1http://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesAndOtherLiabilitiesMay
31, 2023Q20.01falseJanuary 22,
20230.01P3Y0.010.01http://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesAndOtherLiabilities0.010000077281--12-310.010000077281us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-04-012022-06-300000077281pei:OfficeEquipmentAndVehicleLeasesMember2021-01-012021-06-300000077281pei:BridgeFacilityMemberpei:CreditAgreementsMember2020-11-010000077281us-gaap:CommercialRealEstateMemberpei:CumberlandMallMemberus-gaap:MortgagesMember2022-06-300000077281pei:CreditAgreementsMemberpei:TermLoansMember2020-11-010000077281pei:SecuredFirstLienTermLoanFacilityMember2020-12-100000077281pei:FirstLienCreditAgreementMemberpei:TermLoansMember2022-01-012022-06-300000077281pei:TwoThousandEighteenEquityIncentivePlanMemberpei:CorporateDebtYieldMemberus-gaap:PerformanceSharesMember2022-03-042022-03-040000077281pei:PartnershipLoanMemberpei:FashionDistrictPhiladelphiaLoanAgreementMember2020-12-102020-12-100000077281us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000077281pei:FirstLienRevolvingFacilityMemberpei:CreditAgreementsMember2022-06-300000077281us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2021-03-310000077281us-gaap:SeriesBPreferredStockMember2022-01-012022-06-300000077281pei:CoreMallSalesPerSquareFootMemberpei:TwoThousandEighteenEquityIncentivePlanMemberus-gaap:PerformanceSharesMember2022-03-042022-03-040000077281us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-01-012022-03-310000077281pei:OtherRetailMember2022-06-300000077281pei:FashionDistrictPhiladelphiaLoanAgreementMember2018-01-3100000772812022-01-012022-03-310000077281pei:MagnoliaMallMembersrt:ScenarioForecastMember2022-08-310000077281us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000077281pei:SecondLienTermLoanMember2021-04-012021-06-300000077281pei:TermLoansMember2022-01-012022-06-300000077281pei:FirstLienRevolvingFacilityMember2022-01-012022-06-300000077281us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2021-03-310000077281us-gaap:InterestRateSwapMember2020-12-220000077281us-gaap:CommonStockMember2021-12-310000077281pei:SolarPanelLeasesMember2021-04-012021-06-300000077281us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-12-310000077281srt:MaximumMember2022-06-162022-06-160000077281pei:BridgeFacilityMemberpei:CreditAgreementsMember2020-10-162020-10-160000077281us-gaap:ConstructionInProgressMember2022-06-300000077281us-gaap:SeriesDPreferredStockMember2021-12-310000077281pei:SolarPanelLeasesMember2022-01-012022-06-300000077281pei:GloucesterPremiumOutletsMember2022-06-012022-06-300000077281us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-3000000772812021-06-300000077281pei:OfficeEquipmentAndVehicleLeasesMember2022-04-012022-06-300000077281pei:FirstAmendmentToSecondLienCreditAgreementMember2021-02-082021-02-080000077281pei:CreditAgreementsMemberpei:A2018RevolvingFacilityMember2022-01-012022-06-300000077281us-gaap:SeriesBPreferredStockMember2022-03-310000077281us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2020-12-310000077281us-gaap:LondonInterbankOfferedRateLIBORMemberpei:FashionDistrictPhiladelphiaLoanAgreementMember2022-01-012022-06-300000077281pei:GroundLeaseMember2021-04-012021-06-300000077281us-gaap:NoncontrollingInterestMember2021-04-012021-06-300000077281us-gaap:LondonInterbankOfferedRateLIBORMemberpei:FirstLienCreditAgreementMemberpei:TermLoansMember2022-01-012022-06-300000077281us-gaap:NoncontrollingInterestMember2021-06-300000077281pei:MallAtPrinceGeorgesMembersrt:ScenarioForecastMember2022-08-310000077281pei:FashionDistrictPhiladelphiaMember2021-12-310000077281us-gaap:SeriesBPreferredStockMember2022-06-300000077281pei:FashionDistrictPhiladelphiaLoanAgreementMember2022-06-300000077281pei:PavilionAtMarketEastMemberMemberus-gaap:MortgagesMember2021-05-252021-05-250000077281us-gaap:SeriesCPreferredStockMember2021-03-3100000772812022-01-012022-06-300000077281pei:MortgageLoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000077281pei:MultifamilyLandParcelsMember2021-12-310000077281pei:InterestRateSwaps2023MaturityMember2022-06-300000077281pei:MultifamilyLandParcelsMember2022-06-300000077281pei:FashionDistrictPhiladelphiaMember2022-06-3000000772812022-03-310000077281us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-03-310000077281pei:CreditAgreementsMember2022-06-300000077281us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2022-06-300000077281pei:CreditAgreementsMember2021-07-012021-09-300000077281pei:FashionDistrictPhiladelphiaLoanAgreementMemberpei:LIBORMarketIndexRateMember2022-01-012022-06-300000077281us-gaap:CommonStockMember2021-01-012021-03-310000077281us-gaap:RestrictedStockUnitsRSUMember2022-03-042022-03-040000077281pei:FirstLienCreditAgreementBaseRateLoansMemberus-gaap:BaseRateMember2022-01-012022-06-300000077281pei:MortgageLoanMember2021-12-310000077281srt:MaximumMember2022-01-012022-06-300000077281us-gaap:AdditionalPaidInCapitalMember2022-06-