Pennsylvania Real Estate Investment Trust (PRET) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	PEI
Entity Registrant Name	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
Entity Central Index Key	0000077281
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		77,383,675

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
INVESTMENTS IN REAL ESTATE, at cost:
Operating properties	$ 3,058,422	$ 3,063,531
Construction in progress	119,873	115,182
Land held for development	5,881	5,881
Total investments in real estate	3,184,176	3,184,594
Accumulated depreciation	(1,148,794)	(1,118,582)
Net investments in real estate	2,035,382	2,066,012
INVESTMENTS IN PARTNERSHIPS, at equity:	149,795	131,124
OTHER ASSETS:
Cash and cash equivalents	10,416	18,084
Tenant and other receivables, net	35,344	38,914
Intangible assets (net of accumulated amortization of $16,391 and $15,543 at March 31, 2019 and December 31, 2018, respectively)	17,020	17,868
Deferred costs and other assets, net	107,239	110,805
Assets held for sale	35,275	22,307
Total assets	2,390,471	2,405,114
LIABILITIES:
Mortgage loans payable, net	985,763	1,047,906
Term Loans, net	547,478	547,289
Revolving Facilities	162,000	65,000
Tenants’ deposits and deferred rent	10,261	15,400
Distributions in excess of partnership investments	91,227	92,057
Fair value of derivative liabilities	6,364	3,010
Accrued expenses and other liabilities	85,431	87,901
Total liabilities	1,888,524	1,858,563
COMMITMENTS AND CONTINGENCIES (Note 6):
EQUITY:
Shares of beneficial interest, $1.00 par value per share; 200,000 shares authorized; 77,383 shares issued and outstanding at March 31, 2019 and 70,495 shares issued and outstanding at December 31, 2018	77,383	70,495
Capital contributed in excess of par	1,761,736	1,671,042
Accumulated other comprehensive (loss) income	(533)	5,408
Distributions in excess of net income	(1,342,626)	(1,306,318)
Total equity—Pennsylvania Real Estate Investment Trust	496,114	440,781
Noncontrolling interest	5,833	105,770
Total equity	501,947	546,551
Total liabilities and equity	2,390,471	2,405,114
Series B Preferred Shares, $.01 par value per share; 25,000 shares authorized; 3,450 shares issued and outstanding at March 31, 2019 and December 31, 2018; liquidation preference of $86,250
EQUITY:
Preferred Shares	35	35
Series C Preferred Shares, $.01 par value per share; 25,000 shares authorized; 6,900 shares issued and outstanding at March 31, 2019 and December 31, 2018; liquidation preference of $172,500
EQUITY:
Preferred Shares	69	69
Series D Preferred Shares, $.01 par value per share; 25,000 shares authorized; 5,000 shares issued and outstanding at March 31, 2019 and December 31, 2018; liquidation preference of $125,000
EQUITY:
Preferred Shares	$ 50	$ 50

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Intangible assets, accumulated amortization	$ 16,391,000	$ 15,543,000
Preferred shares, par value (in dollars per share)	$ 0.01
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	77,383,000	70,495,000
Common stock, shares outstanding (in shares)	77,383,000	70,495,000
Series B Preferred Stock
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	3,450,000	3,450,000
Preferred shares, outstanding (in shares)	3,450,000	3,450,000
Liquidation preference	$ 86,250,000	$ 86,250,000
Series C Preferred Stock
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	6,900,000	6,900,000
Preferred shares, outstanding (in shares)	6,900,000	6,900,000
Liquidation preference	$ 172,500,000	$ 172,500,000
Series D Preferred Stock
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	5,000,000	5,000,000
Preferred shares, outstanding (in shares)	5,000,000	5,000,000
Liquidation preference	$ 125,000,000	$ 125,000,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Real estate revenue:
Lease revenue		$ 76,615	$ 77,998
Expense reimbursements		5,062	5,234
Other real estate revenue		3,001	2,161
Total real estate revenue		84,678	85,393
Other income		627	889
Total revenue		85,305	86,282
Property operating expenses:
CAM and real estate taxes		(29,403)	(29,396)
Utilities		(3,660)	(3,909)
Other property operating expenses		(2,065)	(3,400)
Total property operating expenses		(35,128)	(36,705)
Depreciation and amortization		(34,904)	(34,030)
General and administrative expenses		(11,205)	(10,132)
Provision for employee separation expenses		(719)	0
Project costs and other expenses		(294)	(112)
Total operating expenses		(82,250)	(80,979)
Interest expense, net		(15,898)	(14,901)
Loss on debt extinguishment		(4,768)	0
Impairment of development land parcel		(1,464)	0
Total expenses		(104,380)	(95,880)
Loss before equity in income of partnerships, gain on sale of real estate by equity method investee, and adjustment to gains on sales of interests in non operating real estate		(19,075)	(9,598)
Equity in income of partnerships		2,289	3,138
Gain on sale of real estate by equity method investee		563	2,773
Adjustment to gains on sales of interests in non operating real estate		0	(25)
Net loss		(16,223)	(3,712)
Less: net loss attributable to noncontrolling interest		1,688	1,111
Net loss attributable to PREIT		(14,535)	(2,601)
Less: preferred share dividends		(6,844)	(6,844)
Net loss attributable to PREIT common shareholders		(21,379)	(9,445)
Net loss		(16,223)	(3,712)
Noncontrolling interest		1,688	1,111
Less: preferred share dividends		(6,844)	(6,844)
Dividends on unvested restricted shares		(218)	(138)
Net loss used to calculate loss per share—basic and diluted		$ (21,597)	$ (9,583)
Basic and diluted (loss) earnings per share (in dollars per share)		$ (0.30)	$ (0.14)
Weighted average shares outstanding—basic (in shares)		71,358	69,601
Effect of common share equivalents (in shares)	[1]	0	0
Weighted average shares outstanding—diluted (in shares)		71,358	69,601
[1]	The Company had net losses used to calculate earnings per share for all periods presented. Therefore, the effects of common share equivalents of 309 and 209 for the three months ended March 31, 2019 and 2018, respectively, are excluded from the calculation of diluted loss per share for these periods because they would be antidilutive.

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	309	209

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Comprehensive (loss) income:
Net loss	$ (16,223)	$ (3,712)
Unrealized (loss) gain on derivatives	(6,508)	4,828
Amortization of settled swaps	2	275
Total comprehensive (loss) income	(22,729)	1,391
Less: comprehensive loss attributable to noncontrolling interest	2,253	570
Comprehensive (loss) income attributable to PREIT	$ (20,476)	$ 1,961

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Shares of Beneficial Interest, $1.00 Par	Capital Contributed in Excess of Par	Accumulated Other Comprehensive Income	Distributions in Excess of Net Income	Non- controlling interest	Series B Preferred Stock	Series B Preferred StockPreferred Shares $.01 par	Series B Preferred StockDistributions in Excess of Net Income	Series C Preferred Stock	Series C Preferred StockPreferred Shares $.01 par	Series C Preferred StockDistributions in Excess of Net Income	Series D Preferred Stock	Series D Preferred StockPreferred Shares $.01 par	Series D Preferred StockDistributions in Excess of Net Income
Beginning balance at Dec. 31, 2017	$ 760,991	$ 69,983	$ 1,663,966	$ 7,226	$ (1,109,469)	$ 129,131		$ 35			$ 69			$ 50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,712)				(2,601)	(1,111)
Other comprehensive loss	5,103			4,562		541
Shares issued under employee compensation plans, net of shares retired	(195)	370	(565)
Amortization of deferred compensation	1,924		1,924
Dividends paid to common shareholders ($0.21 per share)	(14,766)				(14,766)
Dividends paid to preferred shareholders							$ (1,590)		$ (1,590)	$ (3,105)		$ (3,105)	$ (2,149)		$ (2,149)
Noncontrolling interests:
Distributions paid to Operating Partnership unit holders ($0.21 per unit)	(1,737)					(1,737)
Ending balance at Mar. 31, 2018	740,764	70,353	1,665,325	11,788	(1,133,680)	126,824		35			69			50
Beginning balance at Dec. 31, 2018	546,551	70,495	1,671,042	5,408	(1,306,318)	105,770		35			69			50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,223)				(14,535)	(1,688)
Other comprehensive loss	(6,506)			(5,941)		(565)
Shares issued upon redemption of Operating Partnership units		6,250	89,736			(95,986)
Shares issued under employee compensation plans, net of shares retired	(326)	638	(964)
Amortization of deferred compensation	1,922		1,922
Dividends paid to common shareholders ($0.21 per share)	(14,930)				(14,930)
Dividends paid to preferred shareholders							$ (1,590)		$ (1,590)	$ (3,105)		$ (3,105)	$ (2,148)		$ (2,148)
Noncontrolling interests:
Distributions paid to Operating Partnership unit holders ($0.21 per unit)	(1,698)					(1,698)
Ending balance at Mar. 31, 2019	$ 501,947	$ 77,383	$ 1,761,736	$ (533)	$ (1,342,626)	$ 5,833		$ 35			$ 69			$ 50

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Common stock, dividend per share paid (in dollars per share)	$ 0.21	$ 0.21
Preferred shares, par value (in dollars per share)	0.01	0.01
Common stock, par value (in dollars per share)	1	1	$ 1
Series B Preferred Stock
Preferred stock, dividends per share paid (in dollars per share)	0.4609	0.4609
Preferred shares, par value (in dollars per share)	0.01		0.01
Series C Preferred Stock
Preferred stock, dividends per share paid (in dollars per share)	0.45	0.45
Preferred shares, par value (in dollars per share)	0.01		0.01
Series D Preferred Stock
Preferred stock, dividends per share paid (in dollars per share)	0.4297	$ 0.4297
Preferred shares, par value (in dollars per share)	$ 0.01		$ 0.01

