Exhibit 99.1

 

 

NEWS RELEASE

FOR INFORMATION, CONTACT

 

 

INVESTORS:

 

Lisa A. Indest
CAO & Senior VP, Finance
614.887.5844

lisa.indest@wpglimcher.com

MEDIA:

 

Karen L. Bailey

VP, Communications & Marketing

614.887.5847

karen.bailey@wpglimcher.com

 

FOR IMMEDIATE RELEASE

Thursday, February 26, 2015

 

WP GLIMCHER ANNOUNCES

FOURTH QUARTER AND FULL YEAR 2014 RESULTS

PROVIDES 2015 GUIDANCE

 

COLUMBUS, OH - February 26, 2015 - WP Glimcher (NYSE: WPG) today reported financial results and operating data for the fourth quarter and full year 2014. WP Glimcher will host a conference call and webcast on Thursday, February 26, 2015 at 11:00 a.m. ET, to discuss the financial results.

 

“WP Glimcher is well positioned to deliver shareholder value by generating cash flow from our combined portfolio of enclosed malls, open-air lifestyle centers and community centers. We have quickly taken major steps to enhance our balance sheet, integrate our management team and identify a pipeline for growth in each format in the portfolio,” together said Mark Ordan, Chairman and Michael P. Glimcher, CEO.

 

Results for the Fourth Quarter

 

Same property net operating income (“NOI”) for the fourth quarter of 2014 increased 1.8% from the fourth quarter of 2013. Ending occupancy for the properties was relatively flat at 92.7% as of December 31, 2014, as compared to 92.8% as of December 31, 2013 for the Washington Prime Group assets prior to the merger with Glimcher.

 

Funds from Operations (“FFO”) were $85.9 million, or $0.46 per diluted share, compared to $97.0 million, or $0.52 per diluted share, in the prior year period. Results for the fourth quarter of 2014 include a total of $11.3 million, or $0.06 per diluted share, comprised of costs related to the merger with Glimcher Realty Trust (“Glimcher”), transaction and related costs associated with the spin off from Simon Property Group (“Simon”), and general and administrative expenses for the new stand-alone company.

 

Net income attributable to common shareholders for the fourth quarter was $33.6 million, or $0.22 per diluted share, compared to $42.8 million, or $0.28 per diluted share, in the prior year period. The additional costs discussed above were the primary driver of this decrease.

 


The following information was filed by Washington Prime Group Inc. (WPG) on Thursday, February 26, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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