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SEC Filings

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


CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
(Unaudited, dollars in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended
June 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
Minimum rent (see components on page 4)
$
121,787

 
$
129,433

 
$
245,126

 
$
266,549

 
Overage rent
1,415

 
1,299

 
3,429

 
4,131

 
Tenant reimbursements
47,594

 
52,121

 
96,238

 
108,911

 
Other income (see components on page 4)
7,932

 
6,318

 
14,275

 
11,974

 
Total revenues
178,728

 
189,171

 
359,068

 
391,565

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
Property operating
(35,945
)
 
(35,164
)
 
(72,311
)
 
(72,408
)
 
Real estate taxes
(21,094
)
 
(23,253
)
 
(43,135
)
 
(49,260
)
 
Advertising and promotion
(2,240
)
 
(2,275
)
 
(4,011
)
 
(4,427
)
 
Total recoverable expenses
(59,279
)
 
(60,692
)
 
(119,457
)
 
(126,095
)
 
Depreciation and amortization
(63,796
)
 
(66,620
)
 
(125,090
)
 
(134,131
)
 
Provision for credit losses
(611
)
 
(1,903
)
 
(3,957
)
 
(3,484
)
 
General and administrative
(11,191
)
 
(9,091
)
 
(20,845
)
 
(17,919
)
 
Ground rent
(198
)
 
(996
)
 
(395
)
 
(2,027
)
 
Impairment loss

 

 

 
(8,509
)
 
Total operating expenses
(135,075
)
 
(139,302
)
 
(269,744
)
 
(292,165
)
 
 
 
 
 
 
 
 
 
 
Operating Income
43,653

 
49,869

 
89,324

 
99,400

 
 
 
 
 
 
 
 
 
 
Interest expense, net
(34,701
)
 
(31,281
)
 
(69,045
)
 
(63,769
)
 
Gain on extinguishment of debt, net

 
21,221

 

 
21,221

 
Income and other taxes
(601
)
 
(522
)
 
(1,086
)
 
(2,548
)
 
(Loss) income from unconsolidated entities, net
(895
)
 
(172
)
 
267

 
(616
)
 
Gain on disposition of interests in properties, net
8,063

 
125,385

 
16,244

 
125,436

 
 
 
 
 
 
 
 
 
 
Net income
15,519

 
164,500

 
35,704

 
179,124

 
Net income attributable to noncontrolling interests
1,925

 
25,525

 
4,586

 
27,339

 
Net income attributable to the Company
13,594

 
138,975

 
31,118

 
151,785

 
Less: Preferred share dividends
(3,508
)
 
(3,508
)
 
(7,016
)
 
(7,016
)
 
Net income attributable to common shareholders
$
10,086

 
$
135,467

 
$
24,102

 
$
144,769

 
 
 
 
 
 
 
 
 
 
Earnings per common share, basic
$
0.05

 
$
0.73

 
$
0.13

 
$
0.78

 
Earnings per common share, diluted
$
0.05

 
$
0.72

 
$
0.13

 
$
0.77


SUPPLEMENTAL INFORMATION | 1

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