]
Unaccrued Contractual And Other Commitments	$ 186,500

Derivatives - Additional Inform

Derivatives - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments [Line Items]
Repayments of Secured Debt	$ 150,000	$ 139,843
Estimate increase to interest expense	1,000
Carrying Value Of Net Losses Associated With Interest Rate Swaps	1,400
Fair value of derivatives in a net liability position	(834)
Termination value	$ 1,000
Interest rate swaps [Member]
Derivative Instruments [Line Items]
Number of derivative, interest rate swap agreement	25
Derivative, Weighted average interest rate	1.25%
Derivative, notional amount	$ 599,600
Interest Rate Swap Member Forward Starting [Member]
Derivative Instruments [Line Items]
Number of derivative, interest rate swap agreement	1
Derivative, Weighted average interest rate	1.42%
Derivative, notional amount	$ 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

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017		Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Fair Value at period end	[1]	$ 6		$ 4.3
Interest Rate Swap One [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 28.1
Fair Value at period end	[1]			0
Interest Rate		1.38%
Maturity Date		Jan. 2, 2017
Interest Rate Swap Two [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 48
Fair Value at period end	[1]	$ 0		(0.1)
Interest Rate		1.12%
Maturity Date		Jan. 1, 2018
Interest Rate Swaps Three [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 7.6
Fair Value at period end	[1]	$ 0		0
Interest Rate		1.00%
Maturity Date		Jan. 1, 2018
Interest Rate Swaps Four [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 55
Fair Value at period end		$ 0	[1]	(0.1)
Interest Rate		1.12%
Maturity Date		Jan. 1, 2018
Interest Rate Swap Five [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 30
Fair Value at period end		$ 0.2	[1]	(0.3)
Interest Rate		1.78%
Maturity Date		Jan. 2, 2019
Interest Rate Swap Six [Member]
Derivative Instruments, Gain (Loss) [Line Items]
(in millions of dollars) Notional Value		$ 25
Fair Value at period end		$ 0.3		0.3
Interest Rate		0.70%
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]	$ 0.1		0.2
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]	$ 0.1		0.2
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]	$ 0.1		0.2
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]	$ 0.1		0.2
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]	$ 0.1		0.2
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]	$ (0.1)		(0.1)
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]	$ 0.1		0.1
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]	$ 0.1		0.1
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]	$ 0.1		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]	$ (0.3)		(0.2)
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]	$ (0.3)		(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]	$ (0.3)		(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]	$ (0.3)		(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]	$ (0.3)		(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		$ (0.2)	[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)	[1]	0.9
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)	[1]	0.9
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)		(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		$ (0.5)	[1]	0.5
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		$ (0.5)	[1]	0.5
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		$ (0.6)	[1]	$ 0.5
Interest Rate		1.0145%
Maturity Date		Mar. 1, 2021
[1]	As of March 31, 2017 and December 31, 2016, derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy and we did not have any significant recurring fair value measurements related to derivative instruments using significant unobservable inputs (Level 3).

Derivatives - Effect of Our Der

Derivatives - Effect of Our Derivative Financial Instruments on Our Consolidated Statements of Operations (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivatives in cash flow hedging relationships:
Gain (loss) recognized in Other Comprehensive Income (Loss) on derivatives	$ 1	$ (6.7)
Interest
Derivatives in cash flow hedging relationships:
Loss reclassified from Accumulated Other Comprehensive Income (Loss) into income (effective portion)	$ 0.8	1.4
Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)		$ (0.1)

EQUITY OFFERING 2017 Preferred

EQUITY OFFERING 2017 Preferred Share Offering (Details) - Series C Preferred Stock [Member] - USD ($)	1 Months Ended
	Jan. 31, 2017	Mar. 31, 2017	Jan. 27, 2017
Class of Stock [Line Items]
Preferred Stock, Shares Issued		6,900,000	6,900,000
Shares Issued, Price Per Share			$ 25
Proceeds from Issuance or Sale of Equity	$ 166,300,000
Underwriting Discount On Public Offering			$ 5,400,000
Underwriting Discount Per Share On Public Offering			$ 0.7875
Equity offering expenses			$ 700,000
Repayments of Debt	$ 117,000,000