Pennsylvania Real Estate Investment Trust (PRET) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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	Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	false
Entity File Number	001-6300
Entity Tax Identification Number	23-6216339
Entity Address, Address Line One	One Commerce Square
Entity Address, Address Line One	2005 Market Street, Suite 1000
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	215
Local Phone Number	875-0700
Entity Common Stock, Shares Outstanding		79,537,167
Entity Incorporation, State or Country Code	PA
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Fair Value Measured at Net Asset Value Per Share
Document Information [Line Items]
Title of 12(b) Security	Shares of Beneficial Interest, par value $1.00 per share
Trading Symbol	PEI
Security Exchange Name	NYSE
Series B Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series B Preferred Shares, par value $0.01 per share
Trading Symbol	PEIPrB
Security Exchange Name	NYSE
Series C Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series C Preferred Shares, par value $0.01 per share
Trading Symbol	PEIPrC
Security Exchange Name	NYSE
Series D Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series D Preferred Shares, par value $0.01 per share
Trading Symbol	PEIPrD
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
INVESTMENTS IN REAL ESTATE, at cost:
Operating properties	$ 3,163,656	$ 3,099,034
Construction in progress	46,872	106,011
Land held for development	5,881	5,881
Total investments in real estate	3,216,409	3,210,926
Accumulated depreciation	(1,280,117)	(1,202,722)
Net investments in real estate	1,936,292	2,008,204
INVESTMENTS IN PARTNERSHIPS, at equity:	176,070	159,993
OTHER ASSETS:
Cash and cash equivalents	36,373	12,211
Tenant and other receivables	64,367	41,261
Intangible assets (net of accumulated amortization of $19,896 and $18,248 at September 30, 2020 and December 31, 2019, respectively)	11,756	13,404
Deferred costs and other assets, net	138,821	103,688
Assets held for sale	1,384	12,506
Total assets	2,365,063	2,351,267
LIABILITIES:
Mortgage loans payable, net	890,848	899,753
Term Loans, net	559,040	548,025
Revolving Facilities	375,000	255,000
Tenants’ deposits and deferred rent	10,601	13,006
Distributions in excess of partnership investments	77,848	87,916
Fair value of derivative liabilities	27,694	13,126
Accrued expenses and other liabilities	105,637	107,016
Total liabilities	2,046,668	1,923,842
COMMITMENTS AND CONTINGENCIES:
EQUITY:
Shares of beneficial interest, $1.00 par value per share; 200,000 shares authorized; 79,490 and 77,550 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	79,490	77,550
Capital contributed in excess of par	1,770,070	1,766,883
Accumulated other comprehensive loss	(27,828)	(12,556)
Distributions in excess of net income	(1,504,371)	(1,408,352)
Total equity—Pennsylvania Real Estate Investment Trust	317,515	423,679
Noncontrolling interest	880	3,746
Total equity	318,395	427,425
Total liabilities and equity	2,365,063	2,351,267
Series B Preferred Shares, $.01 par value per share; 25,000 shares authorized; 3,450 shares issued and outstanding; liquidation preference of $87,840 and $86,250 at September 30, 2020 and December 31, 2019, respectively
EQUITY:
Preferred Shares	35	35
Series C Preferred Shares, $.01 par value per share; 25,000 shares authorized; 6,900 shares issued and outstanding; liquidation preference of $175,605 and $172,500 at September 30, 2020 and December 31, 2019, respectively
EQUITY:
Preferred Shares	69	69
Series D Preferred Shares, $.01 par value per share; 25,000 shares authorized; 5,000 shares issued and outstanding; liquidation preference of $127,149 and $125,000 at September 30, 2020 and December 31, 2019, respectively
EQUITY:
Preferred Shares	$ 50	$ 50

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Intangible assets, accumulated amortization	$ 19,896,000	$ 18,248,000
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)	79,490,000	77,550,000
Common stock, shares outstanding (in shares)	79,490,000	77,550,000
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	$ 87,840,000	$ 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	$ 175,605,000	$ 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	$ 127,149,000	$ 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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Real estate revenue:
Lease revenue		$ 58,473	$ 73,310	$ 178,313	$ 223,668
Expense reimbursements		4,040	5,364	11,321	15,342
Other real estate revenue		1,336	2,202	4,803	7,619
Total real estate revenue		63,849	80,876	194,437	246,629
Other income		340	498	764	1,440
Total revenue		64,189	81,374	195,201	248,069
Property operating expenses:
CAM and real estate taxes		(27,688)	(28,320)	(80,418)	(85,891)
Utilities		(3,530)	(4,009)	(8,971)	(11,350)
Other property operating expenses		(1,827)	(1,836)	(5,699)	(5,815)
Total property operating expenses		(33,045)	(34,165)	(95,088)	(103,056)
Depreciation and amortization		(34,420)	(31,236)	(95,597)	(98,085)
General and administrative expenses		(9,526)	(10,605)	(30,790)	(33,419)
Provision for employee separation expenses		(60)	(218)	(1,173)	(1,078)
Insurance recoveries, net		0	2,878	586	4,494
Project costs and other expenses		(124)	(80)	(287)	(267)
Total operating expenses		(77,175)	(73,426)	(222,349)	(231,411)
Interest expense, net		(20,260)	(15,534)	(54,300)	(46,986)
Gain on debt extinguishment, net		0	29,600	0	24,832
Gain on derecognition of property		7,006	0	7,006	0
Impairment of development land parcel		0	0	0	(1,464)
Total expenses		(90,429)	(59,360)	(269,643)	(255,029)
(Loss) income before equity in (loss) income of partnerships, gain on sales of real estate by equity method investee, (loss) gain on sales of real estate, net, and gain (loss) on sales of interests in non operating real estate		(26,240)	22,014	(74,442)	(6,960)
Equity in (loss) income of partnerships		(3,259)	1,531	(2,798)	6,136
Gain on sales of real estate by equity method investee		0	0	0	553
(Loss) gain on sales of real estate, net		(94)	1,171	11,169	2,684
Gain (loss) on sales of interests in non operating real estate		16	0	(174)	0
Net (loss) income		(29,577)	24,716	(66,245)	2,413
Less: net loss (income) attributable to noncontrolling interest		734	(454)	1,996	1,563
Net (loss) income attributable to PREIT		(28,843)	24,262	(64,249)	3,976
Less: preferred share dividends		(6,843)	(6,843)	(20,531)	(20,531)
Net (loss) income attributable to PREIT common shareholders		(35,686)	17,419	(84,780)	(16,555)
Net (loss) income		(29,577)	24,716	(66,245)	2,413
Noncontrolling interest		734	(454)	1,996	1,563
Cumulative preferred share dividends		(6,843)	(6,843)	(20,531)	(20,531)
Dividends on unvested restricted shares		0	(222)	(363)	(663)
Net (loss) income used to calculate (loss) income per share—basic and diluted		$ (35,686)	$ 17,197	$ (85,143)	$ (17,218)
Basic and diluted (loss) income per share:		$ (0.46)	$ 0.22	$ (1.10)	$ (0.23)
Weighted average shares outstanding—basic (in shares)		77,401	76,492	77,149	74,771
Effect of common share equivalents (in shares)	[1]	0	332	0	0
Weighted average shares outstanding—diluted (in shares)		77,401	76,824	77,149	74,771
[1]	The Company had net losses used to calculate earnings per share for the three months ended September 30, 2020 and the nine months ended September 30, 2020 and 2019.  Therefore, the effects of common share equivalents of 357 for the three months ended September 30, 2020 and, 411 and 375 for the nine months ended September 30, 2020 and 2019, respectively, are excluded from the calculation of diluted loss per share for these periods because they would be antidilutive.

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - shares shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount	357	411	375

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Comprehensive (loss) income:
Net (loss) income	$ (29,577)	$ 24,716	$ (66,245)	$ 2,413
Unrealized gain (loss) on derivatives	4,053	(3,607)	(15,750)	(21,838)
Amortization of settled swaps	3	3	73	82
Total comprehensive (loss) income	(25,521)	21,112	(81,922)	(19,343)
Less: comprehensive loss (income) attributable to noncontrolling interest	138	(363)	2,401	2,524
Comprehensive (loss) income attributable to PREIT	$ (25,383)	$ 20,749	$ (79,521)	$ (16,819)

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 (Loss) Income	Distributions in Excess of Net Income	Non- controlling interest	Series B Preferred Stock	Series B Preferred StockPreferred Shares $.01 par	Series B Preferred StockDistributions in Excess of Net Income	Series C Preferred Stock	Series C Preferred StockPreferred Shares $.01 par	Series C Preferred StockDistributions in Excess of Net Income	Series D Preferred Stock	Series D Preferred StockPreferred Shares $.01 par	Series D Preferred StockDistributions in Excess of Net Income
Beginning balance at Dec. 31, 2018	$ 546,551	$ 70,495	$ 1,671,042	$ 5,408	$ (1,306,318)	$ 105,770		$ 35			$ 69			$ 50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(16,223)				(14,535)	(1,688)
Other comprehensive income (loss)	(6,506)			(5,941)		(565)
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	(14,930)				(14,930)
Dividends paid to preferred shareholders							$ (1,590)		$ (1,590)	$ (3,105)		$ (3,105)	$ (2,148)		$ (2,148)
Shares issued upon redemption of Operating Partnership units		6,250	89,736			(95,986)
Noncontrolling interests:
Distributions paid to Operating Partnership unit holders	(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 (loss) income	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 (loss) income	(6,080)				(5,751)	(329)
Other comprehensive income (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	(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	(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 (loss) income	24,716				24,262	454
Other comprehensive income (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	(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	(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
Beginning balance at Dec. 31, 2019	427,425	77,550	1,766,883	(12,556)	(1,408,352)	3,746		35			69			50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(13,549)				(13,033)	(516)
Other comprehensive income (loss)	(19,746)			(19,240)		(506)
Shares issued under employee compensation plans, net of shares retired	(42)	1,290	(1,332)
Amortization of deferred compensation	1,624		1,624
Dividends paid to common shareholders	(16,492)				(16,492)
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	(411)					(411)
Ending balance at Mar. 31, 2020	371,965	78,840	1,767,175	(31,796)	(1,444,721)	2,313		35			69			50
Beginning balance at Dec. 31, 2019	427,425	77,550	1,766,883	(12,556)	(1,408,352)	3,746		35			69			50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(66,245)
Ending balance at Sep. 30, 2020	318,395	79,490	1,770,070	(27,828)	(1,504,371)	880		35			69			50
Beginning balance at Mar. 31, 2020	371,965	78,840	1,767,175	(31,796)	(1,444,721)	2,313		35			69			50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(23,119)				(22,374)	(745)
Other comprehensive income (loss)	12			508		(496)
Shares issued under employee compensation plans, net of shares retired	114	620	(506)
Amortization of deferred compensation	1,670		1,670
Dividends paid to common shareholders	(1,589)				(1,589)
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	(40)					(40)
Ending balance at Jun. 30, 2020	342,169	79,460	1,768,339	(31,288)	(1,475,528)	1,032		35			69			50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(29,577)				(28,843)	(734)
Other comprehensive income (loss)	4,056			3,460		596
Shares issued under employee compensation plans, net of shares retired	34	30	4
Amortization of deferred compensation	1,727		1,727
Noncontrolling interests:
Distributions paid to Operating Partnership unit holders	(14)					(14)
Ending balance at Sep. 30, 2020	$ 318,395	$ 79,490	$ 1,770,070	$ (27,828)	$ (1,504,371)	$ 880		$ 35			$ 69			$ 50

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2019
Common stock, dividend per share paid (in dollars per share)		$ 0.02	$ 0.21	$ 0.21	$ 0.21	$ 0.21
Distributions paid to Operating Partnership unit holders	$ 0.02	0.02	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
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	0.4500	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
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, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net (loss) income	$ (66,245)	$ 2,413
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	89,115	89,736
Amortization	10,154	12,152
Straight-line rent adjustments	(1,779)	(2,084)
Amortization of deferred compensation	5,021	5,633
Gain on debt extinguishment, net	0	(24,832)
Gain on derecognition of property	(7,006)	0
Insurance recoveries in excess of property loss	0	(3,994)
Gain on sales of interests in real estate and non-operating real estate, net	(10,995)	(2,684)
Equity in loss (income) of partnerships	2,798	(6,136)
Gain on sales of real estate by equity method investee	0	(553)
Cash distributions from partnerships	1,285	19,223
Impairment of development land parcel	0	1,464
Change in assets and liabilities:
Net change in other assets	(30,657)	(5,248)
Net change in other liabilities	(514)	(5,417)
Net cash (used in) provided by operating activities	(8,823)	79,673
Cash flows from investing activities:
Distribution of refinancing proceeds from equity method investee	0	25,000
Cash proceeds from sales of real estate	21,951	35,351
Cash proceeds from sale of mortgage	0	8,000
Proceeds from insurance claims related to damage to real estate assets	0	6,977
Cash distributions from partnerships of proceeds from real estate sold	0	879
Additions to construction in progress	(31,478)	(86,118)
Investments in real estate improvements	(16,429)	(21,487)
Additions to leasehold improvements and corporate fixed assets	(4,863)	(819)
Investments in equity method investees	(30,228)	(55,221)
Capitalized leasing costs	(150)	(413)
Net cash used in investing activities	(61,197)	(87,851)
Cash flows from financing activities:
Net borrowings under revolving facilities	120,000	148,000
Net repayments to term loans	(12,000)	0
Repayments of mortgage loans and finance lease liabilities	(487)	(71,210)
Proceeds from notes payable	4,536	0
Principal installments on mortgage loans	(9,535)	(12,806)
Net borrowings under bridge facility	22,500	0
Payment of deferred financing costs	(35)	(95)
Value of shares of beneficial interest issued	572	978
Dividends paid to common shareholders	(18,081)	(47,492)
Dividends paid to preferred shareholders	(13,688)	(20,531)
Distributions paid to Operating Partnership unit holders and noncontrolling interest	(465)	(2,587)
Value of shares retired under equity incentive plans, net of shares issued	(466)	(632)
Net cash provided by (used in) financing activities	92,851	(6,375)
Net change in cash, cash equivalents, and restricted cash	22,831	(14,553)
Cash, cash equivalents, and restricted cash, beginning of period	19,629	32,445
Cash, cash equivalents, and restricted cash, end of period	$ 42,460	$ 17,892