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (16,223)	$ (3,712)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	31,838	31,209
Amortization	4,353	3,458
Straight-line rent adjustments	(1,517)	(823)
Provision for doubtful accounts		1,075
Amortization of deferred compensation	1,922	1,924
Loss on debt extinguishment	4,768	0
Adjustment to gains on sales of interests in non operating real estate		25
Equity in income of partnerships	(2,289)	(3,138)
Gain on sale of real estate by equity method investee	(563)	(2,773)
Cash distributions from partnerships	2,357	2,742
Impairment of development land parcel	1,464	0
Change in assets and liabilities:
Net change in other assets	6,961	1,060
Net change in other liabilities	(10,055)	(21)
Net cash provided by operating activities	23,016	31,026
Cash flows from investing activities:
Distribution of financing proceeds from equity method investee	0	123,000
Cash proceeds from sales of real estate	4,823	0
Cash proceeds from sale of mortgage	8,000	0
Cash distributions from partnerships of proceeds from real estate sold	879	19,727
Proceeds from insurance claims related to damage to real estate assets	2,275	0
Investments in partnerships	(19,885)	(13,896)
Investments in real estate improvements	(6,361)	(13,568)
Additions to construction in progress	(28,087)	(3,119)
Capitalized leasing costs	(320)	(2,172)
Additions to leasehold improvements and corporate fixed assets	(73)	(4)
Net cash (used in) provided by investing activities	(38,749)	109,968
Cash flows from financing activities:
(Repayments of) proceeds from mortgage loans and finance lease liabilities	(63,442)	10,185
Net borrowings (repayments) under revolving facility	97,000	(53,000)
Dividends paid to preferred shareholders	(14,930)	(14,766)
Dividends paid to preferred shareholders	(6,843)	(6,843)
Distributions paid to Operating Partnership unit holders and noncontrolling interest	(1,698)	(1,737)
Principal installments on mortgage loans	(3,818)	(3,832)
Payment of deferred financing costs	(13)	(436)
Value of shares of beneficial interest issued	306	484
Value of shares retired under equity incentive plans, net of shares issued	(632)	(679)
Net cash provided by (used in) financing activities	5,930	(70,624)
Net change in cash, cash equivalents, and restricted cash	(9,803)	70,370
Cash, cash equivalents, and restricted cash, beginning of period	32,445	33,953
Cash, cash equivalents, and restricted cash, end of period	$ 22,642	$ 104,323

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2018. 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, 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 27 properties operating in nine states, including 21 shopping malls, four other retail properties and two development or redevelopment properties. We have one property under redevelopment classified as “retail” (redevelopment of The Gallery at Market East into Fashion District Philadelphia (“Fashion District Philadelphia”)). One other property in our portfolio is classified as under development; however, we do not currently have any activity occurring at this property. We also have two undeveloped land parcels located in Gainesville, Florida, a portion of which was sold in March 2019, and New Garden Township, Pennsylvania that were classified as held-for-sale as of March 31, 2019. The New Garden parcel was subsequently sold in April 2019. A parcel that includes Whole Foods adjacent to Exton Square Mall was also classified as held-for-sale as of March 31, 2019 and such parcel was sold in April 2019. 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, 2019 , we held a 97.5% controlling interest in the Operating Partnership (after the redemption of 6,250,000 OP Units during the first quarter of 2019, which is discussed in more detail in Note 5 to our unaudited consolidated financial statements), 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, 2019 , the total amount that would have been distributed would have been $12.7 million , which is calculated using our March 29, 2019 (which was the last trading day in the first quarter of 2019) closing price on the New York Stock Exchange of $6.29 per share multiplied by the number of outstanding OP Units held by limited partners, which was 2,022,635 as of March 31, 2019 . 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 Leasing Standard Effective January 1, 2019, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC 842”) and related guidance using the optional transition method and elected to apply the provisions of the standard as of the adoption date rather than the earliest date presented. Prior period amounts were not restated. We implemented the standard using the following practical expedients: • We have elected the package of practical expedients that allows us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for any existing leases. • For leases under which we are the lessor, we also have elected to not separate non-lease components such as common area maintenance (“CAM”) and real estate reimbursements from the associated lease component (minimum rent). Instead, we account for the lease and non-lease components as a single component because such non-lease components would otherwise be accounted for under the new revenue guidance (ASC 606) and both (1) the timing and pattern of transfer are the same for the nonlease components and associated lease component, and (2) the lease component, if accounted for separately, would be classified as an operating lease. Utility reimbursements are presented separately and not in the single component as the pattern of transfer is not aligned with the use of the property and therefore the criteria for use of the practical expedient are not met. The adoption of this standard had the following effects on our financial statements as of and for the three months ended March 31, 2019: For leases under which the Company is a lessee, we recorded a right-of-use (“ROU”) asset of $24.6 million and corresponding lease liability for all leases previously accounted for as operating leases under ASC 840. The Company also derecognized an unfavorable ground lease liability of $5.5 million and reduced the corresponding ROU asset by the same amount. As of March 31, 2019, the ROU asset was $18.2 million and is included in deferred costs and other assets, net and the lease liability was $24.1 million and is included in accrued expenses and other liabilities in the accompanying consolidated balance sheet. Effective January 1, 2019, we changed our fixed CAM revenue recognition to be recognized prospectively on a straight-line basis. In the quarter ended March 31, 2019, $0.7 million of such revenues were recognized and are included within lease revenue in the accompanying consolidated statements of operations; previously, such amounts were recognized as billed in accordance with the terms of the respective leases. We review the collectibility of both billed and unbilled lease revenues each reporting period, taking into consideration the tenant’s payment history, credit profile and other factors, including its operating performance. For any tenant receivable balances deemed to be uncollectible, under ASC 842 we record an offset for credit losses directly to Lease revenue in the consolidated statement of operations. Previously, under ASC 840, uncollectible tenants’ receivables were reported in Other property operating expenses in the consolidated statement of operations. For leases under which the Company is a lessor, certain internal leasing and legal costs that were previously capitalized under ASC 840 are now recorded as period costs under ASC 842. For the three months ended March 31, 2018, we capitalized $1.2 million of internal leasing and legal salaries and benefits. No such costs were capitalized for the three months ended March 31, 2019. We will continue to amortize previously capitalized initial direct costs over the remaining terms of the associated leases. New Accounting Developments In October 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) as a Benchmark Interest Rate for Hedge Accounting. This ASU adds the OIS rate based on SOFR as a U.S. benchmark interest rate to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate hedging strategies for both risk management and hedge accounting purposes. Because we adopted ASU 2017-12, this guidance became effective January 1, 2019. The adoption of this guidance did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments, and will affect our accounting for trade receivables and notes receivable. We will adopt this new standard on January 1, 2020. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements. Immaterial error correction The Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income for the three-month period ended March 31, 2018 include the impact of correcting a computational error by increasing the net loss (and comprehensive loss) attributable to noncontrolling interest by $0.7 million for the three months ended March 31, 2018. The adjustments also decreased the amount of loss (and comprehensive loss) attributable to PREIT and PREIT common shareholders by the same amount. The adjustments also decreased the amount of basic and diluted loss per share by $0.01 for the three months ended March 31, 2018. These corrections had no impact on the previously reported amounts of net income (loss), total equity, and consolidated cash flows from operating, investing or financing activities. We evaluated these corrections and determined, based on quantitative and qualitative factors, that the changes were not material to the consolidated financial statements taken as a whole for any previously filed consolidated financial statements.

Real Estate Activities

Real Estate Activities	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Activities	REAL ESTATE ACTIVITIES Investments in real estate as of March 31, 2019 and December 31, 2018 were comprised of the following: (in thousands of dollars) As of March 31, As of December 31, Buildings, improvements and construction in progress $ 2,718,552 $ 2,719,400 Land, including land held for development 465,624 465,194 Total investments in real estate 3,184,176 3,184,594 Accumulated depreciation (1,148,794 ) (1,118,582 ) Net investments in real estate $ 2,035,382 $ 2,066,012 Capitalization of Costs The following table summarizes our capitalized interest, compensation, including commissions, and real estate taxes for the three months ended March 31, 2019 and 2018 : Three Months Ended (in thousands of dollars) 2019 2018 Development/Redevelopment Activities: Interest (1) $ 2,004 $ 1,625 Compensation, including commissions 352 438 Real estate taxes 76 164 Leasing Activities: Compensation, including commissions (2) 320 2,172 (1) Includes interest capitalized on investments in partnerships under development. (2) The definition of initial direct costs under ASC 842 includes only those incremental costs of a lease that would not have been incurred if the lease had not been obtained. As discussed above, certain internal leasing and legal costs that were previously capitalized under ASC 840 are now recorded as period costs under ASC 842. Commissions paid for successful leasing transactions will continue to be capitalized. Dispositions In March 2019, we entered into an agreement of sale with a buyer to sell an undeveloped land parcel located in Gainesville, Florida for total consideration of $15.0 million and the sale transaction was split into two parcels. The first parcel was sold in March 2019 for $5.0 million . The transaction with respect to the remaining parcel is expected to close in the second half of 2019. In connection with these transactions, we recorded losses on impairment of assets of $1.5 million . The remaining land parcel was classified as held for sale in our consolidated balance sheet as of March 31, 2019. In April 2019, we sold an undeveloped land parcel located in New Garden Township, Pennsylvania, for total consideration of $11.0 million , consisting of $8.25 million in cash and $2.75 million of preferred stock. We ascribed no accounting consideration value to the preferred shares as they are not tradeable, cannot be transferred or sold and have no redemption feature. Up to $1.25 million of the cash consideration received is subject to claw-back if the buyer does not receive entitlements for a stipulated number of housing units. This land parcel was classified as held for sale in our consolidated balance sheet as of March 31, 2019. In April 2019, we sold a Whole Foods store located on a parcel adjacent to Exton Square Mall for $22.1 million .

