EX-99.2 3 a2019q4exhibit992suppl.htm SUPPLEMENTAL REPORT FOR THE THREE MONTHS ENDED MARCH 31, 2020 Exhibit





a1q20.jpg




























SAFE HARBOR: Some of the information contained in this presentation includes forward looking statements. Such statements are subject to a number of risks and uncertainties which could cause actual results in the future to differ materially and adversely from those described in the forward-looking statements. Investors should consult the Company's filings with the Securities and Exchange Commission for a description of the various risks and uncertainties which could cause such a difference before deciding whether to invest.










        


Table of Contents
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Page
Financial Statement Data
 
 
 
Consolidated statements of operations (unaudited)
1
 
Consolidated balance sheets (unaudited)
2
 
Supplemental balance sheet detail
3
 
Components of rental income, other income and corporate overhead
4
 
Reconciliation of funds from operations - including pro-rata share of unconsolidated properties
5
 
Reconciliation of net operating income growth for comparable properties - including pro-rata share of unconsolidated properties
6
 
 
 
Debt Information
 
 
 
Summary of debt
7
 
EBITDAre and key balance sheet metrics
8
 
 
 
 
Operational Data
 
 
 
Operating metrics
9
 
Leasing results and base rent psf
10
 
Releasing spreads
 
11
 
Top 10 tenants
12
 
Lease expirations
 
13
 
 
 
 
Development Activity
 
 
 
Capital expenditures
14
 
Redevelopment projects
15
 
Department store repositioning status
16
 
 
 
Property Information
 
 
 
Property information
17-19
 
 
 
Other
 
 
 
Non-GAAP pro-rata financial information
20
 
Proportionate share of unconsolidated properties - statements of operations (unaudited)
21
 
Proportionate share of unconsolidated properties - balance sheet (unaudited)
22
 
Glossary of terms
 
23



        


CONSOLIDATED STATEMENTS OF OPERATIONS
 
Washington Prime Group Inc.
 
 
 
 
(Unaudited, dollars in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
 
2020
 
2019
 
 
 
 
 
 
 
 
Revenue:
 
 
 
 
 
Rental income (see components on page 4)
$
147,233

 
$
163,273

 
 
Other income (see components on page 4)
5,367

 
5,550

 
 
Total revenues
152,600

 
168,823

 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
Property operating
(37,280
)
 
(39,429
)
 
 
Real estate taxes
(20,252
)
 
(22,114
)
 
 
Advertising and promotion
(1,804
)
 
(1,893
)
 
 
Total recoverable expenses
(59,336
)
 
(63,436
)
 
 
Depreciation and amortization
(59,704
)
 
(66,378
)
 
 
General and administrative
(12,264
)
 
(14,125
)
 
 
Ground rent
(122
)
 
(203
)
 
 
Impairment loss
(1,319
)
 
—

 
 
Total operating expenses
(132,745
)
 
(144,142
)
 
 
 
 
 
 
 
 
Interest expense, net
(38,635
)
 
(36,830
)
 
 
Gain on disposition of interests in properties, net
26,755

 
9,990

 
 
Income and other taxes
617

 
(356
)
 
 
Loss from unconsolidated entities, net
(1,032
)
 
(48
)
 
 
 
 
 
 
 
 
Net income (loss)
7,560

 
(2,563
)
 
 
Net income (loss) attributable to noncontrolling interests
677

 
(896
)
 
 
Net income (loss) attributable to the Company
6,883

 
(1,667
)
 
 
Less: Preferred share dividends
(3,508
)
 
(3,508
)
 
 
Net income (loss) attributable to common shareholders
$
3,375

 
$
(5,175
)
 
 
 
 
 
 
 
 
Earnings (loss) per common share, basic and diluted
$
0.02

 
$
(0.03
)
 
 



 


 

SUPPLEMENTAL INFORMATION | 1


CONSOLIDATED BALANCE SHEETS
 
 
 
Washington Prime Group Inc.
 
 
 
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
March 31,
 
December 31,
 
 
2020
 
2019
 
Assets:
 
 
 
 
Investment properties at cost
$
5,766,124

 
$
5,787,126

 
Construction in progress
152,509

 
115,280

 
 
5,918,633

 
5,902,406

 
Less: accumulated depreciation
2,411,754

 
2,397,736

 
 
3,506,879

 
3,504,670

 
 
 
 
 
 
Cash and cash equivalents
39,614

 
41,421

 
Tenant receivables and accrued revenue, net (see components on page 3)
81,271

 
82,762

 
Investment in and advances to unconsolidated entities, at equity
416,949

 
417,092

 
Deferred costs and other assets (see components on page 3)
202,081

 
205,034

 
Total assets
$
4,246,794

 
$
4,250,979

 
 
 
 
 
 
Liabilities:
 
 
 
 
Mortgage notes payable
$
1,111,344

 
$
1,115,608

 
Notes payable
708,420

 
957,566

 
Unsecured term loans
686,926

 
686,642

 
Revolving credit facility
524,430

 
204,145

 
Other Indebtedness
97,907

 
97,601

 
Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3)
242,904

 
260,904

 
Distributions payable
3,323

 
3,252

 
Cash distributions and losses in unconsolidated entities, at equity
—

 
15,421

 
Total liabilities
3,375,254

 
3,341,139

 
 
 
 
 
 
Redeemable noncontrolling interests
3,265

 
3,265

 
 
 
 
 
 
Equity:
 
 
 
 
Stockholders' equity
 
 
 
 
Series H Cumulative Redeemable Preferred Stock
104,251

 
104,251

 
Series I Cumulative Redeemable Preferred Stock
98,325

 
98,325

 
Common stock
19

 
19

 
Capital in excess of par value
1,257,040

 
1,254,771

 
Accumulated deficit
(675,935
)
 
(655,492
)
 
Accumulated other comprehensive loss
(18,588
)
 
(5,525
)
 
Total stockholders' equity
765,112

 
796,349

 
Noncontrolling interests
103,163

 
110,226

 
Total equity
868,275

 
906,575

 
Total liabilities, redeemable noncontrolling interests and equity
$
4,246,794

 
$
4,250,979


SUPPLEMENTAL INFORMATION | 2                                    


SUPPLEMENTAL BALANCE SHEET DETAIL
Washington Prime Group Inc.
 