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Accounting Policies [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 (the “SEC”). 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, 2019. 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 comprehensive income (loss), consolidated statements of equity and our consolidated statements of cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. PREIT, a Pennsylvania business trust founded in 1960 and one of the first equity real estate investment trusts (“REITs”) in the United States, has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. As of September 30, 2020, our portfolio consists of a total of 26 properties operating in nine states, including 20 shopping malls, five 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 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, 2020, 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, 2020, the total amount that would have been distributed would have been $1.1 million, which is calculated using our September 30, 2020 closing price on the New York Stock Exchange (the “NYSE”) of $0.55 per share multiplied by the number of outstanding OP Units held by limited partners, which was 2,022,635 as of September 30, 2020. 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. COVID-19 Related Risks and Uncertainties The 2020 global outbreak of a novel coronavirus (“COVID-19”) has adversely impacted and continues to impact our business, financial condition, liquidity and operating results, as well as our tenants’ businesses. The prolonged and increased spread of COVID-19 has also led to unprecedented global economic disruption and volatility in financial markets. Some of our tenants’ financial health and business viability have been adversely impacted and their creditworthiness has deteriorated. We anticipate that our future business, financial condition, liquidity and results of operations, including our results for 2020 and potentially in future periods, will continue to be materially impacted by the COVID-19 pandemic. It remains highly uncertain how long the global pandemic, economic challenges and restrictions on day-to-day life and business operations will last based on the current virus spread rate in the United States, which has resulted in a number of jurisdictions that previously relaxed restrictions implementing new or renewed restrictions . Given the se factors , so long as the lingering effects of COVID-19 remain, the virus may continue to impact us or our tenants, or our ability or the ability of our tenants to resume more normal operations. COVID-19 closures of our properties began on March 12, 2020 and continued through the reopening of our last property on July 3, 2020. These closures impacted most of our properties for the full second quarter of 2020 with traffic and tenant reopenings increasing through the third quarter of 2020. Certain jurisdictions where our properties are located that have relaxed restrictions or have experienced limited public adherence with suggested safety measures have been contemplating or implementing new or renewed restrictions. As such, as the pandemic continues, intensifies or experiences resurgences, it is possible that additional closures will occur. During the mall closure period in the second quarter of 2020, the Company furloughed a significant portion of its property and corporate employee base and later made permanent headcount reductions, which contributed to decreased general and administrative expenses in the third quarter of 2020. All of our properties have remained open during the third quarter of 2020 and are employing safety and sanitation measures designed to address the risks posed by COVID-19, with some of our tenants still operating at reduced capacity. The significance of COVID-19 on our business, however, will continue to depend on, among other things, the extent and duration of the pandemic, the severity of the disease and the number of people infected with the virus, the further effects on the economy of the pandemic and of the measures taken by governmental authorities and other third parties restricting daily activities and the length of time that such measures remain in place or are renewed, and implementation of governmental programs to assist businesses and consumers impacted by the COVID-19 pandemic. Going Concern Considerations Under the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. As a result of the considerations articulated below, we believe there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In applying the accounting guidance, management considered our current financial condition and liquidity sources, including current funds available, forecasted future cash flows and our conditional and unconditional obligations due over the next twelve months. Management specifically considered the following: (i) our senior unsecured facility, which includes a revolving facility maturing in 2022 with a balance of $375.0 million as of September 30, 2020, term loans maturing in 2021 and 2023 with balances of $244.5 million and $293.5 million, respectively, as of September 30, 2020 and the Bridge Facility (as defined below) with a balance of $22.5 million as of September 30, 2020 maturing on October 31, 2020; (ii) our mortgage loans with varying maturities through 2025 with a principal balance of $890.8 million as of September 30, 2020; (iii) the financial covenant compliance requirements of our credit agreements; and (iv) recurring costs of operating our business. On March 30, 2020, the Company amended its 7-Year term loan agreement, dated as of January 8, 2014 (as amended through the date hereof, the “7-Year Term Loan Agreement”) and its credit agreement, dated as of May 24, 2018, by and among the Company, each of the financial institutions from time to time party thereto, and Wells Fargo Bank, National Association, as administrative agent, (as amended through the date hereof, the “2018 Credit Agreement” (each a “Credit Agreement” and together with the 2014 7-Year Term Loan Agreement, the “Credit Agreements”) to provide certain debt covenant relief through September 30, 2020. The Company’s Credit Agreements were also amended on May 1, 2020 to extend the required delivery date of compliance certificates covering the fiscal quarter ended March 31, 2020 by six days. Further deterioration in our financial results due to COVID-19 has affected our covenant compliance prior to September 30, 2020. In anticipation of the Company not meeting certain financial covenants applicable under the Credit Agreements for the quarter ended June 30, 2020, on July 27, 2020, the Company further amended the Credit Agreements primarily to suspend certain debt covenants from and including June 30, 2020 until but excluding August 31, 2020, to reduce its minimum liquidity requirement during the Suspension Period (defined below) and to permit limited additional debt. On August 30, 2020, the Company agreed to a non-binding term sheet with Wells Fargo Bank, National Association and other financial institutions (the “Lenders”) for further amendments to the Credit Agreements. The Company’s agreement to this term sheet, along with entering into an agreement (the “Bridge Credit Agreement”) for an additional secured term loan facility permitting borrowings of up to $30.0 million on August 11, 2020 (the “Bridge Facility”) extended the Company’s suspension of certain debt covenants through September 30, 2020 (the “Suspension Period”). Subsequent to August 11, 2020, references to the Credit Agreements and Term Loans include the Bridge Facility. On September 30, 2020, the Company further amended the Credit Agreements and secured a one-month extension of the Suspension Period to October 31, 2020, an extension of the Bridge Facility maturity date to October 31, 2020, and certain other covenant amendments, including permission to incur an additional $25.0 million under the Bridge Facility. The Company further amended the Bridge Credit Agreement on October 16, 2020 to increase the aggregate amount of commitments thereunder by $25.0 million. On October 7, 2020, the Company and certain of the Company’s wholly owned direct and indirect subsidiaries (collectively, the “Company Parties”) entered into a Restructuring Support Agreement (the “RSA”) with certain of the lenders party to its Credit Agreements. The RSA contemplates agreed-upon terms for a financial restructuring of the existing debt and certain other obligations of the Company Parties through either (i) an out-of-court restructuring on the terms set forth in the out-of-court restructuring term sheet attached to the RSA or, if the Company is unable to obtain the consent of 100% of the lenders under the Credit Agreements, (ii) a prepackaged plan of reorganization on the terms set forth in the plan term sheet attached to the RSA, a solicitation of votes therefor, and the commencement by the Company of voluntary cases under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532, in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The RSA was amended on October 16, 2020 and again on October 23, 2020, to, among other things, extend the date by which the Company Parties were required to commence the solicitation and the Chapter 11 Cases and provide for a limited tolling of the Company Parties’ alleged breach of the RSA (described further below). On October 19, 2020, the Company and certain of its subsidiaries party to its Credit Agreements received letters from the administrative agent alleging events of default with respect to each of the Credit Agreements, in addition to a letter from certain lenders under the RSA regarding an alleged breach of the RSA (collectively, the “Reservation Letters”). The Reservation Letter in respect of the RSA asserts that the Company Parties’ failure to commence the Chapter 11 Cases on or before October 18, 2020 constituted a breach of their obligations under the RSA. The Reservation Letter in respect of the Bridge Credit Agreement asserted that an event of default has occurred thereunder as a result of the alleged breach of the Company Parties’ obligations under the RSA. The remaining Reservation Letters alleged that an event of default occurred under the Bridge Credit Agreement, in turn triggering alleged cross-defaults under each of the 7-Year Term Loan Agreement and the 2018 Credit Agreement. The Reservation Letter in respect of each Credit Agreement stated that interest will accrue on the outstanding principal balance of the loans under such Credit Agreement at the increased Post-Default Rate (as defined in such Credit Agreement) beginning on October 19, 2020. The Reservation Letters specified that the lenders have not waived their rights and remedies under the Credit Agreements or the RSA (as applicable), and that they expressly reserved all available rights and remedies thereunder and under applicable law. The Company responded to the administrative agent that it disputed the lenders’ characterization of the situation described in the Reservation Letters and that these events did not constitute a breach of the RSA or event of default under any of the Credit Agreements. On October 19, 2020, the borrower under the FDP Term Loan also received a letter from the administrative agent under the FDP Term Loan alleging an event of default under the FDP Term Loan as a result of the alleged breach of the 2018 Credit Agreement and outlining the 45-day cure period that will expire on December 3, 2020. On November 1, 2020, the Company and the other Company Parties under the RSA (the “Debtors”) filed a voluntary Chapter 11 Cases petition (the “Chapter 11 Cases”) in the Bankruptcy Court to implement a prepackaged financial restructuring plan (the "Prepackaged Plan"). The Chapter 11 Cases are being jointly administered under the caption In re Pennsylvania Real Estate Investment Trust, et al. On November 2, 2020, the borrower under the FDP Term Loan received a subsequent letter from the administrative agent asserting an event of default as a result of the filing of the Chapter 11 Cases and the automatic acceleration of the FDP Term Loan. The administrative agent under the FDP Term Loan is a party to the RSA, and PREIT has responded to the administrative agent with a letter expressly reserving its rights in connection with the FDP Term Loan and, in the event the Prepackaged Plan is not confirmed or the RSA is otherwise terminated, expressly reserving its rights under the RSA and the Prepackaged Plan. Despite weaker market conditions resulting from COVID-19, the Company plans to sell certain real estate assets and continue to control certain operational costs in the ordinary course of business. Due to the inherent risks, unknown results and inherent uncertainties associated with the bankruptcy process and the direct correlation between these matters and our ability to satisfy our financial obligations that may arise over the applicable twelve-month period, absent approval of the Prepackaged Plan, we are unable to conclude that it is probable that we will be able to meet our obligations arising within twelve months of the date of issuance of these financial statements under the parameters set forth in this accounting guidance. As a result, management evaluated whether this was mitigated by our approved plans and expectations for the applicable period under the second step of this accounting standard. Our liquidity, including our ability to meet our ongoing operational obligations, fund recurring costs of operations, particularly in light of the costs associated with our bankruptcy proceedings and the current COVID-19 pandemic and resulting adverse impacts on our business is dependent upon, among other things: (i) our ability to comply with the terms and conditions of any cash collateral order that may be entered by the Bankruptcy Court in connection with the Chapter 11 Cases, (ii) our ability to maintain adequate cash on hand, (iii) our ability to generate cash flow from operations, (iv) our ability to develop, confirm and consummate the Prepackaged Plan or an alternative restructuring transaction, (v) the cost, duration and outcome of the Chapter 11 Cases; (vi) our execution of the sale of certain real estate assets in the ordinary course of business, which sales would provide cash, and (vii) controlling costs. While certain of these factors are within management’s control to some extent, all of them involve performance by third parties and therefore cannot be considered probable of occurring. 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 Impairment of Assets Real estate investments and related intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the property might not be recoverable, which is referred to as a “triggering event.” The continued impact of COVID-19 on the economy and market conditions, together with delayed reopening of some tenants at our properties in the third quarter of 2020, was deemed to be a triggering event during the third quarter of 2020, which led to an impairment review. In connection with our review of our long-lived assets for impairment, we utilize qualitative and quantitative factors in order to estimate fair value. The significant qualitative factors that we use include age and condition of the property, market conditions in the property’s trade area, competition with other shopping centers within the property’s trade area and the creditworthiness and performance of the property’s tenants. The significant quantitative factors that we use include historical and forecasted financial and operating information relating to the property, such as net operating income, occupancy statistics, vacancy projections and tenants’ sales levels. If there is a triggering event in relation to a property to be held and used, we will estimate the aggregate future cash flows, net of estimated capital expenditures, to be generated by the property, undiscounted and without interest charges. In addition, this estimate may consider a probability weighted cash flow estimation approach when alternative courses of action to recover the carrying amount of a long-lived asset are under consideration or when a range of possible values is estimated. The determination of undiscounted cash flows requires significant estimates by our management, including the expected course of action at the balance sheet date that would lead to such cash flows. Subsequent changes in estimated undiscounted cash flows arising from changes in the anticipated action to be taken with respect to the property could affect the determination of whether an impairment exists, and the effects of such changes could materially affect our net income. If the estimated undiscounted cash flows are less than the carrying value of the property, the carrying value is written down to its fair value. Assessment of our ability to recover certain lease-related costs must be made when we have a reason to believe that a tenant might not be able to perform under the terms of the lease as originally expected. This requires us to make estimates as to the recoverability of such costs. An other-than-temporary impairment of an investment in an unconsolidated joint venture is recognized when the carrying value of the investment is not considered recoverable based on evaluation of the severity and duration of the decline in value. To the extent impairment has occurred, the excess carrying value of the asset over its estimated fair value is recorded as a reduction to income. We concluded that there was no impairment as of September 30, 2020. The Company continues to monitor potential triggering events throughout the year for impairment indicators. New Accounting Developments Effective January 1, 2020, we adopted Accounting Standards Update (“ASU”) ASU 2016-13, Financial Instruments - Credit Losses will affect our accounting for trade receivables and notes receivable. The adoption of this guidance did not have a material impact on our consolidated financial statements. In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under ASU 2016-02, Leases (Topic 842) (“ASC 842”). Under ASC 842, we would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant or an enforceable right and obligation within the existing lease. The Q&A allows for the bypass of a lease-by-lease analysis and for us to elect to either apply the lease modification accounting framework or not, to all of the lease concessions we make with similar characteristics and circumstances. The FASB staff suggested that, in the context of the COVID-19 crisis, under ASC 842, leases where the total lease cash flows will remain substantially the same or less than those under the original lease contract after the COVID-19 related effects, a company may choose to forgo the evaluation of the enforceable rights and obligations of the original lease contract. Instead, the company would account for rent concessions, either: 1. As if they are part of the enforceable rights and obligations under the existing lease contract. Under this approach, the rent concession would be treated as a variable lease payment (negative), resulting in negative variable rent in the affected period(s); or 2. As a lease modification. Under this approach, the resulting change in lease income will be recognized over the remainder of the post-modification lease term. We have determined that we will apply the practical expedient and record negative variable rent, when applicable. This will be the case if the total amended lease payments are substantially the same as they would have been under the original lease terms. In addition, all abatements granted and recorded using this method must be related to the impact of COVID-19. Abatements that do not meet the above COVID-19 criteria will be treated as lease modifications under ASC 842 with the abatement being amortized as a reduction to rental income over the post-modification lease term. Dividends Declared On August 12, 2020, in connection with the Company’s negotiation of amendments to its Credit Agreements, the Company announced that all dividends on common and Preferred Shares will be suspended for the Suspension Period. Further, the Credit Agreements restrict dividends during an event of default, including the filing of the Chapter 11 Cases described above. In addition to complying with applicable contractual limitations, the declaration and payment of future quarterly dividends remains subject to the board of trustees’ determination.