Investments in Partnerships

Investments in Partnerships	3 Months Ended
	Mar. 31, 2019
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, 2019 and December 31, 2018 : (in thousands of dollars) March 31, 2019 December 31, 2018 ASSETS: Investments in real estate, at cost: Operating properties $ 573,939 $ 575,149 Construction in progress 441,678 420,771 Total investments in real estate 1,015,617 995,920 Accumulated depreciation (214,905 ) (212,574 ) Net investments in real estate 800,712 783,346 Cash and cash equivalents 34,968 20,446 Deferred costs and other assets, net 30,284 30,549 Total assets 865,964 834,341 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable, net 505,086 507,090 FDP Term Loan, net 248,030 247,901 Other liabilities 31,460 34,463 Total liabilities 784,576 789,454 Net investment 81,388 44,887 Partners’ share 39,296 21,583 PREIT’s share 42,092 23,304 Excess investment (1) 16,476 15,763 Net investments and advances $ 58,568 $ 39,067 Investment in partnerships, at equity $ 149,795 $ 131,124 Distributions in excess of partnership investments (91,227 ) (92,057 ) Net investments and advances $ 58,568 $ 39,067 _________________________ (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 using the nature of the distribution approach. The following table summarizes our share of equity in income of partnerships for the three months ended March 31, 2019 and 2018 : Three Months Ended (in thousands of dollars) 2019 2018 Real estate revenue $ 23,451 $ 26,088 Operating expenses: Property operating and other expenses (7,985 ) (8,330 ) Interest expense (5,807 ) (5,734 ) Depreciation and amortization (4,652 ) (5,071 ) Total expenses (18,444 ) (19,135 ) Net income 5,007 6,953 Partners’ share (2,687 ) (3,824 ) PREIT’s share 2,320 3,129 Amortization of and adjustments to excess investment, net (31 ) 9 Equity in income of partnerships $ 2,289 $ 3,138 Dispositions In March 2019, a partnership in which we hold a 25% interest sold an undeveloped land parcel adjacent to Gloucester Premium Outlets for $3.8 million . The partnership recorded a gain on sale of $2.3 million , of which our share was $0.6 million , which is recorded in gain on sale of real estate by equity method investee in the accompanying consolidated statement of operations. In February 2018, a partnership in which we hold a 50% ownership share sold its office condominium interest in 907 Market Street in Philadelphia, Pennsylvania for $41.8 million . The partnership recorded a gain on sale of $5.5 million , of which our share was $2.8 million . The partnership distributed to us proceeds of $19.7 million in connection with this transaction in February 2018. Significant Unconsolidated Subsidiary We have a 50% ownership interest in Lehigh Valley Associates L.P. (“LVA”). The financial information of LVA is included in the amounts above. Summarized balance sheet information as of March 31, 2019 and December 31, 2018 , and summarized statement of operations information for the three months ended March 31, 2019 and 2018 for this entity, which is accounted for using the equity method, are as follows: (in thousands of dollars) March 31, 2019 December 31, 2018 Summarized balance sheet information Total assets $ 52,867 $ 52,255 Mortgage loan payable, net 194,616 196,328 Three Months Ended (in thousands of dollars) 2019 2018 Summarized statement of operations information Revenue $ 8,399 $ 9,132 Property operating expenses (2,326 ) (2,405 ) Interest expense (2,009 ) (2,045 ) Net income 3,238 4,026 PREIT’s share of equity in income of partnership 1,619 2,013