(unaudited, dollars in thousands)
 
 
 
 
 
 
March 31,
 
December 31,
 
2020
 
2019
 
 
 
 
Tenant receivables and accrued revenue, net:
 
 
 
Straight-line receivable, net of reserve
$
40,235

 
$
42,061

Tenant receivable
13,393

 
10,227

Unbilled receivables and other
40,177

 
41,988

Allowance for doubtful accounts, net
(12,534
)
 
(11,514
)
Total
$
81,271

 
$
82,762

 
 
 
 
Deferred costs and other assets:
 
 
 
Deferred leasing and corporate improvements, net
$
48,927

 
$
53,729

In place lease intangibles, net
25,359

 
27,538

Acquired above market lease intangibles, net
12,334

 
13,419

Right of use asset
12,497

 
12,915

Mortgage and other escrow deposits
35,202

 
34,054

Seller financing receivable (1)
55,000

 
55,000

Prepaids, notes receivable and other assets, net
12,762

 
8,379

Total
$
202,081

 
$
205,034

 
 
 
 
Accounts payable, accrued expenses, intangibles and deferred revenues:
 
 
 
Accounts payable and accrued expenses
$
162,180

 
$
165,469

Below market lease intangibles, net
52,694

 
54,885

Lease liability
12,497

 
12,915

Deferred revenues and deposits
15,533

 
27,635

Total
$
242,904

 
$
260,904

 
 
 
 
(1) Relates to loan provided to Mall Ground Portfolio, LLC for the Perennial ground lease of Edison Mall, Great Lakes Mall, Irving Mall, and Jefferson Valley Mall on October 10, 2019.







SUPPLEMENTAL INFORMATION | 3


COMPONENTS OF RENTAL INCOME, OTHER INCOME AND CORPORATE OVERHEAD
 
Washington Prime Group Inc.
 
 
 
 
(unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
March 31,
 
 
 
2020
 
2019
 
 
 
 
 
 
 
 
Components of Rental Income:
 
 
 
 
 
Base rent
$
103,689

 
$
109,793

 
 
Mark-to-market adjustment
1,106

 
2,906

 
 
Straight-line rents
915

 
1,132

 
 
Temporary tenant rents
3,390

 
3,804

 
 
Overage rent
2,281

 
2,378

 
 
Tenant reimbursements
41,064

 
45,454

 
 
Lease termination income
79

 
786

 
 
Change in estimate of collectibility of rental income
(5,291
)
 
(2,980
)
 
 
       Total Rental Income
$
147,233

 
$
163,273

 
 
 
 
 
 
 
 
Components of Other Income:
 
 
 
 
 
  Sponsorship and other ancillary property income
$
1,692

 
$
1,755

 
 
  Fee income
2,186

 
2,747

 
 
  Other
1,489

 
1,048

 
 
       Total Other Income
$
5,367

 
$
5,550

 
 
 
 
 
 
 
 
Components of Corporate Overhead:
 
 
 
 
 
General & administrative - other, inclusive of internal leasing costs
$
12,264

 
$
14,125

 
 
Internal corporate overhead allocated to operating expense
6,398

 
5,653

 
 
       Total Corporate Overhead
$
18,662

 
$
19,778

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 


SUPPLEMENTAL INFORMATION | 4


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
March 31,
 
 
2020
 
2019
 
Funds from Operations ("FFO"):
 
 
 
 
Net income (loss)
$
7,560

 
$
(2,563
)
 
Less: Preferred dividends and distributions on preferred operating partnership units
(3,568
)
 
(3,568
)
 
Real estate depreciation and amortization, including joint venture impact
69,769

 
76,214

 
Gain on disposition of interests in properties, net including impairment loss
(24,110
)
 
—

 
FFO
$
49,651

 
$
70,083

 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding - diluted
224,550

 
223,208

 
 
 
 
 
 
FFO per diluted share
$
0.22

 
$
0.31

 
 
 
 
 
 
Non-cash items included in FFO:
 
 
 
 
Non-cash stock compensation expense
$
1,866

 
$
1,815

 
Straight-line adjustment as an increase to minimum rents (1)
$
590

 
$
1,487

 
Straight-line and fair market value adjustment recorded as an increase to ground lease expense (1)
$
479

 
$
484

 
Fair value of debt amortized as a decrease to interest expense (1)
$
925

 
$
924

 
Loan fee amortization and bond discount (1)
$
1,862

 
$
1,787

 
Mark-to-market/inducement adjustment as a net increase to base rents (1)
$
2,238

 
$
4,291

 
Non-real estate depreciation (1)
$
2,324

 
$
2,405

 


 

 
 
 
 
 
 
 
 
 
 
 
(1) Includes the pro-rata share of the joint venture properties.
 
 
 
 

 
 
 
 

SUPPLEMENTAL INFORMATION | 5


RECONCILIATION OF NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES
 
Including Pro-Rata Share of Unconsolidated Properties
 
 
 
Washington Prime Group Inc.
 
(unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
 
 
2020
 
2019
 
Variance $
 

 
 
 
 
 
 
 
 
 
 
Reconciliation of Comp NOI to Net Income (Loss):
 
 
 
 
 
 
 
Net Income (loss)
$
7,560

 
$
(2,563
)
 
$
10,123

 
 
 
 
 
 
 
 
 
 
 
 
Loss from unconsolidated entities
1,032

 
48

 
984

 
 
 
Income and other taxes
(617
)
 
356

 
(973
)
 
 
 
Gain on disposition of interests in properties, net
(26,755
)
 
(9,990
)
 
(16,765
)
 
 
 
Interest expense, net
38,635

 
36,830

 
1,805

 
 
 
Operating Income
19,855

 
24,681

 
(4,826
)
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
59,704

 
66,378

 
(6,674
)
 
 
 
Impairment loss
1,319

 
—

 
1,319

 
 
 
General and administrative
12,264

 
14,125

 
(1,861
)
 
 
 
Fee income
(2,186
)
 
(2,747
)
 
561

 
 
 
Management fee allocation
—

 
5

 
(5
)
 
 
 
Pro-rata share of unconsolidated joint ventures in comp NOI
17,402

 
17,452

 
(50
)
 
 
 
Property allocated corporate expense
4,754

 
4,124

 
630

 
 
 
Non-comparable properties and other (1)
2,589

 
(52
)
 
2,641

 
 
 
NOI from sold properties
(93
)
 
(1,481
)
 
1,388

 
 
 
Termination income
(79
)
 
(786
)
 
707

 
 
 
Straight-line rents
(915
)
 
(1,132
)
 
217

 
 
 
Ground lease adjustments for straight-line and fair market value
5

 
5

 
—

 
 
 
Fair market value and inducement adjustments to base rents
(985
)
 
(2,900
)
 
1,915

 
 
 
Less: Tier 2 and noncore properties (2)
(10,251
)
 
(11,137
)
 
886

 
 
 
 
 
 
 
 
 
 
 
 
Comparable NOI - Tier 1 and Open Air properties
$
103,383

 
$
106,535

 
$
(3,152
)
 
 
 
Comparable NOI percentage change - Tier 1 and Open Air properties
 
 
 
 
-3.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
(1) Represents an adjustment to remove the NOI amounts from properties not owned and operated in all periods presented, certain non-recurring expenses (such as hurricane related expenses), as well as material insurance proceeds and other non-recurring income received in the periods presented. This also includes adjustments related to the rents from the outparcels sold to Four Corners.
 
