Pennsylvania Real Estate Investment Trust (PRET) 10-Q 4 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 30, 2019
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	PEI
Entity Registrant Name	PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
Entity Central Index Key	0000077281
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false
Entity File Number	1-6300
Entity Tax Identification Number	236216339
Entity Address, Address Line One	200 South Broad Street
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19102
City Area Code	215
Local Phone Number	875-0700
Entity Common Stock, Shares Outstanding		77,591,841

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
INVESTMENTS IN REAL ESTATE, at cost:
Operating properties	$ 3,043,937	$ 3,063,531
Construction in progress	151,787	115,182
Land held for development	5,881	5,881
Total investments in real estate	3,201,605	3,184,594
Accumulated depreciation	(1,181,848)	(1,118,582)
Net investments in real estate	2,019,757	2,066,012
INVESTMENTS IN PARTNERSHIPS, at equity:	143,440	131,124
OTHER ASSETS:
Cash and cash equivalents	11,709	18,084
Tenant and other receivables, net	35,374	38,914
Intangible assets (net of accumulated amortization of $18,125 and $15,543 at September 30, 2019 and December 31, 2018, respectively)	15,286	17,868
Deferred costs and other assets, net	99,017	110,805
Assets held for sale	9,463	22,307
Total assets	2,334,046	2,405,114
LIABILITIES:
Mortgage loans payable, net	904,641	1,047,906
Term Loans, net	547,834	547,289
Revolving Facilities	213,000	65,000
Tenants’ deposits and deferred rent	11,296	15,400
Distributions in excess of partnership investments	87,554	92,057
Fair value of derivative liabilities	16,324	3,010
Accrued expenses and other liabilities	90,907	87,901
Total liabilities	1,871,556	1,858,563
COMMITMENTS AND CONTINGENCIES (Note 6):
EQUITY:
Shares of beneficial interest, $1.00 par value per share; 200,000 shares authorized; 77,602 shares issued and outstanding at September 30, 2019 and 70,495 shares issued and outstanding at December 31, 2018	77,602	70,495
Capital contributed in excess of par	1,765,900	1,671,042
Accumulated other comprehensive (loss) income	(15,388)	5,408
Distributions in excess of net income	(1,370,365)	(1,306,318)
Total equity—Pennsylvania Real Estate Investment Trust	457,903	440,781
Noncontrolling interest	4,587	105,770
Total equity	462,490	546,551
Total liabilities and equity	2,334,046	2,405,114
Series B Preferred Shares, $.01 par value per share; 25,000 shares authorized; 3450 shares issued and outstanding at September 30,2019 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 September 30, 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 September 30, 2019 and December 31, 2018 liquidation preference of $125,000
EQUITY:
Preferred Shares	$ 50	$ 50

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Intangible assets, accumulated amortization	$ 18,125,000	$ 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)	77,602,000	70,495,000
Common stock, shares outstanding (in shares)	77,602,000	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		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Real estate revenue:
Lease revenue		$ 73,310	$ 78,219	$ 223,668	$ 239,669
Expense reimbursements		5,364	5,677	15,342	16,307
Other real estate revenue		2,202	2,493	7,619	6,928
Total real estate revenue		80,876	86,389	246,629	262,904
Other income		498	1,714	1,440	3,454
Total revenue		81,374	88,103	248,069	266,358
Property operating expenses:
CAM and real estate taxes		(28,320)	(27,826)	(85,891)	(84,569)
Utilities		(4,009)	(4,430)	(11,350)	(12,143)
Other property operating expenses		(1,836)	(2,444)	(5,815)	(8,752)
Total property operating expenses		(34,165)	(34,700)	(103,056)	(105,464)
Depreciation and amortization		(31,236)	(33,119)	(98,085)	(100,505)
General and administrative expenses		(10,605)	(8,441)	(33,419)	(27,969)
Provision for employee separation expenses		(218)	(561)	(1,078)	(956)
Insurance recoveries, net		2,878	0	4,494	0
Project costs and other expenses		(80)	(214)	(267)	(465)
Total operating expenses		(73,426)	(77,035)	(231,411)	(235,359)
Interest expense, net		(15,534)	(15,181)	(46,986)	(46,064)
Gain on debt extinguishment, net		29,600	0	24,832	0
Impairment of assets			0	(1,464)	(34,286)
Total expenses		(59,360)	(92,216)	(255,029)	(315,709)
Income (loss) before equity in income of partnerships, gain on sales of real estate by equity method investee, gain on sales of real estate, net, and adjustment to gain on sales of interests in non operating real estate		22,014	(4,113)	(6,960)	(49,351)
Equity in income of partnerships		1,531	2,477	6,136	8,186
Gain on sales of real estate by equity method investee		0	0	553	2,773
Gain on sales of real estate, net		1,171	0	2,684	748
Adjustment to gain on sales of interests in non operating real estate		0	0	0	(25)
Net income (loss)		24,716	(1,636)	2,413	(37,669)
Less: net (income) loss attributable to noncontrolling interest		(454)	891	1,563	6,122
Net income (loss) attributable to PREIT		24,262	(745)	3,976	(31,547)
Less: preferred share dividends		(6,843)	(6,843)	(20,531)	(20,531)
Net income (loss) attributable to PREIT common shareholders		17,419	(7,588)	(16,555)	(52,078)
Net income (loss)		24,716	(1,636)	2,413	(37,669)
Noncontrolling interest		(454)	891	1,563	6,122
Less: preferred share dividends		(6,843)	(6,843)	(20,531)	(20,531)
Dividends on unvested restricted shares		(222)	(136)	(663)	(412)
Net income (loss) used to calculate loss per share—basic and diluted		$ 17,197	$ (7,724)	$ (17,218)	$ (52,490)
Basic and diluted income (loss) per share (in dollars per share)		$ 0.22	$ (0.11)	$ (0.23)	$ (0.75)
Weighted average shares outstanding—basic (in shares)		76,492	69,803	74,771	69,718
Effect of common share equivalents (in shares)	[1]	332	0	0	0
Weighted average shares outstanding—diluted (in shares)		76,824	69,803	74,771	69,718
Development Land Parcel
Property operating expenses:
Impairment of assets		$ 0	$ 0	$ (1,464)	$ 0
[1]	The Company had net losses used to calculate earnings per share for the three months ended September 30, 2018, and for the nine months ended September 30, 2019 and 2018. Therefore, the effects of common share equivalents of 38

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - shares shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	38	375	272

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Comprehensive income (loss):
Net income (loss)	$ 24,716	$ (1,636)	$ 2,413	$ (37,669)
Unrealized (loss) gain on derivatives	(3,607)	1,905	(21,838)	9,662
Amortization of settled swaps	3	180	82	719
Total comprehensive income (loss)	21,112	449	(19,343)	(27,288)
Less: comprehensive (income) loss attributable to noncontrolling interest	(363)	669	2,524	5,020
Comprehensive income (loss) attributable to PREIT	$ 20,749	$ 1,118	$ (16,819)	$ (22,268)

