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SEC Filings

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


RECONCILIATION OF FUNDS FROM OPERATIONS
 
 
 
 
Including Pro-Rata Share of Unconsolidated Properties
 
 
 
 
 
 
 
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
Funds from Operations ("FFO"):
 
 
 
 
 
 
 
Net income
$
15,519

 
$
164,500

 
$
35,704

 
$
179,124

Less: Preferred dividends and distributions on preferred operating partnership units
(3,568
)
 
(3,568
)
 
(7,136
)
 
(7,136
)
Real estate depreciation and amortization, including joint venture impact
73,355

 
75,079

 
143,554

 
149,600

Gain on disposition of interests in properties, net including impairment loss on depreciable real estate
(1,460
)
 
(125,385
)
 
(1,755
)
 
(116,927
)
FFO
$
83,846

 
$
110,626

 
$
170,367

 
$
204,661

 
 
 
 
 
 
 
 
Adjusted Funds from Operations:
 
 
 
 
 
 
 
FFO
$
83,846

 
$
110,626

 
$
170,367

 
$
204,661

Gain on extinguishment of debt, net

 
(21,221
)
 

 
(21,221
)
Adjusted FFO
$
83,846

 
$
89,405

 
$
170,367

 
$
183,440

 
 
 
 
 
 
 
 
Weighted average common shares outstanding - diluted
223,886

 
222,264

 
223,653

 
222,034

 
 
 
 
 
 
 
 
FFO per diluted share
$
0.37

 
$
0.50

 
$
0.76

 
$
0.92

Total adjustments
$

 
$
(0.10
)
 
$

 
$
(0.10
)
Adjusted FFO per diluted share
$
0.37

 
$
0.40

 
$
0.76

 
$
0.83

 
 
 
 
 
 
 
 
Non-cash items included in FFO:
 
 
 
 
 
 
 
Non-cash stock compensation expense
$
2,519

 
$
1,817

 
$
4,261

 
$
3,295

Straight-line adjustment as an increase to minimum rents (1)
$
1,297

 
$
868

 
$
2,612

 
$
1,796

Straight-line and fair market value adjustment recorded as an increase to ground lease expense (1)
$
555

 
$
529

 
$
1,122

 
$
882

Fair value of debt amortized as a decrease to interest expense (1)
$
1,006

 
$
1,302

 
$
2,012

 
$
2,609

Loan fee amortization and bond discount (1)
$
1,821

 
$
1,395

 
$
4,842

 
$
2,612

Mark-to-market/inducement adjustment as a net increase to base rents (1)
$
1,300

 
$
3,915

 
$
5,859

 
$
6,963

Non-real estate depreciation (1)
$
2,415

 
$
2,394

 
$
4,972

 
$
4,642

Hedge ineffectiveness as a decrease to interest expense (2)
$

 
$
(36
)
 
$

 
$
(128
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes the pro-rata share of the joint venture properties.
 
 
 
 
 
 
 
(2) On January 1, 2018, the Company adopted accounting policy ASU 2017-12 that eliminates the requirement to separately measure and record hedge ineffectiveness.

SUPPLEMENTAL INFORMATION | 5

©2013- WASHINGTON PRIME GROUP