(2) NOI from the Tier 2 and noncore properties held in each period presented.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
 
2020
 
2019
 
Variance $
 
Variance %
 
Comparable Property Net Operating Income (Comp NOI)
 
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
Minimum rent
$
110,913

 
$
113,464

 
$
(2,551
)
 
-2.2
 %
 
Overage rent
2,414

 
2,806

 
(392
)
 
-14.0
 %
 
Tenant reimbursements
44,201

 
45,009

 
(808
)
 
-1.8
 %
 
Change in estimate of collectibility of rental income
(2,877
)
 
(2,278
)
 
(599
)
 
-26.3
 %
 
Other
2,408

 
1,770

 
638

 
36.0
 %
 
Total revenue
157,059

 
160,771

 
(3,712
)
 
-2.3
 %
 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
Recoverable expenses - operating
(31,346
)
 
(31,462
)
 
116

 
0.4
 %
 
Recoverable expenses - real estate taxes
(21,115
)
 
(21,568
)
 
453

 
2.1
 %
 
Ground rent
(1,215
)
 
(1,206
)
 
(9
)
 
-0.7
 %
 
Total operating expenses
(53,676
)
 
(54,236
)
 
560

 
1.0
 %
 
 
 
 
 
 
 
 
 
 
Comp NOI - Excluding Tier 2 and Noncore properties
$
103,383

 
$
106,535

 
$
(3,152
)
 
-3.0
 %
 
 
 
 
 
 
 
 
 
 
Comp NOI - Tier 1 enclosed retail properties
$
70,737

 
$
76,186

 
$
(5,449
)
 
-7.2
 %
 
Comp NOI - Open Air properties
$
32,646

 
$
30,349

 
$
2,297

 
7.6
 %
 

SUPPLEMENTAL INFORMATION | 6


SUMMARY OF DEBT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
as of
3/31/2020
 
Total Debt, Including WPG Share of Unconsolidated Entities as of 3/31/2020
 
Total Debt
as of
12/31/2019
 
Total Debt, Including WPG Share of Unconsolidated Entities as of 12/31/2019
 
 
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 but excluding other indebtedness:
 
 
 
 
 
Mortgage debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Fixed
 
$
1,048,242

 
$
1,048,242

 
$
1,052,242

 
$
1,052,242

 
 
2020
 
$
79,476

 
5.7%
 
$
—



 
$
79,476

 
5.7%
 
   Variable
 
65,000

 
65,000

 
65,000

 
65,000

 
 
2021
 
304,261

 
4.4%
 
—



 
304,261

 
4.4%
 
Debt issuance costs
 
(4,785
)
 
(4,785
)
 
(5,097
)
 
(5,097
)
 
 
2022
 
128,881

 
4.4%
 
877,000


3.4%
 
1,005,881

 
3.5%
 
Fair value debt adjustments
 
2,887

 
2,887

 
3,463

 
3,463

 
 
2023
 
62,519

 
4.5%
 
340,000


4.1%
 
402,519

 
4.1%
 
   Total mortgage debt
 
1,111,344

 
1,111,344

 
1,115,608

 
1,115,608

 
 
2024
 
285,718

 
4.7%
 
720,900


6.5%
 
1,006,618

 
6.0%
 
 
 
 
 
 
 
 
 
 
 
 
2025
 
367,650

 
3.9%
 
—




367,650

 
3.9%
 
Unsecured debt
 
 
 
 
 
 
 
 
2026
 
12,279

 
4.3%
 
—



 
12,279

 
4.3%
 
   Credit facility
 
527,000

 
527,000

 
207,000

 
207,000

 
 
2027
 
192,909

 
4.3%
 
—

 
 
 
192,909

 
4.3%
 
   Term loans
 
690,000

 
690,000

 
690,000

 
690,000

 
 
2028
 
—

 
0.0%
 
—

 
 
 
—

 
0.0%
 
   Bonds payable
 
720,900

 
720,900

 
970,900

 
970,900

 
 
2029
 
294,864

 
4.4%
 
—

 
 
 
294,864

 
4.4%
 
Debt issuance costs & discounts
 
(18,124
)
 
(18,124
)
 
(19,547
)
 
(19,547
)
 
 
2030
 
—

 
0.0%
 
—

 
 
 
—

 
0.0%
 
   Total unsecured debt
 
1,919,776

 
1,919,776

 
1,848,353

 
1,848,353

 
 
Thereafter
 
1,885

 
4.7%
 
—

 
 
 
1,885

 
4.7%
 
Total mortgage and unsecured debt
 
3,031,120

 
3,031,120

 
2,963,961

 
2,963,961

 
 
Fair value,debt issuance cost, and debt discount adjustments
 
(386
)
 
 
 
(18,124
)
 
 
 
(18,510
)
 
 
 
Other indebtedness, net of issuance costs (2)
 
97,907

 
97,907

 
97,601

 
97,601

 
 
Total debt
 
$
1,730,056

 
4.4%
 
$
1,919,776

 
4.7%
 
$
3,649,832

 
4.6%
 
Total consolidated debt
 
$
3,129,027

 
$
3,129,027

 
$
3,061,562

 
$
3,061,562

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes extension options
Unconsolidated debt:
 
 
 
 
 
 
 
 
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
 
Mortgage loans payable
 
$
1,224,505

 
$
617,200

 
$
1,278,946

 
$
618,075

 
 
 
 
 
 
 
 
 
Debt issuance costs
 
(4,145
)
 
(2,113
)
 
(4,432
)
 
(2,206
)
 
 
 
 
 
 
 
 
 
Fair value debt adjustments
 
7,107

 
3,625

 
7,793

 
3,974

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total unconsolidated debt
 
$
1,227,467

 
$
618,712

 
$
1,282,307

 
$
619,843

 
 
Total consolidated debt excluding other indebtedness:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt:
 
$
4,356,494

 
$
3,747,739

 
$
4,343,869

 
$
3,681,405

 
 
2020

$
79,476


5.7%

$
—




$
79,476


5.7%
 
(2) The Company has a seller financing receivable of $55 million with Mall Ground Portfolio, LLC that offsets the $97.9 million indebtedness for a net balance of $42.9 million.
 