Real Estate Activities

Real Estate Activities	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Real Estate Activities	2. REAL ESTATE ACTIVITIES Investments in real estate as of September 30, 2020 and December 31, 2019 were comprised of the following: (in thousands of dollars) September 30, 2020 December 31, 2019 Buildings, improvements and construction in progress $ 2,753,965 $ 2,753,039 Land, including land held for development 462,444 457,887 Total investments in real estate 3,216,409 3,210,926 Accumulated depreciation (1,280,117 ) (1,202,722 ) Net investments in real estate $ 1,936,292 $ 2,008,204 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, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2020 2019 2020 2019 Development/Redevelopment Activities: Interest (1) $ 489 $ 2,683 $ 1,844 $ 7,012 Compensation 25 281 416 969 Real estate taxes 29 524 255 945 Leasing Activities: Compensation, including commissions (2) - 108 164 413 (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. Commissions paid for successful leasing transactions continue to be capitalized. Dispositions In August 2020, a court order assigned a receiver to operate Valley View Mall in La Crosse, Wisconsin on behalf of the lender of the mortgage loan secured by the property. Although we have not yet conveyed the property because foreclosure proceedings are ongoing, we no longer control or operate the property as a result of court order assigning the receiver. In September 2020, a court order was issued to conduct a foreclosure sale of the property and as a result we have no further operating liabilities from the property. The mortgage principal balance was $27.2 million at September 30, 2020, which we will continue to recognize until the foreclosure process is completed. As of August 17, 2020, we derecognized the property and recorded an offsetting contract asset and recognized a gain from the extinguishment of debt of $7.0 million in the consolidated statement of operations. The contract asset is included in deferred costs and other assets, net in the consolidated balance sheet as of September 30, 2020. The derecognition of Valley View Mall and its related assets were a non-cash conversion of assets, which had no impact on the Company’s cash flows. In November 2019, we entered into an agreement to sell 14 tenant occupied parcels across five properties — Magnolia Mall, Capital City Mall, Woodland Mall, Jacksonville Mall and Valley Mall — for total consideration of $29.9 million. As of December 31, 2019, we completed the dispositions on three outparcels at Capital City Mall and Magnolia Mall for total consideration of $5.2 million. In connection with these sales, we recorded a gain of $2.7 million. In January 2020, the sale of the outparcel at Woodland Mall for total consideration of $5.1 million was completed and in March 2020, the sale of two outparcels at Magnolia Mall for total consideration of $2.9 million was completed with a resulting gain on sale of $1.9 million which was recorded in March 2020. In June 2020, we completed the sale of six outparcels at Magnolia Mall, Valley Mall and Jacksonville Mall for total consideration of $14.4 million. In connection with these sales, we recorded a gain of $9.3 million. During June 2020, the tenant of the remaining two outparcels subject to this agreement filed for bankruptcy. As a result, the agreement was amended to terminate the sale of the final two outparcels. 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 four parcels. The first parcel was sold in March 2019 for $5.0 million. As a result of executing the agreement of sale, we recorded losses on impairment of assets of $1.5 million in the first quarter of 2019. Subsequently, we closed on the sale of two parcels in November 2019 and the sale of the final parcel closed in December 2019 for aggregate consideration of $10.0 million.

Investments in Partnerships

Investments in Partnerships	9 Months Ended
	Sep. 30, 2020
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, 2020 and December 31, 2019: (in thousands of dollars) September 30, 2020 December 31, 2019 ASSETS: Investments in real estate, at cost: Operating properties $ 1,147,457 $ 883,530 Construction in progress 35,940 251,029 Total investments in real estate 1,183,397 1,134,559 Accumulated depreciation (256,471 ) (229,877 ) Net investments in real estate 926,926 904,682 Cash and cash equivalents 29,058 34,766 Deferred costs and other assets, net 117,609 43,476 Total assets 1,073,593 982,924 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable, net 493,634 499,057 FDP Term Loan, net 299,575 299,091 Other liabilities 124,703 79,166 Total liabilities 917,912 877,314 Net investment $ 155,681 $ 105,610 Partners’ share 76,128 50,997 PREIT’s share 79,553 54,613 Excess investment (1) 18,669 17,464 Net investments and advances $ 98,222 $ 72,077 Reconciliation to comparable GAAP balance sheet item: Investment in partnerships, at equity $ 176,070 $ 159,993 Distributions in excess of partnership investments (77,848 ) (87,916 ) Net investment $ 98,222 $ 72,077 _____________________ (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 (loss) income of partnerships for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2020 2019 2020 2019 Real estate revenue $ 24,198 $ 23,742 $ 75,484 $ 70,636 Operating expenses: Property operating and other expenses (13,924 ) (8,805 ) (35,884 ) (24,331 ) Interest expense (1) (6,038 ) (5,771 ) (18,008 ) (17,428 ) Depreciation and amortization (10,570 ) (5,317 ) (25,965 ) (14,675 ) Total expenses (30,532 ) (19,893 ) (79,857 ) (56,434 ) Net (loss) income (6,334 ) 3,849 (4,373 ) 14,202 Partners’ share 3,183 (2,191 ) 1,884 (7,777 ) PREIT’s share (3,151 ) 1,658 (2,489 ) 6,425 Amortization of and adjustments to excess investment, net (108 ) (127 ) (309 ) (289 ) Equity in (loss) income of partnerships $ (3,259 ) $ 1,531 $ (2,798 ) $ 6,136 (1) 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 sales of real estate by equity method investee in the accompanying consolidated statement of operations. 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. As discussed in Note 4, on October 19, 2020, the borrower under the FDP Term Loan received a letter from the administrative agent under the FDP Term Loan alleging an event of default under the FDP Term Loan as a result of the alleged breach of the 2018 Credit Agreement and outlining the 45-day cure period that will expire on December 3, 2020. On November 2, 2020, the borrower under the FDP Term Loan received a subsequent letter from the administrative agent asserting an event of default as a result of the filing of the Chapter 11 Cases and the automatic acceleration of the FDP Term Loan. The administrative agent under the FDP Term Loan is a party to the RSA, and PREIT has responded to the administrative agent with a letter expressly reserving its rights in connection with the FDP Term Loan and, in the event the Prepackaged Plan is not confirmed or the RSA is otherwise terminated, expressly reserving its rights under the RSA and the Prepackaged Plan. Mortgage Loan activity During the nine months ended September 30, 2020, we executed forbearance and loan modification agreements for Metroplex and Springfield Mall. These arrangements allowed us to defer principal payments, and in some cases interest as well, between May and August 2020 depending on the terms of each agreement. At the end of the deferral period, repayment of deferred amounts spans from four to six months. The repayment periods range from August 2020 through February 2021 depending on the terms of the specific agreements. 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, 2020 and December 31, 2019, and summarized statement of operations information for the three and nine months ended September 30, 2020 and 2019 for these entities, which are accounted for using the equity method, are as follows: LVA (in thousands of dollars) September 30, 2020 December 31, 2019 Summarized balance sheet information Total assets $ 64,971 $ 62,504 Mortgage loan payable, net 189,360 191,998 Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2020 2019 2020 2019 Summarized statement of operations information Revenue $ 6,596 $ 8,006 $ 21,243 $ 24,589 Property operating expenses (1,984 ) (2,138 ) (6,568 ) (6,351 ) Interest expense (1,944 ) (2,027 ) (5,803 ) (6,055 ) Net income 1,864 3,059 6,402 9,768 PREIT’s share of equity in income of partnership 932 1,529 3,201 4,884 FDP (in thousands of dollars) September 30, 2020 December 31, 2019 Summarized balance sheet information Total assets $ 725,087 $ 641,377 FDP Term Loan, net 299,575 299,091 Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2020 2019 2020 2019 Summarized statement of operations information Revenue $ 4,763 $ 1,271 $ 15,276 $ 2,667 Property operating expenses (6,228 ) (1,901 ) (14,305 ) (3,100 ) Interest expense (933 ) (2 ) (2,137 ) (2 ) Net loss (9,365 ) (2,553 ) (16,304 ) (4,879 ) PREIT’s share of equity in loss of partnership (4,690 ) (1,262 ) (8,164 ) (2,299 )