Financing Activity

Financing Activity	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Financing Activity	FINANCING ACTIVITY Credit Agreements As of March 31, 2019 , we have entered into two credit agreements (collectively, as amended, the “Credit Agreements”): (1) the 2018 Credit Agreement, which, as described in more detail below, includes (a) the $400 million 2018 Revolving Facility, and (b) the $300 million 2018 Term Loan Facility, and (2) the $250 million 2014 7-Year Term Loan. The 2018 Term Loan Facility and the 2014 7-Year Term Loan are collectively referred to as the “Term Loans.” As of March 31, 2019 , we had borrowed the full $550.0 million available under the Term Loans in the aggregate, and $162.0 million was borrowed under the 2018 Revolving Facility. The carrying value of the Term Loans on our consolidated balance sheet as of March 31, 2018 is net of $2.5 million of unamortized debt issuance costs. Following recent property sales, the net operating income (“NOI”) from our remaining unencumbered properties is at a level such that pursuant to the Unencumbered Debt Yield covenant (as described below), the maximum unsecured amount that was available for us to borrow under the 2018 Revolving Facility as of March 31, 2019 was $196.8 million . 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 2018 Revolving Facility is subject to a facility fee, which depends on leverage and was 0.30% as of March 30, 2019, which is recorded in interest expense in the consolidated statements of operations. Applicable Margin Level Ratio of Total Liabilities Revolving Loans that are LIBOR Loans Revolving Loans that are Base Rate Loans Term Loans that are LIBOR Loans Term Loans that are Base Rate Loans 1 Less than 0.450 to 1.00 1.20% 0.20% 1.35% 0.35% 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 1.25% 0.25% 1.45% 0.45% 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 (1) 1.30% 0.30% 1.60% 0.60% 4 Equal to or greater than 0.550 to 1.00 1.55% 0.55% 1.90% 0.90% (1) The rates in effect under the Credit Agreements were based upon the Level 3 Ratio of Total Liabilities to Gross Asset Value as of March 31, 2019. The Credit Agreements contain certain affirmative and negative covenants, including, without limitation, requirements that PREIT maintain, on a consolidated basis: (1) Minimum Tangible Net Worth of $1,463.2 million , plus 75% of the Net Proceeds of all Equity Issuances effected at any time after March 31, 2018; (2) maximum ratio of Total Liabilities to Gross Asset Value of 0.60 :1, provided that it will not be a Default if the ratio exceeds 0.60 :1 but does not exceed 0.625 :1 for more than two consecutive quarters on more than two occasions during the term; (3) minimum ratio of Adjusted EBITDA to Fixed Charges of 1.50 :1; (4) minimum Unencumbered Debt Yield of (a) 11.0% through and including June 30, 2020, (b) 11.25% any time after June 30, 2020 through and including June 30, 2021, and (c) 11.50% any time thereafter; (5) minimum Unencumbered NOI to Unsecured Interest Expense of 1.75 :1; (6) maximum ratio of Secured Indebtedness to Gross Asset Value of 0.60 :1; and (7) Distributions may not exceed (a) with respect to our preferred shares, the amounts required by the terms of the preferred shares, and (b) with respect to our common shares, the greater of (i) 95.0% of Funds From Operations (FFO) and (ii) 110% of REIT taxable income for a fiscal year. The covenants and restrictions in the Credit Agreements limit our ability to incur additional indebtedness, grant liens on assets and enter into negative pledge agreements, merge, consolidate or sell all or substantially all of its assets, and enter into transactions with affiliates. The Credit Agreements are subject to customary events of default and are cross-defaulted with one another. As of March 31, 2019, the Borrower was in compliance with all financial covenants in the Credit Agreements. We may prepay the amounts due under the Credit Agreements at any time without premium or penalty, subject to reimbursement obligations for the lenders’ breakage costs for LIBOR borrowings. Upon the expiration of any applicable cure period following an event of default (except with respect to bankruptcy as described in the next sentence), the lenders may declare all of the obligations in connection with the Credit Agreements immediately due and payable. Upon the occurrence of a voluntary or involuntary bankruptcy proceeding of PREIT, PALP, PRI, any material subsidiary, any subsidiary that owns or leases an Unencumbered Property or certain other subsidiaries, all outstanding amounts would automatically become immediately due and payable. Interest expense, deferred financing fee amortization and accelerated financing costs, if any, related to the Credit Agreements for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended (in thousands of dollars) 2019 2018 Revolving Facilities (1) Interest expense $ 1,234 $ 365 Deferred financing amortization 274 200 Term Loans (2) Interest expense 5,138 4,286 Deferred financing amortization 189 191 (1) Includes the 2018 Revolving Facility and the 2013 Revolving Facility (collectively, the “Revolving Facilities”). (2) Includes the 2018 Term Loan Facility, the 2014 7-Year Term Loan, the 2014 5-Year Term Loan and the 2015 5-Year Term Loan. Mortgage Loans The aggregate carrying values and estimated fair values of mortgage loans based on interest rates and market conditions at March 31, 2019 and December 31, 2018 were as follows: March 31, 2019 December 31, 2018 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans (1) $ 985.8 $ 948.0 $ 1,047.9 $ 1,002.3 (1) The carrying value of mortgage loans is net of unamortized debt issuance costs of $2.7 million and $3.4 million as of March 31, 2019 and December 31, 2018 , respectively. The mortgage loans contain various customary default provisions. As of March 31, 2019 , we were in default on the mortgage loan secured by Wyoming Valley Mall as described below. Mortgage Loan Activity In March 2019, we defeased a $58.5 million mortgage loan including accrued interest, secured by Capital City Mall in Camp Hill, Pennsylvania using funds from our 2018 Revolving Facility and the balance from available working capital. We recorded a loss on debt extinguishment of $4.8 million in March 2019 in connection with this defeasance. We received a notice of transfer of servicing, dated July 9, 2018, from the special servicer for the mortgage loan secured by Wyoming Valley Mall, which had a balance of $73.4 million as of March 31, 2019 . Our subsidiary that is the borrower under the loan also received a notice of default on the loan from the lender, dated December 14, 2018. The loan is subject to a cash sweep arrangement as a result of an anchor tenant trigger event. We have entered into an agreement with the lender to jointly market the property for sale for a stipulated period of time. If the property is not sold, we expect to convey the property to the lender by deed in lieu of foreclosure; however, we make no assurances that such a transaction will be completed. In April 2019, we received a notice from the servicer of the Cumberland Mall mortgage of a cash sweep event due to the failure of an anchor tenant to renew for a full term. 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, 2019
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information	CASH FLOW INFORMATION Cash paid for interest was $14.5 million (net of capitalized interest of $2.0 million ) and $12.2 million (net of capitalized interest of $1.6 million ) for the three months ended March 31, 2019 and 2018 , respectively. In our statement of cash flows, we show cash flows on our Revolving Facilities on a net basis. Aggregate borrowings on our Revolving Facilities were $107.0 million and $0.0 million for the three months ended March 31, 2019 and 2018 , respectively. Aggregate paydowns were $10.0 million and $53.0 million for the three months ended March 31, 2019 and 2018 , respectively. Accrued construction costs decreased by $13.9 million in the three months ended March 31, 2019 and decreased by $2.3 million in the three months ended March 31, 2018, representing non-cash changes in construction in progress. In the first quarter of 2019, we issued 6,250,000 common shares of beneficial interest in the Company in exchange for a like number of OP Units in our Operating Partnership. The shares were issued to Vornado Investments LLC, an affiliate of Franconia Two, L.P., the holder of the OP Units. The following table provides a summary of cash, cash equivalents, and restricted cash reported within the statement of cash flows as of March 31, 2019 and 2018. March 31, (in thousands of dollars) 2019 2018 Cash and cash equivalents $ 10,416 $ 89,213 Restricted cash included in other assets 12,226 15,110 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 22,642 $ 104,323 Our restricted cash consists of cash held in escrow by banks for real estate taxes and other purposes.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Contractual Obligations As of March 31, 2019 , we had unaccrued contractual and other commitments related to our capital improvement projects and development projects of $150.6 million , including commitments related to the redevelopment of Fashion District 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 Fashion District 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. As of March 31, 2019, we expect to meet this obligation. Provision for Employee Separation Expense In 2019, we terminated the employment of certain employees and officers. In connection with the departure of those employees and officers, we recorded $0.7 million of employee separation expense in the three months ended March 31, 2019. No amounts were recorded in the three months ended March 31, 2018. As of March 31, 2019, we had $1.0 million of severance accrued and unpaid related to activities related to the termination of employment of employees. Property Damage from Natural Disaster During September 2018, Jacksonville Mall in Jacksonville, North Carolina incurred property damage and an interruption of business operations as a result of Hurricane Florence. The property was closed for business during and immediately after the natural disaster, however, significant remediation efforts were quickly undertaken and the mall was reopened shortly thereafter. During the three months ended March 31, 2019, we recorded losses of approximately $0.2 million . This amount consisted of combined remediation and business interruption expenses.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2019
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 For derivatives that have been designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in “Accumulated other comprehensive income” and subsequently reclassified into “Interest expense, net” in the same periods during which the hedged transaction affects earnings. As of March 31, 2019, all of our outstanding derivatives are designated as cash flow hedges. We recognize all derivatives at fair value as either assets or liabilities in the accompanying consolidated balance sheets. During the next 12 months, we estimate that $3.8 million will be reclassified as a decrease to interest expense in connection with derivatives. The recognition 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, 2019 , we had interest rate swap agreements outstanding with a weighted average base interest rate of 1.84% on a notional amount of $696.9 million , maturing on various dates through May 2023 , and forward starting interest rate swap agreements with a weighted average interest rate of 2.75% on a notional amount of $100.0 million , with an effective date in June 2020, and a maturity date in May 2023. 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. The interest rate swap agreements are net settled monthly. The following table summarizes the terms and estimated fair values of our interest rate swap derivative instruments designated as cash flow hedges of interest rate risk at March 31, 2019 and December 31, 2018 based on the year they mature. 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 the accompanying consolidated balance sheets, the carrying amount of derivative assets is reflected in “Deferred costs and other assets, net” and the carrying amount of derivative liabilities is reflected in “Accrued expenses and other liabilities.” Maturity Date Aggregate Notional Value at March 31, 2019 (in millions of dollars) Aggregate Fair Value at (1) (in millions of dollars) Aggregate Fair Value at (1) (in millions of dollars) Weighted Average Interest Interest Rate Swaps 2020 $ 100.0 $ 1.4 $ 1.9 1.23 % 2021 396.9 5.1 8.1 1.57 % 2022 — — — — % 2023 200.0 (4.1 ) (2.0 ) 2.67 % Forward Starting Swaps 2023 100.0 (1.9 ) (1.0 ) 2.75 % Total $ 796.9 $ 0.5 $ 7.0 1.95 % _________________________ (1) As of March 31, 2019 and December 31, 2018 , 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 tables below present the effect of derivative financial instruments on accumulated other comprehensive income and on our consolidated statements of operations for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Instruments Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Expense (in millions of dollars) 2019 2018 2019 2018 Derivatives in Cash Flow Hedging Relationships Interest rate products $ (5.3 ) $ 5.2 $ (1.2 ) $ (0.1 ) Three Months Ended March 31, (in millions of dollars) 2019 2018 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ (15.9 ) $ (14.9 ) Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ (1.2 ) $ (0.1 ) 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, 2019 , 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, 2019, the fair value of derivatives in a liability position, which excludes accrued interest but includes any adjustment for nonperformance risk related to these agreements, was $6.4 million . If we had breached any of the default provisions in these agreements as of March 31, 2019, we might have been required to settle our obligations under the agreements at their termination value (including accrued interest) of $6.6 million . We had not breached any of these provisions as of March 31, 2019.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	LEASES As discussed in Note 1, we adopted the new lease accounting standard effective January 1, 2019. As Lessee We have entered into ground leases for portions of the land at Springfield Town Center and at Plymouth Meeting Mall. We have also entered into an office lease for our headquarters location, as well as into vehicle and equipment leases as a lessee. The initial terms of these agreements generally range from three to 40 years, with certain agreements containing extension options for up to an additional 60 years. As of March 31, 2019, we included only those renewal options we were reasonably certain of exercising. Upon lease execution, the Company measures a liability for the present value of future lease payments over the noncancellable period of the lease and any renewal option period we are reasonably certain of exercising. Certain agreements require that we pay a portion of reimbursable expenses such as CAM, utilities, insurance and real estate taxes. These payments are not included in the calculation of the lease liability and are presented as variable lease costs. We applied judgments related to the determination of the discount rates used to calculate the lease liability upon adoption at January 1, 2019. In order to calculate our incremental borrowing rate under ASC 842, we utilized judgments and estimates regarding our implied credit rating using market data and made other adjustments to determine an appropriate incremental borrowing rate as of January 1, 2019. The following table presents additional information pertaining to the Company’s leases: Three Months Ended March 31, 2019 (in thousands of dollars) Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Finance lease cost: Amortization of right-of-use assets $ 188 $ — $ — $ 188 Interest on lease liabilities 76 — — 76 Operating lease costs — 439 542 981 Variable lease costs — 41 45 86 Total lease costs $ 264 $ 480 $ 587 $ 1,331 Other information related to leases as of and for the three months ended March 31, 2019 is as follows: (in thousands of dollars) Cash paid for the amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 76 Operating cash flows from operating leases $ 593 Financing cash flows from finance leases $ 155 Weighted average remaining lease term-finance leases (months) 108 Weighted average remaining lease term-operating leases (months) 342 Weighted average discount rate-finance leases 4.41 % Weighted average discount rate-operating leases 6.63 % Future payments against lease liabilities as of March 31, 2019 are as follows: (in thousands of dollars) Finance leases Operating leases Total April 1 to December 31, 2019 $ 694 $ 2,346 $ 3,040 2020 925 1,979 2,904 2021 925 1,906 2,831 2022 925 1,625 2,550 2023 925 1,587 2,512 Thereafter 3,923 48,437 52,360 Total undiscounted lease payments 8,317 57,880 66,197 Less imputed interest (1,462 ) (33,773 ) (35,235 ) Total lease liabilities $ 6,855 $ 24,107 $ 30,962 Future minimum lease payments under these agreements as of December 31, 2018 were as follows: Year Ending December 31, Finance leases Operating leases Total 2019 $ 925 $ 3,007 $ 3,932 2020 925 1,845 2,770 2021 925 1,856 2,781 2022 925 1,673 2,598 2023 925 1,593 2,518 Thereafter 3,923 33,959 37,882 $ 8,548 $ 43,933 $ 52,481 As Lessor As of March 31, 2019, the fixed contractual lease payments, including minimum rents and fixed CAM amounts, to be received over the next five years pursuant to the terms of noncancellable operating leases with initial terms greater than one year are included in the table below. The amounts presented assume that no leases are renewed and no renewal options are exercised. Additionally, the table does not include variable lease payments that may be received under certain leases for percentage rents or the reimbursement of operating costs, such as common area expenses, utilities, insurance and real estate taxes. These variable lease payments are recognized in the period when the applicable expenditures are incurred or in the case of percentage rents when the sales data is made available. (in thousands of dollars) April 1 to December 31, 2019 $ 166,726 2020 207,390 2021 190,026 2022 170,143 2023 150,672 Thereafter 523,579 $ 1,408,536
Leases	LEASES As discussed in Note 1, we adopted the new lease accounting standard effective January 1, 2019. As Lessee We have entered into ground leases for portions of the land at Springfield Town Center and at Plymouth Meeting Mall. We have also entered into an office lease for our headquarters location, as well as into vehicle and equipment leases as a lessee. The initial terms of these agreements generally range from three to 40 years, with certain agreements containing extension options for up to an additional 60 years. As of March 31, 2019, we included only those renewal options we were reasonably certain of exercising. Upon lease execution, the Company measures a liability for the present value of future lease payments over the noncancellable period of the lease and any renewal option period we are reasonably certain of exercising. Certain agreements require that we pay a portion of reimbursable expenses such as CAM, utilities, insurance and real estate taxes. These payments are not included in the calculation of the lease liability and are presented as variable lease costs. We applied judgments related to the determination of the discount rates used to calculate the lease liability upon adoption at January 1, 2019. In order to calculate our incremental borrowing rate under ASC 842, we utilized judgments and estimates regarding our implied credit rating using market data and made other adjustments to determine an appropriate incremental borrowing rate as of January 1, 2019. The following table presents additional information pertaining to the Company’s leases: Three Months Ended March 31, 2019 (in thousands of dollars) Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Finance lease cost: Amortization of right-of-use assets $ 188 $ — $ — $ 188 Interest on lease liabilities 76 — — 76 Operating lease costs — 439 542 981 Variable lease costs — 41 45 86 Total lease costs $ 264 $ 480 $ 587 $ 1,331 Other information related to leases as of and for the three months ended March 31, 2019 is as follows: (in thousands of dollars) Cash paid for the amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 76 Operating cash flows from operating leases $ 593 Financing cash flows from finance leases $ 155 Weighted average remaining lease term-finance leases (months) 108 Weighted average remaining lease term-operating leases (months) 342 Weighted average discount rate-finance leases 4.41 % Weighted average discount rate-operating leases 6.63 % Future payments against lease liabilities as of March 31, 2019 are as follows: (in thousands of dollars) Finance leases Operating leases Total April 1 to December 31, 2019 $ 694 $ 2,346 $ 3,040 2020 925 1,979 2,904 2021 925 1,906 2,831 2022 925 1,625 2,550 2023 925 1,587 2,512 Thereafter 3,923 48,437 52,360 Total undiscounted lease payments 8,317 57,880 66,197 Less imputed interest (1,462 ) (33,773 ) (35,235 ) Total lease liabilities $ 6,855 $ 24,107 $ 30,962 Future minimum lease payments under these agreements as of December 31, 2018 were as follows: Year Ending December 31, Finance leases Operating leases Total 2019 $ 925 $ 3,007 $ 3,932 2020 925 1,845 2,770 2021 925 1,856 2,781 2022 925 1,673 2,598 2023 925 1,593 2,518 Thereafter 3,923 33,959 37,882 $ 8,548 $ 43,933 $ 52,481 As Lessor As of March 31, 2019, the fixed contractual lease payments, including minimum rents and fixed CAM amounts, to be received over the next five years pursuant to the terms of noncancellable operating leases with initial terms greater than one year are included in the table below. The amounts presented assume that no leases are renewed and no renewal options are exercised. Additionally, the table does not include variable lease payments that may be received under certain leases for percentage rents or the reimbursement of operating costs, such as common area expenses, utilities, insurance and real estate taxes. These variable lease payments are recognized in the period when the applicable expenditures are incurred or in the case of percentage rents when the sales data is made available. (in thousands of dollars) April 1 to December 31, 2019 $ 166,726 2020 207,390 2021 190,026 2022 170,143 2023 150,672 Thereafter 523,579 $ 1,408,536
Leases	LEASES As discussed in Note 1, we adopted the new lease accounting standard effective January 1, 2019. As Lessee We have entered into ground leases for portions of the land at Springfield Town Center and at Plymouth Meeting Mall. We have also entered into an office lease for our headquarters location, as well as into vehicle and equipment leases as a lessee. The initial terms of these agreements generally range from three to 40 years, with certain agreements containing extension options for up to an additional 60 years. As of March 31, 2019, we included only those renewal options we were reasonably certain of exercising. Upon lease execution, the Company measures a liability for the present value of future lease payments over the noncancellable period of the lease and any renewal option period we are reasonably certain of exercising. Certain agreements require that we pay a portion of reimbursable expenses such as CAM, utilities, insurance and real estate taxes. These payments are not included in the calculation of the lease liability and are presented as variable lease costs. We applied judgments related to the determination of the discount rates used to calculate the lease liability upon adoption at January 1, 2019. In order to calculate our incremental borrowing rate under ASC 842, we utilized judgments and estimates regarding our implied credit rating using market data and made other adjustments to determine an appropriate incremental borrowing rate as of January 1, 2019. The following table presents additional information pertaining to the Company’s leases: Three Months Ended March 31, 2019 (in thousands of dollars) Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Finance lease cost: Amortization of right-of-use assets $ 188 $ — $ — $ 188 Interest on lease liabilities 76 — — 76 Operating lease costs — 439 542 981 Variable lease costs — 41 45 86 Total lease costs $ 264 $ 480 $ 587 $ 1,331 Other information related to leases as of and for the three months ended March 31, 2019 is as follows: (in thousands of dollars) Cash paid for the amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 76 Operating cash flows from operating leases $ 593 Financing cash flows from finance leases $ 155 Weighted average remaining lease term-finance leases (months) 108 Weighted average remaining lease term-operating leases (months) 342 Weighted average discount rate-finance leases 4.41 % Weighted average discount rate-operating leases 6.63 % Future payments against lease liabilities as of March 31, 2019 are as follows: (in thousands of dollars) Finance leases Operating leases Total April 1 to December 31, 2019 $ 694 $ 2,346 $ 3,040 2020 925 1,979 2,904 2021 925 1,906 2,831 2022 925 1,625 2,550 2023 925 1,587 2,512 Thereafter 3,923 48,437 52,360 Total undiscounted lease payments 8,317 57,880 66,197 Less imputed interest (1,462 ) (33,773 ) (35,235 ) Total lease liabilities $ 6,855 $ 24,107 $ 30,962 Future minimum lease payments under these agreements as of December 31, 2018 were as follows: Year Ending December 31, Finance leases Operating leases Total 2019 $ 925 $ 3,007 $ 3,932 2020 925 1,845 2,770 2021 925 1,856 2,781 2022 925 1,673 2,598 2023 925 1,593 2,518 Thereafter 3,923 33,959 37,882 $ 8,548 $ 43,933 $ 52,481 As Lessor As of March 31, 2019, the fixed contractual lease payments, including minimum rents and fixed CAM amounts, to be received over the next five years pursuant to the terms of noncancellable operating leases with initial terms greater than one year are included in the table below. The amounts presented assume that no leases are renewed and no renewal options are exercised. Additionally, the table does not include variable lease payments that may be received under certain leases for percentage rents or the reimbursement of operating costs, such as common area expenses, utilities, insurance and real estate taxes. These variable lease payments are recognized in the period when the applicable expenditures are incurred or in the case of percentage rents when the sales data is made available. (in thousands of dollars) April 1 to December 31, 2019 $ 166,726 2020 207,390 2021 190,026 2022 170,143 2023 150,672 Thereafter 523,579 $ 1,408,536