300000077281us-gaap:NoncontrollingInterestMember2022-04-012022-06-300000077281pei:CreditAgreementsMemberpei:A2018TermLoanFacilityMember2022-06-300000077281pei:SecondLienCreditAgreementLIBORLoansMembersrt:MaximumMember2022-01-012022-06-300000077281pei:GroundLeaseMember2022-01-012022-06-300000077281pei:DevelopmentPropertiesMember2022-06-300000077281us-gaap:SeriesBPreferredStockMember2021-12-310000077281us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2020-12-310000077281pei:TwoThousandEighteenEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMemberpei:EmployeesMember2022-03-042022-03-040000077281pei:SecuredFirstLienRevolvingCreditFacilityMember2020-12-1000000772812021-04-012021-06-300000077281pei:CreditAgreementsMember2021-10-012021-10-0100000772812022-06-300000077281us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-01-012021-03-310000077281us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2022-06-300000077281us-gaap:CommonStockMember2022-03-310000077281pei:MortgageLoanMember2022-06-300000077281pei:SecondLienCreditAgreementBaseRateLoansMemberpei:LIBORMarketIndexRateMember2022-01-012022-06-300000077281us-gaap:UnsecuredDebtMember2022-06-300000077281pei:ValleyViewCenterMember2021-01-012021-06-300000077281pei:HotelLandParcelsMember2021-12-310000077281pei:CreditAgreementsMember2022-04-012022-06-300000077281pei:ValleyViewCenterMember2021-04-012021-06-300000077281pei:FashionDistrictPhiladelphiaMember2022-01-012022-06-300000077281us-gaap:PerformanceSharesMember2022-03-042022-03-040000077281us-gaap:SeriesDPreferredStockMember2022-01-012022-06-3000000772812020-12-222020-12-220000077281us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2021-12-310000077281pei:CreditAgreementsMember2021-06-302021-06-300000077281us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000077281pei:FashionDistrictPhiladelphiaMember2021-01-012021-06-300000077281us-gaap:LetterOfCreditMember2020-12-100000077281pei:OfficeEquipmentAndVehicleLeasesMember2022-01-012022-06-3000000772812022-08-050000077281us-gaap:AdditionalPaidInCapitalMember2021-06-300000077281pei:FirstLienTermLoanMemberpei:CreditAgreementsMember2022-06-300000077281pei:PartnershipLoanMemberpei:FashionDistrictPhiladelphiaLoanAgreementMember2022-01-012022-06-300000077281us-gaap:AdditionalPaidInCapitalMember2021-12-310000077281us-gaap:SeriesDPreferredStockMember2021-06-300000077281pei:CreditAgreementsAndRestructuredCreditAgreementsMemberpei:TermLoansMember2021-01-012021-06-300000077281pei:SolarPanelLeasesMember2021-01-012021-06-300000077281pei:SecondLienCreditAgreementBaseRateLoansMemberpei:FederalFundsRateMember2022-01-012022-06-300000077281us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000077281us-gaap:InterestRateSwapMember2022-06-300000077281pei:SecondLienCreditAgreementBaseRateLoansMemberus-gaap:BaseRateMember2022-01-012022-06-300000077281pei:A2018RevolvingFacilityMemberpei:CreditAgreementsAndRestructuredCreditAgreementsMember2022-04-012022-06-3000000772812021-12-310000077281us-gaap:AdditionalPaidInCapitalMember2020-12-310000077281us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000077281pei:FashionDistrictPhiladelphiaMember2022-06-300000077281us-gaap:NondesignatedMember2021-01-012021-06-300000077281us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000077281us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2022-03-310000077281us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-06-300000077281pei:InterestRateSwaps2023MaturityMember2021-12-310000077281us-gaap:CommercialRealEstateMemberpei:WoodlandAmendmentMemberus-gaap:MortgagesMember2021-12-100000077281pei:OfficeEquipmentAndVehicleLeasesMember2021-04-012021-06-300000077281us-gaap:SeriesCPreferredStockMember2022-03-310000077281pei:MoorestownMallMember2022-06-012022-06-300000077281pei:CreditAgreementsMember2022-01-012022-06-300000077281pei:CreditAgreementsAndRestructuredCreditAgreementsMemberpei:TermLoansMember2022-01-012022-06-300000077281us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2021-12-310000077281pei:SecondLienTermLoanMember2022-04-012022-06-3000000772812022-02-012022-02-280000077281us-gaap:AdditionalPaidInCapitalMember2021-03-310000077281pei:FashionDistrictPhiladelphiaLoanAgreementMember2022-01-012022-06-300000077281pei:CreditAgreementsMemberpei:TermLoansMember2022-01-012022-06-300000077281pei:CreditAgreementsMemberpei:A2018RevolvingFacilityMember2020-11-010000077281srt:MinimumMember2022-06-300000077281us-gaap:SeriesCPreferredStockMember2021-12-310000077281pei:PavilionAtMarketEastMemberMemberus-gaap:MortgagesMember2021-05-250000077281us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-06-300000077281us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-12-310000077281us-gaap:SeriesBPreferredStockMember2021-03-310000077281pei:TwoThousandEighteenAmendedAndRestatedCreditAgreementMember2020-12-102020-12-100000077281pei:FirstAmendmentToSecondLienCreditAgreementMember2020-12-100000077281pei:FirstLienCreditAgreementBaseRateLoansMemberpei:FederalFundsRateMember2022-01-012022-06-300000077281us-gaap:NoncontrollingInterestMember2021-01-012021-03-310000077281us-gaap:SeriesBPreferredStockMember2021-06-300000077281pei:SecondLienTermLoanMember2022-01-012022-06-300000077281us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-04-012021-06-300000077281pei:FashionDistrictPhiladelphiaMember2021-04-012021-06-3000000772812021-01-012021-03-310000077281us-gaap:NoncontrollingInterestMember2022-06-300000077281pei:VacantAnchorBoxSpaceMember2022-06-300000077281us-gaap:CommercialRealEstateMemberpei:CumberlandMallMemberus-gaap:MortgagesMember2022-01-012022-06-300000077281pei:SecondLienTermLoanMember2021-01-012021-06-300000077281pei:MortgageLoanMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300000077281srt:MinimumMember2022-01-012022-06-300000077281us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000077281pei:BridgeCreditAgreementMember2020-12-102020-12-1000000772812022-04-012022-06-300000077281us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000077281us-gaap:CommonStockMember2022-04-012022-06-300000077281us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000077281pei:FashionDistrictPhiladelphiaMember2022-04-012022-06-300000077281pei:PartnershipLoanMemberpei:FashionDistrictPhiladelphiaLoanAgreementMember2022-06-300000077281us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2022-03-310000077281us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:RevolvingCreditFacilityMember2022-01-012022-06-300000077281us-gaap:SeriesDPreferredStockMember2021-03-310000077281us-gaap:NoncontrollingInterestMember2022-01-012022-03-310000077281pei:SecondLienCreditAgreementBaseRateLoansMemberus-gaap:BaseRateMember2022-06-300000077281srt:MaximumMemberpei:FashionDistrictPhiladelphiaLoanAgreementMember2022-01-012022-06-300000077281pei:FashionDistrictPhiladelphiaMember2022-01-012022-06-300000077281pei:SecondLienCreditAgreementMember2022-01-012022-06-300000077281us-gaap:SeriesCPreferredStockMember2022-06-300000077281us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000077281us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-03-310000077281pei:CreditAgreementsMember2020-12-100000077281us-gaap:CommonStockMember2022-01-012022-03-310000077281us-gaap:SeriesCPreferredStockMember2021-06-300000077281pei:MallMember2022-06-3000000772812021-03-310000077281pei:GroundLeaseMember2021-01-012021-06-300000077281pei:OutparcelsMember2022-06-300000077281us-gaap:CommonStockMember2022-06-300000077281pei:PavilionAtMarketEastMemberMemberus-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:MortgagesMember2021-05-252021-05-250000077281pei:FashionDistrictPhiladelphiaLoanAgreementMemberpei:FederalFundsRateMember2022-01-012022-06-300000077281us-gaap:NoncontrollingInterestMember2021-12-310000077281pei:A2018RevolvingFacilityMemberpei:CreditAgreementsAndRestructuredCreditAgreementsMember2021-01-012021-06-300000077281pei:CreditAgreementsMemberpei:TermLoansMember2020-12-102020-12-100000077281pei:FrancisScottKeyMallMember2022-06-300000077281us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2021-06-300000077281pei:CreditAgreementsAndRestructuredCreditAgreementsMemberpei:TermLoansMember2021-04-012021-06-300000077281pei:FashionDistrictPhiladelphiaLoanAgreementMember2019-07-012019-09-300000077281pei:FashionDistrictPhiladelphiaLoanAgreementMember2019-07-310000077281us-gaap:CommonStockMember2021-03-310000077281pei:MoorestownMallMember2022-06-300000077281us-gaap:CommercialRealEstateMemberpei:WoodlandAmendmentMemberus-gaap:MortgagesMember2022-06-300000077281us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2022-01-012022-06-300000077281us-gaap:AdditionalPaidInCapitalMember2022-03-310000077281us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2022-06-300000077281us-gaap:SeriesCPreferredStockMember2022-01-012022-06-300000077281pei:TwoThousandEighteenEquityIncentivePlanMembersrt:MinimumMemberus-gaap:PerformanceSharesMember2022-03-042022-03-040000077281pei:CreditAgreementsMemberpei:A2018RevolvingFacilityMember2022-06-300000077281pei:GroundLeaseMember2022-04-012022-06-300000077281pei:HotelLandParcelsMember2022-06-3000000772812022-06-162022-06-160000077281pei:TwoThousandEighteenEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2022-03-042022-03-040000077281pei:MallAtPrinceGeorgesAndMagnoliaMallMembersrt:ScenarioForecastMember2022-08-012022-08-310000077281us-gaap:LondonInterbankOfferedRateLIBORMemberpei:SecondLienCreditAgreementLIBORLoansMember2022-01-012022-06-300000077281us-gaap:SeriesDPreferredStockMember2022-06-300000077281us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2022-03-310000077281pei:VacantAnchorBoxSpaceMember2021-12-310000077281us-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMemberpei:FirstLienCreditAgreementMember2022-01-012022-06-300000077281pei:PartnershipLoanMemberpei:FashionDistrictPhiladelphiaLoanAgreementMember2020-12-100000077281pei:A2018RevolvingFacilityMemberpei:CreditAgreementsAndRestructuredCreditAgreementsMember2021-04-012021-06