Financing Activity

Financing Activity	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Financing Activity	4. FINANCING ACTIVITY Credit Agreements As of September 30, 2020, we have entered into three credit agreements: (1) the 2018 Credit Agreement, which, as described in more detail below, includes (a) the $375.0 million 2018 Revolving Facility, and (b) the $300.0 million 2018 Term Loan Facility, (2) the $250.0 million 2014 7-Year Term Loan, and (3) the Bridge Facility. The 2018 Term Loan Facility, the 2014 7-Year Term Loan and the Bridge Facility are collectively referred to as the “Term Loans.” As discussed further below and in Note 1 to our unaudited consolidated financial statements, on March 30, 2020 and again on July 27, 2020, we entered into amendments of our Credit Agreements. Our Credit Agreements were also amended on May 1, 2020 to extend the required delivery date of compliance certificates covering the fiscal quarter ended March 31, 2020 by six days. Among other things, the March 2020 amendments reduced the aggregate Revolving Commitments under the 2018 Revolving Facility by $25.0 million to $375.0 million. The $375.0 million aggregate Revolving Commitments under the 2018 Credit Agreement were permanently terminated pursuant to the July 2020 amendment to the 2018 Credit Agreement. On August 11, 2020, we entered into the Bridge Facility which provided for up to $30.0 million of additional borrowings and an original maturity date of September 30, 2020. On September 30, 2020, we amended our Credit Agreements to, among other things, extend the Suspension Period and the maturity date of the Bridge Facility until October 31, 2020 and to provide for the ability to request additional commitments of up to $25.0 million under our Bridge Facility. The September 2020 amendments also eliminated the minimum liquidity requirement under each of the Credit Agreements. We subsequently amended the Bridge Credit Agreement on October 16, 2020 to, among other things, increase the aggregate amount of commitments under the Bridge Facility by $25.0 million. As of September 30, 2020, we had borrowed $560.5 million available under the Term Loans, including $22.5 million under our Bridge Facility and the full $375.0 million under the 2018 Revolving Facility. The carrying value of the Term Loans on our consolidated balance sheet as of September 30, 2020 is net of $1.5 million of unamortized debt issuance costs. Amounts borrowed under the 2018 Credit Agreement or the 7-Year Term Loan Agreements, 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 (the “Rating Date”), after which alternative rates would apply, as described in the applicable Credit Agreements. The applicable interest rates for amounts borrowed under our Bridge Facility are described further below. During the Suspension Period, the Applicable Margin will be determined based on the Level 5 Ratio of Total Liabilities to Gross Asset Value (listed below). 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. Prior to July 27, 2020 amendment, the 2018 Revolving Facility was subject to a facility fee, which varied based on leverage and was 0.35% as of July 27, 2020 and is recorded in interest expense in the consolidated statements of operations. Subsequent to July 27, 2020 and as of September 30, 2020, the 2018 Revolving Facility is no longer subject to a facility fee. 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 but less than 0.600 to 1.000 1.55 % 0.55 % 1.90 % 0.90 % 5 Equal to or greater than 0.600 to 1.000 (1) 1.90 % (2) 0.90 % 2.25 % (2) 1.25 % (1) (2) The Credit Agreements contain certain affirmative and negative covenants, several of which were amended on March 30, 2020. Pursuant to the July 2020 amendments, some of those covenants have been suspended for the duration of the Suspension Period, as extended by the September 30, 2020 amendments. The affirmative and negative covenants, as amended by the March 2020 amendments, include, 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 0.65:1 at any time prior to and including September 30, 2020, or 0.60:1 at any time thereafter, provided that it will not be a Default if after September 30, 2020, 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 remainder of the term (which covenant has been suspended for the duration of the Suspension Period); (3) minimum ratio of Adjusted EBITDA to Fixed Charges of 1.40 to 1.00 for any period ending on or before September 30, 2020, or 1.50:1 for any period ending thereafter (which covenant has been suspended for the duration of the Suspension Period); (4) minimum Unencumbered Debt Yield of (a) 10.0% at any time prior to and including September 30, 2020, (b) 11.25% any time after September 30, 2020 through and including June 30, 2021, and (c) 11.50% any time thereafter (which covenant has been suspended for the duration of the Suspension Period); (5) minimum Unencumbered Net Operating Income 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. Our Credit Agreements previously required us to maintain unrestricted cash liquidity of $8.5 million at all times during the Suspension Period and $25.0 million prior to the Suspension Period and following September 30, 2020 (the end of the initially extended Suspension Period), such liquidity to be comprised of unrestricted cash and cash equivalents, undrawn availability under the 2018 Revolving Facility and undrawn availability under the Bridge Facility. The minimum liquidity requirements under each of our Credit Agreements were eliminated by the September 30, 2020 amendments. 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 and the March 2020 amendments limit our ability to enter into sale-leaseback transactions with respect to Unencumbered Properties. The Credit Agreements are subject to customary events of default and are cross-defaulted with one another. The July 2020 amendments prohibit us from taking any action (or omitting from taking any action) during the Suspension Period (as extended by the September 2020 amendments) where such action would be otherwise prohibited to be taken or omitted during the existence of a default or event of default, including but not limited to making certain Restricted Payments (as defined in the Credit Agreements), creating, assuming or incurring liens on our assets, income or profits, and engaging in certain transactions regarding mergers, acquisitions and sales of assets, in each case unless permitted by the Credit Agreements. Restricted Payments (as defined in the Credit Agreements) include cash dividends with respect to our shares. As such, the Credit Agreements, as amended, restrict our ability to declare and pay dividends on our common shares and preferred shares for the duration of the Suspension Period. The filing of the Chapter 11 Cases constitutes an event of default under 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. We must make prepayments under the 2018 Term Loan Facility in an amount equal to 54.55% of any Net Cash Proceeds received from certain Capital Events (provided that any Net Cash Proceeds from Capital Events in excess of $150 million must be applied 50% toward repayment of outstanding amounts under the 2018 Revolving Facility with 54.55% of the remaining 50% applied to prepay amounts under the 2018 Term Loan Facility), subject to certain exceptions. If we had more than $50.0 million of unrestricted cash on our balance sheet for five consecutive days any time prior to September 30, 2020, we were required to prepay the 2018 Revolving Facility with our excess cash above $50.0 million. We must also make prepayments under the 7-Year Term Loan in an amount equal to 45.45% of any Net Cash Proceeds received from certain Capital Events (provided that any Net Cash Proceeds from Capital Events in excess of $150 million must be applied 50% toward repayment of outstanding amounts under the 2018 Revolving Facility with 45.45% of the remaining 50% applied to prepay the amounts outstanding under the 7-Year Term Loan), subject to certain exceptions. We also made monthly principal amortization payments of $ 1.09 million of the term loan under the 2018 Credit Agreement and of $ 909 thousand of the term loan under the 7-Year Term Loan, in each case for the months of April, May, June, July, August and September of 2020. Upon the expiration of any applicable cure period for 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 automatically become immediately due and payable. The filing of the Chapter 11 Cases constitutes such a proceeding under the Credit Agreements and Bridge Facility, however, any efforts to enforce the payment obligations thereunder are automatically stayed as a result of the Chapter 11 Cases and the lenders’ rights of enforcement are subject to the Bankruptcy Code. In the event of an involuntary bankruptcy proceeding, we have a limited time period to obtain a dismissal of the involuntary bankruptcy prior to the occurrence of an event of default. Bridge Facility The Company’s obligations under the Bridge Facility and related guaranty are secured by mortgages and deeds of trust on a portfolio of 12 of our subsidiaries’ properties, including nine malls and three additional parcels. The obligations are further secured by a pledge of s ubstantially all of the personal property of the Company and the guarantors pursuant to a collateral agreement and a pledge of substantially all of the equity interests of the guarantors (subject to limited exceptions) pursuant to a pledge agreement. The initial maturity date of the Bridge Facility was the earlier of (a) September 30, 2020, or (b) the date the obligations under the Bridge Facility have been accelerated. On September 30, 2020, the maturity date was extended to October 31, 2020. Amounts borrowed under the Bridge Facility may be either Base Rate Loans or LIBOR Loans. Base Rate Loans bear interest at the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the LIBOR Market Index Rate plus 1.0%, provided that the Base Rate will not be less than 2.00% per annum, in each case plus 7.00% per annum. LIBOR Loans bear interest at LIBOR plus 8.00% per annum. After the initial borrowing and prior to the October 2020 amendment, the Company was only permitted to draw when its unrestricted cash and cash equivalents were equal to or less than $12.5 million, and subsequent borrowings were determined according to a multiple of amounts set forth in the loan budget. Pursuant to the October 2020 amendment to the Bridge Credit Agreement, the commitments under the Bridge Facility were increased by $25.0 million and the entire $25.0 million was drawn and deposited into a cash collateral account. We may only draw amounts from the cash collateral account holding the unfunded amount of commitments if our unrestricted cash and cash equivalents (not including the cash in such account) is equal to or less than $12.5 million. The Bridge Facility contains, among other restrictions, certain affirmative and negative covenants, including, without limitation, requirements that the Borrower and certain of its subsidiaries (i) comply with all of the affirmative and negative covenants set forth in the 2018 Credit Agreement, (ii) promptly notify the administrative agent of any acquisition of any owned real property that is not subject to a mortgage and grant liens on such real property to secure the Bridge Facility, (iii) use the proceeds of the Bridge Facility for purposes consistent with certain categories set forth in the loan budget, (iv) provide weekly reports with respect to variances in actual results relative to projected amounts set forth in the loan budget and providing an explanation for any such deviation, certifying that no Default or Event of Default has occurred (or if one has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto), and beginning on the fourth week following the effective date certifying compliance with covenants limiting the permitted variation of certain actual disbursements by the Company and its subsidiaries from amounts set forth in the loan budget; (v) beginning with the fourth full week following the effective date, and for each rolling four-week period thereafter, the Borrower is required to cause certain of its actual aggregate disbursements not to exceed the aggregate amount of such disbursements in the loan budget by more than 20% during any such four-week testing period, (vi) prior to August 31, 2020, agree to a non-binding term sheet with respect to amendments of each of the 2018 Credit Agreement and the 7-Year Term Loan (which the Borrower satisfied on August 30, 2020), (vii) provide operating statements, rent rolls, collections and leasing information, as well as certain reports and agreements as the administrative agent may reasonably require, to the administrative agent for each of the Mortgaged Properties, (viii) maintain liquidity of at least $8.5 million, to be comprised of unrestricted cash held in certain deposit accounts subject to control agreements as well as up to $5.0 million held in a certain other deposit account not subject to a control agreement and the unused commitments under the Bridge Facility (to the extent available to be drawn); and (ix) not retain more than $6.5 million of cash in property-level accounts held by subsidiaries that are owners of real property (subject to certain exceptions). As discussed above, the minimum liquidity requirement under the Bridge Facility was eliminated by the September 2020 amendment. The Bridge Facility also prevents the Company and its subsidiaries, subject to certain exceptions, from incurring additional indebtedness, incurring liens on their property, making investments, and amending their organizational documents. The Bridge Facility permits prepayment at any time without premium or penalty. At any time that the Borrower or any Guarantor or subsidiary or unconsolidated joint venture thereof (to the extent that such entity has the ability to require a distribution from such joint venture of its portion of Net Cash Proceeds) receives Net Cash Proceeds from any Capital Event, the Borrower must prepay the Bridge Facility in an amount equal to 100% of such Net Cash Proceeds (or with respect to any joint venture, the portion of such Net Cash Proceeds distributed to the Borrower or any Guarantor). Interest expense and deferred financing fee amortization related to the Credit Agreements and Bridge Facility for the three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2020 2019 2020 2019 Revolving Facility: Interest expense $ 3,505 $ 2,082 $ 8,363 $ 5,143 Deferred financing amortization 278 274 830 822 Term Loans: Interest expense 6,931 5,212 18,230 15,477 Deferred financing amortization 910 191 1,297 570 The aggregate carrying values and estimated fair values of mortgage loans based on interest rates and market conditions at September 30, 2020 and December 31, 2019 were as follows: September 30, 2020 December 31, 2019 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans (1) $ 890.8 $ 894.6 $ 899.8 $ 873.9 (1) The carrying value of mortgage loans is net of unamortized debt issuance costs of $1.2 million and $1.8 million as of September 30, 2020 and December 31, 2019, respectively. The mortgage loans contain various customary default provisions. Mortgage Loan Activity During the nine months ended September 30, 2020, we executed forbearance and loan modification agreements for Cherry Hill Mall, Cumberland Mall, Dartmouth Mall, Francis Scott Key Mall, Viewmont Mall, and Woodland Mall. These arrangements allowed us to defer principal payments, and in some cases interest as well, between May and August 2020 depending on the terms of each agreement. At the end of the deferral period, repayment of deferred amounts spans from four to six months. The repayment periods range from August 2020 through February 2021 pursuant to the terms of the specific agreements. Certain of these forbearance and loan modification agreements also impose certain additional informational reporting requirements during the applicable modification periods. In the second quarter of 2020, we received a notice of transfer of servicing for the mortgage loan secured by Valley View Mall, which had a $27.3 million balance as of June 30, 2020. Subsequently, we failed to make the June 2020 monthly payment and our subsidiary that is the borrower under the mortgage also received a notice of default on the mortgage from the lender. Additionally, we have not paid the balloon payment of $27.3 million due at maturity on July 1, 2020. A foreclosure notice has been filed and operations of the property has been assigned to a receiver in August 2020. See Note 2 to our unaudited financial statements for further detail. 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 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. Note Payable In April 2020, in light of the impact of COVID-19 on our business and limited capital resources, we applied for and received proceeds from a potentially forgivable loan in the amount of $4.5 million under the Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. We entered into a note payable with our lender bank (“Note Payable”). The Note Payable will mature on April 15, 2022. Based on the CARES Act and the Note Payable, all payments of both principal and interest will be deferred until at least August 2021. The Note Payable accrues interest at a rate of 1.00% per annum, and the interest will continue to accrue throughout the period the Note Payable is outstanding, or the forgiveness date. All or a portion of PPP loans are eligible for forgiveness pursuant to program guidelines to the extent the proceeds are used for qualifying purposes within a 24-week Interest Rate Risk We follow established risk management policies designed to limit our interest rate risk on our interest bearing liabilities, as further discussed in Note 7 to our unaudited consolidated financial statements. Subsequent Events As discussed in Note 1, on October 7, 2020, the Company Parties entered into the RSA with certain of our lenders under our Credit Agreements. The RSA was amended on October 16, 2020 and again on October 23, 2020, to, among other things, extend the date by which the Company Parties were required to commence the solicitation and the Chapter 11 Cases and provide for a limited tolling of the Company Parties’ alleged breach of the RSA (described further below). As discussed above, we amended our Bridge Credit Agreement on October 16, 2020 to, among other things, increase the aggregate amount of commitments under the Bridge Facility by $25.0 million. Additionally, as discussed above, on October 19, 2020, we received Reservation Letters from the administrative agent alleging events of default with respect to each of the Credit Agreements, in addition to a letter from certain lenders under the RSA regarding an alleged breach of the RSA. The Reservation Letter in respect of each Credit Agreement states that interest will accrue on the outstanding principal balance of the loans under such Credit Agreement at the increased Post-Default Rate (as defined in such Credit Agreement) beginning on October 19, 2020. The Reservation Letters specify that the lenders have not waived their rights and remedies under the Credit Agreements or the RSA (as applicable), and that they expressly reserve all available rights and remedies thereunder and under applicable law. The Company has responded to the administrative agent that it disputes the lenders’ characterization of the situation described in the Reservation Letters and that no breach of the RSA or event of default under any of the Credit Agreements has occurred. On October 19, 2020, the borrower under the FDP Term Loan also received a letter from the administrative agent under the FDP Term Loan alleging an event of default under the FDP Term Loan as a result of the alleged breach of the 2018 Credit Agreement and outlining the 45-day cure period that will expire on December 3, 2020. On November 2, 2020, the borrower under the FDP Term Loan received a subsequent letter from the administrative agent asserting an event of default as a result of the filing of the Chapter 11 Cases and the automatic acceleration of the FDP Term Loan. The administrative agent under the FDP Term Loan is a party to the RSA, and PREIT has responded to the administrative agent with a letter expressly reserving its rights in connection with the FDP Term Loan and, in the event the Prepackaged Plan is not confirmed or the RSA is otherwise terminated, expressly reserving its rights under the RSA and the Prepackaged Plan. As discussed below, the Chapter 11 Cases constitute an event of default under our Credit Agreements and may also trigger cross-defaults under certain of our property-level debt facilities. We have received and expect to continue to receive notices from certain property-level lenders asserting those cross-defaults, including the agent for the credit facilities secured by Woodland Mall and Willow Grove Mall. We expect to engage in discussions with the applicable agents under those facilities regarding potential forbearance agreements. On November 1, 2020, the Debtors filed the Chapter 11 Cases in the Bankruptcy Court to implement the Prepackaged Plan. Under the Prepackaged Plan, the Company would be recapitalized and its debt maturities extended. The Debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Prepackaged Plan and requested first-day relief, which was subsequently granted, anticipate the continued payment of employee wages and benefits without interruption and that trade claimants and other unsecured creditors that continue to work with the Debtors on existing terms will be paid in full and in the ordinary course of business. The Prepackaged Plan is not expected to have any impact on our shareholders, and based on our discussions with the NYSE, our common and preferred shares are expected to continue to trade in the normal course, subject to regaining compliance with the NYSE trading price listing condition within the applicable grace period. The Prepackaged Plan is subject to approval by the Bankruptcy Court. Under the RSA, subject to certain terms and conditions, the consenting lenders have agreed, among other things, to (i) take all commercially reasonable actions necessary to facilitate the consummation of the Prepackaged Plan and refrain from taking any actions inconsistent therewith, and not fail or omit to take an action that is required by the RSA, applicable law, or the In-Court Definitive Documents (defined in the RSA); (ii) not object to, delay, impede, or take any other action that may reasonably be expected to interfere with the consummation of the Prepackaged Plan; (iii) negotiate in good faith the In-Court Definitive Documents and execute, deliver and perform thereunder to implement the Prepackaged Plan; (iv) timely vote and consent to accept the Prepackaged Plan; (v) support and take all reasonable actions necessary or appropriate to consummate the exit financing arrangements; (vi) timely vote against and not solicit any alternative restructuring; and (vii) except as permitted in the RSA, not transfer any ownership (including any beneficial ownership as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended) held by such consenting lender. At the hearing before the Bankruptcy Court held on November 3, 2020 on the Debtors’ motions for first-day relief, customary relief was granted, and the Bankruptcy Court scheduled a combined hearing on the adequacy of the Debtors’ Disclosure Statement and confirmation of the Prepackaged Plan for November 24, 2020. The filing of the Chapter 11 Cases constitutes an event of default that accelerated our obligations under each of our Credit Agreements. The Credit Agreements provide that as a result of the filing of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable. Any efforts to enforce such payment obligations under the Credit Agreements are automatically stayed as a result of the commencement of the Chapter 11 Cases, and the lenders’ rights of enforcement in respect of the Credit Agreements are subject to the applicable provisions of the Bankruptcy Code. The commencement of the Chapter 11 Cases and/or acceleration of the Credit Agreements may also constitute a cross-default under certain property-level debt facilities (in an aggregate outstanding principal amount of approximately $896.5 million), ground leases, operating leases and other contractual and non-contractual obligations of our affiliates. We have filed a motion for the entry of an order extending the automatic stay as a result of the commencement of the Chapter 11 Cases to such affiliates to safeguard our reorganization efforts in the event a counterparty to any of such obligations seeks to take adverse action.

Cash Flow Information

Cash Flow Information	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information	5. CASH FLOW INFORMATION Cash paid for interest was $46.6 million (net of capitalized interest of $1.8 million) and $41.9 million (net of capitalized interest of $7.0 million) for the nine months ended September 30, 2020 and 2019, 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 $120.0 million and $181.0 million for the nine months ended September 30, 2020 and 2019, respectively. Aggregate paydowns were $0.0 million and $33.0 million for the nine months ended September 30, 2020 and 2019, respectively. Net and aggregate paydowns on our Term Loans were $12.0 million and $0.0 million for the nine months ended September 30, 2020 and 2019, respectively. Accrued construction costs decreased by $6.3 million in the nine months ended September 30, 2020 and decreased by $15.7 million in the nine months ended September 30, 2019, 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, 2020 and 2019. September 30, (in thousands of dollars) 2020 2019 Cash and cash equivalents $ 36,373 $ 11,709 Restricted cash included in other assets 6,087 6,183 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 42,460 $ 17,892 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, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. COMMITMENTS AND CONTINGENCIES Contractual Obligations As of September 30, 2020, we had unaccrued contractual and other commitments related to our capital improvement projects and development projects of $27.9 million, including $14.1 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. We believe we have satisfied this obligation. Provision for Employee Separation Expenses During the nine months ended September 30, 2020 and 2019, we terminated the employment of certain employees and officers. In connection with the departure of those employees and officers, we recorded $0.1 million and $1.2 million, respectively of employee separation expenses in the three and nine months ended September 30, 2020, compared to $0.2 million and $1.1 million, respectively, for the three and nine months ended September 30, 2019. As of September 30, 2020, we had $0.6 million of severance accrued and unpaid related to the termination of employees. Notice of Non-Compliance with Continued Listing Standards On September 25, 2020, the Company received notice from the NYSE that the Company is no longer in compliance with the NYSE continued listing standard set forth in Section 802.01C of the NYSE’s Listed Company Manual, which requires listed companies to maintain an average closing price of at least $1.00 per share over a consecutive 30-day trading period. Under NYSE rules, the Company has ten business days following receipt of the notice to respond to the NYSE and indicate its intent to cure this deficiency or be subject to suspension and delisting. The Company no tified the NYSE , within the required ten business day period, that it intends to cure the deficiency . Under NYSE rules, the Company has six months from the date of the notice to regain compliance with the minimum share price requirement. The Company intends to consider all available options to cure the deficiency and regain compliance. The notice does not affect the Company’s ongoing business operations or its reporting requirements with the SEC. Property Damage from Natural and Other Disasters 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 nine months ended September 30, 2019, we recorded net recoveries of approximately $0.2 million. These net recoveries primarily relate to remediation expenses and business interruption claims. $0.1 million of the recoveries received relate to business interruption. During the nine months ended September 30, 2020, Cherry Hill Mall in Cherry Hill, New Jersey experienced a power outage due to the failure of an underground high voltage cable, which required the use of backup generator power. We recorded net costs of approximately $0.6 million during the nine months ended September 30, 2020 and received recoveries of $0.6 million in April 2020.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2020
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, 2020, 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. The Company expects to reassess the designation of its derivatives and their effectiveness in the fourth quarter 2020 as a result of the Prepackaged Plan filing, as discussed in Note 4. During the next 12 months, we estimate that $14.4 million will be reclassified as an increase 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 or that the debt becomes due under the terms of the agreements. Interest Rate Swaps As of September 30, 2020, we had interest rate swap agreements outstanding with a weighted average base interest rate of 2.13% on a notional amount of $794.4 million, maturing on various dates through 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. During the second quarter of 2020, we modified the interest rate swap agreements related to Francis Scott Key Mall and Viewmont Mall to align with the mortgage deferral arrangements we executed with the respective mortgage lenders. We did not make any swap payments in May through August 2020 during which period the interest rates were zero percent. Beginning in September 2020, the monthly payments resumed at set strike rates and incorporate the deferred amounts. 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, 2020 and December 31, 2019 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, 2020 (in millions of dollars) Aggregate Fair Value at September 30, 2020 (1) (in millions of dollars) Aggregate Fair Value at December 31, 2019 (1) (in millions of dollars) Weighted Average Interest Rate Interest Rate Swaps 2020 $ - $ - $ 0.2 - 2021 494.4 (8.1 ) (1.4 ) 1.79 % 2022 - - - - 2023 300.0 (19.6 ) (7.3 ) 2.70 % Total $ 794.4 $ (27.7 ) $ (8.5 ) 2.13 % (1) As of September 30, 2020 and December 31, 2019, 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, 2020 and 2019: 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) 2020 2019 2020 2019 2020 2019 2020 2019 Derivatives in Cash Flow Hedging Relationships Interest rate products $ 0.3 $ (2.8 ) $ 3.7 $ (0.8 ) $ (22.1 ) $ (18.6 ) $ 6.4 $ (3.1 ) Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2020 2019 2020 2019 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ (20.3 ) $ (15.5 ) $ (54.3 ) $ (47.0 ) Amount of loss reclassified from accumulated other comprehensive income into interest expense $ 3.7 $ (0.8 ) $ 6.4 $ (3.1 ) Credit-Risk-Related Contingent Features We have agreements with some of our derivative counterparties that contain a provision pursuant to which, if our entity that originated such derivative instruments defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. As of September 30, 2020, 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, 2020, 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 $27.7 million. If we had breached any of the default provisions in these agreements as of September 30, 2020, we might have been required to settle our obligations under the agreements at their termination value (including accrued interest) of $30.1 million. We had not breached any of these provisions as of September 30, 2020.