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 (Loss)	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 income (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, 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 income (loss)	(37,669)
Ending balance at Sep. 30, 2018	669,374	70,473	1,669,239	16,505	(1,205,896)	118,899		35			69			50
Beginning balance at Mar. 31, 2018	740,764	70,353	1,665,325	11,788	(1,133,680)	126,824		35			69			50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(32,321)				(28,202)	(4,119)
Other comprehensive loss	3,193			2,854		339
Shares issued under employee compensation plans, net of shares retired	363	97	266
Amortization of deferred compensation	1,711		1,711
Dividends paid to common shareholders ($0.21 per share)	(14,787)				(14,787)
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 Jun. 30, 2018	690,342	70,450	1,667,302	14,642	(1,183,513)	121,307		35			69			50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,636)				(744)	(892)
Other comprehensive loss	2,085			1,863		222
Shares issued under employee compensation plans, net of shares retired	203	23	180
Amortization of deferred compensation	1,757		1,757
Dividends paid to common shareholders ($0.21 per share)	(14,796)				(14,796)
Dividends paid to preferred shareholders							(1,592)		(1,592)	(3,105)		(3,105)	(2,146)		(2,146)
Noncontrolling interests:
Distributions paid to Operating Partnership unit holders ($0.21 per unit)	(1,738)					(1,738)
Ending balance at Sep. 30, 2018	669,374	70,473	1,669,239	16,505	(1,205,896)	118,899		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 income (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
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 income (loss)	2,413
Ending balance at Sep. 30, 2019	462,490	77,602	1,765,900	(15,388)	(1,370,365)	4,587		35			69			50
Beginning balance at Mar. 31, 2019	501,947	77,383	1,761,736	(533)	(1,342,626)	5,833		35			69			50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(6,080)				(5,751)	(329)
Other comprehensive loss	(11,647)			(11,342)		(305)
Shares issued under employee compensation plans, net of shares retired	337	164	173
Amortization of deferred compensation	1,889		1,889
Dividends paid to common shareholders ($0.21 per share)	(16,278)				(16,278)
Dividends paid to preferred shareholders							(1,591)		(1,591)	(3,105)		(3,105)	(2,148)		(2,148)
Noncontrolling interests:
Distributions paid to Operating Partnership unit holders ($0.21 per unit)	(464)					(464)
Other changes in noncontrolling interest, net	(10)					(10)
Ending balance at Jun. 30, 2019	462,850	77,547	1,763,798	(11,875)	(1,371,499)	4,725		35			69			50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	24,716				24,262	454
Other comprehensive loss	(3,604)			(3,513)		(91)
Shares issued under employee compensation plans, net of shares retired	335	55	280
Amortization of deferred compensation	1,822		1,822
Dividends paid to common shareholders ($0.21 per share)	(16,284)				(16,284)
Dividends paid to preferred shareholders							$ (1,591)		$ (1,591)	$ (3,105)		$ (3,105)	$ (2,148)		$ (2,148)
Noncontrolling interests:
Distributions paid to Operating Partnership unit holders ($0.21 per unit)	(425)					(425)
Other changes in noncontrolling interest, net	(76)					(76)
Ending balance at Sep. 30, 2019	$ 462,490	$ 77,602	$ 1,765,900	$ (15,388)	$ (1,370,365)	$ 4,587		$ 35			$ 69			$ 50

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018
Common stock, dividend per share paid (in dollars per share)	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.21
Preferred shares, par value (in dollars per share)	0.01	0.01	0.01	0.01	0.01	0.01
Common stock, par value (in dollars per share)	1	1	1	1	1	1	$ 1
Series B Preferred Stock
Preferred stock, dividends per share paid (in dollars per share)	0.4609	0.4609	0.4609	0.4609	0.4609	0.4609
Preferred shares, par value (in dollars per share)	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Series C Preferred Stock
Preferred stock, dividends per share paid (in dollars per share)	0.45	0.45	0.45	0.4500	0.4500	0.4500
Preferred shares, par value (in dollars per share)	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Series D Preferred Stock
Preferred stock, dividends per share paid (in dollars per share)	0.4297	0.4297	0.4297	0.4297	0.4297	0.4297
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 2,413	$ (37,669)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	89,736	92,063
Amortization	12,152	10,776
Straight-line rent adjustments	(2,084)	(1,753)
Provision for doubtful accounts	0	2,054
Non-cash lease termination revenue	0	(4,200)
Amortization of deferred compensation	5,633	5,392
Gain on debt extinguishment, net	(24,832)	0
Insurance recoveries in excess of property loss	(3,994)	0
Gain on sale of interests in real estate, net	(2,684)	(723)
Equity in income of partnerships	(6,136)	(8,186)
Gain on sale of real estate by equity method investee	(553)	(2,773)
Cash distributions from partnerships	19,223	6,029
Amortization of historic tax credits	0	(810)
Impairment of assets	1,464	34,286
Change in assets and liabilities:
Net change in other assets	(5,248)	(1,904)
Net change in other liabilities	(5,417)	1,632
Net cash provided by operating activities	79,673	94,214
Cash flows from investing activities:
Investments in consolidated real estate acquisitions	0	(11,400)
Distribution of financing proceeds from equity method investee	25,000	123,000
Cash proceeds from sales of real estate	35,351	1,636
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	6,977	0
Investments in partnerships	(55,221)	(47,074)
Investments in real estate improvements	(21,487)	(23,918)
Additions to construction in progress	(86,118)	(51,349)
Capitalized leasing costs	(413)	(10,423)
Additions to leasehold improvements and corporate fixed assets	(819)	(67)
Net cash (used in) provided by investing activities	(87,851)	132
Cash flows from financing activities:
(Repayments of) proceeds from mortgage loans and finance lease liabilities	(71,210)	10,185
Net borrowings (repayments) under revolving facility	148,000	(16,000)
Dividends paid to common shareholders	(47,492)	(44,349)
Dividends paid to preferred shareholders	(20,531)	(20,531)
Distributions paid to Operating Partnership unit holders and noncontrolling interest	(2,587)	(5,212)
Principal installments on mortgage loans	(12,806)	(14,217)
Payment of deferred financing costs	(95)	(6,522)
Value of shares of beneficial interest issued	978	1,118
Value of shares retired under equity incentive plans, net of shares issued	(632)	(747)
Net cash used in financing activities	(6,375)	(96,275)
Net change in cash, cash equivalents, and restricted cash	(14,553)	(1,929)
Cash, cash equivalents, and restricted cash, beginning of period	32,445	33,953
Cash, cash equivalents, and restricted cash, end of period	$ 17,892	$ 32,024

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. 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 26 properties operating in nine states, including 21 shopping malls, four other retail properties and one development property. The property in our portfolio that is classified as under development does not currently have any activity occurring. We also have one undeveloped land parcel located in Gainesville, Florida, a portion of which was sold in March 2019 and the remaining portion of which was classified as held for sale as of September 30, 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 September 30, 2019, we held a 97.5% controlling interest in the Operating Partnership (after the redemption of 6,250,000 OP Units (as defined below) during the first quarter of 2019, which is discussed in more detail in Note 5), 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 September 30, 2019, the total amount that would have been distributed would have been $11.6 million, which is calculated using our September 30, 2019 closing price on the New York Stock Exchange of $5.72 per share multiplied by the number of outstanding OP Units held by limited partners, which was 2,022,635 as of September 30, 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 Accounting Developments Lease accounting related 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 non-lease 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 September 30, 2019 and for the three and nine months ended September 30, 2019: As of January 1, 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 September 30, 2019, the ROU asset was $17.1 million and is included in deferred costs and other assets, net and the lease liability was $23.2 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 three and nine months ended September 30, 2019, $0.7 million and $2.0 million, respectively, 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 collectability 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 and nine months ended September 30, 2018, we capitalized $1.2 million and $3.9 million of internal leasing and legal salaries and benefits, respectively. No such costs were capitalized for the three and nine months ended September 30, 2019. We will continue to amortize previously capitalized initial direct costs over the remaining terms of the associated leases. Other accounting 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. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses

Real Estate Activities

Real Estate Activities	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Real Estate Activities	2. REAL ESTATE ACTIVITIES Investments in real estate as of September 30, 2019 and December 31, 2018 were comprised of the following: (in thousands of dollars) September 30, 2019 December 31, 2018 Buildings, improvements and construction in progress $ 2,735,348 $ 2,719,400 Land, including land held for development 466,257 465,194 Total investments in real estate 3,201,605 3,184,594 Accumulated depreciation (1,181,848 ) (1,118,582 ) Net investments in real estate $ 2,019,757 $ 2,066,012 Capitalization of Costs The following table summarizes our capitalized interest, compensation, including commissions, and real estate taxes for the three and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2019 2018 2019 2018 Development/Redevelopment Activities: Interest (1) $ 2,683 $ 1,821 $ 7,012 $ 4,728 Compensation 281 352 969 1,067 Real estate taxes 524 430 945 810 Leasing Activities: Compensation, including commissions (2) 108 1,482 413 5,423 (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. We currently expect the transaction with respect to the remaining parcel to close before the end 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 September 30, 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 value for accounting purposes 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, which has been recorded as a liability in our consolidated balance sheet. In connection with this sale, we recorded a gain of $0.2 million. In April 2019, we sold a Whole Foods store located on a parcel adjacent to Exton Square Mall for total consideration of $22.1 million. In connection with this sale, we recorded a gain of $1.3 million. In July 2019, we sold an outparcel located at Valley View Mall in La Crosse, Wisconsin for total consideration of $1.4 million. In connection with this sale, we recorded a gain of $1.2 million. In September 2019, we conveyed Wyoming Valley Mall to the lender of the mortgage loan secured by the property. The loan had a balance of approximately $72.8 million as of the conveyance on September 26, 2019. As a result of the transfer, having previously recognized an asset impairment loss of approximately $32.2 million on the value of the property, we wrote off the remaining carrying value of the property of $43.2 million and recorded a net gain on extinguishment of debt of $29.6 million in the three months ended September 30, 2019.