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, 2018. 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, 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 27 properties operating in nine states, including 21 shopping malls, four other retail properties and two development or redevelopment properties. We have one property under redevelopment classified as “retail” (redevelopment of The Gallery at Market East into Fashion District Philadelphia (“Fashion District Philadelphia”)). One other property in our portfolio is classified as under development; however, we do not currently have any activity occurring at this property. We also have two undeveloped land parcels located in Gainesville, Florida, a portion of which was sold in March 2019, and New Garden Township, Pennsylvania that were classified as held-for-sale as of March 31, 2019. The New Garden parcel was subsequently sold in April 2019. A parcel that includes Whole Foods adjacent to Exton Square Mall was also classified as held-for-sale as of March 31, 2019 and such parcel was sold in April 2019. 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, 2019 , we held a 97.5% controlling interest in the Operating Partnership (after the redemption of 6,250,000 OP Units during the first quarter of 2019, which is discussed in more detail in Note 5 to our unaudited consolidated financial statements), 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, 2019 , the total amount that would have been distributed would have been $12.7 million , which is calculated using our March 29, 2019 (which was the last trading day in the first quarter of 2019) closing price on the New York Stock Exchange of $6.29 per share multiplied by the number of outstanding OP Units held by limited partners, which was 2,022,635 as of March 31, 2019 . 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 Leasing Standard	New Leasing Standard Effective January 1, 2019, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC 842”) and related guidance using the optional transition method and elected to apply the provisions of the standard as of the adoption date rather than the earliest date presented. Prior period amounts were not restated. We implemented the standard using the following practical expedients: • We have elected the package of practical expedients that allows us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for any existing leases. • For leases under which we are the lessor, we also have elected to not separate non-lease components such as common area maintenance (“CAM”) and real estate reimbursements from the associated lease component (minimum rent). Instead, we account for the lease and non-lease components as a single component because such non-lease components would otherwise be accounted for under the new revenue guidance (ASC 606) and both (1) the timing and pattern of transfer are the same for the nonlease components and associated lease component, and (2) the lease component, if accounted for separately, would be classified as an operating lease. Utility reimbursements are presented separately and not in the single component as the pattern of transfer is not aligned with the use of the property and therefore the criteria for use of the practical expedient are not met.
New Leasing Standard	New Leasing Standard Effective January 1, 2019, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC 842”) and related guidance using the optional transition method and elected to apply the provisions of the standard as of the adoption date rather than the earliest date presented. Prior period amounts were not restated. We implemented the standard using the following practical expedients: • We have elected the package of practical expedients that allows us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for any existing leases. • For leases under which we are the lessor, we also have elected to not separate non-lease components such as common area maintenance (“CAM”) and real estate reimbursements from the associated lease component (minimum rent). Instead, we account for the lease and non-lease components as a single component because such non-lease components would otherwise be accounted for under the new revenue guidance (ASC 606) and both (1) the timing and pattern of transfer are the same for the nonlease components and associated lease component, and (2) the lease component, if accounted for separately, would be classified as an operating lease. Utility reimbursements are presented separately and not in the single component as the pattern of transfer is not aligned with the use of the property and therefore the criteria for use of the practical expedient are not met.
New Accounting Developments	New Accounting Developments In October 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) as a Benchmark Interest Rate for Hedge Accounting. This ASU adds the OIS rate based on SOFR as a U.S. benchmark interest rate to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate hedging strategies for both risk management and hedge accounting purposes. Because we adopted ASU 2017-12, this guidance became effective January 1, 2019. The adoption of this guidance did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses , which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments, and will affect our accounting for trade receivables and notes receivable. We will adopt this new standard on January 1, 2020. We are currently evaluating the impact that the adoption of the new standard will have on our consolidated financial statements.