-300000077281srt:RetailSiteMember2022-06-300000077281us-gaap:NondesignatedMember2021-04-012021-06-300000077281pei:BridgeFacilityMemberpei:CreditAgreementsMember2022-06-300000077281srt:MaximumMember2022-06-300000077281pei:FrancisScottKeyMallMember2022-06-012022-06-300000077281us-gaap:RevolvingCreditFacilityMember2022-01-012022-06-300000077281us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2020-12-310000077281pei:TwoThousandEighteenCreditAgreementMember2020-12-102020-12-100000077281pei:SecondLienTermLoanMemberpei:CreditAgreementsMember2022-06-300000077281pei:FirstLienCreditAgreementMember2022-01-012022-06-300000077281pei:TwoThousandEighteenEquityIncentivePlanMemberus-gaap:PerformanceSharesMember2022-03-042022-03-040000077281pei:A2018RevolvingFacilityMemberpei:CreditAgreementsAndRestructuredCreditAgreementsMember2022-01-012022-06-300000077281us-gaap:SeriesCPreferredStockMemberus-gaap:PreferredStockMember2021-06-300000077281us-gaap:NoncontrollingInterestMember2021-03-310000077281pei:MortgageLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300000077281pei:FirstLienCreditAgreementBaseRateLoansMemberpei:LIBORMarketIndexRateMember2022-01-012022-06-300000077281pei:FashionDistrictPhiladelphiaMember2022-01-012022-06-300000077281pei:CreditAgreementsAndRestructuredCreditAgreementsMemberpei:TermLoansMember2022-04-012022-06-300000077281pei:TwoThousandEighteenEquityIncentivePlanMemberpei:AverageQuarterlyCoreMallOccupancyMemberus-gaap:PerformanceSharesMember2022-03-042022-03-040000077281pei:ValleyViewMallMember2022-06-300000077281pei:ExtonSquareMallMemberus-gaap:SubsequentEventMember2022-07-310000077281pei:ExtonSquareMallMember2021-01-012021-12-310000077281pei:BridgeFacilityMemberpei:CreditAgreementsMember2022-01-012022-06-300000077281us-gaap:CommonStockMember2021-06-300000077281pei:TwoThousandEighteenEquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMembersrt:DirectorMember2022-03-042022-03-040000077281us-gaap:SeriesDPreferredStockMember2022-03-310000077281us-gaap:PreferredStockMemberus-gaap:SeriesDPreferredStockMember2021-06-300000077281srt:ScenarioForecastMember2022-08-012022-08-310000077281pei:SecondLienTermLoanFacilityMember2020-12-100000077281us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000077281us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-12-310000077281pei:SevenYearTermLoanAgreementMember2020-12-102020-12-100000077281us-gaap:CommonStockMember2020-12-3100000772812020-12-310000077281pei:GloucesterPremiumOutletsMember2022-06-3000000772812021-01-012021-06-300000077281us-gaap:NoncontrollingInterestMember2020-12-310000077281us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2022-03-310000077281pei:PREITAssociatesLPOperatingPartnershipMember2022-06-300000077281pei:TwoThousandEighteenEquityIncentivePlanMembersrt:MaximumMemberus-gaap:PerformanceSharesMember2022-03-042022-03-040000077281pei:CreditAgreementsMemberpei:A2014SevenYearTermLoanMember2022-06-300000077281us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000077281us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000077281pei:SolarPanelLeasesMember2022-04-012022-06-300000077281pei:MortgageLoanMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000077281us-gaap:NoncontrollingInterestMember2022-03-31pei:Awardpei:Outparcelspei:Installmentsxbrli:purepei:Subsidiaryutr:sqftpei:Propertypei:Multiplieriso4217:USDxbrli:sharespei:Segmentxbrli:sharespei:Statepei:Derivativeinstrumentiso4217:USD
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
10-Q
☒
Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended
June 30,
2022
or
☐
Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from
to
Commission File Number:
001-6300
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
(Exact name of Registrant as specified in its charter)
|
|
|
|
Pennsylvania
|
|
23-6216339
|
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
|
|
One Commerce Square
2005 Market Street, Suite 1000
Philadelphia,
PA
|
|
19103
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Registrant’s telephone number, including area code
(215)
875-0700
Securities registered pursuant to Section 12(b) of the
Act:
|
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of Exchange on which registered
|
|
Shares of Beneficial Interest, par value $1.00 per
share
|
PEI
|
New York Stock Exchange
|
|
Series B Preferred Shares, par value $0.01 per
share
|
PEIPrB
|
New York Stock Exchange
|
|
Series C Preferred Shares, par value $0.01 per
share
|
PEIPrC
|
New York Stock Exchange
|
|
Series D Preferred Shares, par value $0.01 per
share
|
PEIPrD
|
New York Stock Exchange
|
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes
☒ No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
Yes
☒ No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
|
|
|
|
|
|
Large accelerated filer
|
☐
|
|
Accelerated filer
|
☒
|
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☒
|
|
|
|
|
Emerging growth company
|
☐
|
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.