Investments in Partnerships

Investments in Partnerships	9 Months Ended
	Sep. 30, 2019
Equity Method Investments And Joint Ventures [Abstract]
Investments in Partnerships	3. INVESTMENTS IN PARTNERSHIPS The following table presents summarized financial information of the equity investments in our unconsolidated partnerships as of September 30, 2019 and December 31, 2018: (in thousands of dollars) September 30, 2019 December 31, 2018 ASSETS: Investments in real estate, at cost: Operating properties $ 739,199 $ 575,149 Construction in progress 362,928 420,771 Total investments in real estate 1,102,127 995,920 Accumulated depreciation (223,790 ) (212,574 ) Net investments in real estate 878,337 783,346 Cash and cash equivalents 33,895 20,446 Deferred costs and other assets, net 41,441 30,549 Total assets 953,673 834,341 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable, net 501,095 507,090 FDP Term Loan, net 298,960 247,901 Other liabilities 82,450 34,463 Total liabilities 882,505 789,454 Net investment $ 71,168 $ 44,887 Partners’ share 33,661 21,583 PREIT’s share 37,507 23,304 Excess investment (1) 18,379 15,763 Net investments and advances $ 55,886 $ 39,067 Reconciliation to comparable GAAP balance sheet item: Investment in partnerships, at equity $ 143,440 $ 131,124 Distributions in excess of partnership investments (87,554 ) (92,057 ) Net investment $ 55,886 $ 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 and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2019 2018 2019 2018 Real estate revenue $ 23,742 $ 23,848 $ 70,636 $ 73,826 Operating expenses: Property operating and other expenses (8,805 ) (7,659 ) (24,331 ) (23,512 ) Interest expense (1) (5,771 ) (5,872 ) (17,428 ) (17,440 ) Depreciation and amortization (5,317 ) (4,763 ) (14,675 ) (14,715 ) Total expenses (19,893 ) (18,294 ) (56,434 ) (55,667 ) Net income 3,849 5,554 14,202 18,159 Partners’ share (2,191 ) (3,057 ) (7,777 ) (9,971 ) PREIT’s share 1,658 2,497 6,425 8,188 Amortization of and adjustments to excess investment, net (127 ) (20 ) (289 ) (2 ) Equity in income of partnerships $ 1,531 $ 2,477 $ 6,136 $ 8,186 (1) Net of capitalized interest expense of $1,602 and $1,371 for the three months ended September 30, 2019 and 2018, respectively, and $4,554 and $3,292 for the nine months ended September 30, 2019 and 2018, respectively. 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. Term Loan In January 2018, our Fashion District Philadelphia redevelopment project joint venture entity entered into a $250.0 million term loan (the “FDP Term Loan”). We and our partner in the project, The Macerich Company (“Macerich”), each own a 50% partnership interest in Fashion District Philadelphia. The FDP Term Loan matures in January 2023, and bears interest at a variable rate of LIBOR plus 2.00%. PREIT and Macerich secured the FDP Term Loan by pledging their respective equity interests in the entities that own Fashion District Philadelphia. The entire $250.0 million available under the FDP Term Loan was drawn during the first quarter of 2018, and we received an aggregate $123.0 million as a distribution of our share of the draws in 2018. In July 2019, the FDP Term Loan was modified to increase the total potential borrowings from $250.0 million to $350.0 million. A total of $51.0 million was drawn during the third quarter of 2019 and we received aggregate distributions of $25.0 million as our share of the draws. Significant Unconsolidated Subsidiary We have a 50% ownership interest in Lehigh Valley Associates L.P. (“LVA”) and Fashion District Philadelphia (“FDP”). The financial information of LVA and FDP are included in the amounts above. Summarized balance sheet information as of September 30, 2019 and December 31, 2018, and summarized statement of operations information for the three and nine months ended September 30, 2019 and 2018 for these entities, which are accounted for using the equity method, are as follows: LVA (in thousands of dollars) September 30, 2019 December 31, 2018 Summarized balance sheet information Total assets $ 58,139 $ 52,255 Mortgage loan payable, net 192,873 196,328 Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2019 2018 2019 2018 Summarized statement of operations information Revenue $ 8,006 $ 8,871 $ 24,589 $ 26,474 Property operating expenses (2,138 ) (2,249 ) (6,351 ) (6,778 ) Interest expense (2,027 ) (2,062 ) (6,055 ) (6,158 ) Net income 3,059 3,853 9,768 11,495 PREIT’s share of equity in income of partnership 1,529 1,927 4,884 5,748 FDP (in thousands of dollars) September 30, 2019 December 31, 2018 Summarized balance sheet information Total assets $ 614,958 $ 497,419 FDP Term Loan, net 298,960 247,901 Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2019 2018 2019 2018 Summarized statement of operations information Revenue $ 1,271 $ 653 $ 2,667 $ 3,404 Property operating expenses (1,901 ) (913 ) (3,100 ) (3,044 ) Interest expense (2 ) (32 ) (2 ) (95 ) Net income (2,553 ) (1,562 ) (4,879 ) (4,012 ) PREIT’s share of equity in income of partnership (1,262 ) (687 ) (2,299 ) (1,746 )

Financing Activity

Financing Activity	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Financing Activity	4. FINANCING ACTIVITY Credit Agreements As of September 30, 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 September 30, 2019, we had borrowed the full $550.0 million available under the Term Loans in the aggregate, and $213.0 million was borrowed under the 2018 Revolving Facility. The carrying value of the Term Loans on our consolidated balance sheet as of September 30, 2019 is net of $2.0 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 September 30, 2019 was $80.7 million. Amounts borrowed under the Credit Agreements, either under the 2018 Revolving Facility or the Term Loans, which may be either LIBOR Loans or Base Rate Loans, bear interest at the rate specified below per annum, depending on our leverage, unless and until we receive an investment grade credit rating and provide notice to the Administrative Agent, as defined therein (the “Rating Date”), after which alternative rates would apply, as described in the Credit Agreements. In determining our leverage (the ratio of Total Liabilities to Gross Asset Value), the capitalization rate used to calculate Gross Asset Value is (a) 6.50% for each property having an average sales per square foot of more than $500 for the most recent period of 12 consecutive months, and (b) 7.50% for any other property. The 2018 Revolving Facility is subject to a facility fee, which depends on leverage and was 0.55% as of September 30, 2019, which is recorded in interest expense in the consolidated statements of operations. Applicable Margin Level Ratio of Total Liabilities to Gross Asset Value 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 1.30 % 0.30 % 1.60 % 0.60 % 4 Equal to or greater than 0.550 to 1.00 (1) 1.55 % 0.55 % 1.90 % 0.90 % (1) The rates in effect under the Credit Agreements were based upon the Level 4 Ratio of Total Liabilities to Gross Asset Value as of September 30, 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 September 30, 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 and nine months ended September 30, 2019 and 2018 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2019 2018 2019 2018 Revolving Facilities (1) Interest expense $ 2,082 $ 392 $ 5,143 $ 1,006 Deferred financing amortization 274 274 822 778 Term Loans (2) Interest expense 5,212 4,525 15,477 13,310 Deferred financing amortization 191 188 570 569 Accelerated financing costs - - - 363 (1) Includes the 2018 Revolving Facility and the 2013 Revolving Facility (collectively, the “Revolving Facilities”). The 2013 Revolving Facility was replaced by the 2018 Revolving Facility in May 2018. (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. The 2014 5-Year Term Loan and the 2015 5-Year Term Loan were replaced by the 2018 Term Loan Facility in May 2018. The aggregate carrying values and estimated fair values of mortgage loans based on interest rates and market conditions at September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 December 31, 2018 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans (1) $ 904.6 $ 890.1 $ 1,047.9 $ 1,002.3 (1) The carrying value of mortgage loans is net of unamortized debt issuance costs of $2.0 million and $3.1 million as of September 30, 2019 and December 31, 2018, respectively. The mortgage loans contain various customary default provisions. 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. As discussed in Note 2, in September 2019, we conveyed Wyoming Valley Mall to the lender of the mortgage loan secured by the property. The loan had a balance of approximately $72.8 million as of the conveyance on September 26, 2019. 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. We satisfied this requirement in August 2019. 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.

