Exhibit 99.1

 

NEWS RELEASE

 

 

WP Glimcher Reports Fourth Quarter and Fiscal-Year 2015 Results;

Board of Directors Approves Quarterly Dividend

 

 

COLUMBUS, OH – Feb. 25, 2016 – WP Glimcher Inc. (NYSE: WPG), a premier retail real estate investment trust specializing in the ownership, management and development of shopping centers, today reported financial and operating results for the fourth quarter and fiscal-year ended December 31, 2015.

 

“2015 was our first year as WP Glimcher and we have built a solid foundation to drive long-term growth as we enter 2016,” stated Michael P. Glimcher, CEO. “We will deliver growth this year with a focus on increasing occupancy, operating with a lean and efficient corporate structure, and improving our investment grade balance sheet.”

 

Fourth Quarter Results

 

Funds from Operations (FFO) were $104.5 million, or $0.47 per diluted share, for the fourth quarter, compared to $85.9 million, or $0.46 per diluted share, a year ago.

 

Results include costs related to the merger with Glimcher Realty Trust (Glimcher). When excluding these costs, as well as 2014 costs related to the Company’s spin-off, adjusted FFO (AFFO) for the fourth quarter of 2015 was $108.0 million, or $0.49 per diluted share, compared to $91.2 million, or $0.48 per diluted share, for the fourth quarter of 2014. The increase in FFO primarily relates to contributions from properties acquired as part of the merger with Glimcher in January of 2015, partially offset by higher general and administrative and interest expense.

 

Net loss attributable to common shareholders for the fourth quarter of 2015 was $97.0 million, or $0.53 per diluted share, compared to net income of $33.6 million, or $0.22 per diluted share, a year ago. The year-over-year difference was primarily attributable to a non-cash impairment charge of $138.1 million that was recorded during the three months ended December 31, 2015. The non-cash impairment charge recorded during the fourth quarter related primarily to the Company’s non-core assets, which were not adjusted to fair value at the time of the Company’s spin-off from the Simon Property Group in 2014. The Company now believes these assets will not be held over the long-term.

 

Same property net operating income (NOI) for the Company’s core portfolio declined 0.5% in the fourth quarter of 2015. The NOI decline primarily related to real estate tax appeal savings realized during the fourth quarter of 2014, which negatively impacted the NOI growth by 1.2% in the fourth quarter of 2015.

 

Fiscal-Year 2015 Results

 

FFO for the twelve months ending December 31, 2015 was $375.3 million, or $1.71 per diluted share, and for the same period in the prior year FFO was $295.1 million, or $1.57 per diluted share.

 

 
 

The following information was filed by Washington Prime Group Inc. (WPG) on Thursday, February 25, 2016 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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