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8-K
WASHINGTON PRIME GROUP INC. filed this Form 8-K on 07/26/2018
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SUMMARY OF DEBT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
as of
6/30/2018
 
Total Debt, Including WPG Share of Unconsolidated Entities as of 6/30/2018
 
Total Debt
as of
12/31/2017
 
Total Debt, Including WPG Share of Unconsolidated Entities as of 12/31/2017
 
 
Schedule of
Maturities by Year (1)
 
Mortgage
Debt
Maturities
 
Weighted Avg.
Interest Rate
 
Unsecured Maturities
 
Weighted Avg. Interest Rate
 
Total Debt Maturities
 
Weighted Avg. Interest Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated debt:
 
 
 
 
 
 
 
 
Total debt, including WPG share of unconsolidated entities:
 
 
 
 
 
 
 
 
 
Mortgage debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Fixed
 
$
991,888

 
$
991,888

 
$
1,000,936

 
$
1,000,936

 
 
2018
 
$
8,477

 
7.0%
 



 
$
8,477

 
7.0%
 
   Variable
 
65,000

 
65,000

 
151,500

 
151,500

 
 
2019
 
143,190

 
6.4%
 



 
143,190

 
6.4%
 
Debt issuance costs
 
(3,225
)
 
(3,225
)
 
(3,692
)
 
(3,692
)
 
 
2020
 
107,911

 
5.9%
 
$
250,000


3.9%
 
357,911

 
4.5%
 
Fair value debt adjustments
 
7,024

 
7,024

 
8,338

 
8,338

 
 
2021
 
371,082

 
5.1%
 



 
371,082

 
5.1%
 
   Total mortgage debt
 
1,060,687

 
1,060,687

 
1,157,082

 
1,157,082

 
 
2022
 
133,582

 
4.4%
 
630,000


3.7%
 
763,582

 
3.8%
 
 
 
 
 
 
 
 
 
 
 
 
2023
 
27,956

 
4.9%
 
340,000


3.5%
 
367,956

 
3.6%
 
Unsecured debt
 
 
 
 
 
 
 
 
2024
 
346,177

 
4.7%
 
750,000


6.0%
 
1,096,177

 
5.6%
 
   Credit facility
 
280,000

 
280,000

 
155,000

 
155,000

 
 
2025
 
343,587

 
3.7%
 

 
 
 
343,587

 
3.7%
 
   Term loans
 
690,000

 
690,000

 
610,000

 
610,000

 
 
2026
 
12,691

 
4.3%
 

 
 
 
12,691

 
4.3%
 
   Bonds payable
 
1,000,000

 
1,000,000

 
1,000,000

 
1,000,000

 
 
2027
 
195,062

 
4.3%
 

 
 
 
195,062

 
4.3%
 
Debt issuance costs & discounts
 
(28,595
)
 
(28,595
)
 
(24,473
)
 
(24,473
)
 
 
2028
 

 
0.0%
 

 
 
 

 
0.0%
 
   Total unsecured debt
 
1,941,405

 
1,941,405

 
1,740,527

 
1,740,527

 
 
Thereafter
 
2,029

 
4.7%
 

 
 
 
2,029

 
4.7%
 
 
 
 
 
 
 
 
 
 
 
 
Fair value,debt issuance cost, and debt discount adjustments
 
7,183

 
 
 
(28,595
)
 
 
 
(21,412
)
 
 
 
Total consolidated debt
 
$
3,002,092

 
$
3,002,092

 
$
2,897,609

 
$
2,897,609

 
 
Total debt
 
$
1,698,927

 
4.8%
 
$
1,941,405

 
4.6%
 
$
3,640,332

 
4.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated debt:
 
 
 
 
 
 
 
 
(1) Includes extension options
 
 
 
Mortgage loans payable
 
$
1,290,981

 
$
634,856

 
$
1,294,639

 
$
636,379

 
 

 
 
 
Debt issuance costs
 
(5,392
)
 
(2,688
)
 
(5,771
)
 
(2,871
)
 
 
Total consolidated debt:
 
Fair value debt adjustments
 
11,905

 
6,072

 
13,275

 
6,770

 
 
Schedule of
Maturities by Year (1)
 
Mortgage
Debt
Maturities
 
Weighted Avg.
Interest Rate
 
Unsecured Maturities
 
Weighted Avg. Interest Rate
 
Total Debt Maturities
 
Weighted Avg. Interest Rate
 
Total unconsolidated debt
 
$
1,297,494

 
$
638,240

 
$
1,302,143

 
$
640,278

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt:
 
$
4,299,586

 
$
3,640,332

 
$
4,199,752

 
$
3,537,887

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 % of
Total Debt
as of
6/30/18
 
Our Share of Total Debt
as of 6/30/18
 
Weighted Avg.
Interest
Rate
 
Weighted
Avg. Years
to Maturity
 
 
2018
 
$
8,477

 
7.0%
 
 
 
 
 
$
8,477

 
7.0%
 
 
 
 
 
 
 
 
2019
 
143,190

 
6.4%
 

 

 
143,190

 
6.4%
 
 
 
 
 
 
 
 
2020
 
82,668

 
5.7%
 
$
250,000

 
3.9%
 
332,668

 
4.3%
 
Consolidated debt:
 
 
 
 
 
 
 
 
2021
 
321,534

 
5.0%
 

 
 
 
321,534

 
5.0%
 
   Fixed
 
85%
 
$
2,566,713

 
5.0
%
 
4.4

 
 
2022
 
133,582

 
4.4%
 
630,000

 
3.7%
 
763,582

 
3.8%
 
   Variable
 
15%
 
435,379

 
3.5
%
 
4.0

 
 
2023
 
21,260

 
5.0%
 
340,000

 
3.5%
 
361,260

 
3.6%
 
   Total Consolidated
 
100%
 
$
3,002,092

 
4.8
%
 
4.4

 
 
2024
 
346,177

 
4.7%
 
750,000

 
6.0%
 
1,096,177

 
5.6%
 
 
 
 
 
 
 
 
 
 
 
 
2025
 

 

 

 
 
 

 

 
Unconsolidated debt:
 
 
 
 
 
 
 
 
2026
 

 

 

 
 
 

 

 
   Fixed
 
99%
 
$
631,544

 
4.1
%
 
6.9

 
 
2027
 

 

 

 
 
 

 

 
   Variable
 
1%
 
6,696

 
4.6
%
 
4.5

 
 
2028
 

 

 

 
 
 

 

 
   Total Unconsolidated
 
100%
 
$
638,240

 
4.2
%
 
6.9

 
 
Thereafter
 

 

 

 
 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
Fair value,debt issuance cost, and debt discount adjustments
 
3,799

 
 
 
(28,595
)
 
 
 
(24,796
)
 
 
 
Total debt:
 
 
 
 
 
 
 
 
 
 
Total debt
 
$
1,060,687

 
5.1%
 
$
1,941,405

 
4.6%
 
$
3,002,092

 
4.8%
 
   Fixed
 
88%
 
$
3,198,257

 
4.8
%
 
4.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Variable
 
12%
 
442,075

 
3.6
%
 
4.1

 
 
(1) Includes extension options
 
 
 
   Total debt
 
100%
 
$
3,640,332

 
4.7
%
 
4.8

 
 

 
 

SUPPLEMENTAL INFORMATION | 7

©2013- WASHINGTON PRIME GROUP