Cash Flow Information

Cash Flow Information	9 Months Ended
	Sep. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information	5. CASH FLOW INFORMATION Cash paid for interest was $41.9 million (net of capitalized interest of $7.0 million) and $43.2 million (net of capitalized interest of $4.7 million) for the nine months ended September 30, 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 $181.0 million and $37.0 million for the nine months ended September 30, 2019 and 2018, respectively. Aggregate paydowns were $33.0 million and $53.0 million for the nine months ended September 30, 2019 and 2018, respectively. Accrued construction costs decreased by $15.7 million in the nine months ended September 30, 2019 and increased by $1.5 million in the nine months ended September 30, 2018, representing non-cash changes in investment in real estate and 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 September 30, 2019 and 2018. September 30, (in thousands of dollars) 2019 2018 Cash and cash equivalents $ 11,709 $ 19,294 Restricted cash included in other assets 6,183 12,730 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 17,892 $ 32,024 Our restricted cash consists of cash held in escrow by banks for real estate taxes and other purposes.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. COMMITMENTS AND CONTINGENCIES Contractual Obligations As of September 30, 2019, we had unaccrued contractual and other commitments related to our capital improvement projects and development projects of $105.1 million, including $30.1 million of 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. For purposes of this disclosure, the contractual obligations and other commitments related to Fashion District Philadelphia are included at 100% of the obligation and not at our 50% ownership share. 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 September 30, 2019, we believe we have satisfied this obligation. Provision for Employee Separation Expense s In 2019, we terminated the employment of certain employees and officers. In connection with the departure of those employees and officers, we recorded $0.2 and $1.1 million of employee separation expense in the three and nine months ended September 30, 2019, respectively, compared to $0.6 million and $1.0 million for the three and nine months ended September 30, 2018, respectively. As of September 30, 2019, we had $0.8 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 and nine months ended September 30, 2019, we recorded net recoveries of approximately $2.9 million and $4.5 million, respectively. These net recoveries primarily relate to remediation expenses and business interruption claims. $0.5 million of the recoveries received relate to business interruption.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	7. 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 September 30, 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 $2.0 million will be reclassified as a decrease to interest expense in connection with derivatives. The recognition of these amounts, however, 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 September 30, 2019, we had interest rate swap agreements outstanding with a weighted average base interest rate of 1.85% on a notional amount of $796.1 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 September 30, 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 September 30, 2019 (in millions of dollars) Aggregate Fair Value at September 30, 2019 (1) (in millions of dollars) Aggregate Fair Value at December 31, 2018 (1) (in millions of dollars) Weighted Average Interest Rate Interest Rate Swaps 2020 $ 100.0 $ 0.4 $ 1.9 1.23 % 2021 496.1 (2.2 ) 8.1 1.65 % 2022 - - - - % 2023 200.0 (9.0 ) (2.0 ) 2.67 % Forward Starting Swaps 2023 100.0 (4.0 ) (1.0 ) 2.75 % Total $ 896.1 $ (14.8 ) $ 7.0 1.95 % (1) As of September 30, 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 and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, 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 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 2019 2018 2019 2018 Derivatives in Cash Flow Hedging Relationships Interest rate products $ (2.8 ) $ 3.0 $ (0.8 ) $ (1.0 ) $ (18.6 ) $ 11.2 $ (3.1 ) $ (0.8 ) Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2019 2018 2019 2018 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ (15.5 ) $ (15.2 ) $ (47.0 ) $ (46.1 ) Amount of loss reclassified from accumulated other comprehensive income into interest expense $ (0.8 ) $ (1.0 ) $ (3.1 ) $ (0.8 ) 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 September 30, 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 September 30, 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 $14.8 million. If we had breached any of the default provisions in these agreements as of September 30, 2019, we might have been required to settle our obligations under the agreements at their termination value (including accrued interest) of $15.6 million. We had not breached any of these provisions as of September 30, 2019.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	8. 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 Plymouth Meeting Mall. We have also entered into an office lease for our headquarters location, as well as vehicle, solar panel 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 September 30, 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 September 30, 2019 Nine Months Ended September 30, 2019 (in thousands of dollars) Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Finance lease cost: Amortization of right-of-use assets $ 187 $ — $ — $ 187 $ 562 $ — $ — $ 562 Interest on lease liabilities 73 — — 73 223 — — 223 Operating lease costs — 436 528 964 — 1,311 1,619 2,930 Variable lease costs — 41 34 75 — 123 102 225 Total lease costs $ 260 $ 477 $ 562 $ 1,299 $ 785 $ 1,434 $ 1,721 $ 3,940 Other information related to leases as of and for the nine months ended September 30, 2019 is as follows: (in thousands of dollars) Cash paid for the amounts included in the measurement of lease liabilities Operating cash flows used for finance leases $ 223 Operating cash flows used for operating leases $ 1,744 Financing cash flows used for finance leases $ 470 Weighted average remaining lease term-finance leases (months) 102 Weighted average remaining lease term-operating leases (months) 351 Weighted average discount rate-finance leases 4.41 % Weighted average discount rate-operating leases 6.68 % Future payments against lease liabilities as of September 30, 2019 are as follows: (in thousands of dollars) Finance leases Operating leases Total October 1 to December 31, 2019 $ 232 $ 598 $ 830 2020 925 1,985 2,910 2021 925 1,919 2,844 2022 925 1,640 2,565 2023 925 1,604 2,529 Thereafter 3,923 48,437 52,360 Total undiscounted lease payments 7,855 56,183 64,038 Less imputed interest (1,313 ) (33,012 ) (34,325 ) Total lease liabilities $ 6,542 $ 23,171 $ 29,713 Future minimum lease payments under these agreements as of December 31, 2018 were as follows: (in thousands of dollars) Finance leases Operating leases Total Year ending December 31, 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 September 30, 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) October 1 to December 31, 2019 $ 53,825 2020 201,475 2021 185,524 2022 167,306 2023 148,580 Thereafter 507,385 $ 1,264,095
Leases	8. 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 Plymouth Meeting Mall. We have also entered into an office lease for our headquarters location, as well as vehicle, solar panel 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 September 30, 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 September 30, 2019 Nine Months Ended September 30, 2019 (in thousands of dollars) Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Finance lease cost: Amortization of right-of-use assets $ 187 $ — $ — $ 187 $ 562 $ — $ — $ 562 Interest on lease liabilities 73 — — 73 223 — — 223 Operating lease costs — 436 528 964 — 1,311 1,619 2,930 Variable lease costs — 41 34 75 — 123 102 225 Total lease costs $ 260 $ 477 $ 562 $ 1,299 $ 785 $ 1,434 $ 1,721 $ 3,940 Other information related to leases as of and for the nine months ended September 30, 2019 is as follows: (in thousands of dollars) Cash paid for the amounts included in the measurement of lease liabilities Operating cash flows used for finance leases $ 223 Operating cash flows used for operating leases $ 1,744 Financing cash flows used for finance leases $ 470 Weighted average remaining lease term-finance leases (months) 102 Weighted average remaining lease term-operating leases (months) 351 Weighted average discount rate-finance leases 4.41 % Weighted average discount rate-operating leases 6.68 % Future payments against lease liabilities as of September 30, 2019 are as follows: (in thousands of dollars) Finance leases Operating leases Total October 1 to December 31, 2019 $ 232 $ 598 $ 830 2020 925 1,985 2,910 2021 925 1,919 2,844 2022 925 1,640 2,565 2023 925 1,604 2,529 Thereafter 3,923 48,437 52,360 Total undiscounted lease payments 7,855 56,183 64,038 Less imputed interest (1,313 ) (33,012 ) (34,325 ) Total lease liabilities $ 6,542 $ 23,171 $ 29,713 Future minimum lease payments under these agreements as of December 31, 2018 were as follows: (in thousands of dollars) Finance leases Operating leases Total Year ending December 31, 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 September 30, 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) October 1 to December 31, 2019 $ 53,825 2020 201,475 2021 185,524 2022 167,306 2023 148,580 Thereafter 507,385 $ 1,264,095
Leases	8. 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 Plymouth Meeting Mall. We have also entered into an office lease for our headquarters location, as well as vehicle, solar panel 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 September 30, 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 September 30, 2019 Nine Months Ended September 30, 2019 (in thousands of dollars) Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Finance lease cost: Amortization of right-of-use assets $ 187 $ — $ — $ 187 $ 562 $ — $ — $ 562 Interest on lease liabilities 73 — — 73 223 — — 223 Operating lease costs — 436 528 964 — 1,311 1,619 2,930 Variable lease costs — 41 34 75 — 123 102 225 Total lease costs $ 260 $ 477 $ 562 $ 1,299 $ 785 $ 1,434 $ 1,721 $ 3,940 Other information related to leases as of and for the nine months ended September 30, 2019 is as follows: (in thousands of dollars) Cash paid for the amounts included in the measurement of lease liabilities Operating cash flows used for finance leases $ 223 Operating cash flows used for operating leases $ 1,744 Financing cash flows used for finance leases $ 470 Weighted average remaining lease term-finance leases (months) 102 Weighted average remaining lease term-operating leases (months) 351 Weighted average discount rate-finance leases 4.41 % Weighted average discount rate-operating leases 6.68 % Future payments against lease liabilities as of September 30, 2019 are as follows: (in thousands of dollars) Finance leases Operating leases Total October 1 to December 31, 2019 $ 232 $ 598 $ 830 2020 925 1,985 2,910 2021 925 1,919 2,844 2022 925 1,640 2,565 2023 925 1,604 2,529 Thereafter 3,923 48,437 52,360 Total undiscounted lease payments 7,855 56,183 64,038 Less imputed interest (1,313 ) (33,012 ) (34,325 ) Total lease liabilities $ 6,542 $ 23,171 $ 29,713 Future minimum lease payments under these agreements as of December 31, 2018 were as follows: (in thousands of dollars) Finance leases Operating leases Total Year ending December 31, 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 September 30, 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) October 1 to December 31, 2019 $ 53,825 2020 201,475 2021 185,524 2022 167,306 2023 148,580 Thereafter 507,385 $ 1,264,095