Real Estate Activities (Tables)

Real Estate Activities (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Investments in Real Estate	Investments in real estate as of March 31, 2019 and December 31, 2018 were comprised of the following: (in thousands of dollars) As of March 31, As of December 31, Buildings, improvements and construction in progress $ 2,718,552 $ 2,719,400 Land, including land held for development 465,624 465,194 Total investments in real estate 3,184,176 3,184,594 Accumulated depreciation (1,148,794 ) (1,118,582 ) Net investments in real estate $ 2,035,382 $ 2,066,012
Real Estate Capitalized Costs	The following table summarizes our capitalized interest, compensation, including commissions, and real estate taxes for the three months ended March 31, 2019 and 2018 : Three Months Ended (in thousands of dollars) 2019 2018 Development/Redevelopment Activities: Interest (1) $ 2,004 $ 1,625 Compensation, including commissions 352 438 Real estate taxes 76 164 Leasing Activities: Compensation, including commissions (2) 320 2,172 (1) Includes interest capitalized on investments in partnerships under development. (2) The definition of initial direct costs under ASC 842 includes only those incremental costs of a lease that would not have been incurred if the lease had not been obtained. As discussed above, certain internal leasing and legal costs that were previously capitalized under ASC 840 are now recorded as period costs under ASC 842. Commissions paid for successful leasing transactions will continue to be capitalized.

Investments in Partnerships (Ta

Investments in Partnerships (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 and December 31, 2018 : (in thousands of dollars) March 31, 2019 December 31, 2018 ASSETS: Investments in real estate, at cost: Operating properties $ 573,939 $ 575,149 Construction in progress 441,678 420,771 Total investments in real estate 1,015,617 995,920 Accumulated depreciation (214,905 ) (212,574 ) Net investments in real estate 800,712 783,346 Cash and cash equivalents 34,968 20,446 Deferred costs and other assets, net 30,284 30,549 Total assets 865,964 834,341 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable, net 505,086 507,090 FDP Term Loan, net 248,030 247,901 Other liabilities 31,460 34,463 Total liabilities 784,576 789,454 Net investment 81,388 44,887 Partners’ share 39,296 21,583 PREIT’s share 42,092 23,304 Excess investment (1) 16,476 15,763 Net investments and advances $ 58,568 $ 39,067 Investment in partnerships, at equity $ 149,795 $ 131,124 Distributions in excess of partnership investments (91,227 ) (92,057 ) Net investments and advances $ 58,568 $ 39,067 _________________________ (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, 2019 and 2018 : Three Months Ended (in thousands of dollars) 2019 2018 Real estate revenue $ 23,451 $ 26,088 Operating expenses: Property operating and other expenses (7,985 ) (8,330 ) Interest expense (5,807 ) (5,734 ) Depreciation and amortization (4,652 ) (5,071 ) Total expenses (18,444 ) (19,135 ) Net income 5,007 6,953 Partners’ share (2,687 ) (3,824 ) PREIT’s share 2,320 3,129 Amortization of and adjustments to excess investment, net (31 ) 9 Equity in income of partnerships $ 2,289 $ 3,138
Summarized Balance Sheet And Statement Of Operations For Subsidiary	Summarized balance sheet information as of March 31, 2019 and December 31, 2018 , and summarized statement of operations information for the three months ended March 31, 2019 and 2018 for this entity, which is accounted for using the equity method, are as follows: (in thousands of dollars) March 31, 2019 December 31, 2018 Summarized balance sheet information Total assets $ 52,867 $ 52,255 Mortgage loan payable, net 194,616 196,328 Three Months Ended (in thousands of dollars) 2019 2018 Summarized statement of operations information Revenue $ 8,399 $ 9,132 Property operating expenses (2,326 ) (2,405 ) Interest expense (2,009 ) (2,045 ) Net income 3,238 4,026 PREIT’s share of equity in income of partnership 1,619 2,013

(Tables)

(Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule Of Applicable Margin Interest Rates	Applicable Margin Level Ratio of Total Liabilities Revolving Loans that are LIBOR Loans Revolving Loans that are Base Rate Loans Term Loans that are LIBOR Loans Term Loans that are Base Rate Loans 1 Less than 0.450 to 1.00 1.20% 0.20% 1.35% 0.35% 2 Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 1.25% 0.25% 1.45% 0.45% 3 Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 (1) 1.30% 0.30% 1.60% 0.60% 4 Equal to or greater than 0.550 to 1.00 1.55% 0.55% 1.90% 0.90% (1) The rates in effect under the Credit Agreements were based upon the Level 3 Ratio of Total Liabilities to Gross Asset Value as of March 31, 2019.
Schedule Of Credit Facility Interest Expense	Interest expense, deferred financing fee amortization and accelerated financing costs, if any, related to the Credit Agreements for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended (in thousands of dollars) 2019 2018 Revolving Facilities (1) Interest expense $ 1,234 $ 365 Deferred financing amortization 274 200 Term Loans (2) Interest expense 5,138 4,286 Deferred financing amortization 189 191 (1) Includes the 2018 Revolving Facility and the 2013 Revolving Facility (collectively, the “Revolving Facilities”). (2) Includes the 2018 Term Loan Facility, the 2014 7-Year Term Loan, the 2014 5-Year Term Loan and the 2015 5-Year Term Loan.
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, 2019 and December 31, 2018 were as follows: March 31, 2019 December 31, 2018 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans (1) $ 985.8 $ 948.0 $ 1,047.9 $ 1,002.3 (1) The carrying value of mortgage loans is net of unamortized debt issuance costs of $2.7 million and $3.4 million as of March 31, 2019 and December 31, 2018 , respectively.

Cash Flow Information (Tables)

Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table provides a summary of cash, cash equivalents, and restricted cash reported within the statement of cash flows as of March 31, 2019 and 2018. March 31, (in thousands of dollars) 2019 2018 Cash and cash equivalents $ 10,416 $ 89,213 Restricted cash included in other assets 12,226 15,110 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 22,642 $ 104,323

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments	The following table summarizes the terms and estimated fair values of our interest rate swap derivative instruments designated as cash flow hedges of interest rate risk at March 31, 2019 and December 31, 2018 based on the year they mature. 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 the accompanying consolidated balance sheets, the carrying amount of derivative assets is reflected in “Deferred costs and other assets, net” and the carrying amount of derivative liabilities is reflected in “Accrued expenses and other liabilities.” Maturity Date Aggregate Notional Value at March 31, 2019 (in millions of dollars) Aggregate Fair Value at (1) (in millions of dollars) Aggregate Fair Value at (1) (in millions of dollars) Weighted Average Interest Interest Rate Swaps 2020 $ 100.0 $ 1.4 $ 1.9 1.23 % 2021 396.9 5.1 8.1 1.57 % 2022 — — — — % 2023 200.0 (4.1 ) (2.0 ) 2.67 % Forward Starting Swaps 2023 100.0 (1.9 ) (1.0 ) 2.75 % Total $ 796.9 $ 0.5 $ 7.0 1.95 % _________________________ (1) As of March 31, 2019 and December 31, 2018 , 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 tables below present the effect of derivative financial instruments on accumulated other comprehensive income and on our consolidated statements of operations for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Instruments Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Expense (in millions of dollars) 2019 2018 2019 2018 Derivatives in Cash Flow Hedging Relationships Interest rate products $ (5.3 ) $ 5.2 $ (1.2 ) $ (0.1 ) Three Months Ended March 31, (in millions of dollars) 2019 2018 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ (15.9 ) $ (14.9 ) Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense $ (1.2 ) $ (0.1 )

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease, Cost	The following table presents additional information pertaining to the Company’s leases: Three Months Ended March 31, 2019 (in thousands of dollars) Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Finance lease cost: Amortization of right-of-use assets $ 188 $ — $ — $ 188 Interest on lease liabilities 76 — — 76 Operating lease costs — 439 542 981 Variable lease costs — 41 45 86 Total lease costs $ 264 $ 480 $ 587 $ 1,331
Supplemental Cash Flows	Other information related to leases as of and for the three months ended March 31, 2019 is as follows: (in thousands of dollars) Cash paid for the amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 76 Operating cash flows from operating leases $ 593 Financing cash flows from finance leases $ 155 Weighted average remaining lease term-finance leases (months) 108 Weighted average remaining lease term-operating leases (months) 342 Weighted average discount rate-finance leases 4.41 % Weighted average discount rate-operating leases 6.63 %
Finance Lease, Liability, Maturity	payments against lease liabilities as of March 31, 2019 are as follows: (in thousands of dollars) Finance leases Operating leases Total April 1 to December 31, 2019 $ 694 $ 2,346 $ 3,040 2020 925 1,979 2,904 2021 925 1,906 2,831 2022 925 1,625 2,550 2023 925 1,587 2,512 Thereafter 3,923 48,437 52,360 Total undiscounted lease payments 8,317 57,880 66,197 Less imputed interest (1,462 ) (33,773 ) (35,235 ) Total lease liabilities $ 6,855 $ 24,107 $ 30,962
Lessee, Operating Lease, Liability, Maturity	payments against lease liabilities as of March 31, 2019 are as follows: (in thousands of dollars) Finance leases Operating leases Total April 1 to December 31, 2019 $ 694 $ 2,346 $ 3,040 2020 925 1,979 2,904 2021 925 1,906 2,831 2022 925 1,625 2,550 2023 925 1,587 2,512 Thereafter 3,923 48,437 52,360 Total undiscounted lease payments 8,317 57,880 66,197 Less imputed interest (1,462 ) (33,773 ) (35,235 ) Total lease liabilities $ 6,855 $ 24,107 $ 30,962
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments under these agreements as of December 31, 2018 were as follows: Year Ending December 31, Finance leases Operating leases Total 2019 $ 925 $ 3,007 $ 3,932 2020 925 1,845 2,770 2021 925 1,856 2,781 2022 925 1,673 2,598 2023 925 1,593 2,518 Thereafter 3,923 33,959 37,882 $ 8,548 $ 43,933 $ 52,481
Schedule of Future Minimum Lease Payments for Capital Leases	Future minimum lease payments under these agreements as of December 31, 2018 were as follows: Year Ending December 31, Finance leases Operating leases Total 2019 $ 925 $ 3,007 $ 3,932 2020 925 1,845 2,770 2021 925 1,856 2,781 2022 925 1,673 2,598 2023 925 1,593 2,518 Thereafter 3,923 33,959 37,882 $ 8,548 $ 43,933 $ 52,481
Lessor, Operating Lease, Payments to be Received, Maturity	As of March 31, 2019, the fixed contractual lease payments, including minimum rents and fixed CAM amounts, to be received over the next five years pursuant to the terms of noncancellable operating leases with initial terms greater than one year are included in the table below. The amounts presented assume that no leases are renewed and no renewal options are exercised. Additionally, the table does not include variable lease payments that may be received under certain leases for percentage rents or the reimbursement of operating costs, such as common area expenses, utilities, insurance and real estate taxes. These variable lease payments are recognized in the period when the applicable expenditures are incurred or in the case of percentage rents when the sales data is made available. (in thousands of dollars) April 1 to December 31, 2019 $ 166,726 2020 207,390 2021 190,026 2022 170,143 2023 150,672 Thereafter 523,579 $ 1,408,536