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	8. LEASES 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, 2020, 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 noncancelable 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 of ASC 842 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, 2020 Nine Months Ended September 30, 2020 (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 $ 209 $ — $ — $ 209 $ 621 $ — $ — $ 621 Interest on lease liabilities 68 — — 68 215 — — 215 Operating lease costs — 436 333 769 — 1,309 1,008 2,317 Variable lease costs — 44 60 104 — 129 142 271 Total lease costs $ 277 $ 480 $ 393 $ 1,150 $ 836 $ 1,438 $ 1,150 $ 3,424 Other information related to leases as of and for the nine months ended September 30, 2020 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 $ 208 Operating cash flows used for operating leases $ 1,552 Financing cash flows used for finance leases $ 526 Weighted average remaining lease term-finance leases (months) 89 Weighted average remaining lease term-operating leases (months) 300 Weighted average discount rate-finance leases 4.35 % Weighted average discount rate-operating leases 6.43 % Future payments against lease liabilities as of September 30, 2020 are as follows: (in thousands of dollars) Finance leases Operating leases Total October 1 to December 31, 2020 $ 248 $ 563 $ 811 2021 990 2,573 3,563 2022 988 2,558 3,546 2023 983 2,514 3,497 2024 949 2,428 3,377 Thereafter 3,000 53,545 56,545 Total undiscounted lease payments 7,158 64,181 71,339 Less imputed interest (1,048 ) (33,969 ) (35,017 ) Total lease liabilities $ 6,110 $ 30,212 $ 36,322 Future payments against lease liabilities as of December 31, 2019 were as follows: (in thousands of dollars) Finance leases Operating leases Total Year ending December 31, 2020 $ 925 $ 2,237 $ 3,162 2021 925 2,730 3,655 2022 925 2,538 3,463 2023 925 2,485 3,410 2024 925 2,373 3,298 Thereafter 2,999 46,853 49,852 Total undiscounted lease payments 7,624 59,216 66,840 Less imputed interest (1,242 ) (28,965 ) (30,207 ) Total lease liabilities $ 6,382 $ 30,251 $ 36,633 As Lessor As of September 30, 2020, 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 noncancelable 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, and do not include any rent deferral arrangements executed during the nine months ended September 30, 2020. 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, 2020 $ 54,272 2021 202,070 2022 183,810 2023 165,410 2024 144,048 Thereafter 485,258 $ 1,234,868

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [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 (the “SEC”). 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, 2019. 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 comprehensive income (loss), consolidated statements of equity and our consolidated statements of cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. PREIT, a Pennsylvania business trust founded in 1960 and one of the first equity real estate investment trusts (“REITs”) in the United States, has a primary investment focus on retail shopping malls located in the eastern half of the United States, primarily in the Mid-Atlantic region. As of September 30, 2020, our portfolio consists of a total of 26 properties operating in nine states, including 20 shopping malls, five 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 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, 2020, 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, 2020, the total amount that would have been distributed would have been $1.1 million, which is calculated using our September 30, 2020 closing price on the New York Stock Exchange (the “NYSE”) of $0.55 per share multiplied by the number of outstanding OP Units held by limited partners, which was 2,022,635 as of September 30, 2020. 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.
COVID-19 Related Risks and Uncertainties	COVID-19 Related Risks and Uncertainties The 2020 global outbreak of a novel coronavirus (“COVID-19”) has adversely impacted and continues to impact our business, financial condition, liquidity and operating results, as well as our tenants’ businesses. The prolonged and increased spread of COVID-19 has also led to unprecedented global economic disruption and volatility in financial markets. Some of our tenants’ financial health and business viability have been adversely impacted and their creditworthiness has deteriorated. We anticipate that our future business, financial condition, liquidity and results of operations, including our results for 2020 and potentially in future periods, will continue to be materially impacted by the COVID-19 pandemic. It remains highly uncertain how long the global pandemic, economic challenges and restrictions on day-to-day life and business operations will last based on the current virus spread rate in the United States, which has resulted in a number of jurisdictions that previously relaxed restrictions implementing new or renewed restrictions . Given the se factors , so long as the lingering effects of COVID-19 remain, the virus may continue to impact us or our tenants, or our ability or the ability of our tenants to resume more normal operations. COVID-19 closures of our properties began on March 12, 2020 and continued through the reopening of our last property on July 3, 2020. These closures impacted most of our properties for the full second quarter of 2020 with traffic and tenant reopenings increasing through the third quarter of 2020. Certain jurisdictions where our properties are located that have relaxed restrictions or have experienced limited public adherence with suggested safety measures have been contemplating or implementing new or renewed restrictions. As such, as the pandemic continues, intensifies or experiences resurgences, it is possible that additional closures will occur. During the mall closure period in the second quarter of 2020, the Company furloughed a significant portion of its property and corporate employee base and later made permanent headcount reductions, which contributed to decreased general and administrative expenses in the third quarter of 2020. All of our properties have remained open during the third quarter of 2020 and are employing safety and sanitation measures designed to address the risks posed by COVID-19, with some of our tenants still operating at reduced capacity. The significance of COVID-19 on our business, however, will continue to depend on, among other things, the extent and duration of the pandemic, the severity of the disease and the number of people infected with the virus, the further effects on the economy of the pandemic and of the measures taken by governmental authorities and other third parties restricting daily activities and the length of time that such measures remain in place or are renewed, and implementation of governmental programs to assist businesses and consumers impacted by the COVID-19 pandemic.
Going Concern Considerations	Going Concern Considerations Under the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. As a result of the considerations articulated below, we believe there is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In applying the accounting guidance, management considered our current financial condition and liquidity sources, including current funds available, forecasted future cash flows and our conditional and unconditional obligations due over the next twelve months. Management specifically considered the following: (i) our senior unsecured facility, which includes a revolving facility maturing in 2022 with a balance of $375.0 million as of September 30, 2020, term loans maturing in 2021 and 2023 with balances of $244.5 million and $293.5 million, respectively, as of September 30, 2020 and the Bridge Facility (as defined below) with a balance of $22.5 million as of September 30, 2020 maturing on October 31, 2020; (ii) our mortgage loans with varying maturities through 2025 with a principal balance of $890.8 million as of September 30, 2020; (iii) the financial covenant compliance requirements of our credit agreements; and (iv) recurring costs of operating our business. On March 30, 2020, the Company amended its 7-Year term loan agreement, dated as of January 8, 2014 (as amended through the date hereof, the “7-Year Term Loan Agreement”) and its credit agreement, dated as of May 24, 2018, by and among the Company, each of the financial institutions from time to time party thereto, and Wells Fargo Bank, National Association, as administrative agent, (as amended through the date hereof, the “2018 Credit Agreement” (each a “Credit Agreement” and together with the 2014 7-Year Term Loan Agreement, the “Credit Agreements”) to provide certain debt covenant relief through September 30, 2020. The Company’s Credit Agreements were also amended on May 1, 2020 to extend the required delivery date of compliance certificates covering the fiscal quarter ended March 31, 2020 by six days. Further deterioration in our financial results due to COVID-19 has affected our covenant compliance prior to September 30, 2020. In anticipation of the Company not meeting certain financial covenants applicable under the Credit Agreements for the quarter ended June 30, 2020, on July 27, 2020, the Company further amended the Credit Agreements primarily to suspend certain debt covenants from and including June 30, 2020 until but excluding August 31, 2020, to reduce its minimum liquidity requirement during the Suspension Period (defined below) and to permit limited additional debt. On August 30, 2020, the Company agreed to a non-binding term sheet with Wells Fargo Bank, National Association and other financial institutions (the “Lenders”) for further amendments to the Credit Agreements. The Company’s agreement to this term sheet, along with entering into an agreement (the “Bridge Credit Agreement”) for an additional secured term loan facility permitting borrowings of up to $30.0 million on August 11, 2020 (the “Bridge Facility”) extended the Company’s suspension of certain debt covenants through September 30, 2020 (the “Suspension Period”). Subsequent to August 11, 2020, references to the Credit Agreements and Term Loans include the Bridge Facility. On September 30, 2020, the Company further amended the Credit Agreements and secured a one-month extension of the Suspension Period to October 31, 2020, an extension of the Bridge Facility maturity date to October 31, 2020, and certain other covenant amendments, including permission to incur an additional $25.0 million under the Bridge Facility. The Company further amended the Bridge Credit Agreement on October 16, 2020 to increase the aggregate amount of commitments thereunder by $25.0 million. On October 7, 2020, the Company and certain of the Company’s wholly owned direct and indirect subsidiaries (collectively, the “Company Parties”) entered into a Restructuring Support Agreement (the “RSA”) with certain of the lenders party to its Credit Agreements. The RSA contemplates agreed-upon terms for a financial restructuring of the existing debt and certain other obligations of the Company Parties through either (i) an out-of-court restructuring on the terms set forth in the out-of-court restructuring term sheet attached to the RSA or, if the Company is unable to obtain the consent of 100% of the lenders under the Credit Agreements, (ii) a prepackaged plan of reorganization on the terms set forth in the plan term sheet attached to the RSA, a solicitation of votes therefor, and the commencement by the Company of voluntary cases under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532, in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The RSA was amended on October 16, 2020 and again on October 23, 2020, to, among other things, extend the date by which the Company Parties were required to commence the solicitation and the Chapter 11 Cases and provide for a limited tolling of the Company Parties’ alleged breach of the RSA (described further below). On October 19, 2020, the Company and certain of its subsidiaries party to its Credit Agreements received letters from the administrative agent alleging events of default with respect to each of the Credit Agreements, in addition to a letter from certain lenders under the RSA regarding an alleged breach of the RSA (collectively, the “Reservation Letters”). The Reservation Letter in respect of the RSA asserts that the Company Parties’ failure to commence the Chapter 11 Cases on or before October 18, 2020 constituted a breach of their obligations under the RSA. The Reservation Letter in respect of the Bridge Credit Agreement asserted that an event of default has occurred thereunder as a result of the alleged breach of the Company Parties’ obligations under the RSA. The remaining Reservation Letters alleged that an event of default occurred under the Bridge Credit Agreement, in turn triggering alleged cross-defaults under each of the 7-Year Term Loan Agreement and the 2018 Credit Agreement. The Reservation Letter in respect of each Credit Agreement stated that interest will accrue on the outstanding principal balance of the loans under such Credit Agreement at the increased Post-Default Rate (as defined in such Credit Agreement) beginning on October 19, 2020. The Reservation Letters specified that the lenders have not waived their rights and remedies under the Credit Agreements or the RSA (as applicable), and that they expressly reserved all available rights and remedies thereunder and under applicable law. The Company responded to the administrative agent that it disputed the lenders’ characterization of the situation described in the Reservation Letters and that these events did not constitute a breach of the RSA or event of default under any of the Credit Agreements. On October 19, 2020, the borrower under the FDP Term Loan also received a letter from the administrative agent under the FDP Term Loan alleging an event of default under the FDP Term Loan as a result of the alleged breach of the 2018 Credit Agreement and outlining the 45-day cure period that will expire on December 3, 2020. On November 1, 2020, the Company and the other Company Parties under the RSA (the “Debtors”) filed a voluntary Chapter 11 Cases petition (the “Chapter 11 Cases”) in the Bankruptcy Court to implement a prepackaged financial restructuring plan (the "Prepackaged Plan"). The Chapter 11 Cases are being jointly administered under the caption In re Pennsylvania Real Estate Investment Trust, et al. On November 2, 2020, the borrower under the FDP Term Loan received a subsequent letter from the administrative agent asserting an event of default as a result of the filing of the Chapter 11 Cases and the automatic acceleration of the FDP Term Loan. The administrative agent under the FDP Term Loan is a party to the RSA, and PREIT has responded to the administrative agent with a letter expressly reserving its rights in connection with the FDP Term Loan and, in the event the Prepackaged Plan is not confirmed or the RSA is otherwise terminated, expressly reserving its rights under the RSA and the Prepackaged Plan. Despite weaker market conditions resulting from COVID-19, the Company plans to sell certain real estate assets and continue to control certain operational costs in the ordinary course of business. Due to the inherent risks, unknown results and inherent uncertainties associated with the bankruptcy process and the direct correlation between these matters and our ability to satisfy our financial obligations that may arise over the applicable twelve-month period, absent approval of the Prepackaged Plan, we are unable to conclude that it is probable that we will be able to meet our obligations arising within twelve months of the date of issuance of these financial statements under the parameters set forth in this accounting guidance. As a result, management evaluated whether this was mitigated by our approved plans and expectations for the applicable period under the second step of this accounting standard. Our liquidity, including our ability to meet our ongoing operational obligations, fund recurring costs of operations, particularly in light of the costs associated with our bankruptcy proceedings and the current COVID-19 pandemic and resulting adverse impacts on our business is dependent upon, among other things: (i) our ability to comply with the terms and conditions of any cash collateral order that may be entered by the Bankruptcy Court in connection with the Chapter 11 Cases, (ii) our ability to maintain adequate cash on hand, (iii) our ability to generate cash flow from operations, (iv) our ability to develop, confirm and consummate the Prepackaged Plan or an alternative restructuring transaction, (v) the cost, duration and outcome of the Chapter 11 Cases; (vi) our execution of the sale of certain real estate assets in the ordinary course of business, which sales would provide cash, and (vii) controlling costs. While certain of these factors are within management’s control to some extent, all of them involve performance by third parties and therefore cannot be considered probable of occurring.
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
Impairment of Assets	Impairment of Assets Real estate investments and related intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the property might not be recoverable, which is referred to as a “triggering event.” The continued impact of COVID-19 on the economy and market conditions, together with delayed reopening of some tenants at our properties in the third quarter of 2020, was deemed to be a triggering event during the third quarter of 2020, which led to an impairment review. In connection with our review of our long-lived assets for impairment, we utilize qualitative and quantitative factors in order to estimate fair value. The significant qualitative factors that we use include age and condition of the property, market conditions in the property’s trade area, competition with other shopping centers within the property’s trade area and the creditworthiness and performance of the property’s tenants. The significant quantitative factors that we use include historical and forecasted financial and operating information relating to the property, such as net operating income, occupancy statistics, vacancy projections and tenants’ sales levels. If there is a triggering event in relation to a property to be held and used, we will estimate the aggregate future cash flows, net of estimated capital expenditures, to be generated by the property, undiscounted and without interest charges. In addition, this estimate may consider a probability weighted cash flow estimation approach when alternative courses of action to recover the carrying amount of a long-lived asset are under consideration or when a range of possible values is estimated. The determination of undiscounted cash flows requires significant estimates by our management, including the expected course of action at the balance sheet date that would lead to such cash flows. Subsequent changes in estimated undiscounted cash flows arising from changes in the anticipated action to be taken with respect to the property could affect the determination of whether an impairment exists, and the effects of such changes could materially affect our net income. If the estimated undiscounted cash flows are less than the carrying value of the property, the carrying value is written down to its fair value. Assessment of our ability to recover certain lease-related costs must be made when we have a reason to believe that a tenant might not be able to perform under the terms of the lease as originally expected. This requires us to make estimates as to the recoverability of such costs. An other-than-temporary impairment of an investment in an unconsolidated joint venture is recognized when the carrying value of the investment is not considered recoverable based on evaluation of the severity and duration of the decline in value. To the extent impairment has occurred, the excess carrying value of the asset over its estimated fair value is recorded as a reduction to income. We concluded that there was no impairment as of September 30, 2020. The Company continues to monitor potential triggering events throughout the year for impairment indicators.
New Accounting Developments	New Accounting Developments Effective January 1, 2020, we adopted Accounting Standards Update (“ASU”) ASU 2016-13, Financial Instruments - Credit Losses will affect our accounting for trade receivables and notes receivable. The adoption of this guidance did not have a material impact on our consolidated financial statements. In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under ASU 2016-02, Leases (Topic 842) (“ASC 842”). Under ASC 842, we would have to determine, on a lease-by-lease basis, if a lease concession was the result of a new arrangement reached with the tenant or an enforceable right and obligation within the existing lease. The Q&A allows for the bypass of a lease-by-lease analysis and for us to elect to either apply the lease modification accounting framework or not, to all of the lease concessions we make with similar characteristics and circumstances. The FASB staff suggested that, in the context of the COVID-19 crisis, under ASC 842, leases where the total lease cash flows will remain substantially the same or less than those under the original lease contract after the COVID-19 related effects, a company may choose to forgo the evaluation of the enforceable rights and obligations of the original lease contract. Instead, the company would account for rent concessions, either: 1. As if they are part of the enforceable rights and obligations under the existing lease contract. Under this approach, the rent concession would be treated as a variable lease payment (negative), resulting in negative variable rent in the affected period(s); or 2. As a lease modification. Under this approach, the resulting change in lease income will be recognized over the remainder of the post-modification lease term. We have determined that we will apply the practical expedient and record negative variable rent, when applicable. This will be the case if the total amended lease payments are substantially the same as they would have been under the original lease terms. In addition, all abatements granted and recorded using this method must be related to the impact of COVID-19. Abatements that do not meet the above COVID-19 criteria will be treated as lease modifications under ASC 842 with the abatement being amortized as a reduction to rental income over the post-modification lease term.
Dividends Declared	Dividends Declared On August 12, 2020, in connection with the Company’s negotiation of amendments to its Credit Agreements, the Company announced that all dividends on common and Preferred Shares will be suspended for the Suspension Period. Further, the Credit Agreements restrict dividends during an event of default, including the filing of the Chapter 11 Cases described above. In addition to complying with applicable contractual limitations, the declaration and payment of future quarterly dividends remains subject to the board of trustees’ determination.