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 26 properties operating in nine states, including 21 shopping malls, four other retail properties and one development property. The property in our portfolio that is classified as under development does not currently have any activity occurring. We also have one undeveloped land parcel located in Gainesville, Florida, a portion of which was sold in March 2019 and the remaining portion of which was classified as held for sale as of September 30, 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 September 30, 2019, we held a 97.5% controlling interest in the Operating Partnership (after the redemption of 6,250,000 OP Units (as defined below) during the first quarter of 2019, which is discussed in more detail in Note 5), 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 September 30, 2019, the total amount that would have been distributed would have been $11.6 million, which is calculated using our September 30, 2019 closing price on the New York Stock Exchange of $5.72 per share multiplied by the number of outstanding OP Units held by limited partners, which was 2,022,635 as of September 30, 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 Accounting Developments, Lease Accounting Related	New Accounting Developments Lease accounting related 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 non-lease 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, Lease Accounting Related	New Accounting Developments Lease accounting related 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 non-lease 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, Other Accounting	Other accounting 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. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses

Real Estate Activities (Tables)

Real Estate Activities (Tables)	9 Months Ended
	Sep. 30, 2019
Real Estate [Abstract]
Investments in Real Estate	Investments in real estate as of September 30, 2019 and December 31, 2018 were comprised of the following: (in thousands of dollars) September 30, 2019 December 31, 2018 Buildings, improvements and construction in progress $ 2,735,348 $ 2,719,400 Land, including land held for development 466,257 465,194 Total investments in real estate 3,201,605 3,184,594 Accumulated depreciation (1,181,848 ) (1,118,582 ) Net investments in real estate $ 2,019,757 $ 2,066,012
Real Estate Capitalized Costs	The following table summarizes our capitalized interest, compensation, including commissions, and real estate taxes for the three and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2019 2018 2019 2018 Development/Redevelopment Activities: Interest (1) $ 2,683 $ 1,821 $ 7,012 $ 4,728 Compensation 281 352 969 1,067 Real estate taxes 524 430 945 810 Leasing Activities: Compensation, including commissions (2) 108 1,482 413 5,423 (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)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018: (in thousands of dollars) September 30, 2019 December 31, 2018 ASSETS: Investments in real estate, at cost: Operating properties $ 739,199 $ 575,149 Construction in progress 362,928 420,771 Total investments in real estate 1,102,127 995,920 Accumulated depreciation (223,790 ) (212,574 ) Net investments in real estate 878,337 783,346 Cash and cash equivalents 33,895 20,446 Deferred costs and other assets, net 41,441 30,549 Total assets 953,673 834,341 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable, net 501,095 507,090 FDP Term Loan, net 298,960 247,901 Other liabilities 82,450 34,463 Total liabilities 882,505 789,454 Net investment $ 71,168 $ 44,887 Partners’ share 33,661 21,583 PREIT’s share 37,507 23,304 Excess investment (1) 18,379 15,763 Net investments and advances $ 55,886 $ 39,067 Reconciliation to comparable GAAP balance sheet item: Investment in partnerships, at equity $ 143,440 $ 131,124 Distributions in excess of partnership investments (87,554 ) (92,057 ) Net investment $ 55,886 $ 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 and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2019 2018 2019 2018 Real estate revenue $ 23,742 $ 23,848 $ 70,636 $ 73,826 Operating expenses: Property operating and other expenses (8,805 ) (7,659 ) (24,331 ) (23,512 ) Interest expense (1) (5,771 ) (5,872 ) (17,428 ) (17,440 ) Depreciation and amortization (5,317 ) (4,763 ) (14,675 ) (14,715 ) Total expenses (19,893 ) (18,294 ) (56,434 ) (55,667 ) Net income 3,849 5,554 14,202 18,159 Partners’ share (2,191 ) (3,057 ) (7,777 ) (9,971 ) PREIT’s share 1,658 2,497 6,425 8,188 Amortization of and adjustments to excess investment, net (127 ) (20 ) (289 ) (2 ) Equity in income of partnerships $ 1,531 $ 2,477 $ 6,136 $ 8,186 (1) Net of capitalized interest expense of $1,602 and $1,371 for the three months ended September 30, 2019 and 2018, respectively, and $4,554 and $3,292 for the nine months ended September 30, 2019 and 2018, respectively.
Summarized Balance Sheet And Statement Of Operations For Subsidiary	Summarized balance sheet information as of September 30, 2019 and December 31, 2018, and summarized statement of operations information for the three and nine months ended September 30, 2019 and 2018 for these entities, which are accounted for using the equity method, are as follows: LVA (in thousands of dollars) September 30, 2019 December 31, 2018 Summarized balance sheet information Total assets $ 58,139 $ 52,255 Mortgage loan payable, net 192,873 196,328 Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2019 2018 2019 2018 Summarized statement of operations information Revenue $ 8,006 $ 8,871 $ 24,589 $ 26,474 Property operating expenses (2,138 ) (2,249 ) (6,351 ) (6,778 ) Interest expense (2,027 ) (2,062 ) (6,055 ) (6,158 ) Net income 3,059 3,853 9,768 11,495 PREIT’s share of equity in income of partnership 1,529 1,927 4,884 5,748 FDP (in thousands of dollars) September 30, 2019 December 31, 2018 Summarized balance sheet information Total assets $ 614,958 $ 497,419 FDP Term Loan, net 298,960 247,901 Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2019 2018 2019 2018 Summarized statement of operations information Revenue $ 1,271 $ 653 $ 2,667 $ 3,404 Property operating expenses (1,901 ) (913 ) (3,100 ) (3,044 ) Interest expense (2 ) (32 ) (2 ) (95 ) Net income (2,553 ) (1,562 ) (4,879 ) (4,012 ) PREIT’s share of equity in income of partnership (1,262 ) (687 ) (2,299 ) (1,746 )