 
2021

268,208


4.3%

—




268,208


4.3%
 
 
 
 % of
Total Debt
as of
3/31/20
 
Our Share of Total Debt
as of 3/31/20
 
Weighted Avg.
Interest
Rate
 
Weighted
Avg. Years
to Maturity
 
 
2022

128,881


4.4%

877,000


3.4%

1,005,881


3.5%
 
 
 
 
 
 
 
 
2023

56,095


4.7%

340,000


4.1%

396,095


4.1%
 
 
 
 
 
 
 
 
2024

285,718


4.7%

720,900


6.5%

1,006,618


6.0%
 
Consolidated debt excluding other indebtedness:
 
 
 
 
 
 
 
 
2025

—









—



 
   Fixed
 
77%
 
$
2,344,764

 
5.2
%
 
4.0

 
 
2026

—









—



 
   Variable
 
23%
 
686,356

 
2.9
%
 
2.6

 
 
2027

—









—



 
   Total Consolidated (3)
 
100%
 
$
3,031,120

 
4.7
%
 
3.7

 
 
2028

—









—



 
 
 
 
 
 
 
 
 
 
 
 
2029

294,864


4.4%






294,864


4.4%
 
Unconsolidated debt:
 
 
 
 
 
 
 
 
 
 
2030

—









—



 
   Fixed
 
99%
 
$
612,288

 
4.1
%
 
5.5

 
 
Thereafter

—









—



 
   Variable
 
1%
 
6,424

 
3.5
%
 
2.8

 
 
Fair value,debt issuance cost, and debt discount adjustments

(1,898
)



(18,124
)



(20,022
)


 
   Total Unconsolidated
 
100%
 
$
618,712

 
4.1
%
 
5.5

 
 
Total debt

$
1,111,344


4.6%

$
1,919,776


4.7%

$
3,031,120


4.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt:
 
 
 
 
 
 
 
 
 
 
(1) Includes extension options
 
 
 
   Fixed
 
81%
 
$
2,957,052

 
4.9
%
 
4.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Variable
 
19%
 
692,780

 
2.9
%
 
2.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Total debt
 
100%
 
$
3,649,832

 
4.6
%
 
4.0

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3) Excluded is other indebtedness of $97,907 with a weighted average interest rate of 8.6% and weighted average years to maturity of approximately 29.5 years.
 
 
 
 
 
 

SUPPLEMENTAL INFORMATION | 7


EBITDAre AND KEY BALANCE SHEET METRICS
Washington Prime Group Inc.
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
March 31,
 
 
 
 
2020
 
2019
 
 
Calculation of EBITDAre:
 
 
 
 
 
 
Net income (loss)
 
$
7,560

 
$
(2,563
)
 
 
Interest expense, net
 
38,635

 
36,830

 
 
Income and other taxes
 
(617
)
 
356

 
 
Depreciation and amortization
 
59,704

 
66,378

 
 
Gain on disposition of interests in properties, net
 
(24,785
)
 
—

 
 
Impairment loss
 
1,319

 
—

 
 
Pro-rata share of unconsolidated entities, net
 
18,432

 
18,409

 
 
EBITDAre (1)
 
$
100,248

 
$
119,410

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bond Covenant Requirement (2)
 
As of
March 31, 2020
 
 
Key Balance Sheet Metrics:
 
 
Ratio
 
 
Total indebtedness to Total assets
 
≤ 60%
 
51.8%
 
 
Secured indebtedness to Total assets
 
≤ 40%
 
19.4%
 
 
Consolidated EBITDA / Annual service charge
 
≥ 1.5x
 
2.36x
 
 
Total unencumbered assets / Total unsecured indebtedness
 
> 150%
 
199%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) EBITDAre is calculated consistent with the NAREIT definition.
 
 
(2) The covenants detailed are from the August 2017 Bond Offering.
 
 

 






SUPPLEMENTAL INFORMATION | 8


OPERATING METRICS
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PORTFOLIO SUMMARY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property Count
Leased Occupancy % (1)
 
Store Sales
Per Square Foot for
12 Months Ended (1)
 
Store
Occupancy Cost % (1)
 
 % of Total
Comp NOI
for 3 Months
Ended 3/31/20
 
 NOI Growth
for 3 Months Ended 3/31/20
 
 Releasing Spreads Trailing Twelve Months Ended 2020
 
 
3/31/20
 
3/31/19
 
3/31/20 (5)
 
3/31/19
 
3/31/20 (5)
 
3/31/19
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Open Air Properties
47
96.6%
 
95.4%
 


 


 

 

 
28.7%
 
7.6%
 
-0.1%
 
Tier 1 Enclosed Retail Properties
41
89.7%
 
92.4%
 
$
423

 
$
401

 
11.2%
 
11.7%
 
62.3%
 
-7.2%
 
-4.0%
 
Tier 1 and Open Air
88
92.9%
 
93.8%
 


 


 

 

 
91.0%
 
-3.0%
 
-2.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ENCLOSED RETAIL PROPERTY TIERS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TIER 1
 

 
 
 
TIER 2 / NONCORE
 
 
 
 
 
 
 
 
 
 
 
 
 
TIER 2
 
 
 
 
 
 
 
 
 
Arbor Hills
 
Mesa Mall
 
 
 

 
 
 
Anderson Mall
 
 
 
 
 
Arboretum, The
 
Morgantown Mall
 

 
 
 
Boynton Beach Mall
 
 
 
 
 
Ashland Town Center
 
Northtown Mall
 

 
 
 
Chautauqua Mall
 
 
 
 
 
Bowie Town Center
 
Northwoods Mall
 

 
 
 
Indian Mound Mall
 
 
 
 
 
Brunswick Square
 
Oklahoma City Properties
 

 
 
 
Lima Mall
 
 
 
 
 
Clay Terrace
 
Orange Park Mall
 
 
 

 
 
 
Maplewood Mall
 
 
 
 
 