☐
Indicate by check mark whether registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes ☐
No
☒
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13, or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court. Yes ☒
No ☐
Table of Contents
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date. On
August 5, 2022,
5,369,460
shares of beneficial interest, par value $1.00 per share, of the
Registrant were outstanding.
Table of Contents
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
CONTENTS
Except as the context otherwise requires, references in this
Quarterly Report on Form 10-Q to “we,” “our,” “us,” the “Company”
and “PREIT” refer to Pennsylvania Real Estate Investment Trust and
its subsidiaries, including our operating partnership, PREIT
Associates, L.P. References in this Quarterly Report on Form 10-Q
to “PREIT Associates” or the “Operating Partnership” refer to PREIT
Associates, L.P.
Table of Contents
Item 1. FINANCIAL
STATEMENTS
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
CONSOLIDATED BALANCE
SHEETS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share amounts)
|
|
June 30, 2022
|
|
|
December 31, 2021
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
INVESTMENTS IN REAL ESTATE, at cost:
|
|
|
|
|
|
|
|
Operating properties
|
|
$
|
3,113,836
|
|
|
$
|
3,156,194
|
|
|
Construction in progress
|
|
|
45,472
|
|
|
|
45,828
|
|
|
Land held for development
|
|
|
4,339
|
|
|
|
4,339
|
|
|
Total investments in real estate
|
|
|
3,163,647
|
|
|
|
3,206,361
|
|
|
Accumulated depreciation
|
|
|
(1,443,004
|
)
|
|
|
(1,405,260
|
)
|
|
Net investments in real estate
|
|
|
1,720,643
|
|
|
|
1,801,101
|
|
|
INVESTMENTS IN PARTNERSHIPS, at equity:
|
|
|
7,967
|
|
|
|
16,525
|
|
|
OTHER ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
24,008
|
|
|
|
43,852
|
|
|
Tenant and other receivables
|
|
|
32,173
|
|
|
|
42,501
|
|
|
Intangible assets (net of accumulated amortization of
$22,274 and
$21,598 at
June 30, 2022 and December 31, 2021, respectively)
|
|
|
9,378
|
|
|
|
10,054
|
|
|
Deferred costs and other assets, net
|
|
|
93,198
|
|
|
|
128,923
|
|
|
Assets held for sale
|
|
|
41,304
|
|
|
|
8,780
|
|
|
Total assets
|
|
$
|
1,928,671
|
|
|
$
|
2,051,736
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
Mortgage loans payable, net
|
|
$
|
808,644
|
|
|
$
|
851,283
|
|
|
Term Loans, net
|
|
|
968,871
|
|
|
|
959,137
|
|
|
Revolving Facilities
|
|
|
16,078
|
|
|
|
54,549
|
|
|
Tenants’ deposits and deferred rent
|
|
|
9,322
|
|
|
|
10,180
|
|
|
Distributions in excess of partnership investments
|
|
|
72,680
|
|
|
|
71,570
|
|
|
Fair value of derivative instruments
|
|
|
-
|
|
|
|
8,427
|
|
|
Accrued expenses and other liabilities
|
|
|
74,941
|
|
|
|
89,543
|
|
|
Total liabilities
|
|
|
1,950,536
|
|
|
|
2,044,689
|
|
|
COMMITMENTS AND
CONTINGENCIES (Note 8)
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
Series B Preferred Shares, $.01 par
value per share;
25,000 shares
authorized;
3,450 shares
issued and outstanding; liquidation preference of
$98,971 and
$95,791 at
June 30, 2022 and December 31, 2021, respectively
|
|
|
35
|
|
|
|
35
|
|
|
Series C Preferred Shares, $.01 par
value per share;
25,000 shares
authorized;
6,900 shares
issued and outstanding; liquidation preference of
$197,340 and
$191,130 at
June 30, 2022 and December 31, 2021, respectively
|
|
|
69
|
|
|
|
69
|
|
|
Series D Preferred Shares, $.01 par
value per share;
25,000 shares
authorized;
5,000 shares
issued and outstanding; liquidation preference of
$142,188 and
$137,891 at
June 30, 2022 and December 31, 2021, respectively
|
|
|
50
|
|
|
|
50
|
|
|
Shares of beneficial interest, $1.00 par
value per share;
13,333 shares
authorized;
5,369 and
5,347 shares
issued and outstanding at June 30, 2022 and December 31, 2021,
respectively
|
|
|
5,369
|
|
|
|
5,347
|
|
|
Capital contributed in excess of par
|
|
|
1,857,496
|
|
|
|
1,851,866
|
|
|
Accumulated other comprehensive loss
|
|
|
475
|
|
|
|
(8,830
|
)
|
|
Distributions in excess of net income
|
|
|
(1,875,634
|
)
|
|
|
(1,832,375
|
)
|
|
Total equity (deficit) – Pennsylvania Real Estate Investment
Trust
|
|
|
(12,140
|
)
|
|
|
16,162
|
|
|
Noncontrolling interest
|
|
|
(9,725
|
)
|
|
|
(9,115
|
)
|
|
Total equity (deficit)
|
|
|
(21,865
|
)
|
|
|
7,047
|
|
|
Total liabilities and equity
|
|
$
|
1,928,671
|
|
|
$
|
2,051,736
|
|
See accompanying notes to the unaudited consolidated financial
statements.
