Exhibit 99.1
washingtonprimegrouplogoa03.jpg

Washington Prime Group Reports First Quarter 2018 Results
- Completes acquisition of Southgate Mall, a dominant town center
- Completes acquisition of Sears properties located at four Tier One properties
- Company reaffirms fiscal 2018 guidance

COLUMBUS, OH - April 25, 2018 - Washington Prime Group Inc. (NYSE: WPG)
today reported financial and operating results for the first quarter ended March 31, 2018 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 March 31,
 
(per share amounts)
 
2018
 
2017
 
Net income per share - basic and diluted
 
$
0.07

 
$
0.05

 
FFO per diluted share¹
 
$
0.39

 
$
0.42

 

(1)
A reconciliation of net income attributable to common shareholders to funds from operations (FFO) is included in this release.
 
Business Highlights
The Company completed the purchase of Southgate Mall, located in Missoula, Montana.
The Company completed the acquisition of four Sears department stores and adjacent Sears Auto Centers located at Tier One enclosed assets for future redevelopment.
Inline sales per square foot were $402 for Tier One enclosed properties for the twelve months ended March 31, 2018, an increase of 1.8%, while occupancy cost for Tier One enclosed properties was 11.8%, as of March 31, 2018.
Leasing continues to be robust with total leasing volume for the core portfolio totaling 1.1 million square feet in the first quarter of 2018. Lifestyle tenancy, which includes food, beverage, entertainment and fitness, accounted for 44% of total new leasing activity during the first quarter.
Tenant driven redevelopment remains one of the Company’s most intriguing value propositions. Redevelopment efforts include 34 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.
 
Lou Conforti, CEO and Director stated: “First and foremost, we are reaffirming guidance for fiscal 2018 FFO in a range of $1.48 to $1.56 per diluted share. As I have emphasized previously, our charter is to provide cash flow stability e.g. minimal variance as we revitalize our assets. I’ll put this into perspective. Since 2014, we have had approximately 2.3 million square feet, or nearly 10% of inline space, succumb to the black-cloaked, scythe-wielding grim reaper of bankruptcy. In spite of a tumultuous retail environment, we have indeed evidenced minimal variance as it relates to financial and operating metrics. For instance, between 2014 and 2018, comparable occupancy decreased only 160 basis points as of March 31, 2018, while comparable NOI is forecasted to actually increase 1.0% and tenant allowances generally decreased for the core portfolio.



The following information was filed by Washington Prime Group Inc. (WPG) on Thursday, April 26, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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