Financing Activity (Tables)

Financing Activity (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule Of Applicable Margin Interest Rates	Applicable Margin Level Ratio of Total Liabilities to Gross Asset Value 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 1.30 % 0.30 % 1.60 % 0.60 % 4 Equal to or greater than 0.550 to 1.00 (1) 1.55 % 0.55 % 1.90 % 0.90 % (1) The rates in effect under the Credit Agreements were based upon the Level 4 Ratio of Total Liabilities to Gross Asset Value as of September 30, 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 and nine months ended September 30, 2019 and 2018 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2019 2018 2019 2018 Revolving Facilities (1) Interest expense $ 2,082 $ 392 $ 5,143 $ 1,006 Deferred financing amortization 274 274 822 778 Term Loans (2) Interest expense 5,212 4,525 15,477 13,310 Deferred financing amortization 191 188 570 569 Accelerated financing costs - - - 363 (1) Includes the 2018 Revolving Facility and the 2013 Revolving Facility (collectively, the “Revolving Facilities”). The 2013 Revolving Facility was replaced by the 2018 Revolving Facility in May 2018. (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. The 2014 5-Year Term Loan and the 2015 5-Year Term Loan were replaced by the 2018 Term Loan Facility in May 2018.
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 September 30, 2019 and December 31, 2018 were as follows: September 30, 2019 December 31, 2018 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans (1) $ 904.6 $ 890.1 $ 1,047.9 $ 1,002.3 (1) The carrying value of mortgage loans is net of unamortized debt issuance costs of $2.0 million and $3.1 million as of September 30, 2019 and December 31, 2018, respectively.

Cash Flow Information (Tables)

Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and 2018. September 30, (in thousands of dollars) 2019 2018 Cash and cash equivalents $ 11,709 $ 19,294 Restricted cash included in other assets 6,183 12,730 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 17,892 $ 32,024

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2019 (in millions of dollars) Aggregate Fair Value at September 30, 2019 (1) (in millions of dollars) Aggregate Fair Value at December 31, 2018 (1) (in millions of dollars) Weighted Average Interest Rate Interest Rate Swaps 2020 $ 100.0 $ 0.4 $ 1.9 1.23 % 2021 496.1 (2.2 ) 8.1 1.65 % 2022 - - - - % 2023 200.0 (9.0 ) (2.0 ) 2.67 % Forward Starting Swaps 2023 100.0 (4.0 ) (1.0 ) 2.75 % Total $ 896.1 $ (14.8 ) $ 7.0 1.95 % (1) As of September 30, 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 and nine months ended September 30, 2019 and 2018: Three Months Ended September 30, Nine Months Ended September 30, 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 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 2019 2018 2019 2018 Derivatives in Cash Flow Hedging Relationships Interest rate products $ (2.8 ) $ 3.0 $ (0.8 ) $ (1.0 ) $ (18.6 ) $ 11.2 $ (3.1 ) $ (0.8 ) Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2019 2018 2019 2018 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ (15.5 ) $ (15.2 ) $ (47.0 ) $ (46.1 ) Amount of loss reclassified from accumulated other comprehensive income into interest expense $ (0.8 ) $ (1.0 ) $ (3.1 ) $ (0.8 )

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease, Cost	The following table presents additional information pertaining to the Company’s leases: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (in thousands of dollars) Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Solar Panel Leases Ground Leases Office, equipment, and vehicle leases Total Finance lease cost: Amortization of right-of-use assets $ 187 $ — $ — $ 187 $ 562 $ — $ — $ 562 Interest on lease liabilities 73 — — 73 223 — — 223 Operating lease costs — 436 528 964 — 1,311 1,619 2,930 Variable lease costs — 41 34 75 — 123 102 225 Total lease costs $ 260 $ 477 $ 562 $ 1,299 $ 785 $ 1,434 $ 1,721 $ 3,940
Supplemental Cash Flows	Other information related to leases as of and for the nine months ended September 30, 2019 is as follows: (in thousands of dollars) Cash paid for the amounts included in the measurement of lease liabilities Operating cash flows used for finance leases $ 223 Operating cash flows used for operating leases $ 1,744 Financing cash flows used for finance leases $ 470 Weighted average remaining lease term-finance leases (months) 102 Weighted average remaining lease term-operating leases (months) 351 Weighted average discount rate-finance leases 4.41 % Weighted average discount rate-operating leases 6.68 %
Finance Lease, Liability, Maturity	Future payments against lease liabilities as of September 30, 2019 are as follows: (in thousands of dollars) Finance leases Operating leases Total October 1 to December 31, 2019 $ 232 $ 598 $ 830 2020 925 1,985 2,910 2021 925 1,919 2,844 2022 925 1,640 2,565 2023 925 1,604 2,529 Thereafter 3,923 48,437 52,360 Total undiscounted lease payments 7,855 56,183 64,038 Less imputed interest (1,313 ) (33,012 ) (34,325 ) Total lease liabilities $ 6,542 $ 23,171 $ 29,713
Lessee, Operating Lease, Liability, Maturity	Future payments against lease liabilities as of September 30, 2019 are as follows: (in thousands of dollars) Finance leases Operating leases Total October 1 to December 31, 2019 $ 232 $ 598 $ 830 2020 925 1,985 2,910 2021 925 1,919 2,844 2022 925 1,640 2,565 2023 925 1,604 2,529 Thereafter 3,923 48,437 52,360 Total undiscounted lease payments 7,855 56,183 64,038 Less imputed interest (1,313 ) (33,012 ) (34,325 ) Total lease liabilities $ 6,542 $ 23,171 $ 29,713
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments under these agreements as of December 31, 2018 were as follows: (in thousands of dollars) Finance leases Operating leases Total Year ending December 31, 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: (in thousands of dollars) Finance leases Operating leases Total Year ending December 31, 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 September 30, 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) October 1 to December 31, 2019 $ 53,825 2020 201,475 2021 185,524 2022 167,306 2023 148,580 Thereafter 507,385 $ 1,264,095

Basis of Presentation - Nature

Basis of Presentation - Nature of Operations (Details) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2019shares	Sep. 30, 2019USD ($)PropertyStateparcelsubsidiarySegment$ / sharesshares
Real Estate Properties [Line Items]
Number of real estate properties		26
Number of states in which entity operates | State		9
Number of properties held for sale | parcel		1
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 | $		$ 11.6
Share price (in dollars per share) | $ / shares		$ 5.72
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%
PREIT Associates, L.P. - Operating Partnership
Real Estate Properties [Line Items]
Interest in the Operating Partnership		97.50%
Mall
Real Estate Properties [Line Items]
Number of real estate properties		21
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		1

Basis of Presentation - Leases

Basis of Presentation - Leases (Details) - USD ($)	Jan. 01, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset		$ 17,100,000		$ 17,100,000
Operating lease, liability		23,171,000		23,171,000
Operating lease, lease income		700,000		2,000,000
Lessor, lease, cost		$ 0	$ 1,200,000	$ 0	$ 3,900,000
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, right-of-use asset	$ 24,600,000
Operating lease, liability	24,600,000
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	5,500,000
Decrease in operating lease, liability	$ 5,500,000