Real Estate Activities (Tables)

Real Estate Activities (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Investments in Real Estate	Investments in real estate as of September 30, 2020 and December 31, 2019 were comprised of the following: (in thousands of dollars) September 30, 2020 December 31, 2019 Buildings, improvements and construction in progress $ 2,753,965 $ 2,753,039 Land, including land held for development 462,444 457,887 Total investments in real estate 3,216,409 3,210,926 Accumulated depreciation (1,280,117 ) (1,202,722 ) Net investments in real estate $ 1,936,292 $ 2,008,204
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, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2020 2019 2020 2019 Development/Redevelopment Activities: Interest (1) $ 489 $ 2,683 $ 1,844 $ 7,012 Compensation 25 281 416 969 Real estate taxes 29 524 255 945 Leasing Activities: Compensation, including commissions (2) - 108 164 413 (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. Commissions paid for successful leasing transactions continue to be capitalized.

Investments in Partnerships (Ta

Investments in Partnerships (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 and December 31, 2019: (in thousands of dollars) September 30, 2020 December 31, 2019 ASSETS: Investments in real estate, at cost: Operating properties $ 1,147,457 $ 883,530 Construction in progress 35,940 251,029 Total investments in real estate 1,183,397 1,134,559 Accumulated depreciation (256,471 ) (229,877 ) Net investments in real estate 926,926 904,682 Cash and cash equivalents 29,058 34,766 Deferred costs and other assets, net 117,609 43,476 Total assets 1,073,593 982,924 LIABILITIES AND PARTNERS’ INVESTMENT: Mortgage loans payable, net 493,634 499,057 FDP Term Loan, net 299,575 299,091 Other liabilities 124,703 79,166 Total liabilities 917,912 877,314 Net investment $ 155,681 $ 105,610 Partners’ share 76,128 50,997 PREIT’s share 79,553 54,613 Excess investment (1) 18,669 17,464 Net investments and advances $ 98,222 $ 72,077 Reconciliation to comparable GAAP balance sheet item: Investment in partnerships, at equity $ 176,070 $ 159,993 Distributions in excess of partnership investments (77,848 ) (87,916 ) Net investment $ 98,222 $ 72,077 _____________________ (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 (Loss) Income of Partnerships	The following table summarizes our share of equity in (loss) income of partnerships for the three and nine months ended September 30, 2020 and 2019: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2020 2019 2020 2019 Real estate revenue $ 24,198 $ 23,742 $ 75,484 $ 70,636 Operating expenses: Property operating and other expenses (13,924 ) (8,805 ) (35,884 ) (24,331 ) Interest expense (1) (6,038 ) (5,771 ) (18,008 ) (17,428 ) Depreciation and amortization (10,570 ) (5,317 ) (25,965 ) (14,675 ) Total expenses (30,532 ) (19,893 ) (79,857 ) (56,434 ) Net (loss) income (6,334 ) 3,849 (4,373 ) 14,202 Partners’ share 3,183 (2,191 ) 1,884 (7,777 ) PREIT’s share (3,151 ) 1,658 (2,489 ) 6,425 Amortization of and adjustments to excess investment, net (108 ) (127 ) (309 ) (289 ) Equity in (loss) income of partnerships $ (3,259 ) $ 1,531 $ (2,798 ) $ 6,136 (1)
Summarized Balance Sheet And Statement Of Operations For Subsidiary	Summarized balance sheet information as of September 30, 2020 and December 31, 2019, and summarized statement of operations information for the three and nine months ended September 30, 2020 and 2019 for these entities, which are accounted for using the equity method, are as follows: LVA (in thousands of dollars) September 30, 2020 December 31, 2019 Summarized balance sheet information Total assets $ 64,971 $ 62,504 Mortgage loan payable, net 189,360 191,998 Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2020 2019 2020 2019 Summarized statement of operations information Revenue $ 6,596 $ 8,006 $ 21,243 $ 24,589 Property operating expenses (1,984 ) (2,138 ) (6,568 ) (6,351 ) Interest expense (1,944 ) (2,027 ) (5,803 ) (6,055 ) Net income 1,864 3,059 6,402 9,768 PREIT’s share of equity in income of partnership 932 1,529 3,201 4,884 FDP (in thousands of dollars) September 30, 2020 December 31, 2019 Summarized balance sheet information Total assets $ 725,087 $ 641,377 FDP Term Loan, net 299,575 299,091 Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2020 2019 2020 2019 Summarized statement of operations information Revenue $ 4,763 $ 1,271 $ 15,276 $ 2,667 Property operating expenses (6,228 ) (1,901 ) (14,305 ) (3,100 ) Interest expense (933 ) (2 ) (2,137 ) (2 ) Net loss (9,365 ) (2,553 ) (16,304 ) (4,879 ) PREIT’s share of equity in loss of partnership (4,690 ) (1,262 ) (8,164 ) (2,299 )

Financing Activity (Tables)

Financing Activity (Tables)	9 Months Ended
	Sep. 30, 2020
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 but less than 0.600 to 1.000 1.55 % 0.55 % 1.90 % 0.90 % 5 Equal to or greater than 0.600 to 1.000 (1) 1.90 % (2) 0.90 % 2.25 % (2) 1.25 % (1) (2)
Schedule Of Credit Facility Interest Expense and Deferred Financing Fee Amortization	Interest expense and deferred financing fee amortization related to the Credit Agreements and Bridge Facility for the three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands of dollars) 2020 2019 2020 2019 Revolving Facility: Interest expense $ 3,505 $ 2,082 $ 8,363 $ 5,143 Deferred financing amortization 278 274 830 822 Term Loans: Interest expense 6,931 5,212 18,230 15,477 Deferred financing amortization 910 191 1,297 570
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, 2020 and December 31, 2019 were as follows: September 30, 2020 December 31, 2019 (in millions of dollars) Carrying Value Fair Value Carrying Value Fair Value Mortgage loans (1) $ 890.8 $ 894.6 $ 899.8 $ 873.9 (1) The carrying value of mortgage loans is net of unamortized debt issuance costs of $1.2 million and $1.8 million as of September 30, 2020 and December 31, 2019, respectively.

Cash Flow Information (Tables)

Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Summary of Cash, Cash Equivalents, and Restricted Cash Reported within Statement of Cash Flows	The following table provides a summary of cash, cash equivalents, and restricted cash reported within the statement of cash flows as of September 30, 2020 and 2019. September 30, (in thousands of dollars) 2020 2019 Cash and cash equivalents $ 36,373 $ 11,709 Restricted cash included in other assets 6,087 6,183 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 42,460 $ 17,892

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2020
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, 2020 and December 31, 2019 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, 2020 (in millions of dollars) Aggregate Fair Value at September 30, 2020 (1) (in millions of dollars) Aggregate Fair Value at December 31, 2019 (1) (in millions of dollars) Weighted Average Interest Rate Interest Rate Swaps 2020 $ - $ - $ 0.2 - 2021 494.4 (8.1 ) (1.4 ) 1.79 % 2022 - - - - 2023 300.0 (19.6 ) (7.3 ) 2.70 % Total $ 794.4 $ (27.7 ) $ (8.5 ) 2.13 % (1) As of September 30, 2020 and December 31, 2019, 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, 2020 and 2019: 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) 2020 2019 2020 2019 2020 2019 2020 2019 Derivatives in Cash Flow Hedging Relationships Interest rate products $ 0.3 $ (2.8 ) $ 3.7 $ (0.8 ) $ (22.1 ) $ (18.6 ) $ 6.4 $ (3.1 ) Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2020 2019 2020 2019 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ (20.3 ) $ (15.5 ) $ (54.3 ) $ (47.0 ) Amount of loss reclassified from accumulated other comprehensive income into interest expense $ 3.7 $ (0.8 ) $ 6.4 $ (3.1 )

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lease, Cost	The following table presents additional information pertaining to the Company’s leases: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (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 $ 209 $ — $ — $ 209 $ 621 $ — $ — $ 621 Interest on lease liabilities 68 — — 68 215 — — 215 Operating lease costs — 436 333 769 — 1,309 1,008 2,317 Variable lease costs — 44 60 104 — 129 142 271 Total lease costs $ 277 $ 480 $ 393 $ 1,150 $ 836 $ 1,438 $ 1,150 $ 3,424
Supplemental Cash Flows and Terms	Other information related to leases as of and for the nine months ended September 30, 2020 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 $ 208 Operating cash flows used for operating leases $ 1,552 Financing cash flows used for finance leases $ 526 Weighted average remaining lease term-finance leases (months) 89 Weighted average remaining lease term-operating leases (months) 300 Weighted average discount rate-finance leases 4.35 % Weighted average discount rate-operating leases 6.43 %
Future Minimum Payments Against Lease Liabilities Maturity	Future payments against lease liabilities as of September 30, 2020 are as follows: (in thousands of dollars) Finance leases Operating leases Total October 1 to December 31, 2020 $ 248 $ 563 $ 811 2021 990 2,573 3,563 2022 988 2,558 3,546 2023 983 2,514 3,497 2024 949 2,428 3,377 Thereafter 3,000 53,545 56,545 Total undiscounted lease payments 7,158 64,181 71,339 Less imputed interest (1,048 ) (33,969 ) (35,017 ) Total lease liabilities $ 6,110 $ 30,212 $ 36,322 Future payments against lease liabilities as of December 31, 2019 were as follows: (in thousands of dollars) Finance leases Operating leases Total Year ending December 31, 2020 $ 925 $ 2,237 $ 3,162 2021 925 2,730 3,655 2022 925 2,538 3,463 2023 925 2,485 3,410 2024 925 2,373 3,298 Thereafter 2,999 46,853 49,852 Total undiscounted lease payments 7,624 59,216 66,840 Less imputed interest (1,242 ) (28,965 ) (30,207 ) Total lease liabilities $ 6,382 $ 30,251 $ 36,633
Lessor, Operating Lease, Payments to be Received, Maturity	As of September 30, 2020, 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 noncancelable 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, and do not include any rent deferral arrangements executed during the nine months ended September 30, 2020. 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, 2020 $ 54,272 2021 202,070 2022 183,810 2023 165,410 2024 144,048 Thereafter 485,258 $ 1,234,868