1
Table of Contents
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
CONSOLIDATED STATEMENTS
OF OPERATIONS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
June 30,
|
|
|
For the Six Months Ended
June 30,
|
|
|
(in thousands of dollars)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue
|
|
$
|
66,652
|
|
|
$
|
68,112
|
|
|
$
|
130,092
|
|
|
$
|
128,020
|
|
|
Expense reimbursements
|
|
|
4,215
|
|
|
|
3,887
|
|
|
|
8,359
|
|
|
|
7,786
|
|
|
Other real estate revenue
|
|
|
2,191
|
|
|
|
1,957
|
|
|
|
3,801
|
|
|
|
3,428
|
|
|
Total real estate revenue
|
|
|
73,058
|
|
|
|
73,956
|
|
|
|
142,252
|
|
|
|
139,234
|
|
|
Other income
|
|
|
69
|
|
|
|
162
|
|
|
|
310
|
|
|
|
288
|
|
|
Total revenue
|
|
|
73,127
|
|
|
|
74,118
|
|
|
|
142,562
|
|
|
|
139,522
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAM and real estate taxes
|
|
|
(26,075
|
)
|
|
|
(25,661
|
)
|
|
|
(53,947
|
)
|
|
|
(53,492
|
)
|
|
Utilities
|
|
|
(3,528
|
)
|
|
|
(2,860
|
)
|
|
|
(7,089
|
)
|
|
|
(5,824
|
)
|
|
Other property operating expenses
|
|
|
(2,199
|
)
|
|
|
(2,244
|
)
|
|
|
(4,339
|
)
|
|
|
(4,608
|
)
|
|
Total property operating expenses
|
|
|
(31,802
|
)
|
|
|
(30,765
|
)
|
|
|
(65,375
|
)
|
|
|
(63,924
|
)
|
|
Depreciation and amortization
|
|
|
(28,382
|
)
|
|
|
(29,686
|
)
|
|
|
(57,492
|
)
|
|
|
(59,525
|
)
|
|
General and administrative expenses
|
|
|
(9,744
|
)
|
|
|
(13,535
|
)
|
|
|
(21,227
|
)
|
|
|
(25,366
|
)
|
|
Provision for employee separation expenses
|
|
|
85
|
|
|
|
(149
|
)
|
|
|
1
|
|
|
|
(240
|
)
|
|
Insurance recoveries, net
|
|
|
—
|
|
|
|
670
|
|
|
|
—
|
|
|
|
670
|
|
|
Project costs and other expenses
|
|
|
(19
|
)
|
|
|
(77
|
)
|
|
|
(79
|
)
|
|
|
(179
|
)
|
|
Total operating expenses
|
|
|
(69,862
|
)
|
|
|
(73,542
|
)
|
|
|
(144,172
|
)
|
|
|
(148,564
|
)
|
|
Interest expense, net
|
|
|
(32,601
|
)
|
|
|
(31,978
|
)
|
|
|
(63,992
|
)
|
|
|
(62,709
|
)
|
|
Gain on debt extinguishment, net
|
|
|
—
|
|
|
|
4,587
|
|
|
|
—
|
|
|
|
4,587
|
|
|
Impairment of assets
|
|
|
—
|
|
|
|
(1,302
|
)
|
|
|
—
|
|
|
|
(1,302
|
)
|
|
Reorganization expenses
|
|
|
—
|
|
|
|
(69
|
)
|
|
|
—
|
|
|
|
(267
|
)
|
|
Total expenses
|
|
|
(102,463
|
)
|
|
|
(102,304
|
)
|
|
|
(208,164
|
)
|
|
|
(208,255
|
)
|
|
Equity in (loss) income of partnerships
|
|
|
(1,188
|
)
|
|
|
2,433
|
|
|
|
(1,583
|
)
|
|
|
(1,000
|
)
|
|
Gain (loss) on sales of interests in real estate
|
|
|
1,701
|
|
|
|
(974
|
)
|
|
|
1,701
|
|
|
|
(974
|
)
|
|
Gain on sale of equity method investment
|
|
|
9,053
|
|
|
|
—
|
|
|
|
9,053
|
|
|
|
—
|
|
|
Gain on sales of real estate by equity method investee
|
|
|
—
|
|
|
|
1,347
|
|
|
|
—
|
|
|
|
1,347
|
|
|
Gain on sales of non operating real estate
|
|
|
8,755
|
|
|
|
—
|
|
|
|
8,755
|
|
|
|
—
|
|
|
Gain on sale of preferred equity interest
|
|
|
—
|
|
|
|
—
|
|
|
|
3,688
|
|
|
|
—
|
|
|
Net loss
|
|
|
(11,015
|
)
|
|
|
(25,380
|
)
|
|
|
(43,988
|
)
|
|
|
(69,360
|
)
|
|
Less: net loss attributable to noncontrolling interest
|
|
|
225
|
|
|
|
783
|
|
|
|
729
|
|
|
|
2,017
|
|
|
Net loss attributable to PREIT
|
|
|
(10,790
|
)
|
|
|
(24,597
|
)
|
|
|
(43,259
|
)
|
|
|
(67,343
|
)
|
|
Less: preferred share dividends
|
|
|
(6,844
|
)
|
|
|
(6,844
|
)
|
|
|
(13,688
|
)
|
|
|
(13,688
|
)
|
|
Net loss attributable to PREIT common shareholders
|
|
$
|
(17,634
|
)
|
|
$
|
(31,441
|
)
|
|
$
|
(56,947
|
)
|
|
$
|
(81,031
|
)
|
See accompanying notes to the unaudited consolidated financial
statements.