Cottonwood Mall
 
Paddock Mall
 

 
 
 
New Towne Mall
 
 
 
 
 
Dayton Mall
 
Pearlridge Center
 

 
 
 
Oak Court Mall
 
 
 
 
 
Edison Mall
 
Polaris Fashion Place
 

 
 
 
Rolling Oaks Mall
 
 
 
 
 
Grand Central Mall
 
Port Charlotte Town Center
 

 
 
 
Sunland Park Mall
 
 
 
 
 
Great Lakes Mall
 
Scottsdale Quarter
 

 
 
 
Westminster Mall (2)
 
 
 
 
 
Irving Mall
 
Southern Hills Mall
 

 
 
 
 
 
 
 
 
 
Jefferson Valley Mall
 
Southern Park Mall
 

 
NONCORE
 
 
 
Lincolnwood Town Center
 
Southgate Mall
 

 
 
 
Charlottesville Fashion Square (3)
 
 
 
Lindale Mall
 
The Outlet Collection | Seattle
 
 
 
 
 
Muncie Mall (4)
 
 
 
 
 
Longview Mall
Town Center at Aurora
 
 
 
 
 
 
 
 
 
 
 
Malibu Lumber Yard
Town Center Crossing & Plaza
 
 
 
 
 
 
 
 
 
 
 
Mall at Fairfield Commons, The
Waterford Lakes Town Center
 
 
 
 
 
 
 
 
 
 
 
 
 
Mall at Johnson City, The
Weberstown Mall
 
 
 
 
 
 
 
 
 
 
 
 
 
Markland Mall
 
WestShore Plaza
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Melbourne Square
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Metrics include properties owned and managed as of March 31, 2020, and exclude Tier 2 and Noncore properties.
 
 
 
(2) Due to major planned redevelopment, Westminster Mall was reclassed from Tier 1 until stabilized.
 
 
 
(3) On March 17, 2020, the Company received notification that a receiver was appointed to manage and lease Charlottesville Fashion Square. An affiliate of the Company still holds title to the property.
 
(4) On April 14, 2020, the Company received notification that a receiver was appointed to manage and lease Muncie Mall. An affiliate of the Company still holds title to the property.
 
(5) For 2020, the sales and occupancy cost % are based on trailing twelve months through February as most of our tenants were closed the last two to three weeks of March, resulting in a comparable sales decline of 34% for the month of March 2020 from March 2019.
 

 
 
 
 
 
 
 

SUPPLEMENTAL INFORMATION | 9


LEASING RESULTS AND BASE RENT PSF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year-to-date through March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leasing Results- Comparable Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No Exclusions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q120 Deal Volume by Month
 
2020 Year-to-Date
 
Change from Prior YTD
 
January 2020
 
February 2020
 
March 2020
 
New
 
Renewal
 
Total
 
Total
 
# of Deals
 
Sqft
 
# of Deals
 
Sqft
 
# of Deals
 
Sqft
 
# of Deals
 
Sqft
 
# of Deals
 
Sqft
 
# of Deals
 
Sqft
 
# of Deals
 
Sqft
Tier 1 Enclosed Retail Properties
48

 
182,098

 
60

 
320,984

 
35

 
175,056

 
35

 
258,155

 
108

 
419,983

 
143

 
678,138

 
-26%
 
-19%
Open Air Properties
18

 
133,695

 
18

 
128,164

 
22

 
316,854

 
21

 
179,121

 
37

 
399,592

 
58

 
578,713

 
81%
 
216%
Total Tier 1 and Open Air
66

 
315,793

 
78

 
449,148

 
57

 
491,910

 
56

 
437,276

 
145

 
819,575

 
201

 
1,256,851

 
-10%
 
23%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tier 2 and Noncore Properties
13

 
65,753

 
14

 
62,709

 
5

 
18,996

 
3

 
12,596

 
29

 
134,862

 
32

 
147,458

 
-27%
 
-36%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grand Total
79

 
381,546

 
92

 
511,857

 
62

 
510,906

 
59

 
449,872

 
174

 
954,437

 
233

 
1,404,309

 
-13%
 
12%
Percentage Change from prior year
13%
 
93%
 
6%
 
10%
 
-44%
 
-14%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leasing Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Small Shop Deals for Enclosed Properties; Anchor and Small Shop Deals for Open Air
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number
 
Square Feet
 
Base Rent PSF
 
Average Term
 
Tenant Allow.$(000)s
 
Tenant Allow. PSF
 
of Leases
 
New
 
Renewal
 
Total
 
New
 
Renewal
 
Total
 
New
 
Renewal
 
Total
 
New
 
Renewal
 
New
 
Renewal
Tier 1 Enclosed Retail Properties
78

 
91,322

 
141,177

 
232,499

 
$
28.78

 
$
25.78

 
$
26.96

 
8.0

 
3.3

 
5.1

 
$
4,336

 
$
995

 
$
47.48

 
$
7.05

Open Air Properties
51

 
179,121

 
371,441

 
550,562

 
$
15.05

 
$
12.67

 
$
13.44

 
9.0

 
5.1

 
6.7

 
$
3,388

 
$
649

 
$
18.92

 
$
1.75

Total Tier 1 and Open Air
129

 
270,443

 
512,618

 
783,061

 
$
19.69

 
$
16.28

 
$
17.46

 
8.4

 
4.0

 
5.8

 
$
7,724

 
$
1,644

 
$
28.56

 
$
3.21

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tier 2 and Noncore Properties
12

 
2,042

 
27,979

 
30,021

 
$
40.16

 
$
27.96

 
$
28.79

 
4.0

 
3.2

 
3.3

 
$
—

 
$
50

 
$
—

 
$
1.79

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
141

 
272,485

 
540,597

 
813,082

 
$
19.84

 
$
16.88

 
$
17.87

 
8.2

 
3.9

 
5.6

 
$
7,724

 
$
1,694

 
$
28.35

 
$
3.13

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: The table above includes leasing results for enclosed properties for stores of 10,000 SF or less, also anchors and office leases are excluded. For open air properties, office leases are excluded. Only new leases and renewals with terms in excess of 12 months are included. These results include properties owned and managed at March 31, 2020.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Base Rent PSF
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Base Minimum Rent PSF
As of March 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tier 1 Enclosed Retail Properties
$
28.53
 
 
$
29.15
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Open Air Properties
$
13.87
 
 
$
13.91
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Tier 1 and Open Air Properties
$
21.35
 