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, 2020USD ($)PropertyStatesubsidiarySegment$ / sharesshares
Real Estate Properties [Line Items]
Number of real estate properties		26
Number of states in which entity operates | State		9
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 | $		$ 1.1
Share price (in dollars per share) | $ / shares		$ 0.55
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%
ASU 2016-13
Real Estate Properties [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]		true
Change in accounting principle, accounting standards update, adoption date		Jan. 1, 2020
Change in accounting Principle, accounting standards update, immaterial effect [true false]		true
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		20
Other Retail Properties
Real Estate Properties [Line Items]
Number of real estate properties		5
Development Properties
Real Estate Properties [Line Items]
Number of real estate properties		1

Basis of Presentation - Going C

Basis of Presentation - Going Concern Considerations (Details) - USD ($)	Oct. 16, 2020	Sep. 30, 2020	Aug. 11, 2020	Mar. 31, 2020	Dec. 31, 2019
Real Estate Properties [Line Items]
Outstanding line of credit		$ 375,000,000			$ 255,000,000
Mortgage loans payable, net		$ 890,848,000			$ 899,753,000
Additional secured term loan facility permitting maximum borrowing				$ 375,000,000
Percentage of lenders unable to obtain consent		100.00%
Description of management's evaluation on conditions or events		As a result, management evaluated whether this was mitigated by our approved plans and expectations for the applicable period under the second step of this accounting standard.
Bridge Facility
Real Estate Properties [Line Items]
Additional secured term loan facility permitting maximum borrowing			$ 30,000,000
Increase in aggregate amount of commitments	$ 25,000,000
Mortgage Loan
Real Estate Properties [Line Items]
Borrowing expiration year		2025
Mortgage loans payable, net		$ 890,800,000
2018 Revolving Facility
Real Estate Properties [Line Items]
Credit facility maturity year		2022
Outstanding line of credit		$ 375,000,000
Term Loans Maturing 2021
Real Estate Properties [Line Items]
Credit facility maturity year		2021
Outstanding borrowings		$ 244,500,000
Term Loans Maturing 2023
Real Estate Properties [Line Items]
Credit facility maturity year		2023
Outstanding borrowings		$ 293,500,000
Bridge Facility
Real Estate Properties [Line Items]
Outstanding line of credit		$ 22,500,000
Credit facility maturity year and month		2020-10

Real Estate Activities - Invest

Real Estate Activities - Investments in Real Estate (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Buildings, improvements and construction in progress	$ 2,753,965	$ 2,753,039
Land, including land held for development	462,444	457,887
Total investments in real estate	3,216,409	3,210,926
Accumulated depreciation	(1,280,117)	(1,202,722)
Net investments in real estate	$ 1,936,292	$ 2,008,204

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, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest | Development/Redevelopment Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 489	$ 2,683	$ 1,844	$ 7,012
Compensation | Development/Redevelopment Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	25	281	416	969
Real estate taxes | Development/Redevelopment Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost	$ 29	524	255	945
Compensation, including commissions(1) | Leasing Activities:
Real Estate Capitalized Costs [Line Items]
Real estate capitalized cost		$ 108	$ 164	$ 413

Real Estate Activities - Dispos

Real Estate Activities - Dispositions (Details) $ in Thousands

Aug. 17, 2020USD ($)

Jun. 30, 2020USD ($)

Mar. 31, 2020USD ($)

Jan. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Nov. 30, 2019USD ($)Property

Mar. 31, 2019USD ($)

Sep. 30, 2020USD ($)

Sep. 30, 2019USD ($)

Sep. 30, 2020USD ($)

Sep. 30, 2019USD ($)

Dec. 31, 2019USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Mortgage loans payable, net

$ 899,753

$ 890,848

$ 890,848

$ 899,753

Gain on debt extinguishment, net

0

$ 29,600

0

$ 24,832

Number of real estate properties sold | Property

14

Sale of properties

$ 29,900

Gains (losses) on sales of investment real estate

(94)

$ 1,171

11,169

$ 2,684

Mortgage Loan

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Mortgage loans payable, net

890,800

890,800

Capital City Mall Camp Hill Pennsylvania | Mortgage Loan

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Mortgage loans payable, net

$ 27,200

$ 27,200

Gain on debt extinguishment, net

$ 7,000

Woodland Mall

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Sale of properties

$ 5,100

Magnolia Mall

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Sale of properties

$ 2,900

Capital City Mall and Magnolia Mall

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal group, consideration

5,200

5,200

Gains (losses) on sales of investment real estate

$ 2,700

Woodland Mall and Magnolia Mall

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gains (losses) on sales of investment real estate

$ 1,900

Magnolia Mall, Valley Mall and Jacksonville Mall

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal group, consideration

$ 14,400

Gains (losses) on sales of investment real estate

$ 9,300

Undeveloped Land Parcel Gainesville Florida

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal group, consideration

$ 15,000

Gains (losses) on sales of investment real estate

(1,500)

Proceeds from sale of real estate

$ 10,000

$ 5,000

Investments in Partnerships - S

Investments in Partnerships - Summary of Equity Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investments in real estate, at cost:
Operating properties	$ 1,147,457	$ 883,530
Construction in progress	35,940	251,029
Total investments in real estate	1,183,397	1,134,559
Accumulated depreciation	(256,471)	(229,877)
Net investments in real estate	926,926	904,682
Cash and cash equivalents	29,058	34,766
Deferred costs and other assets, net	117,609	43,476
Total assets	1,073,593	982,924
LIABILITIES AND PARTNERS’ INVESTMENT:
Mortgage loans payable, net	493,634	499,057
FDP Term Loan, net	299,575	299,091
Other liabilities	124,703	79,166
Total liabilities	917,912	877,314
Net investment	155,681	105,610
Partners’ share	76,128	50,997
PREIT’s share	79,553	54,613
Excess investment	18,669	17,464
Net investments and advances	98,222	72,077
Reconciliation to comparable GAAP balance sheet item:
Investment in partnerships, at equity	176,070	159,993
Distributions in excess of partnership investments	(77,848)	(87,916)
Net investment	$ 98,222	$ 72,077

Investments in Partnerships -_2

Investments in Partnerships - Summary of Share of Equity in (Loss) Income of Partnerships (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Real estate revenue	$ 24,198	$ 23,742	$ 75,484	$ 70,636
Operating expenses:
Property operating and other expenses	(13,924)	(8,805)	(35,884)	(24,331)
Interest expense	(6,038)	(5,771)	(18,008)	(17,428)
Depreciation and amortization	(10,570)	(5,317)	(25,965)	(14,675)
Total expenses	(30,532)	(19,893)	(79,857)	(56,434)
Net (loss) income	(6,334)	3,849	(4,373)	14,202
Partners’ share	3,183	(2,191)	1,884	(7,777)
PREIT’s share	(3,151)	1,658	(2,489)	6,425
Amortization of and adjustments to excess investment, net	(108)	(127)	(309)	(289)
Equity in (loss) income of partnerships	(3,259)	1,531	(2,798)	6,136
Total assets	1,073,593		1,073,593		$ 982,924
FDP Term Loan, net	299,575		299,575		299,091
Lehigh Valley Associates, LP
Operating expenses:
Total assets	64,971		64,971		62,504
Mortgage loan payable, net	189,360		189,360		191,998
Revenue	6,596	8,006	21,243	24,589
Property operating expenses	(1,984)	(2,138)	(6,568)	(6,351)
Interest expense	(1,944)	(2,027)	(5,803)	(6,055)
Net income (loss)	1,864	3,059	6,402	9,768
PREIT’s share of equity in (loss) income of partnership	932	1,529	3,201	4,884
Fashion District Philadelphia
Operating expenses:
Total assets	725,087		725,087		641,377
Revenue	4,763	1,271	15,276	2,667
Property operating expenses	(6,228)	(1,901)	(14,305)	(3,100)
Interest expense	(933)	(2)	(2,137)	(2)
Net income (loss)	(9,365)	(2,553)	(16,304)	(4,879)
PREIT’s share of equity in (loss) income of partnership	(4,690)	$ (1,262)	(8,164)	$ (2,299)
FDP Term Loan, net	$ 299,575		$ 299,575		$ 299,091
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 (Loss) Income of Partnerships (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity Method Investments And Joint Ventures [Abstract]
Capitalized interest expense	$ 467	$ 1,602	$ 2,394	$ 4,554

Investments in Partnerships - D

Investments in Partnerships - Dispositions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains (losses) on sales of investment real estate		$ (94)	$ 1,171	$ 11,169	$ 2,684
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

Investments in Partnerships - T

Investments in Partnerships - Term Loan (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Sep. 30, 2019	Mar. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Jul. 31, 2019
Schedule of Equity Method Investments [Line Items]
Distribution of financing proceeds from equity method investee				$ 0	$ 25,000
Fashion District Philadelphia
Schedule of Equity Method Investments [Line Items]
Long-term debt	$ 250,000					$ 350,000
Ownership percentage	50.00%			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%

Investments in Partnerships - M

Investments in Partnerships - Mortgage Loan Activity (Details) - Mortgage Loan	9 Months Ended
	Sep. 30, 2020
Debt Instrument [Line Items]
Mortgage loan, repayment start period	2020-08
Mortgage loan, repayment end period	2021-02
Minimum
Debt Instrument [Line Items]
Deferral period, repayment of deferred amounts	4 months
Maximum
Debt Instrument [Line Items]
Deferral period, repayment of deferred amounts	6 months

Financing Activity - Credit Agr

Financing Activity - Credit Agreements (Details)	Oct. 16, 2020USD ($)	Jul. 27, 2020	Mar. 30, 2020USD ($)qtrOccasion	Sep. 30, 2020USD ($)Agreement	Nov. 01, 2020USD ($)	Aug. 11, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 375,000,000
Outstanding line of credit				$ 375,000,000				$ 255,000,000
Unrestricted cash				36,373,000				$ 12,211,000	$ 11,709,000
Unsecured Debt
Debt Instrument [Line Items]
Debt issuance costs, line of credit arrangements				(1,500,000)
2018 Revolving Facility
Debt Instrument [Line Items]
Outstanding line of credit				$ 375,000,000
Bridge Facility
Debt Instrument [Line Items]
Debt instrument, maturity date				Oct. 31, 2020
Outstanding line of credit				$ 22,500,000
Prepayment percentage of net cash proceeds from certain capital events				100.00%
Debt instrument, payment terms				7 years
Bridge Facility | Maximum
Debt Instrument [Line Items]
Unrestricted cash liquidity				$ 12,500,000
Credit Agreements
Debt Instrument [Line Items]
Number of credit agreements | Agreement				3
Credit Agreements | Covenant Term One
Debt Instrument [Line Items]
Covenant compliance, Minimum Tangible Net Worth			$ 1,463,200,000
Covenant compliance, percent of net proceeds of all equity issuances			75.00%
Credit Agreements | Covenant Term Two, Prior to and Including September 30, 2020
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio			0.65
Credit Agreements | Covenant Term Two, Thereafter
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio			0.60
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, Thereafter
Debt Instrument [Line Items]
Covenant compliance, ratio of adjusted EBITDA to fixed charges, minimum			1.50
Credit Agreements | Covenant Term Three, on or Before September 30, 2020
Debt Instrument [Line Items]
Covenant compliance, ratio of adjusted EBITDA to fixed charges, minimum			1.40
Credit Agreements | Covenant Term Four, Through September 30, 2020
Debt Instrument [Line Items]
Covenant compliance, minimum unencumbered debt yield			0.100
Credit Agreements | Covenant Term Four, After September 30, 2020 Through June 30, 2021
Debt Instrument [Line Items]
Covenant compliance, minimum unencumbered debt yield			0.1125
Credit Agreements | Covenant Term Four, After June 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 Net Operating Income 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 | Covenant Term, During Suspension Period
Debt Instrument [Line Items]
Unrestricted cash liquidity			$ 8,500,000
Credit Agreements | Covenant Term, End of Suspension Period and through September 30, 2020
Debt Instrument [Line Items]
Unrestricted cash liquidity			25,000,000
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 | Subsequent Event
Debt Instrument [Line Items]
Outstanding line of credit					$ 896,500,000
Credit Agreements | 2018 Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 375,000,000			$ 375,000,000
Reduced aggregate revolving commitments			$ 25,000,000
Outstanding line of credit				375,000,000
Facility fee percentage		0.35%
Credit Agreements | 2018 Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 300,000,000
Prepayment percentage of net cash proceeds from certain capital events				54.55%
Applicable percentage repayment of outstanding amount provided net proceeds from capital exceeds one fifty million				50.00%
Remaining percentage repayment of outstanding amount provided net proceeds from capital exceeds one fifty million				50.00%
Debt instrument, payment terms				7 years
Remaining percentage of net cash proceeds from certain capital events				45.45%
Credit agreement, frequency of periodic payment				monthly
Principal amortization payments				$ 1,090,000
Credit Agreements | 2018 Term Loan Facility | Minimum
Debt Instrument [Line Items]
Net cash proceeds from capital events				150,000,000
Unrestricted cash				50,000,000
Credit Agreements | 2014 Seven Year Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 250,000,000
Credit Agreements | Bridge Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 30,000,000
Agreement suspension period extend date				Oct. 31, 2020
Debt instrument, maturity date				Oct. 31, 2020
Ability request additional commitment amount				$ 25,000,000
Outstanding line of credit				22,500,000
Credit Agreements | Bridge Facility | Subsequent Event
Debt Instrument [Line Items]
Increase in aggregate amount of commitments	$ 25,000,000
Credit Agreements | Term Loans
Debt Instrument [Line Items]
Outstanding borrowings				$ 560,500,000
Debt instrument, payment terms				7 years
Principal amortization payments				$ 909,000

Financing Activity - Applicable

Financing Activity - Applicable Credit Spread Over Libor at Various Leverage Levels (Details)	9 Months Ended
	Sep. 30, 2020
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 but less than 0.600 to 1.000 | Minimum
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio	0.550
Equal to or greater than 0.550 to but less than 0.600 to 1.000 | Maximum
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio	0.600
Equal to or greater than 0.550 to but less than 0.600 to 1.000 | LIBOR | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	1.55%
Equal to or greater than 0.550 to but less than 0.600 to 1.000 | LIBOR | Term Loans
Debt Instrument [Line Items]
Applicable Margin	1.90%
Equal to or greater than 0.550 to but less than 0.600 to 1.000 | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	0.55%
Equal to or greater than 0.550 to but less than 0.600 to 1.000 | Base Rate | Term Loans
Debt Instrument [Line Items]
Applicable Margin	0.90%
Equal to or greater than 0.600 to 1.000
Debt Instrument [Line Items]
Total liabilities to gross asset value, ratio	0.600
Equal to or greater than 0.600 to 1.000 | LIBOR | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	1.90%
Equal to or greater than 0.600 to 1.000 | LIBOR | Term Loans
Debt Instrument [Line Items]
Applicable Margin	2.25%
Equal to or greater than 0.600 to 1.000 | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Applicable Margin	0.90%
Equal to or greater than 0.600 to 1.000 | Base Rate | Term Loans
Debt Instrument [Line Items]
Applicable Margin	1.25%

