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8-K
WASHINGTON PRIME GROUP INC. filed this Form 8-K on 07/26/2018
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EBITDAre AND KEY BALANCE SHEET METRICS
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
2018
 
2017
 
2018
 
2017
 
Calculation of EBITDAre:
 
 
 
 
 
 
 
 
 
Net income
 
$
15,519

 
$
164,500

 
$
35,704

 
$
179,124

 
Interest expense, net
 
34,701

 
31,281

 
69,045

 
63,769

 
Income and other taxes
 
601

 
522

 
1,086

 
2,548

 
Depreciation and amortization
 
63,796

 
66,620

 
125,090

 
134,131

 
Gain on disposition of interests in properties, net
 
(1,460
)
 
(125,385
)
 
(1,755
)
 
(125,436
)
 
Impairment loss
 

 

 

 
8,509

 
Pro-rata share of unconsolidated entities, net
 
18,064

 
16,369

 
35,695

 
29,479

 
EBITDAre (2)
 
131,221

 
153,907

 
264,865

 
292,124

 
Gain on debt extinguishment, net
 

 
(21,221
)
 

 
(21,221
)
 
Adjusted EBITDAre
 
$
131,221

 
$
132,686

 
$
264,865

 
$
270,903

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bond Covenant Requirement (1)
 
As of
June 30, 2018
 
 
 
 
 
Key Balance Sheet Metrics:
 
 
Ratio
 
 
 
 
 
Total indebtedness to Total assets
 
≤ 60%
 
50.2%
 
 
 
 
 
Secured indebtedness to Total assets
 
≤ 40%
 
17.5%
 
 
 
 
 
Consolidated EBITDA / Annual service charge
 
≥ 1.5x
 
2.89x
 
 
 
 
 
Total unencumbered assets / Total unsecured indebtedness
 
> 150%
 
214%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The covenants detailed are from the August 2017 Bond Offering, which represents the Company's most restrictive unsecured debt covenants.
 
(2) EBITDAre is calculated consistent with the NAREIT definition.
 
 
 
 






SUPPLEMENTAL INFORMATION | 8

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