Real Estate Activities - Invest

Real Estate Activities - Investments in Real Estate (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Buildings, improvements and construction in progress	$ 2,735,348	$ 2,719,400
Land, including land held for development	466,257	465,194
Total investments in real estate	3,201,605	3,184,594
Accumulated depreciation	(1,181,848)	(1,118,582)
Net investments in real estate	$ 2,019,757	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest | Development/Redevelopment Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 2,683	$ 1,821	$ 7,012	$ 4,728
Compensation | Development/Redevelopment Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	281	352	969	1,067
Real estate taxes | Development/Redevelopment Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	524	430	945	810
Compensation, including commissions(1) | Leasing Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 108	$ 1,482	$ 413	$ 5,423

Real Estate Activities - Dispos

Real Estate Activities - Dispositions (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
	Sep. 30, 2019	Jul. 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 26, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains (losses) on sales of investment real estate					$ 1,171	$ 0	$ 2,684	$ 748
Gain on debt extinguishment					29,600	$ 0	$ 24,832	$ 0
Wyoming Valley Mall | Commercial Real Estate | Mortgages
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt default, amount									$ 72,800
Impairment losses	$ 32,200
Written off remaining carrying value of property	$ 43,200
Gain on debt extinguishment					$ 29,600
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
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
Gains (losses) on sales of investment real estate			200
Disposal group, consideration			11,000
Contingent liability			1,250
Undeveloped Land Parcel, New Garden township, Pennsylvania | Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration transferred, equity instruments			2,750
Whole Foods Store, Adjacent To Exton Square Mall
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains (losses) on sales of investment real estate			1,300
Disposal group, consideration			$ 22,100
Valley View Mall In La Crosse Wisconsin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains (losses) on sales of investment real estate		$ 1,200
Disposal group, consideration		$ 1,400

Investments in Partnerships - S

Investments in Partnerships - Summary of Equity Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments in real estate, at cost:
Operating properties	$ 739,199	$ 575,149
Construction in progress	362,928	420,771
Total investments in real estate	1,102,127	995,920
Accumulated depreciation	(223,790)	(212,574)
Net investments in real estate	878,337	783,346
Cash and cash equivalents	33,895	20,446
Deferred costs and other assets, net	41,441	30,549
Total assets	953,673	834,341
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable, net	501,095	507,090
FDP Term Loan, net	298,960	247,901
Other liabilities	82,450	34,463
Total liabilities	882,505	789,454
Net investment	71,168	44,887
Partners’ share	33,661	21,583
PREIT’s share	37,507	23,304
Excess investment	18,379	15,763
Net investments and advances	55,886	39,067
Reconciliation to comparable GAAP balance sheet item:
Investment in partnerships, at equity	143,440	131,124
Distributions in excess of partnership investments	(87,554)	(92,057)
Net investment	$ 55,886	$ 39,067

Investments in Partnerships -_2

Investments in Partnerships - Summary of Share of Equity in Income of Partnerships (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Real estate revenue	$ 23,742	$ 23,848	$ 70,636	$ 73,826
Operating expenses:
Property operating and other expenses	(8,805)	(7,659)	(24,331)	(23,512)
Interest expense	(5,771)	(5,872)	(17,428)	(17,440)
Depreciation and amortization	(5,317)	(4,763)	(14,675)	(14,715)
Total expenses	(19,893)	(18,294)	(56,434)	(55,667)
Net income	3,849	5,554	14,202	18,159
Partners’ share	(2,191)	(3,057)	(7,777)	(9,971)
PREIT’s share	1,658	2,497	6,425	8,188
Amortization of and adjustments to excess investment, net	(127)	(20)	(289)	(2)
Equity in income of partnerships	1,531	2,477	6,136	8,186
Total assets	953,673		953,673		$ 834,341
FDP Term Loan, net	298,960		298,960		247,901
Lehigh Valley Associates, LP
Operating expenses:
Total assets	58,139		58,139		52,255
Mortgage loan payable, net	192,873		192,873		196,328
Revenue	8,006	8,871	24,589	26,474
Property operating expenses	(2,138)	(2,249)	(6,351)	(6,778)
Interest expense	(2,027)	(2,062)	(6,055)	(6,158)
Net income	3,059	3,853	9,768	11,495
PREIT’s share of equity in income of partnership	1,529	1,927	4,884	5,748
Fashion District Philadelphia
Operating expenses:
Total assets	614,958		614,958		497,419
Revenue	1,271	653	2,667	3,404
Property operating expenses	(1,901)	(913)	(3,100)	(3,044)
Interest expense	(2)	(32)	(2)	(95)
Net income	(2,553)	(1,562)	(4,879)	(4,012)
PREIT’s share of equity in income of partnership	(1,262)	$ (687)	(2,299)	$ (1,746)
FDP Term Loan, net	$ 298,960		$ 298,960		$ 247,901
Lehigh Valley Associates, LP | Lehigh Valley Associates, LP
Operating expenses:
Ownership percentage	50.00%		50.00%
Fashion District Philadelphia | Fashion District Philadelphia
Operating expenses:
Ownership percentage	50.00%		50.00%

Investments in Partnerships -_3

Investments in Partnerships - Summary of Share of Equity in Income of Partnerships (Detail) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity Method Investments And Joint Ventures [Abstract]
Capitalized interest expense	$ 1,602	$ 1,371	$ 4,554	$ 3,292

Investments in Partnerships - D

Investments in Partnerships - Dispositions (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2019	Feb. 28, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains (losses) on sales of investment real estate			$ 1,171	$ 0	$ 2,684	$ 748
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	$ 600
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	3,800
Gains (losses) on sales of investment real estate	$ 2,300
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		$ 2,800
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		$ 41,800
Gains (losses) on sales of investment real estate		5,500
Proceeds from sale of real estate		$ 19,700

Investments in Partnerships - T

Investments in Partnerships - Term Loan (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Jan. 31, 2018	Sep. 30, 2019	Mar. 31, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jul. 31, 2019
Schedule of Equity Method Investments [Line Items]
Distribution of financing proceeds from equity method investee					$ 25,000	$ 123,000
Fashion District Philadelphia
Schedule of Equity Method Investments [Line Items]
Long-term debt	$ 250,000						$ 350,000
Ownership percentage	50.00%
Debt instrument, maturity month and year	2023-01
Debt instrument, interest rate terms	LIBOR plus 2.00%
Proceeds from (Repayments of) Long-term debt and capital securities		$ 51,000	$ 250,000
Distribution of financing proceeds from equity method investee		$ 25,000		$ 123,000
Fashion District Philadelphia | LIBOR
Schedule of Equity Method Investments [Line Items]
Debt, variable interest rate	2.00%

Financing Activity - Credit Agr

Financing Activity - Credit Agreements (Details)	Sep. 30, 2019USD ($)Agreement	Sep. 30, 2019USD ($)AgreementqtrOccasion	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Outstanding line of credit	$ 213,000,000	$ 213,000,000	$ 65,000,000
Debt instrument, covenant compliance		As of September 30, 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	$ (2,000,000)	$ (2,000,000)
Credit Agreements
Debt Instrument [Line Items]
Number of credit agreements | Agreement	2	2
Credit Agreements | Covenant Term One
Debt Instrument [Line Items]
Covenant compliance, Minimum Tangible Net Worth	$ 1,463,200,000	$ 1,463,200,000
Covenant compliance, percent of net proceeds of all equity issuances		75.00%
Credit Agreements | Covenant Term Two
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 | qtr		2
Covenant compliance, number of occasions total liabilities to gross asset value ratio exceeding threshold | Occasion		2
Credit Agreements | Covenant Term Two | Maximum
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio		0.625
Credit Agreements | Covenant Term Three
Debt Instrument [Line Items]
Covenant compliance, ratio of adjusted EBITDA to fixed charges, minimum		1.50
Credit Agreements | Covenant Term Four, Through September 30, 2020
Debt Instrument [Line Items]
Covenant compliance, minimum unencumbered debt yield		0.110
Credit Agreements | Covenant Term Four, After September 30, 2020 Through September 30, 2021
Debt Instrument [Line Items]
Covenant compliance, minimum unencumbered debt yield		0.1125
Credit Agreements | Covenant Term Four, After September 30, 2021
Debt Instrument [Line Items]
Covenant compliance, minimum unencumbered debt yield		0.1150
Credit Agreements | Covenant Term Five
Debt Instrument [Line Items]
Covenant compliance, minimum unencumbered NOI to unsecured interest expense, ratio		1.75
Credit Agreements | Covenant Term Six
Debt Instrument [Line Items]
Covenant compliance, secured indebtedness to gross asset value, maximum ratio		0.60
Credit Agreements | Covenant Term Seven
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%
Credit Agreements | Property With Average Sales Of More Than $500 Per Square Foot
Debt Instrument [Line Items]
Covenant compliance, capitalization rate		6.50%
Credit Agreements | Property Other Than With Average Sales Of $500 Per Square Foot
Debt Instrument [Line Items]
Covenant compliance, capitalization rate		7.50%
Credit Agreements | 2018 Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	400,000,000	$ 400,000,000
Outstanding line of credit	213,000,000	213,000,000
Remaining borrowing capacity	$ 80,700,000	80,700,000
Facility fee percentage	0.55%
Credit Agreements | 2018 Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300,000,000	300,000,000
Credit Agreements | 2014 Seven Year Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000,000	250,000,000
Credit Agreements | Term Loans
Debt Instrument [Line Items]
Outstanding borrowings	$ 550,000,000	$ 550,000,000

