What is the history of Washington Prime?
On December 13, 2013, Simon Property Group (NYSE:SPG) announced its plan to spin off all of its strip center business and smaller enclosed malls into an independent, publicly traded REIT which was subsequently named Washington Prime Group Inc. (NYSE: WPG). On May 28, 2014, a distribution of WPG common shares occurred by way of a special pro-rata dividend to SPG shareholders. Each SPG shareholder received 1 share of WPG stock for every 2 shares of SPG stock. No fractional shares were issued. It is expected that the distribution will qualify as tax-free for U.S. federal income tax purposes. Effective May 29, 2014, WPG began operating as a separate shopping center REIT with 98 shopping centers.
Regarding the merger with Glimcher in 2015, what is the cost basis in my WPG shares that were part of the Simon spin in May of 2014?
Form 8937 (Report of Organizational Actions Affecting Basis of Securities) is available by clicking here
. One method for allocating basis is to utilize the NYSE closing price of SPG ($165.78) and WPG ($21.03) on May 28, 2014 as an indication of fair market value. Based on that approach, 94.036% of a SPG shareholder’s aggregate basis in shares of SPG common stock immediately prior to the Distribution would be allocated to shareholder’s shares of SPG common stock and 5.964% would be allocated to shareholder’s WPG shares of common stock received (including any fractional share interest in WPG common stock for which cash was received.) Other approaches to determine fair market value may also be possible. You are not bound by the approach illustrated above and may, in consultation with your tax advisor, use another approach in determining fair market value for SPG and WPG common stock. Neither SPG nor WPG provides tax advice to its shareholders and this should not be considered tax advice. You are urged to consult your own tax advisor to determine the final allocation of basis between your SPG and WPG shares.
As a U.S. person and former GRT shareholder, how do I calculate the gain or loss I will recognize as a result of the merger?
In general, the gain (or loss) recognized by a former GRT shareholder who, at the time of merger, was a U.S. person for federal income tax purposes, is equal to (a) the sum of the fair market value of WPG shares and the cash received in the merger, minus (b) the shareholder’s adjusted tax basis in the GRT shares given up in the merger. One method for determining the fair market value of WPG shares for this purpose is to use the average of the high price and the low price of such shares on the closing date of the merger. Other methods of determining fair market value are possible. The cash received in the merger is the sum of the merger consideration for your GRT shares plus the distributions you received in 2015 for your GRT shares. This paragraph should not be considered tax advice. You should consult your own tax advisor to determine the method you will use to determine fair market value of your WPG shares and the tax consequences to you of the merger.
Following on the question above, what is my tax basis in WPG shares as a result of the merger?
The tax basis of the WPG shares received by a U.S. person in the merger will equal the fair market value of such shares at the effective time of the merger. As discussed above, there are several approaches that could be used to determine fair market value for this purpose.
How are Washington Prime Group common shares traded?
Washington Prime Group Inc. shares are traded on the NYSE under ticker symbol “WPG.”
How were my former GRT Preferred shares traded after the merger?
Each outstanding GRT Series G preferred share, GRT Series H preferred share and GRT Series I preferred share were converted into a WPG Series G preferred share, WPG Series H preferred share and WPG Series I preferred share, respectively.
What is the Washington Prime Inc. CUSIP?
Washington Prime Group's CUSIP number for Common Stock is 93964W 108. The CUSIP number for Series H Preferred is 93964W 207. The CUSIP number for Series I Preferred is 93964W 306.
Does Washington Prime Inc Pay Dividends?
The company pays dividends each quarter. The dividends are authorized by the board each quarter prior to payment. You can find dividend information on the Dividend History page.
What are Washington Prime Group Inc.’s credit ratings?
The corporate credit ratings are BB (negative outlook) for Standard & Poor’s, Ba2 (stable outlook) for Moody’s and BB+ (negative outlook) for Fitch.
Registered holders with questions about your statement, dividend payments, registration changes, lost stock certificates, stock holdings or related matters should contact WPG's Transfer Agent:
Shareholder website: www.computershare.com/investor
Shareholder online inquiries:https://www-us.computershare.com/investor/Contact
Toll Free Number: 866-239-2277 Toll Number: 1 (201) 680 6578 Shareholder correspondence should be mailed to:
P.O. BOX 30170
College Station, TX 77842-3170
Beneficial shareholders (shares held by your broker in the name of the brokerage house) should contact your broker on all administrative matters.
Stock Listing: NEW YORK STOCK EXCHANGE
Contact Investor Relations at 614.887.5844.
Does Washington Prime Inc. issue 1099s or K-1s for tax reporting purposes?
Holders of Washington Prime Inc. common stock will receive 1099s. Holders of Washington Prime Group's limited partnership units will receive K-1s. Form 1099s are required to be mailed to shareholders by January 31st and K-1s by July 15th.
Where is Washington Prime Group’s corporate headquarters?
180 E. Broad Street, Floor 21
Columbus, OH 43215
When does Washington Prime Group’s fiscal year end?
Washington Prime Group’s fiscal year-ends on December 31.
Does Washington Prime Group have a dividend reinvestment plan?
Yes, there is a dividend reinvestments program (“DRIP”) through Computershare. At the time of distribution, if you were previously a SPG shareholder enrolled with the SPG DRIP, then you were automatically enrolled in the WPG DRIP. At the closing of the merger, if you were previously a GRT shareholder enrolled with the GRT DRIP and you want to participate in the WPG DRIP, you will need to enroll in the plan as no GRT DRIP participants were automatically enrolled in the WPG DRIP following the closing of the merger.
Does Washington Prime Inc. have a direct stock purchase plan?
Yes, through Computershare.