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Washington Prime Group Inc. (WPG) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Washington Prime Group Inc.

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CIK: 1594686 Ticker: WPG


Exhibit 99.1


wpgresisteredlogoa05.jpg

Washington Prime Group Announces Fourth Quarter and Fiscal Year 2019 Results
•
The Company announced its dividend policy for 2020 of $0.50 per annum for common share and operating partnership units resulting in an increase in cash availability of nearly $110 million during 2020 alone, of which the Company expects to utilize to fund its pipeline of attractive redevelopment projects
•
Based upon the Company’s free cash flow projections, the 2020 funds available for distribution (FAD) payout ratio is estimated at 63%
•
The Company maintains outlook for growth in 2020 with combined Tier One and Open Air comparable net operating income (NOI) increasing 50 to 150 basis points
•
The Company was in compliance with all of its unsecured debt covenants at the end of 2019, and based upon current projections, anticipates remaining in compliance throughout 2020

COLUMBUS, OH - February 26, 2020 - Washington Prime Group Inc. (NYSE: WPG)
 today reported financial and operating results for the fourth quarter and fiscal year ended December 31, 2019 that reflect continued progress of the execution of the Company’s financial, operating and strategic objectives.

 
 
Three Months Ended December 31,
 
Twelve Months Ended December 31,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss) per diluted share
 
$
0.09

 
$
0.29

 
$
(0.05
)
 
$
0.42

FFO per diluted share
 
$
0.42

 
$
0.60

 
$
1.45

 
$
1.73

FFO per diluted share, as adjusted
 
$
0.31

 
$
0.38

 
$
1.18

 
$
1.51

A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure are provided in this press release.
Fourth Quarter Financial Results
Net income attributable to common shareholders for the fourth quarter of 2019 was $17.1 million, or $0.09 per diluted share, compared to net income of $55.0 million, or $0.29 per diluted share, a year ago. The year-over-year (YOY) difference relates primarily to lost rental income from retail bankruptcies and related cotenancy. Additionally, results for the fourth quarter of 2019 include a gain on the extinguishment of debt of $24.7 million, and a gain on disposition of interests in properties of $12.3 million, which compares to $55.9 million of such gains during the same quarter a year ago.
Funds from Operations (FFO), as adjusted for the fourth quarter of 2019 was $70.1 million, or $0.31 per diluted share, which compares to $84.0 million, or $0.38 per diluted share, during the same quarter a year ago. The YOY decrease in FFO, as adjusted, relates primarily to lost rental income from retail bankruptcies and related cotenancy along with the increase in general and administrative expenses.