 
$
21.78
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

SUPPLEMENTAL INFORMATION | 10


RELEASING SPREADS
 
 
 
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
 
 
 
For the trailing 12 months ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Square Footage of Signings
 
New
Rate PSF
 
Prior Rate PSF
 
Re-leasing Spread
 
 
 
 
 
 
 
 $
 
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Open Air Properties:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
356,504

 
$
15.68

 
$
16.52

 
$
(0.84
)
 
-5.1
 %
 
 
Renewal
 
688,387

 
$
19.68

 
$
19.29

 
$
0.39

 
2.0
 %
 
 
All Deals
 
1,044,891

 
$
18.32

 
$
18.34

 
$
(0.02
)
 
-0.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tier 1 Enclosed Retail Properties:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
222,298

 
$
34.47

 
$
34.53

 
$
(0.06
)
 
-0.2
 %
 
 
Renewal
 
757,472

 
$
42.31

 
$
44.47

 
$
(2.16
)
 
-4.9
 %
 
 
All Deals
 
979,770

 
$
40.53

 
$
42.21

 
$
(1.68
)
 
-4.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Open Air and Tier 1 Properties:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New
 
578,802

 
$
22.90

 
$
23.43

 
$
(0.53
)
 
-2.3
 %
 
 
Renewal
 
1,445,859

 
$
31.54

 
$
32.48

 
$
(0.94
)
 
-2.9
 %
 
 
All Deals
 
2,024,661

 
$
29.07

 
$
29.89

 
$
(0.82
)
 
-2.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: The Company's Tier 2 and noncore properties are excluded from these metrics.
 


SUPPLEMENTAL INFORMATION | 11


TOP 10 TENANTS
 
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
 
As of March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Anchor Stores
(Ranked by Percent of Total Minimum Rents)
 
 
National Tenant Name
 
Tenant DBA's in Portfolio
 
Number
of Stores
 
GLA of
Stores
 
Percent of Total GLA in Portfolio
 
Percent of Total Annualized Base Minimum Rent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Signet Jewelers, Ltd.
 
Body by Pagoda, Gordon's Jewelers, Jared's, J.B. Robinson Jewelers, Kay Jewelers, Leroy's Jewelers, Mark's & Morgan, Piercing Pagoda, Plumb Gold, Rogers Jewelers, Silver and Gold Connection, Totally Pagoda, Zales Jewelers
 
113
 
154,620
 
0.3%
 
2.6%
 
 
L Brands, Inc.
 
Bath & Body Works, Pink, Victoria's Secret, White Barn Candle
 
107
 
555,829
 
1.0%
 
2.5%
 
 
Footlocker, Inc.
 
Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker
 
76
 
329,912
 
0.6%
 
1.9%
 
 
American Eagle Outfitters, Inc.
 
aerie, American Eagle
 
41
 
232,396
 
0.4%
 
1.3%
 
 
The Gap, Inc.
 
Athleta, Banana Republic, Banana Republic Outlet, Gap, Gap Kids, Gap Outlet, Intermix, Janie and Jack, Old Navy
 
32
 
330,819
 
0.6%
 
1.2%
 
 
Roark Capital Group
 
Arby's, Auntie Anne's, Buffalo Wild Wings, Cinnabon, Corner Bakery, Drybar, Fitness Connection, Hardee's, Jamba Juice, Jimmy John's, Massage Envy, McAlister's Deli, Miller's Ale House, Moe's Southwest Grill, Sonic, Waxing the City
 
86
 
154,156
 
0.3%
 
1.1%
 
 
Luxottica Group
 
Apex, Lenscrafters, Oakley, Pearle Vision, Sunglass Hut, Watch Station
 
64
 
169,261
 
0.3%
 
1.1%
 
 
Ulta Salon, Cosmetics & Fragrance, Inc.
 
Ulta Beauty
 
24
 
254,205
 
0.5%
 
1.1%
 
 
The Finish Line, Inc.
 
Finish Line, JD Sports
 
33
 
194,352
 
0.4%
 
1.0%
 
 
Ascena Retail Group Inc.
 
Ann Taylor, Catherine's, Justice, Lane Bryant, Loft
 
70
 
317,949
 
0.6%
 
1.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anchor Stores
(Ranked by Total GLA)
 
 
National Tenant Name
 
Tenant DBA's in Portfolio
 
Number
of Stores
 
GLA of
Stores
 
Percent of Total GLA in Portfolio
 
Percent of Total Annualized Base Minimum Rent
Number of WPG Owned Stores
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Macy's, Inc.
 
Macy's
 
25
 
4,419,870
 
8.2%
 
0.2%
4
 
 JCPenney Company, Inc.
 
JCPenney
 
34
 
4,368,952
 
8.1%
 
1.1%
19
 
 Dillard's, Inc.
 
Dillard's
 
21
 
2,747,904
 
5.1%
 
0.1%
2
 
 Target Corporation
 
Target, Super Target
 
10
 
1,419,100
 
2.6%
 
0.0%
1
 
 Kohl's Corporation
 
Kohl's
 
13
 
1,186,302
 
2.2%
 
1.0%
10
 
 Sears Holding Corporation (1)
 
Sears
 
6
 
1,062,268
 
2.0%
 
0.3%
2
 
 Dick's Sporting Goods, Inc.
 
Dick's Sporting Goods, Field & Stream, Golf Galaxy
 
16
 
970,096
 
1.8%
 
2.1%
14
 
 Best Buy Co. Inc.
 
Best Buy
 
16
 
708,102
 
1.3%
 
1.6%
15
 
 Wal-Mart Stores, Inc.
 
Wal-Mart
 
4
 
618,061
 
1.1%
 
0.0%
0
 
 TJX Companies
 
Home Goods, Marshalls, TJ Maxx
 
18
 
563,956
 
1.0%
 
1.1%
18
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Of the 6 stores, one is owned by Seritage Properties. Prior to the COVID-19 pandemic store closures, 3 of the Sears stores remained open.
 
 
Note: Schedule above includes properties owned and managed at March 31, 2020.
 

