Print Page     Close Window     

SEC Filings

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


The following table provides the reconciliation for the expected range of estimated net income attributable to common shareholders per diluted share to estimated FFO per diluted share, as adjusted, for the year ending December 31, 2018:
 

 
 
Low
End
 
High
End
Estimated net income attributable to common shareholders
     per diluted share
 
$
0.26

 
$
0.36

Depreciation and amortization including share of
unconsolidated entities
 
1.22

 
1.20

Estimated FFO per diluted share
 
$
1.48

 
$
1.56


Driven primarily by the impact of full liquidations of some key national retailers, the Company is projecting fiscal 2018 comparable NOI growth from the core portfolio of approximately (1.0%), consistent with the lower end of the original guidance projections. The following table provides a reconciliation of net income from GAAP financial statements to the Company’s NOI projection for the year:

(Dollars in thousands)
 
 
 
 
Fiscal
Year
2018
Operating income
 
$
197,000

Depreciation and amortization
 
241,000

General and administrative
 
39,000

Management fees and property allocated corporate expense
 
18,500

Pro-rata share of unconsolidated joint venture in comp NOI
 
73,000

Non-comparable properties and other (1)
 
(28,900
)
Noncore properties
 
(14,100
)
Projected comparable NOI
 
$
525,500

 
 
 
Projected comparable NOI year-over-year growth (2)
 
(1.0
)%
 
 
 
(1) Includes fee income, lease termination fees, straight line rents, fair market adjustments and NOI for non-comparable properties.
(2) Reported 2017 comparable NOI adjusted for actual and projected property dispositions was $530.8 million.

For the third quarter of 2018, the Company estimates net income attributable to common shareholders to be in the range of $0.04 to $0.07 per diluted share and FFO to be in the range of $0.34 to $0.37 per diluted share.

A reconciliation of the range of estimated net income per diluted share to estimated FFO per diluted share for the third quarter of 2018 follows:


 
 
Low
End
 
High
End
Estimated net income attributable to common shareholders per
     diluted share
 
$
0.04

 
$
0.07

Depreciation and amortization including share of
unconsolidated entities
 
0.30

 
0.30

Estimated FFO per diluted share
 
$
0.34

 
$
0.37




©2013- WASHINGTON PRIME GROUP