The following information was filed by Washington Prime Group Inc. (WPG) on Thursday, February 27, 2020 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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Inside Washington Prime Group Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Schedule Iii - Real Estate And Accumulated Depreciation
Schedule Iii - Real Estate And Accumulated Depreciation - Changes In Accumulated Depreciation And Amortization (Details)
Schedule Iii - Real Estate And Accumulated Depreciation - Changes In Real Estate Assets (Details)
Schedule Iii - Real Estate And Accumulated Depreciation - Real Estate (Details)
Schedule Iii - Real Estate And Accumulated Depreciation - Reconciliation Of Accumulated Depreciation (Details)
Schedule Iii - Real Estate And Accumulated Depreciation - Reconciliation Of Investment Properties At Cost (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parentheticals)
Consolidated Statements Of Equity - Lp
Consolidated Statements Of Operations And Comprehensive (Loss) Income
(Loss) Earnings Per Common Share/Unit
(Loss) Earnings Per Common Share/Unit (Tables)
(Loss) Earnings Per Common Share/Unit - Basic And Diluted (Loss) Earnings Per Share Per Unit (Details)
(Loss) Earnings Per Common Share/Unit - Earnings Per Unit (Details)
Basis Of Presentation And Principles Of Consolidation
Basis Of Presentation And Principles Of Consolidation (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Concentration Risk (Details)
Commitments And Contingencies - Lease Commitments (Details)
Commitments And Contingencies - Lessee, Operating Lease, Liability, Maturity (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
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)
Earnings (Loss) Per Common Share/Unit (Narrative) (Details)
Equity
Equity (Tables)
Equity - Aggregate Intrinsic Value (Details)
Equity - Assumptions Used To Value Grants (Details)
Equity - Inducement Ltip Units (Details)
Equity - Narrative (Details)
Equity - Performance Stock Unit Activity (Details)
Equity - Restricted Stock Unit Activity (Details)
Equity - Stock Option Activity (Details)
Equity - Summary Of Annual Long-Term Incentive Awards (Details)
Equity - Summary Of Options Outstanding (Details)
Indebtedness
Indebtedness (Tables)
Indebtedness - Borrowing And Paydowns On Revolver (Details)
Indebtedness - Covenants (Details)
Indebtedness - Fair Value Of Debt (Details)
Indebtedness - Gain On Extinguishment Of Debt, Net (Details)
Indebtedness - Mortgage Debt (Details)
Indebtedness - Mortgage Narrative (Details)
Indebtedness - Other Indebtedness (Details)
Indebtedness - Principal Repayments On Indebtedness (Details)
Indebtedness - Roll Forward Of Mortgage Indebtedness (Details)
Indebtedness - Unsecured Debt Narrative (Details)
Indebtedness - Unsecured Debt Outstanding (Details)
Investment In Real Estate
Investment In Real Estate (Tables)
Investment In Real Estate - 2017 Dispositions (Details)
Investment In Real Estate - 2018 Acquisitions (Details)
Investment In Real Estate - 2018 Dispositions (Details)
Investment In Real Estate - 2019 Dispositions (Details)
Investment In Real Estate - Impairment (Details)
Investment In Real Estate - Intangible Assets And Liabilities (Details)
Investment In Real Estate - Intangible Assets And Liabilities Associated With Acquisitions (Details)
Investment In Real Estate - Investment Properties (Details)
Investment In Real Estate - Net Amortization Of Intangibles (Details)
Investment In Real Estate - Summary Of Purchase Price Allocation (Details)
Investment In Unconsolidated Entities, At Equity
Investment In Unconsolidated Entities, At Equity (Tables)
Investment In Unconsolidated Entities, At Equity - Combined Balance Sheets (Details)
Investment In Unconsolidated Entities, At Equity - Combined Statements Of Operations For The Unconsolidated Joint Venture Properties (Details)
Investment In Unconsolidated Entities, At Equity - Narrative (Details)
Organization
Organization (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Related Party Transactions
Related Party Transactions - Narrative (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Activity In The Allowance For Credit Losses (Details)
Summary Of Significant Accounting Policies - Carrying Amount Of Wpg Incs.'S Noncontrolling Interests (Details)
Summary Of Significant Accounting Policies - Deferred Costs And Other Assets (Details)
Summary Of Significant Accounting Policies - Deferred Leasing Costs And Corporate Improvements (Details)
Summary Of Significant Accounting Policies - Distributions Paid Per Common And Preferred Share On A Tax Basis (Details)
Summary Of Significant Accounting Policies - Income And Other Taxes Narrative (Details)
Summary Of Significant Accounting Policies - Lessor, Operating Lease, Payments To Be Received, Maturity (Details)
Summary Of Significant Accounting Policies - Narrative 1 (Details)
Summary Of Significant Accounting Policies - New Accounting Pronouncements Narrative (Details)
Summary Of Significant Accounting Policies - Other Income (Details)
Summary Of Significant Accounting Policies - Redeemable Noncontrolling Interests For Wpg Inc. (Details)
Summary Of Significant Accounting Policies - Rental Income (Details)
Summary Of Significant Accounting Policies - Summary Of Cash And Cash Equivalents (Details)
Ticker: WPG
CIK: 1594686
Form Type: 10-K Annual Report
Accession Number: 0001594686-20-000008
Submitted to the SEC: Thu Feb 27 2020 4:05:47 PM EST
Accepted by the SEC: Thu Feb 27 2020
Period: Tuesday, December 31, 2019
Industry: Real Estate Investment Trusts

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