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Three Months Ended March 31,
(per share amounts)
Net income per share - basic and diluted
FFO per diluted share¹
A reconciliation of net income attributable to common shareholders to funds from operations (FFO) is included in this release.
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.
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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