Basis of Presentation - Nature

Basis of Presentation - Nature of Operations (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)PropertyparcelSegmentsubsidiaryState$ / sharesshares
Real Estate Properties [Line Items]
Number of real estate properties	27
Number of states in which entity operates | State	9
Number of properties under development	1
Number of properties held for sale | parcel	2
OP Units redeemed (in units) | shares	6,250,000
Common stock, conversion ratio	1
Period of conversion	1 year
Redeemable noncontrolling interest, equity, other, fair value | $	$ 12.7
Share price (in dollars per share) | $ / shares	$ 6.29
Limited partners' capital account, units outstanding (in shares) | shares	2,022,635
Number of subsidiaries | subsidiary	2
Number of reportable segments | Segment	1
Percentage of consolidated revenue having no single tenant	10.00%
Mall
Real Estate Properties [Line Items]
Number of real estate properties	21
Retail Site
Real Estate Properties [Line Items]
Number of real estate properties	1
Strip And Power Center
Real Estate Properties [Line Items]
Number of real estate properties	4
Development Properties
Real Estate Properties [Line Items]
Number of real estate properties	2
PREIT Associates, L.P. - Operating Partnership
Real Estate Properties [Line Items]
Interest in the Operating Partnership	97.50%

Basis of Presentation - Leases

Basis of Presentation - Leases (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Mar. 31, 2019	Mar. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset		$ 18,200
Operating lease, liability		24,107
Operating lease, lease income		$ 700
Lessor, lease, cost			$ 1,200
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset	$ 24,600
Operating lease, liability	24,600
Ground Leases | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in operating lease, right-of-use asset	5,500
Decrease in operating lease, liability	$ 5,500

Basis of Presentation - Immater

Basis of Presentation - Immaterial Error Correction (Details) - Correction Of Net Loss (Income) Attributable To Noncontrolling Interest And Common Shareholders $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)$ / shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase in net loss attributable to noncontrolling interests | $	$ 0.7
Decrease in earnings per share, basic and diluted (in dollars per share) | $ / shares	$ 0.01

Real Estate Activities - Invest

Real Estate Activities - Investments in Real Estate (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Buildings, improvements and construction in progress	$ 2,718,552	$ 2,719,400
Land, including land held for development	465,624	465,194
Total investments in real estate	3,184,176	3,184,594
Accumulated depreciation	(1,148,794)	(1,118,582)
Net investments in real estate	$ 2,035,382	$ 2,066,012

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, 2019	Mar. 31, 2018
Interest | Development/Redevelopment Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 2,004	$ 1,625
Compensation, including commissions | Development/Redevelopment Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	352	438
Real estate taxes | Development/Redevelopment Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	76	164
Compensation, including commissions(1) | Leasing Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 320	$ 2,172

Real Estate Activities - Dispos

Real Estate Activities - Dispositions (Details) - USD ($) $ in Thousands	1 Months Ended
	Apr. 30, 2019	Mar. 31, 2019
Undeveloped Land Parcel, Gainesville, Florida
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate		$ 5,000
Gains (losses) on sales of investment real estate		(1,500)
Disposal group, consideration		$ 15,000
Subsequent Event | Undeveloped Land Parcel, New Garden township, Pennsylvania
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate	$ 8,250
Disposal group, consideration	11,000
Contingent liability	1,250
Subsequent Event | Whole Foods Store, Adjacent To Exton Square Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	22,100
Preferred Stock | Subsequent Event | Undeveloped Land Parcel, New Garden township, Pennsylvania
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration transferred, equity instruments	$ 2,750

Investments in Partnerships - S

Investments in Partnerships - Summary of Equity Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments in real estate, at cost:
Operating properties	$ 573,939	$ 575,149
Construction in progress	441,678	420,771
Total investments in real estate	1,015,617	995,920
Accumulated depreciation	(214,905)	(212,574)
Net investments in real estate	800,712	783,346
Cash and cash equivalents	34,968	20,446
Deferred costs and other assets, net	30,284	30,549
Total assets	865,964	834,341
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable, net	505,086	507,090
FDP Term Loan, net	248,030	247,901
Other liabilities	31,460	34,463
Total liabilities	784,576	789,454
Net investment	81,388	44,887
Partners’ share	39,296	21,583
PREIT’s share	42,092	23,304
Excess investment	16,476	15,763
Net investments and advances	58,568	39,067
Investment in partnerships, at equity	149,795	131,124
Distributions in excess of partnership investments	$ (91,227)	$ (92,057)

Investments in Partnerships - D

Investments in Partnerships - Dispositions (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2018	Feb. 28, 2018	Mar. 31, 2019
Partnership Interest
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage			25.00%
Undeveloped Land Parcel Adjacent To Gloucester Premium Outlets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains (losses) on sales of investment real estate	$ 0.6
Undeveloped Land Parcel Adjacent To Gloucester Premium Outlets | Partnership Interest
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from real estate and real estate joint ventures	3.8
Gains (losses) on sales of investment real estate	$ 2.3
Condominium Interest in 907 Market Street, Philadelphia, Pennsylvania
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains (losses) on sales of investment real estate		$ 2.8
Condominium Interest in 907 Market Street, Philadelphia, Pennsylvania | Partnership Interest
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage		50.00%
Proceeds from real estate and real estate joint ventures		$ 41.8
Gains (losses) on sales of investment real estate		5.5
Proceeds from sale of real estate		$ 19.7

Investments in Partnerships -_2

Investments in Partnerships - Summary of Share of Equity in Income of Partnerships (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Total assets	$ 865,964		$ 834,341
Real estate revenue	23,451	$ 26,088
Operating expenses:
Property operating and other expenses	(7,985)	(8,330)
Interest expense	(5,807)	(5,734)
Depreciation and amortization	(4,652)	(5,071)
Total expenses	(18,444)	(19,135)
Net income	5,007	6,953
Partners’ share	(2,687)	(3,824)
PREIT’s share	2,320	3,129
Amortization of and adjustments to excess investment, net	(31)	9
Equity in income of partnerships	2,289	3,138
Lehigh Valley Associates, LP
Schedule of Equity Method Investments [Line Items]
Total assets	52,867		52,255
Mortgage loan payable, net	194,616		$ 196,328
Revenue	8,399	9,132
Property operating expenses	(2,326)	(2,405)
Interest expense	(2,009)	(2,045)
Net income	3,238	4,026
PREIT’s share of equity in income of partnership	$ 1,619	$ 2,013
Lehigh Valley Associates, LP | Lehigh Valley Associates, LP
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%

Financing Activity - Credit Agr

Financing Activity - Credit Agreements (Details)	3 Months Ended
	Mar. 31, 2019USD ($)agreementquarteroccasion	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Outstanding borrowings	$ 547,478,000	$ 547,289,000
Outstanding line of credit	$ 162,000,000	$ 65,000,000
Debt instrument, covenant compliance	As of March 31, 2019, the Borrower was in compliance with all financial covenants in the Credit Agreements.
Unsecured Debt
Debt Instrument [Line Items]
Debt issuance costs, line of credit arrangements	$ (2,500,000)
Credit Agreements
Debt Instrument [Line Items]
Number of credit agreements | agreement	2
Credit Agreements | 2018 Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000
Outstanding line of credit	162,000,000
Remaining borrowing capacity	$ 196,800,000
Facility fee percentage	0.30%
Credit Agreements | 2018 Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300,000,000
Credit Agreements | 2014 Seven Year Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000,000
Credit Agreements | Term Loans
Debt Instrument [Line Items]
Outstanding borrowings	$ 550,000,000
Property With Average Sales Of More Than $500 Per Square Foot | Credit Agreements
Debt Instrument [Line Items]
Covenant compliance, capitalization rate	6.50%
Property Other Than With Average Sales Of $500 Per Square Foot | Credit Agreements
Debt Instrument [Line Items]
Covenant compliance, capitalization rate	7.50%
Covenant Term One | Credit Agreements
Debt Instrument [Line Items]
Covenant compliance, Minimum Tangible Net Worth	$ 1,463,200,000
Covenant compliance, percent of net proceeds of all equity issuances	75.00%
Covenant Term Two | Credit Agreements
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio	0.60
Covenant compliance, number of consecutive quarters total liabilities to gross asset value ratio exceeding threshold | quarter	2
Covenant compliance, number of occasions total liabilities to gross asset value ratio exceeding threshold | occasion	2
Covenant Term Three | Credit Agreements
Debt Instrument [Line Items]
Covenant compliance, ratio of adjusted EBITDA to fixed charges, minimum	1.50
Covenant Term Four, Through June 30, 2020 | Credit Agreements
Debt Instrument [Line Items]
Covenant compliance, minimum unencumbered debt yield	0.11
Covenant Term Four, After June 30, 2020 Through June 30, 2021 | Credit Agreements
Debt Instrument [Line Items]
Covenant compliance, minimum unencumbered debt yield	0.1125
Covenant Term Four, After June 30, 2021 | Credit Agreements
Debt Instrument [Line Items]
Covenant compliance, minimum unencumbered debt yield	0.115
Covenant Term Five | Credit Agreements
Debt Instrument [Line Items]
Covenant compliance, minimum unencumbered NOI to unsecured interest expense, ratio	1.75
Covenant Term Six | Credit Agreements
Debt Instrument [Line Items]
Covenant compliance, secured indebtedness to gross asset value, maximum ratio	0.60
Covenant Term Seven | Credit Agreements
Debt Instrument [Line Items]
Covenant compliance, maximum distribution percent of funds from operations	95.00%
Covenant compliance, maximum distribution percent of REIT taxable income	110.00%
Maximum | Covenant Term Two | Credit Agreements
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio	0.625