2
Table of Contents
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
June 30,
|
|
|
For the Six Months Ended
June 30,
|
|
|
(in thousands, except per share amounts)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Net loss
|
|
$
|
(11,015
|
)
|
|
$
|
(25,380
|
)
|
|
$
|
(43,988
|
)
|
|
$
|
(69,360
|
)
|
|
Noncontrolling interest
|
|
|
225
|
|
|
|
783
|
|
|
|
729
|
|
|
|
2,017
|
|
|
Preferred share dividends
|
|
|
(6,844
|
)
|
|
|
(6,844
|
)
|
|
|
(13,688
|
)
|
|
|
(13,688
|
)
|
|
Net loss used to calculate loss per share—basic and
diluted
|
|
$
|
(17,634
|
)
|
|
$
|
(31,441
|
)
|
|
$
|
(56,947
|
)
|
|
$
|
(81,031
|
)
|
|
Basic and diluted loss per share:
|
|
$
|
(3.32
|
)
|
|
$
|
(6.04
|
)
|
|
$
|
(10.72
|
)
|
|
$
|
(15.60
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands of shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding—basic
|
|
|
5,317
|
|
|
|
5,210
|
|
|
|
5,311
|
|
|
|
5,193
|
|
|
Effect of common share equivalents(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Weighted average shares outstanding—diluted
|
|
|
5,317
|
|
|
|
5,210
|
|
|
|
5,311
|
|
|
|
5,193
|
|
(1)
The Company had net losses used to calculate earnings per share for
the three and six months ended June 30, 2022 and 2021. Therefore,
the effects of common share equivalents are excluded from the
calculation of diluted loss per share for these periods because
they would be antidilutive.
See accompanying notes to the unaudited consolidated financial
statements.
3
Table of Contents
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
CONSOLIDATED STATEMENTS
OF COMPREHENSIVE LOSS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
June 30,
|
|
|
For the Six Months Ended
June 30,
|
|
|
(in thousands of dollars)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(11,015
|
)
|
|
$
|
(25,380
|
)
|
|
$
|
(43,988
|
)
|
|
$
|
(69,360
|
)
|
|
Unrealized gain (loss) on derivatives
|
|
|
3,612
|
|
|
|
2,668
|
|
|
|
9,419
|
|
|
|
5,269
|
|
|
Amortization of settled swaps
|
|
|
5
|
|
|
|
2
|
|
|
|
5
|
|
|
|
5
|
|
|
Total comprehensive loss
|
|
|
(7,398
|
)
|
|
|
(22,710
|
)
|
|
|
(34,564
|
)
|
|
|
(64,086
|
)
|
|
Less: comprehensive loss attributable to noncontrolling
interest
|
|
|
179
|
|
|
|
718
|
|
|
|
610
|
|
|
|
1,888
|
|
|
Comprehensive loss attributable to PREIT
|
|
$
|
(7,219
|
)
|
|
$
|
(21,992
|
)
|
|
$
|
(33,954
|
)
|
|
$
|
(62,198
|
)
|
See accompanying notes to the unaudited consolidated financial
statements.
