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Washington Prime Group Inc. (WPG) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Washington Prime Group Inc.

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CIK: 1594686 Ticker: WPG


Exhibit 99.1


wpgresisteredlogoa01.jpg

Washington Prime Group Reports Third Quarter 2018 Results

- Total portfolio leasing volume at 3.1 million square feet through September 30

COLUMBUS, OH - October 24, 2018 - Washington Prime Group Inc. (NYSE: WPG)
 today reported financial and operating results for the third quarter ended September 30, 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 September 30,
 
(per share amounts)
 
2018
 
2017
 
Net income (loss) per diluted share
 
$
0.00

 
$
(0.06
)
 
FFO per diluted share¹
 
$
0.37

 
$
0.37

 

(1)
A reconciliation of net income (loss) attributable to common shareholders to funds from operations (FFO) is included in this release.

Business Highlights
•
The year-over-year difference in net income for the three months ended September 30 is primarily due to an impairment loss resulting from property dispositions recorded during the third quarter of 2017, with no such charge occurring in the third quarter of 2018.
•
Occupancy for the Company’s 41 Tier One enclosed retail properties (“Tier One”) increased 100 basis points to 93.6% as of September 30, 2018, compared to a year ago, demonstrating strong leasing demand.
•
Combined Tier One and Open Air comparable net operating income (NOI) decreased 0.5% during the third quarter of 2018, demonstrating continued stable performance. As of September 30, 2018, Tier One and Open Air assets represented approximately 90% of core portfolio NOI.
•
Leasing continues to be robust with total leasing volume for the core portfolio totaling 3.1 million square feet during the nine months ended September 30, 2018.
•
Lifestyle tenancy, which includes food, beverage, entertainment, home furnishings, fitness and services accounted for 63% of total new leasing activity during the nine months ended September 30, 2018.
•
The Company has allocated approximately $300 million to $350 million of capital necessary to reposition 28 department store spaces over a three to five year period. These costs are included in the Company's previously anticipated redevelopment spend of approximately $100 million to $125 million per annum. This excludes spaces owned by non-retailers including Seritage Growth Properties (“Seritage”).

Lou Conforti, CEO and Director stated: “Let’s cut to the chase. First, we are reaffirming fiscal 2018 FFO guidance between $1.48 and $1.56 per diluted share, and third quarter 2018 FFO was $0.37. Second, this reaffirmation as well as our increased, yet measured, optimism is in spite of a certain department store established in Chicago 126 years ago filing for Chapter 11 bankruptcy protection on October 15. Remember the Brady Bunch drinking game where everybody had to chug a beverage when Marcia said ‘groovy’ or Alice was caught making out with Sam the Butcher? In similar fashion, Mark, Lisa and I have to imbibe (Fresca, Tab and Fanta Red Cream Soda, respectively) every time the name of this retailer is mentioned. This has become somewhat of an issue as we’ve run out of red plastic cups. One final comment which places this bankruptcy filing into perspective: Where do you think Greg purchased his groovy shirts?



The following information was filed by Washington Prime Group Inc. (WPG) on Thursday, October 25, 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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Washington Prime Group Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Inside Washington Prime Group Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Unaudited Consolidated Balance Sheets
Unaudited Consolidated Balance Sheets (Parentheticals)
Unaudited Consolidated Statement Of Equity
Unaudited Consolidated Statement Of Equity (Parentheticals)
Unaudited Consolidated Statement Of Equity - Lp
Unaudited Consolidated Statement Of Equity - Lp (Parentheticals)
Unaudited Consolidated Statements Of Cash Flows
Unaudited Consolidated Statements Of Operations And Comprehensive Income (Loss)
Basis Of Presentation And Principles Of Consolidation
Basis Of Presentation And Principles Of Consolidation (Narrative) (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Effect Of Derivative Financial Instruments) (Details)
Derivative Financial Instruments (Fair Value Of Derivative Financial Instruments) (Details)
Derivative Financial Instruments (Liabilities Measured On A Nonrecurring Basis) (Details)
Derivative Financial Instruments (Narrative) (Details)
Derivative Financial Instruments (Tables)
Earnings (Loss) Per Common Share/Unit
Earnings (Loss) Per Common Share/Unit (Tables)
Earnings (Loss) Per Common Share/Unit (Basic And Diluted Earnings Per Share Per Unit) (Details)
Earnings (Loss) Per Common Share/Unit (Earnings Per Unit) (Details)
Earnings (Loss) Per Common Share/Unit (Narrative) (Details)
Equity
Equity (Narrative) (Details)
Equity (Summary Of Annual Long-Term Incentive Awards) (Details)
Equity (Tables)
Indebtedness
Indebtedness (Book Value And Fair Value Of Debt) (Details)
Indebtedness (Covenants And Gain On Extinguishment - Narrative) (Details)
Indebtedness (Mortgage Debt And Unsecured Debt - Narrative) (Details)
Indebtedness (Mortgage Indebtedness) (Details)
Indebtedness (Roll Forward Of Mortgage Indebtedness) (Details)
Indebtedness (Tables)
Indebtedness (Unsecured Debt Outstanding) (Details)
Investment In Real Estate
Investment In Real Estate (Narrative) (Details)
Investment In Real Estate (Summary Of Purchase Price Allocation) (Details)
Investment In Real Estate (Tables)
Investment In Unconsolidated Entities, At Equity
Investment In Unconsolidated Entities, At Equity (Combined Balance Sheets) (Details)
Investment In Unconsolidated Entities, At Equity (Combined Statements Of Operations) (Details)
Investment In Unconsolidated Entities, At Equity (Details)
Investment In Unconsolidated Entities, At Equity (Tables)
Organization
Organization (Narrative) (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Changes To Balance Sheet From Asu 2014-09) (Details)
Summary Of Significant Accounting Policies (Changes To Consolidated Balance Sheets) (Details)
Summary Of Significant Accounting Policies (Changes To Income Statement From Asu 2014-09) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Revenue By Major Source) (Details)
Summary Of Significant Accounting Policies (Summary Of Cash And Cash Equivalents) (Details)
Summary Of Significant Accounting Policies (Tables)
Ticker: WPG
CIK: 1594686
Form Type: 10-Q Quarterly Report
Accession Number: 0001594686-18-000031
Submitted to the SEC: Thu Oct 25 2018 4:04:19 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Real Estate Investment Trusts

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