Washington Prime Group Inc. (WPG) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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Washington Prime Group Inc.
Ticker: WPG CIK: 1594686

Exhibit 99.1

Washington Prime Group Reports Fourth Quarter and Fiscal Year 2017 Results

COLUMBUS, OH - February 21, 2018 - Washington Prime Group Inc. (NYSE: WPG)

today reported financial and operating results for the fourth quarter and fiscal year ended December 31, 2017 that reflect continued progress of the execution of the Company’s financial, operating and strategic objectives. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure are included in this release.



	Three Months Ended December 31,		Twelve Months Ended December 31,
(per share amounts)	2017	2016	2017	2016
Net income per share - basic and diluted	$0.27	$0.14	$0.98	$0.29
FFO per diluted share	$0.75	$0.49	$2.04	$1.80
FFO per diluted share, as adjusted (AFFO)¹	$0.44	$0.48	$1.63	$1.78


(1)	A reconciliation of funds from operations (FFO) to FFO, as adjusted (AFFO), for the periods presented is included in the reconciliation of net income attributable to common shareholders to FFO, which is included in this release.

Business Highlights


•	Open Air and Tier One properties, which accounted for 81.2% of 2017 total net operating income (NOI), exhibited combined comparable NOI growth of 0.9% for the twelve months ended December 31, 2017 comprised of NOI growth for Tier One, Open Air and Tier Two properties of (0.6%), 4.5% and (9.5%), respectively.


•	Occupancy for the total portfolio was 93.1% at year-end 2017.


•	The Company signed an agreement to purchase Southgate Mall, a dominant hybrid format retail venue situated in Missoula, Montana. The asset features a Lucky’s Market and a nine-screen dine-in AMC Theater - both newly built.


•	Sales per square foot were $397 for Tier One properties and $287 for Tier Two properties for the twelve months ended December 31, 2017, while occupancy cost for Tier One and Tier Two properties was 12.2% and 14.0%, respectively, as of December 31, 2017.


•	Leasing volume for the total portfolio reached 4.0 million square feet in 2017, an increase in square footage of 2% and a 6% increase in the number of deals when compared to 2016 leasing activity. Lifestyle tenancy, which includes food, beverage, entertainment and fitness, accounted for 47% of total leasing volume in 2017.


•	The Company issued $750 million seven-year 5.95% senior unsecured notes and recast its $1.0 billion revolving credit and term loan facility maturing in December of 2022.


•	Redevelopment efforts include 36 projects currently underway ranging between $1 million and $60 million, with an average estimated project yield of 10%, which does not include the derivative impact of the benefit to adjacent space. 19 additional projects are currently in the review and approval phases.

The following information was filed by Washington Prime Group Inc. (WPG) on Wednesday, February 21, 2018 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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