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SEC Filings

8-K
WASHINGTON PRIME GROUP INC. filed this Form 8-K on 07/26/2018
Entire Document
 


NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES
Washington Prime Group Inc.
(Including Pro-Rata Share of Unconsolidated Properties)
(Unaudited, dollars in thousands)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
Variance $
 
2018
 
2017
 
Variance $
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of Comp NOI to Operating Income:
 
 
 
 
 

 
 
 
 
 
 
Operating income
 
$
43,653

 
$
49,869

 
$
(6,216
)
 
$
89,324

 
$
99,400

 
$
(10,076
)
 
 
 
 
 
 

 
 
 
 
 

Depreciation and amortization
 
63,796

 
66,620

 
(2,824
)
 
125,090

 
134,131

 
(9,041
)
General and administrative
 
11,191

 
9,091

 
2,100

 
20,845

 
17,919

 
2,926

Impairment loss
 

 

 

 

 
8,509

 
(8,509
)
Fee income
 
(2,140
)
 
(1,941
)
 
(199
)
 
(4,482
)
 
(3,523
)
 
(959
)
Management fee allocation
 

 
37

 
(37
)
 
(16
)
 
513

 
(529
)
Pro-rata share of unconsolidated joint ventures in comp NOI
 
18,546

 
14,337

 
4,209

 
35,429

 
22,270

 
13,159

Property allocated corporate expense
 
3,685

 
3,328

 
357

 
7,181

 
6,664

 
517

Non-comparable properties and other (1)
 
(3,413
)
 
99

 
(3,512
)
 
(2,860
)
 
(1,014
)
 
(1,846
)
NOI from sold properties
 
4

 
(2,063
)
 
2,067

 
(12
)
 
(5,732
)
 
5,720

Termination income
 
(258
)
 
(1,944
)
 
1,686

 
(2,024
)
 
(3,053
)
 
1,029

Straight-line rents
 
(1,164
)
 
(377
)
 
(787
)
 
(2,023
)
 
(831
)
 
(1,192
)
Ground lease adjustments for straight-line and fair market value
 
12

 
25

 
(13
)
 
25

 
30

 
(5
)
Fair market value and inducement adjustments to base rents
 
(1,072
)
 
(2,845
)
 
1,773

 
(4,114
)
 
(5,046
)
 
932

Less: Noncore properties (2)
 
(3,552
)
 
(4,036
)
 
484

 
(7,092
)
 
(8,333
)
 
1,241

Comparable NOI - core portfolio

$
129,288


$
130,200


$
(912
)
 
$
255,271

 
$
261,904

 
$
(6,633
)
Comparable NOI percentage change - core portfolio
 
 
 
 
 
-0.7
 %
 
 
 
 
 
-2.5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) Represents an adjustment to remove the NOI amounts from properties not owned and operated in all periods presented, certain non-recurring expenses (such as hurricane related expenses), as well as material insurance proceeds and other non-recurring income received in the periods presented. This also includes adjustments related to the rents from the outparcels sold to Four Corners.

(2) NOI from the three noncore properties held in each period presented.
 


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