4
Table of Contents
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
CONSOLIDATED STATEMENTS
OF EQUITY
Three and Six Months Ended
June 30, 2022 and 2021
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREIT Shareholders
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares $.01
par
|
|
|
Shares of
Beneficial
|
|
|
Capital
Contributed
|
|
|
Accumulated
Other
|
|
|
Distributions
|
|
|
Non-
|
|
|
(in thousands of dollars, except per share amounts)
|
|
Total
Equity
|
|
|
Series
B
|
|
|
Series
C
|
|
|
Series
D
|
|
|
Interest,
$1.00 Par
|
|
|
in Excess of
Par
|
|
|
Comprehensive
Loss
|
|
|
in Excess of
Net Income
|
|
|
controlling
interest
|
|
|
Balance January 1, 2022
|
|
$
|
7,047
|
|
|
$
|
35
|
|
|
$
|
69
|
|
|
$
|
50
|
|
|
$
|
5,347
|
|
|
$
|
1,851,866
|
|
|
$
|
(8,830
|
)
|
|
$
|
(1,832,375
|
)
|
|
$
|
(9,115
|
)
|
|
Net loss
|
|
|
(32,973
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(32,469
|
)
|
|
|
(504
|
)
|
|
Other comprehensive income
|
|
|
5,807
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,734
|
|
|
|
—
|
|
|
|
73
|
|
|
Shares issued under employee compensation plan, net of shares
retired
|
|
|
4,449
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
28
|
|
|
|
4,421
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Amortization of deferred compensation
|
|
|
814
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
814
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Balance March 31, 2022
|
|
|
(14,856
|
)
|
|
|
35
|
|
|
|
69
|
|
|
|
50
|
|
|
|
5,375
|
|
|
|
1,857,101
|
|
|
|
(3,096
|
)
|
|
|
(1,864,844
|
)
|
|
|
(9,546
|
)
|
|
Net loss
|
|
|
(11,015
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(10,790
|
)
|
|
|
(225
|
)
|
|
Other comprehensive income
|
|
|
3,617
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,571
|
|
|
|
—
|
|
|
|
46
|
|
|
Shares issued under employee compensation
plans, net of shares retired
|
|
|
(175
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6
|
)
|
|
|
(169
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Amortization of deferred compensation
|
|
|
564
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
564
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Balance June 30, 2022
|
|
$
|
(21,865
|
)
|
|
$
|
35
|
|
|
$
|
69
|
|
|
$
|
50
|
|
|
$
|
5,369
|
|
|
$
|
1,857,496
|
|
|
$
|
475
|
|
|
$
|
(1,875,634
|
)
|
|
$
|
(9,725
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREIT Shareholders
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares $.01
par
|
|
|
Shares of
Beneficial
|
|
|
Capital
Contributed
|
|
|
Accumulated
Other
|
|
|
Distributions
|
|
|
Non-
|
|
|
(in thousands of dollars, except per share amounts)
|
|
Total
Equity
|
|
|
Series
B
|
|
|
Series
C
|
|
|
Series
D
|
|
|
Interest,
$1.00 Par
|
|
|
in Excess of
Par
|
|
|
Comprehensive
Loss
|
|
|
in Excess of
Net Income
|
|
|
controlling
interest
|
|
|
Balance January 1, 2021
|
|
$
|
126,940
|
|
|
$
|
35
|
|
|
$
|
69
|
|
|
$
|
50
|
|
|
$
|
5,302
|
|
|
$
|
1,846,012
|
|
|
$
|
(20,620
|
)
|
|
$
|
(1,699,638
|
)
|
|
$
|
(4,270
|
)
|
|
Net loss
|
|
|
(43,980
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(42,746
|
)
|
|
|
(1,234
|
)
|
|
Other comprehensive loss
|
|
|
2,604
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,540
|
|
|
|
—
|
|
|
|
64
|
|
|
Shares issued under employee compensation
plans, net of shares retired
|
|
|
(647
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(18
|
)
|
|
|
(629
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Amortization of deferred compensation
|
|
|
1,321
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,321
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Balance March 31, 2021
|
|
|
86,238
|
|
|
|
35
|
|
|
|
69
|
|
|
|
50
|
|
|
|
5,284
|
|
|
|
1,846,704
|
|
|
|
(18,080
|
)
|
|
|
(1,742,384
|
)
|
|
|
(5,440
|
)
|
|
Net loss
|
|
|
(25,380
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(24,597
|
)
|
|
|
(783
|
)
|
|
Other comprehensive income (loss)
|
|
|
2,670
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,605
|
|
|
|
—
|
|
|
|
65
|
|
|
Amortization of deferred compensation
|
|
|
1,149
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,149
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Other changes in noncontrolling interest, net
|
|
|
38
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
38
|
|
|
Balance June 30, 2021
|
|
$
|
64,715
|
|
|
$
|
35
|
|
|
$
|
69
|
|
|
$
|
50
|
|
|
$
|
5,284
|
|
|
$
|
1,847,853
|
|
|
$
|
(15,475
|
)
|
|
$
|
(1,766,981
|
)
|
|
$
|
(6,120
|
)
|
See accompanying notes to the unaudited consolidated financial
statements.
5
Table of Contents
PENNSYLVANIA REAL ESTATE INVESTMENT TRUST
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
(in thousands of dollars)
|
|
2022
|
|
|
2021
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(43,988
|
)
|
|
$
|
(69,360
|
)
|
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation
|
|
|
54,201
|
|
|
|
56,048
|
|
|
Amortization
|
|
|
4,163
|
|
|
|
4,475
|
|
|
Straight-line rent adjustments
|
|
|
|