- Interest Expense and Deferred

- Interest Expense and Deferred Financing Amortization (Detail) - Credit Agreements - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
2018 Revolving Facility
Debt Instrument [Line Items]
Interest expense	$ 1,234	$ 365
Deferred financing amortization	274	200
Term Loans
Debt Instrument [Line Items]
Interest expense	5,138	4,286
Deferred financing amortization	$ 189	$ 191

- Applicable Credit Spread Over

- Applicable Credit Spread Over Libor at Various Leverage Levels (Detail)	3 Months Ended
	Mar. 31, 2019
Less than 0.450 to 1.00
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio	0.450
Less than 0.450 to 1.00 | LIBOR | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	1.20%
Less than 0.450 to 1.00 | LIBOR | Term Loans
Debt Instrument [Line Items]
Applicable Margin	1.35%
Less than 0.450 to 1.00 | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	0.20%
Less than 0.450 to 1.00 | Base Rate | Term Loans
Debt Instrument [Line Items]
Applicable Margin	0.35%
Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 | Minimum
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio	0.450
Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 | Maximum
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio	0.500
Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 | LIBOR | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	1.25%
Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 | LIBOR | Term Loans
Debt Instrument [Line Items]
Applicable Margin	1.45%
Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	0.25%
Equal to or greater than 0.450 to 1.00 but less than 0.500 to 1.00 | Base Rate | Term Loans
Debt Instrument [Line Items]
Applicable Margin	0.45%
Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 | Minimum
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio	0.500
Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 | Maximum
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio	0.550
Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 | LIBOR | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	1.30%
Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 | LIBOR | Term Loans
Debt Instrument [Line Items]
Applicable Margin	1.60%
Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	0.30%
Equal to or greater than 0.500 to 1.00 but less than 0.550 to 1.00 | Base Rate | Term Loans
Debt Instrument [Line Items]
Applicable Margin	0.60%
Equal to or greater than 0.550 to 1.00
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio	0.550
Equal to or greater than 0.550 to 1.00 | LIBOR | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	1.55%
Equal to or greater than 0.550 to 1.00 | LIBOR | Term Loans
Debt Instrument [Line Items]
Applicable Margin	1.90%
Equal to or greater than 0.550 to 1.00 | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	0.55%
Equal to or greater than 0.550 to 1.00 | Base Rate | Term Loans
Debt Instrument [Line Items]
Applicable Margin	0.90%

- Carrying and Fair Values of M

- Carrying and Fair Values of Mortgage Loans (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgage loans, carrying value	$ 985,763	$ 1,047,906
Secured Debt
Debt Instrument [Line Items]
Debt issuance costs, line of credit arrangements	2,700	3,400
Carrying Value
Debt Instrument [Line Items]
Mortgage loans, carrying value	985,800	1,047,900
Fair Value
Debt Instrument [Line Items]
Mortgage loans, fair value	$ 948,000	$ 1,002,300

- Mortgage Loan Activity (Detai

- Mortgage Loan Activity (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Loss on debt extinguishment		$ 4,768	$ 0
Capital City Mall, Camp Hill, Pennsylvania | Commercial Real Estate | Mortgages
Debt Instrument [Line Items]
Repayments of Debt	$ 58,500
Loss on debt extinguishment	4,800
Wyoming Valley Mall | Commercial Real Estate | Mortgages
Debt Instrument [Line Items]
Debt default, amount	$ 73,400	$ 73,400

Cash Flow Information - Additio

Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other Significant Noncash Transactions [Line Items]
Cash paid for interest	$ 14.5	$ 12.2
Net of capitalized interest	2	1.6
Line of credit facilities gross borrowings	107	0
Line of credit facilities gross repayments	10	53
Accrued construction costs	$ (13.9)	$ (2.3)
Common Stock
Other Significant Noncash Transactions [Line Items]
Conversion of units, shares issued (in shares)	6,250,000

Cash Flow Information - Cash an

Cash Flow Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 10,416	$ 18,084			$ 89,213
Restricted cash included in other assets	12,226				15,110
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 22,642	$ 32,445	$ 104,323	$ 33,953	$ 104,323
Additional cash and cash equivalent related text	Our restricted cash consists of cash held in escrow by banks for real estate taxes and other purposes.

Commitments and Contingencies C

Commitments and Contingencies Contractual Obligations (Details) - Construction in Progress $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Other Commitments [Line Items]
Unaccrued contractual obligation and other commitments	$ 150.6
Fashion District Philadelphia | Macerich | Corporate Joint Venture
Other Commitments [Line Items]
Unaccrued contractual obligation and other commitments	$ 300
Contractual obligation, period after commencement	48 months

Commitments and Contingencies P

Commitments and Contingencies Provision for Employee Separation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Severance costs	$ 700,000	$ 0
Accrued severance	$ 1,000,000

Commitments and Contingencies_2

Commitments and Contingencies Property Damage from Natural Disaster (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Jacksonville Mall, Jacksonville, North Carolina
Loss Contingencies [Line Items]
Loss from catastrophes	$ 0.2

Derivatives - Additional Inform

Derivatives - Additional Information (Detail) $ in Millions	Mar. 31, 2019USD ($)
Derivative Instruments [Line Items]
Estimate increase to interest expense	$ 3.8
Weighted average interest rate	1.95%
Derivative, notional amount	$ 796.9
Interest rate derivative liabilities, at fair value	6.4
Derivative asset, fair value, gross liability	$ 6.6
Interest Rate Swap
Derivative Instruments [Line Items]
Weighted average interest rate	1.84%
Derivative, notional amount	$ 696.9
Interest Rate Forward Starting Swaps 2023 Maturity
Derivative Instruments [Line Items]
Weighted average interest rate	2.75%
Derivative, notional amount	$ 100

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 796.9
Aggregate Fair Value	$ 0.5	$ 7
Weighted Average Interest Rate	1.95%
Interest Rate Swaps 2020 Maturity
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 100
Aggregate Fair Value	$ 1.4	1.9
Weighted Average Interest Rate	1.23%
Interest Rate Swaps 2021 Maturity
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 396.9
Aggregate Fair Value	$ 5.1	8.1
Weighted Average Interest Rate	1.57%
Interest Rate Swaps 2022 Maturity
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 0
Aggregate Fair Value	$ 0	0
Weighted Average Interest Rate	0.00%
Interest Rate Swaps 2023 Maturity
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 200
Aggregate Fair Value	$ (4.1)	(2)
Weighted Average Interest Rate	2.67%
Interest Rate Forward Starting Swaps 2023 Maturity
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 100
Aggregate Fair Value	$ (1.9)	$ (1)
Weighted Average Interest Rate	2.75%

Derivatives - Effect of Our Der

Derivatives - Effect of Our Derivative Financial Instruments on Our Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Instruments	$ (5,300)	$ 5,200
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Expense	(1,200)	(100)
Interest Expense	$ (15,898)	$ (14,901)

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, operating lease, renewal term	60 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, operating lease, term of contract	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, operating lease, term of contract	40 years

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization of right-of-use assets	$ 188
Interest on lease liabilities	76
Operating lease costs	981
Variable lease costs	86
Total lease costs	1,331
Solar Panel Leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization of right-of-use assets	188
Interest on lease liabilities	76
Total lease costs	264
Ground Leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease costs	439
Variable lease costs	41
Total lease costs	480
Office, equipment, and vehicle leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease costs	542
Variable lease costs	45
Total lease costs	$ 587

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows and Terms (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating cash flows from finance leases	$ 76
Operating cash flows from operating leases	593
Financing cash flows from finance leases	$ 155
Weighted average remaining lease term-finance leases (months)	108 months
Weighted average remaining lease term-operating leases (months)	342 months
Weighted average discount rate-finance leases	4.41%
Weighted average discount rate-operating leases	6.63%

Leases - Maturity (Details)

Leases - Maturity (Details) $ in Thousands	Mar. 31, 2019USD ($)
Finance leases
April 1 to December 31, 2019	$ 694
2020	925
2021	925
2022	925
2023	925
Thereafter	3,923
Total undiscounted lease payments	8,317
Less imputed interest	(1,462)
Total lease liabilities	6,855
Operating leases
April 1 to December 31, 2019	2,346
2020	1,979
2021	1,906
2022	1,625
2023	1,587
Thereafter	48,437
Total undiscounted lease payments	57,880
Less imputed interest	(33,773)
Total lease liabilities	24,107
Total
April 1 to December 31, 2019	3,040
2020	2,904
2021	2,831
2022	2,550
2023	2,512
Thereafter	52,360
Total undiscounted lease payments	66,197
Less imputed interest	(35,235)
Total lease liabilities	$ 30,962

Leases - Maturities Prior to Ad

Leases - Maturities Prior to Adoption of New Standard (Details) $ in Thousands	Dec. 31, 2018USD ($)
Finance leases
2019	$ 925
2020	925
2021	925
2022	925
2023	925
Thereafter	3,923
Total	8,548
Operating leases
2019	3,007
2020	1,845
2021	1,856
2022	1,673
2023	1,593
Thereafter	33,959
Total	43,933
Total
2019	3,932
2020	2,770
2021	2,781
2022	2,598
2023	2,518
Thereafter	37,882
Total	$ 52,481

Leases - Lessor Payments to be

Leases - Lessor Payments to be Received, Maturity (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
April 1 to December 31, 2019	$ 166,726
2020	207,390
2021	190,026
2022	170,143
2023	150,672
Thereafter	523,579
Total payments to be received	$ 1,408,536