SUPPLEMENTAL INFORMATION | 12


LEASE EXPIRATIONS (1)
 
 
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
As of March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enclosed Retail Properties
 
 
Number of Leases Expiring
 
Anchor Square Feet of GLA Expiring
 
Store Square Feet of GLA Expiring
 
Total Square Feet of GLA Expiring
 
Anchor Annualized Base Rents PSF Expiring
 
Store Annualized Base Rents PSF Expiring
 
% of Annualized Base Rents Represented by Expiring Leases
 
Year
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Month To Month Leases
214

 
—

 
678,957

 
678,957

 
$
—

 
$
26.82

 
3.2
%
 
2020
255

 
546,522

 
575,304

 
1,121,826

 
$
3.88

 
$
30.87

 
3.5
%
 
2021
694

 
758,512

 
2,255,460

 
3,013,972

 
$
7.12

 
$
26.75

 
11.3
%
 
2022
563

 
868,117

 
1,740,947

 
2,609,064

 
$
7.08

 
$
28.73

 
10.3
%
 
2023
462

 
1,175,696

 
1,542,032

 
2,717,728

 
$
8.64

 
$
29.82

 
9.9
%
 
2024
327

 
698,314

 
1,090,544

 
1,788,858

 
$
6.67

 
$
29.90

 
6.8
%
 
2025
251

 
1,502,037

 
1,102,192

 
2,604,229

 
$
7.79

 
$
27.94

 
7.9
%
 
2026
196

 
466,303

 
1,094,736

 
1,561,039

 
$
6.28

 
$
28.48

 
5.9
%
 
2027
169

 
429,380

 
783,914

 
1,213,294

 
$
7.98

 
$
29.96

 
4.5
%
 
2028
131

 
251,005

 
569,813

 
820,818

 
$
14.03

 
$
28.34

 
3.5
%
 
2029
97

 
486,385

 
429,748

 
916,133

 
$
7.08

 
$
31.77

 
3.0
%
 
2030 and Thereafter
81

 
702,328

 
463,125

 
1,165,453

 
$
10.23

 
$
23.99

 
3.3
%
 
Specialty Leasing Agreements w/ terms in excess of 11 months
693

 
—

 
1,620,072

 
1,620,072

 
$
—

 
$
9.76

 
2.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Open Air Properties
 
 
Number of Leases Expiring
 
Anchor Square Feet of GLA Expiring
 
Store Square Feet of GLA Expiring
 
Total Square Feet of GLA Expiring
 
Anchor Annualized Base Rents PSF Expiring
 
Store Annualized Base Rents PSF Expiring
 
% of Annualized Base Rents Represented by Expiring Leases
 
Year
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Month To Month Leases
19

 
66,936

 
46,480

 
113,416

 
$
13.89

 
$
17.54

 
0.3
%
 
2020
84

 
165,392

 
241,274

 
406,666

 
$
6.81

 
$
21.91

 
1.2
%
 
2021
159

 
1,140,017

 
428,049

 
1,568,066

 
$
8.82

 
$
19.95

 
3.6
%
 
2022
159

 
857,927

 
494,147

 
1,352,074

 
$
10.00

 
$
18.72

 
3.4
%
 
2023
149

 
1,051,124

 
464,554

 
1,515,678

 
$
10.67

 
$
19.79

 
3.9
%
 
2024
111

 
749,684

 
324,745

 
1,074,429

 
$
9.29

 
$
21.45

 
2.6
%
 
2025
87

 
649,894

 
200,773

 
850,667

 
$
12.49

 
$
24.96

 
2.5
%
 
2026
63

 
338,995

 
203,244

 
542,239

 
$
12.89

 
$
24.67

 
1.8
%
 
2027
61

 
405,018

 
186,023

 
591,041

 
$
10.58

 
$
22.99

 
1.6
%
 
2028
30

 
197,123

 
95,888

 
293,011

 
$
14.46

 
$
19.88

 
0.9
%
 
2029
45

 
119,030

 
210,109

 
329,139

 
$
15.31

 
$
22.23

 
1.3
%
 
2030 and Thereafter
22

 
307,027

 
108,250

 
415,277

 
$
10.36

 
$
18.85

 
1.0
%
 
Specialty Leasing Agreements w/ terms in excess of 11 months
11

 
—

 
33,715

 
33,715

 
$
—

 
$
5.52

 
0.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Does not consider the impact of renewal options that may be contained in leases, and this only considers landlord owned GLA. Schedule includes leases for properties owned and managed at March 31, 2020.

SUPPLEMENTAL INFORMATION | 13


CAPITAL EXPENDITURES
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated
Three Months
Ended
March 31, 2020
Unconsolidated Joint Venture Proportionate Share
Total
Three Months
Ended
March 31, 2020
 
Consolidated
Three Months
Ended
March 31, 2019
Unconsolidated Joint Venture Proportionate Share
Total
Three Months
Ended
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
New Developments
 
$
—

$
—

$
—

 
$
—

$
—

$
—

 
Redevelopments, Renovations, and Expansions
 
$
40,129

$
4,214

$
44,343

 
$
15,623

$
4,109

$
19,732

 
Internal Leasing Costs
 
$
130

$
214

$
344

 
$
337

$
118

$
455

 
 
 
 
 
 
 
 
 
 
 
Property Capital Expenditures:
 
 
 
 
 
 
 
   Non-anchor stores tenant improvements and allowances
 
$
7,643

$
1,561

$
9,204

 
$
9,918

$
1,036

$
10,954

 
   Operational capital expenditures
 
7,718

431

8,149

 
6,958

755

7,713

 
   Total Property Capital Expenditures
 
$
15,361

$
1,992

$
17,353

 
$
16,876

$
1,791

$
18,667

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


SUPPLEMENTAL INFORMATION | 14


REDEVELOPMENT PROJECTS
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
As of March 31, 2020
 
 
 
 
 
 
 
 
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projects under construction or approved for construction with an estimated investment of $5 million or more
 
Property Name
 
City
 
St
 
Opportunity
 
Ownership
%
 
Estimated
Total Costs (1)(3)
 
Estimated
Project Yield
(1) (2)
 
WPG Costs Incurred
to Date (3)
 
Estimated
Completion (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fairfield Town Center
 
Houston
 
TX
 
Final phase of development to add 130,000 SF to add a theater, value fashion apparel as well as big box and small shop stores.
 
100%
 
$26,000 - $30,000
 
7% - 8%
 
$
10,086

 
2020/2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grand Central Mall
 
Parkersburg
 
WV
 
Replaced Elder-Beerman with H&M, replaced Toys R Us with Big Lots, replaced hhgregg with Ulta and Five Below, planned replacement of former Sears with Home Goods, PetSmart, Ross Dress for Less, and TJ Maxx
 
100%
 
$31,000 - $33,000
 
6% - 8%
 
$
18,354

 
2019/ 2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mesa Mall
 
Grand Junction
 
CO
 
Dillard's will build new store to replace former Sears. Costs reflect demolition of building and parking lot and delivery of new pad and utilities as well as landscaped and upgraded parking field to Dillard's.
 