Financing Activity - Bridge Fac

Financing Activity - Bridge Facility (Details)	Oct. 16, 2020USD ($)	Sep. 30, 2020USD ($)Property
Bridge Facility
Debt Instrument [Line Items]
Number of properties | Property		12
Number of malls | Property		9
Number of additional parcels | Property		3
Debt instrument, maturity date		Oct. 31, 2020
Unused commitments fee percentage		0.50%
Percentage of actual aggregate disbursements not to exceed aggregate amount of disbursements during any four week testing period		20.00%
Debt instrument, payment terms		7 years
Minimum liquidity comprised of unrestricted cash held in certain deposit accounts subject to control agreements		$ 8,500,000
Maximum certain other deposit account not subject to control agreement		5,000,000
Maximum cash not retain in property level accounts held by subsidiaries		$ 6,500,000
Debt Instrument, restrictive covenants		The Bridge Facility contains, among other restrictions, certain affirmative and negative covenants, including, without limitation, requirements that the Borrower and certain of its subsidiaries (i) comply with all of the affirmative and negative covenants set forth in the 2018 Credit Agreement, (ii) promptly notify the administrative agent of any acquisition of any owned real property that is not subject to a mortgage and grant liens on such real property to secure the Bridge Facility, (iii) use the proceeds of the Bridge Facility for purposes consistent with certain categories set forth in the loan budget, (iv) provide weekly reports with respect to variances in actual results relative to projected amounts set forth in the loan budget and providing an explanation for any such deviation, certifying that no Default or Event of Default has occurred (or if one has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto), and beginning on the fourth week following the effective date certifying compliance with covenants limiting the permitted variation of certain actual disbursements by the Company and its subsidiaries from amounts set forth in the loan budget; (v) beginning with the fourth full week following the effective date, and for each rolling four-week period thereafter, the Borrower is required to cause certain of its actual aggregate disbursements not to exceed the aggregate amount of such disbursements in the loan budget by more than 20% during any such four-week testing period, (vi) prior to August 31, 2020, agree to a non-binding term sheet with respect to amendments of each of the 2018 Credit Agreement and the 7-Year Term Loan (which the Borrower satisfied on August 30, 2020), (vii) provide operating statements, rent rolls, collections and leasing information, as well as certain reports and agreements as the administrative agent may reasonably require, to the administrative agent for each of the Mortgaged Properties, (viii) maintain liquidity of at least $8.5 million, to be comprised of unrestricted cash held in certain deposit accounts subject to control agreements as well as up to $5.0 million held in a certain other deposit account not subject to a control agreement and the unused commitments under the Bridge Facility (to the extent available to be drawn); and (ix) not retain more than $6.5 million of cash in property-level accounts held by subsidiaries that are owners of real property (subject to certain exceptions).
Prepayment percentage of net cash proceeds from certain capital events		100.00%
Bridge Facility | Maximum
Debt Instrument [Line Items]
Unrestricted cash liquidity		$ 12,500,000
Bridge Facility | Credit Agreements
Debt Instrument [Line Items]
Debt instrument, maturity date		Oct. 31, 2020
Bridge Facility | Credit Agreements | Subsequent Event
Debt Instrument [Line Items]
Increase in aggregate amount of commitments	$ 25,000,000
Proceeds from line of credit	$ 25,000
Bridge Facility Base Rate Loans
Debt Instrument [Line Items]
Debt instrument interest rate		7.00%
Bridge Facility Base Rate Loans | Federal Funds Rate
Debt Instrument [Line Items]
Debt, variable interest rate		0.50%
Bridge Facility Base Rate Loans | LIBOR Market Index Rate
Debt Instrument [Line Items]
Debt, variable interest rate		1.00%
Bridge Facility Base Rate Loans | Base Rate | Minimum
Debt Instrument [Line Items]
Debt, variable interest rate		2.00%
Bridge Facility LIBOR Loans | LIBOR
Debt Instrument [Line Items]
Debt, variable interest rate		8.00%

Financing Activity - Interest E

Financing Activity - Interest Expense and Deferred Financing Amortization (Details) - Credit Agreements and Bridge Facility - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
2018 Revolving Facility
Debt Instrument [Line Items]
Interest expense	$ 3,505	$ 2,082	$ 8,363	$ 5,143
Deferred financing amortization	278	274	830	822
Term Loans
Debt Instrument [Line Items]
Interest expense	6,931	5,212	18,230	15,477
Deferred financing amortization	$ 910	$ 191	$ 1,297	$ 570

Financing Activity - Carrying a

Financing Activity - Carrying and Fair Values of Mortgage Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgage loans, carrying value	$ 890,848	$ 899,753
Carrying Value | Mortgage Loan
Debt Instrument [Line Items]
Mortgage loans, carrying value	890,800	899,800
Fair Value | Mortgage Loan
Debt Instrument [Line Items]
Mortgage loans, fair value	$ 894,600	$ 873,900

Financing Activity - Carrying_2

Financing Activity - Carrying and Fair Values of Mortgage Loans (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Mortgage Loan
Debt Instrument [Line Items]
Debt issuance costs, line of credit arrangements	$ 1.2	$ 1.8

Financing Activity - Mortgage L

Financing Activity - Mortgage Loan Activity (Details) - USD ($) $ in Thousands	Aug. 17, 2020	Sep. 26, 2019	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgage loans, carrying value					$ 890,848			$ 890,848		$ 899,753
Gain (loss) on debt extinguishment, net					0		$ 29,600	$ 0	$ 24,832
Mortgage Loan
Debt Instrument [Line Items]
Mortgage loan, repayment start period								2020-08
Mortgage loan, repayment end period								2021-02
Mortgage loans, carrying value					890,800			$ 890,800
Mortgage Loan | Minimum
Debt Instrument [Line Items]
Deferral period, repayment of deferred amounts								4 months
Mortgage Loan | Maximum
Debt Instrument [Line Items]
Deferral period, repayment of deferred amounts								6 months
Capital City Mall Camp Hill Pennsylvania | Mortgage Loan
Debt Instrument [Line Items]
Mortgage loans, carrying value					$ 27,200			$ 27,200
Gain (loss) on debt extinguishment, net	$ 7,000
Capital City Mall Camp Hill Pennsylvania | Commercial Real Estate | Mortgage Loan
Debt Instrument [Line Items]
Mortgage loan, repayment start period								2020-08
Mortgage loan, repayment end period								2021-02
Mortgage loans, carrying value						$ 27,300
Mortgage loans, balloon payment not paid						$ 27,300
Mortgage loans, maturity date						Jul. 1, 2020
Gain (loss) on debt extinguishment, net				$ (4,800)
Repayments of Debt				$ 58,500
Capital City Mall Camp Hill Pennsylvania | Commercial Real Estate | Mortgage Loan | Minimum
Debt Instrument [Line Items]
Deferral period, repayment of deferred amounts								4 months
Capital City Mall Camp Hill Pennsylvania | Commercial Real Estate | Mortgage Loan | Maximum
Debt Instrument [Line Items]
Deferral period, repayment of deferred amounts								6 months
Wyoming Valley Mall | Commercial Real Estate | Mortgage Loan
Debt Instrument [Line Items]
Debt default, amount		$ 72,800
Repayments of cash and escrow balance		$ 7,500
Asset impairment loss			$ 32,200
Written off remaining carrying value of property			$ 43,200
Gain (loss) on debt extinguishment, net							$ 29,600

Financing Activity - Note Payab

Financing Activity - Note Payable (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Apr. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Proceeds from note payable		$ 4,536	$ 0
Paycheck Protection Program of Coronavirus Aid, Relief, and Economic Security (CARES) Act | Note Payable
Debt Instrument [Line Items]
Proceeds from note payable	$ 4,500
Debt instrument, maturity date	Apr. 15, 2022
Note payable, deferred payment period	2021-08
Note payable, interest rate	1.00%
Note payable, loan forgiveness term	168 days

Financing Activity - Subsequent

Financing Activity - Subsequent Event (Details) - USD ($)	Oct. 16, 2020	Nov. 01, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Revolving Facilities			$ 375,000,000	$ 255,000,000
Bridge Facility
Debt Instrument [Line Items]
Revolving Facilities			22,500,000
Credit Agreements | Bridge Facility
Debt Instrument [Line Items]
Revolving Facilities			$ 22,500,000
Subsequent Event | Credit Agreements
Debt Instrument [Line Items]
Revolving Facilities		$ 896,500,000
Subsequent Event | Credit Agreements | Bridge Facility
Debt Instrument [Line Items]
Increase in aggregate amount of commitments	$ 25,000,000

Cash Flow Information - Additio

Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Significant Noncash Transactions [Line Items]
Cash paid for interest		$ 46.6	$ 41.9
Net of capitalized interest		1.8	7
Line of credit facilities gross borrowings		120	181
Line of credit facilities gross repayments		0	33
Line of credit facilities gross repayments on term loans		12	0
Decrease in accrued construction costs		$ 6.3	$ 15.7
Common Stock
Other Significant Noncash Transactions [Line Items]
Conversion of units, shares issued (in shares)	6,250,000

Cash Flow Information - Summary

Cash Flow Information - Summary of Cash, Cash Equivalents, and Restricted Cash Reported within Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 36,373	$ 12,211	$ 11,709
Restricted cash included in other assets	6,087		6,183
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 42,460	$ 19,629	$ 17,892	$ 32,445
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, 2020	Jan. 31, 2018
Fashion District Philadelphia
Other Commitments [Line Items]
Unaccrued contractual obligation and other commitments	$ 14.1
Percentage of contractual obligation	100.00%
Ownership percentage	50.00%	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	$ 27.9

Commitments and Contingencies_2

Commitments and Contingencies - Provision for Employee Separation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Severance costs	$ 0.1	$ 0.2	$ 1.2	$ 1.1
Accrued severance	$ 0.6		$ 0.6

Commitments and Contingencies_3

Commitments and Contingencies - Notice of Non-Compliance with Continued Listing Standards (Details)	Sep. 25, 2020$ / shares
Commitments And Contingencies Disclosure [Abstract]
Average closing price, per share	$ 1
Trading period	30 days

Commitments and Contingencies_4

Commitments and Contingencies - Property Damage from Natural and Other Disaster (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Apr. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Loss Contingencies [Line Items]
Net recoveries		$ 0	$ 3,994
Jacksonville Mall, Jacksonville, North Carolina
Loss Contingencies [Line Items]
Net recoveries			200
Business interruption recoveries			$ 100
Cherry Hill Mall in Cherry Hill, New Jersey
Loss Contingencies [Line Items]
Business interruption recoveries	$ 600
Net cost		$ 600

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2020	Aug. 30, 2020
Derivative Instruments [Line Items]
Estimate increase to interest expense	$ 14.4
Weighted average interest rate	2.13%
Derivative, notional amount	$ 794.4
Interest rate derivative liabilities, at fair value	27.7
Derivative asset, fair value, gross liability	$ 30.1
Interest Rate Swap
Derivative Instruments [Line Items]
Weighted average interest rate	2.13%	0.00%
Derivative, notional amount	$ 794.4

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 794.4
Aggregate Fair Value	$ (27.7)	$ (8.5)
Weighted Average Interest Rate	2.13%
Interest Rate Swaps 2020 Maturity
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Fair Value		0.2
Interest Rate Swaps 2021 Maturity
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 494.4
Aggregate Fair Value	$ (8.1)	(1.4)
Weighted Average Interest Rate	1.79%
Interest Rate Swaps 2023 Maturity
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate Notional Value	$ 300
Aggregate Fair Value	$ (19.6)	$ (7.3)
Weighted Average Interest Rate	2.70%

Derivatives - Effect of Our Der

Derivatives - Effect of Our Derivative Financial Instruments on Our Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Instruments	$ 300	$ (2,800)	$ (22,100)	$ (18,600)
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Interest Expense	3,700	(800)	6,400	(3,100)
Interest Expense	$ (20,260)	$ (15,534)	$ (54,300)	$ (46,986)

Leases - As Lessee (Details)

Leases - As Lessee (Details)	9 Months Ended
	Sep. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessee, operating lease, renewal term	60 years
Lessee, Operating Lease, Existence of Option to Extend	true
Lessor, Operating Lease, Existence of Option to Extend	false
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, 2020	Sep. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization of right-of-use assets	$ 209	$ 621
Interest on lease liabilities	68	215
Operating lease costs	769	2,317
Variable lease costs	104	271
Total lease costs	1,150	3,424
Solar Panel Leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortization of right-of-use assets	209	621
Interest on lease liabilities	68	215
Total lease costs	277	836
Ground Leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease costs	436	1,309
Variable lease costs	44	129
Total lease costs	480	1,438
Office, equipment, and vehicle leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease costs	333	1,008
Variable lease costs	60	142
Total lease costs	$ 393	$ 1,150

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows and Terms (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Leases [Abstract]
Operating cash flows used for finance leases	$ 208
Operating cash flows used for operating leases	1,552
Financing cash flows used for finance leases	$ 526
Weighted average remaining lease term-finance leases (months)	89 months
Weighted average remaining lease term-operating leases (months)	300 months
Weighted average discount rate-finance leases	4.35%
Weighted average discount rate-operating leases	6.43%

Leases - Future Payments Agains

Leases - Future Payments Against Lease Liabilities Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finance leases
Reminder of fiscal year	$ 248
Next fiscal Year or Year 1	990	$ 925
Second fiscal year or year 2	988	925
Third fiscal year or year 3	983	925
Fourth fiscal year or year 4	949	925
Fifth fiscal year or year 5		925
After four years	3,000
After five years		2,999
Total undiscounted lease payments	7,158	7,624
Less imputed interest	(1,048)	(1,242)
Total lease liabilities	6,110	6,382
Operating leases
Reminder of fiscal year	563
Next fiscal Year or Year 1	2,573	2,237
Second fiscal year or year 2	2,558	2,730
Third fiscal year or year 3	2,514	2,538
Fourth fiscal year or year 4	2,428	2,485
Fifth fiscal year or year 5		2,373
After four years	53,545
After five years		46,853
Total undiscounted lease payments	64,181	59,216
Less imputed interest	(33,969)	(28,965)
Total lease liabilities	30,212	30,251
Total
Reminder of fiscal year	811
Next fiscal Year or Year 1	3,563	3,162
Second fiscal year or year 2	3,546	3,655
Third fiscal year or year 3	3,497	3,463
Fourth fiscal year or year 4	3,377	3,410
Fifth fiscal year or year 5		3,298
After four years	56,545
After five years		49,852
Total undiscounted lease payments	71,339	66,840
Less imputed interest	(35,017)	(30,207)
Total lease liabilities	$ 36,322	$ 36,633

Leases - Lessor Payments to be

Leases - Lessor Payments to be Received, Maturity (Details) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
October 1 to December 31, 2020	$ 54,272
2021	202,070
2022	183,810
2023	165,410
2024	144,048
Thereafter	485,258
Total payments to be received	$ 1,234,868