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SEC Filings

10-K
WASHINGTON PRIME GROUP INC. filed this Form 10-K on 02/24/2017
Entire Document
 

The following table sets forth key operating statistics for the combined portfolio of core properties or interests in properties (including the Merger Properties in each period reported):
 
 
December 31, 2016
 
%
Change
 
December 31, 2015
 
%
Change
 
December 31, 2014
Ending occupancy (1)
 
94.0
%
 
0.5
%
 
93.5
%
 
(0.3
)%
 
93.8
%
Average base minimum rent per square foot (2)
 
$
21.67

 
0.2
%
 
$
21.63

 
1.4
 %
 
$
21.33


(1)
Ending occupancy is the percentage of GLA which is leased as of the last day of the reporting period. We include all Company-owned space except for anchors, majors, freestanding office and outlots at our enclosed retail properties in the calculation of ending occupancy. Community center GLA included in the calculation relates to all Company-owned space other than office space. When including the three noncore properties, occupancy at December 31, 2016 was 93.5%.

(2)
Average base minimum rent per square foot is the average base minimum rent charge in effect for the reporting period for all tenants that would qualify to be included in ending occupancy.
Current Leasing Activities
During the year ended December 31, 2016, we signed new leases and renewal leases with terms in excess of a year (excluding enclosed retail property anchors, majors, offices, and in-line spaces in excess of 10,000 square feet) across the portfolio, comprising approximately 2,637,500 square feet. The average annual initial base minimum rent for new leases was $23.54 per square foot ("psf") and for renewed leases was $28.91 psf. For these leases, the average for tenant allowances was $35.28 psf for new leases and $4.86 psf for renewals. During the year ended December 31, 2015, we signed new leases and renewal leases with terms in excess of a year (excluding enclosed retail property anchors, majors, offices, and in-line spaces in excess of 10,000 square feet) across the portfolio, comprising approximately 2,371,900 square feet. The average annual initial base minimum rent for new leases was $24.08 psf and for renewed leases was $29.12 psf. For these leases, the average for tenant allowances was $31.52 psf for new leases and $6.48 psf for renewals.
Portfolio Summary
We have provided some of our key operating metrics for our core enclosed retail property portfolio in different tiers. The purpose of the disclosure is to provide some distinction between the characteristics of the enclosed retail properties. Tier 1 enclosed retail properties generally have higher occupancy, sales productivity and growth profiles, while Tier 2 enclosed retail properties are viable enclosed retail properties with lower productivity and modest growth profiles. The table below provides some of our key metrics for the enclosed retail property tiers as well as some key metrics for our community center portfolio:
 
Property Count
 
Leased Occupancy %1
 
Store Sales Per Square Foot for 12 Months Ended1
 
Store Occupancy Cost %1
 
% of Total Comp NOI for 12 Months Ended1
 
 
12/31/16
 
12/31/15
 
12/31/16
 
12/31/15
 
12/31/16
 
12/31/15
 
12/31/16
Community Centers
52

 
95.9
%
 
96.0
%
 
 
 
 
 
 
 
 
 
23.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tier 1 Enclosed retail properties
37

 
93.6
%
 
93.5
%
 
$
399

 
$
398

 
12.2
%
 
12.3
%
 
53.7
%
Tier 2- Enclosed retail properties
21

 
91.1
%
 
89.0
%
 
302

 
303

 
13.8
%
 
13.8
%
 
22.6
%
Core Enclosed Retail Properties Subtotal
58

 
92.7
%
 
91.9
%
 
$
368

 
$
366

 
12.6
%
 
12.7
%
 
76.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Core Properties
110

 
94.0
%
 
93.5
%
 
 
 
 
 
 
 
 
 
100.0
%
1Metrics only include properties owned as of December 31, 2016. Southern Hills Mall is excluded as it is managed by a third party, although still owned by the Company.

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