Financing Activity - Applicable

Financing Activity - Applicable Credit Spread Over Libor at Various Leverage Levels (Details)	9 Months Ended
	Sep. 30, 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%

Financing Activity - Interest E

Financing Activity - Interest Expense and Deferred Financing Amortization (Details) - Credit Agreements - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
2018 Revolving Facility
Debt Instrument [Line Items]
Interest expense	$ 2,082	$ 392	$ 5,143	$ 1,006
Deferred financing amortization	274	274	822	778
Term Loans
Debt Instrument [Line Items]
Interest expense	5,212	4,525	15,477	13,310
Deferred financing amortization	$ 191	$ 188	$ 570	569
Accelerated financing costs				$ 363

Financing Activity - Carrying a

Financing Activity - Carrying and Fair Values of Mortgage Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Mortgage loans, carrying value	$ 904,641	$ 1,047,906
Secured Debt
Debt Instrument [Line Items]
Debt issuance costs, line of credit arrangements	2,000	3,100
Carrying Value
Debt Instrument [Line Items]
Mortgage loans, carrying value	904,600	1,047,900
Fair Value
Debt Instrument [Line Items]
Mortgage loans, fair value	$ 890,100	$ 1,002,300

Financing Activity - Mortgage L

Financing Activity - Mortgage Loan Activity (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 26, 2019
Debt Instrument [Line Items]
Gain on debt extinguishment, net			$ (29,600)	$ 0	$ (24,832)	$ 0
Capital City Mall, Camp Hill, Pennsylvania | Commercial Real Estate | Mortgages
Debt Instrument [Line Items]
Repayments of Debt		$ 58,500
Gain on debt extinguishment, net		$ 4,800
Wyoming Valley Mall | Commercial Real Estate | Mortgages
Debt Instrument [Line Items]
Gain on debt extinguishment, net			$ (29,600)
Debt default, amount							$ 72,800
Repayments of cash and escrow balance	$ 7,500

Cash Flow Information - Additio

Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018
Other Significant Noncash Transactions [Line Items]
Cash paid for interest		$ 41.9	$ 43.2
Net of capitalized interest		7	4.7
Line of credit facilities gross borrowings		181	37
Line of credit facilities gross repayments		33	53
Increase (decrease) in accrued construction costs		$ (15.7)	$ 1.5
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	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 11,709	$ 18,084	$ 19,294
Restricted cash included in other assets	6,183		12,730
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 17,892	$ 32,445	$ 32,024	$ 33,953
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 -

Commitments and Contingencies - Contractual Obligations (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Jan. 31, 2018
Fashion District Philadelphia
Other Commitments [Line Items]
Unaccrued contractual obligation and other commitments	$ 30.1
Ownership percentage		50.00%
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
Construction in Progress
Other Commitments [Line Items]
Unaccrued contractual obligation and other commitments	$ 105.1

Commitments and Contingencies_2

Commitments and Contingencies - Provision for Employee Separation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Severance costs	$ 0.2	$ 0.6	$ 1.1	$ 1
Accrued severance	$ 0.8		$ 0.8

Commitments and Contingencies_3

Commitments and Contingencies - Property Damage from Natural Disaster (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Loss Contingencies [Line Items]
Net recoveries		$ 3,994	$ 0
Jacksonville Mall, Jacksonville, North Carolina
Loss Contingencies [Line Items]
Net recoveries	$ 2,900	4,500
Business interruption recoveries		$ 500

Derivatives - Additional Inform

Derivatives - Additional Information (Detail) $ in Millions	Sep. 30, 2019USD ($)
Derivative Instruments [Line Items]
Estimate decrease to interest expense	$ 2
Weighted average interest rate	1.95%
Derivative, notional amount	$ 896.1
Interest rate derivative liabilities, at fair value	14.8
Derivative asset, fair value, gross liability	$ 15.6
Interest Rate Swap
Derivative Instruments [Line Items]
Weighted average interest rate	1.85%
Derivative, notional amount	$ 796.1
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	Sep. 30, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 896.1
Aggregate Fair Value	$ (14.8)	$ 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	$ 0.4	1.9
Weighted Average Interest Rate	1.23%
Interest Rate Swaps 2021 Maturity
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 496.1
Aggregate Fair Value	$ (2.2)	8.1
Weighted Average Interest Rate	1.65%
Interest Rate Swaps 2023 Maturity
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 200
Aggregate Fair Value	$ (9)	(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	$ (4)	$ (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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Instruments	$ (2,800)	$ 3,000	$ (18,600)	$ 11,200
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Expense	(800)	(1,000)	(3,100)	(800)
Interest Expense	$ (15,534)	$ (15,181)	$ (46,986)	$ (46,064)

Leases - Additional Information

Leases - Additional Information (Details)	Sep. 30, 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) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization of right-of-use assets	$ 187	$ 562
Interest on lease liabilities	73	223
Operating lease costs	964	2,930
Variable lease costs	75	225
Total lease costs	1,299	3,940
Solar Panel Leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization of right-of-use assets	187	562
Interest on lease liabilities	73	223
Total lease costs	260	785
Ground Leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease costs	436	1,311
Variable lease costs	41	123
Total lease costs	477	1,434
Office, equipment, and vehicle leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease costs	528	1,619
Variable lease costs	34	102
Total lease costs	$ 562	$ 1,721

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows and Terms (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Operating cash flows used for finance leases	$ 223
Operating cash flows used for operating leases	1,744
Financing cash flows used for finance leases	$ 470
Weighted average remaining lease term-finance leases (months)	102 months
Weighted average remaining lease term-operating leases (months)	351 months
Weighted average discount rate-finance leases	4.41%
Weighted average discount rate-operating leases	6.68%

Leases - Maturity (Details)

Leases - Maturity (Details) $ in Thousands	Sep. 30, 2019USD ($)
Finance leases
October 1 to December 31, 2019	$ 232
2020	925
2021	925
2022	925
2023	925
Thereafter	3,923
Total undiscounted lease payments	7,855
Less imputed interest	(1,313)
Total lease liabilities	6,542
Operating leases
October 1 to December 31, 2019	598
2020	1,985
2021	1,919
2022	1,640
2023	1,604
Thereafter	48,437
Total undiscounted lease payments	56,183
Less imputed interest	(33,012)
Total lease liabilities	23,171
Total
October 1 to December 31, 2019	830
2020	2,910
2021	2,844
2022	2,565
2023	2,529
Thereafter	52,360
Total undiscounted lease payments	64,038
Less imputed interest	(34,325)
Total lease liabilities	$ 29,713

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	Sep. 30, 2019USD ($)
Leases [Abstract]
October 1 to December 31, 2019	$ 53,825
2020	201,475
2021	185,524
2022	167,306
2023	148,580
Thereafter	507,385
Total payments to be received	$ 1,264,095