100%
 
$7,000 - $8,000
 
n/a (5)
 
$
5,785

 
2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mall at Johnson City
 
Johnson City
 
TN
 
Replace former Sears with retail development anchored by Home Goods. Replace former Sears auto center with multi-tenant building for new restaurants.
 
51%
 
$7,000 - $8,000
(4
)
5% - 6%
 
$
689

(4
)
2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Morgantown Mall
 
Morgantown
 
WV
 
Replace former Belk store with a new value retailer and a new entertainment tenant
 
100%
 
$8,000 - $9,000
 
7% - 9%
 
$
443

 
2020/ 2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outlet Collection | Seattle
 
Seattle
 
WA
 
Replace former Sam's Club with FieldhouseUSA, a community based multi-purpose indoor sports facility specializing in leagues, events and tournaments.
 
100%
 
$11,000 - $13,000
 
9% - 10%
 
$
3,433

 
2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Polaris Fashion Place
 
Columbus
 
OH
 
Replace former Sears with FieldhouseUSA and mixed use component including hospitality
 
51%
 
$12,000 - $14,000
(4
)
4% - 5%
 
$
1,278

(4
)
2020/ 2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Southern Park Mall
 
Youngstown
 
OH
 
Phase I of redevelopment: Replace former Sears with new entertainment, dining, retail, and community green space
 
100%
 
$16,000 - $18,000
(6
)
7% - 8%
 
$
5,957

 
2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Town Center at Aurora
 
Aurora
 
CO
 
Replace former Sears with FieldhouseUSA and mixed use component including hospitality
 
100%
 
$21,000 - $23,000

5% - 6%
 
$
1,483


2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Estimated total costs, project yield, and completion are subject to adjustment as a result of changes (some of which are not under the direct control of the company) that are inherent in the development process.
 
(2) The project yield excludes any NOI benefit to the property that is indirectly related to the redevelopment other than near-term renewals, although each project does benefit other aspects of the property. The incremental yield does not consider prior rent paid by bankrupt tenants and does include the impact of co-tenancy cures as applicable.
 
(3) Project costs exclude the allocation of internal costs such as labor, interest, and taxes.
 
(4) Amounts shown represent 51% of the project spend.
 
(5) Dillard's will construct and own the building and provide a 10-year operating covenant.
 
(6) Does not include unallocated portions of the planned interior renovation. Estimated Costs are shown net of the approved public incentives package.

SUPPLEMENTAL INFORMATION | 15


DEPARTMENT STORE REPOSITIONING STATUS
 
Washington Prime Group Inc.
 
Plans as of March 31, 2020
 
 
 
 
 
 
 
 
 
Count
Property
City
Former Department Store
 Owner
Closing Date
Planned Replacement
Status
Department Stores formerly occupied by Sears / BonTon / Belk - March 31, 2020
 
 
Department Stores Addressed
 
 
 
1
Grand Central Mall
Parkersburg, WV
Sears
Lease
Dec-18
Home Goods, PetSmart, Ross Dress for Less, and TJ Maxx
Leases executed, Under construction
2
Lincolnwood Town Center
Lincolnwood, IL
Carsons Pirie Scott
Lease
Aug-18
RoomPlace
RoomPlace opened August 2019
3
Longview Mall
Longview, TX
Sears
Lease
Jan-19
Conn's HomePlus/ Other
Lease signed/ LOI
4
Mall at Fairfield Commons
Dayton, OH
Sears
Lease
Dec-18
Morris Home Furniture / Round1
Morris Home under construction/ Round1 opened Q419
5
Mall at Johnson City
Johnson City, TN
Sears
Lease
2020
Home Goods/ Other/ Dining
Home Goods lease executed
6
Markland Mall
Kokomo, IN
Carsons Pirie Scott
Lease
Aug-18
Dunham's Sports
Lease executed
7
Mesa Mall
Grand Junction, CO
Sears
Lease
Nov-18
Dillard's
LOI executed
8
Mesa Mall
Grand Junction, CO
Herberger's
Lease
Aug-18
National sporting goods retailer
LOI received
9
Morgantown Mall
Morgantown, WV
Belk
Lease
Mar-18
Ollie's Bargain Outlet/ Entertainment
Lease executed/ LOI executed
10
Morgantown Mall
Morgantown, WV
Elder-Beerman
Lease
Aug-18
Dunham's Sports
Dunham's opened April 2020
11
Morgantown Mall
Morgantown, WV
Sears
Lease
Jan-19
Outdoor greenspace
Plans finalized
12
Polaris Fashion Place
Columbus, OH
Sears
Lease
Mar-19
FieldhouseUSA / Mixed Use
Proactive termination, Lease executed
13
Port Charlotte Town Center
Port Charlotte, FL
Sears
Lease
Mar-19
Entertainment
Lease out for signature
14
Southern Hills Mall
Sioux City, IA
Sears
Lease
Mar-19
Retail concepts
Proactive termination, LOI received
15
Southern Park Mall
Youngstown, OH
Sears
Lease
Jul-18
Entertainment / Outdoor greenspace
Proactive termination, Under construction
16
Southgate Mall
Missoula, MT
Herberger's
Lease
Aug-18
Dillard's
Dillard's opened June 2019
17
Town Center at Aurora
Aurora, CO
Sears
Lease
Dec-19
FieldhouseUSA / Mixed use
Proactive termination, Lease executed
18
WestShore Plaza
Tampa, FL
Sears
Lease
Mar-19
Mixed use
Proactive termination, Obtaining Entitlements








Active Planning / Evaluating Options




19
Cottonwood Mall
Albuquerque, NM
Sears
Sears
Aug-18
Sears owns box
Evaluating Options
20
Dayton Mall
Dayton, OH
Elder-Beerman
Formerly owned by Third Party
Aug-18
Purchased from third party in Q419
Active Planning
21
Lindale Mall
Cedar Rapids, IA
Younkers
Lease
Aug-18
Retail concepts
Active Planning
22
Mall at Fairfield Commons
Dayton, OH
Elder-Beerman
Lease
Aug-18
Retail concepts
Active Planning
23
Northtown Mall
Blaine, MN
Herberger's
Lease
Aug-18
Retail concepts
Active Planning
24
Northwoods Mall
Peoria, IL
Sears
Sears
Feb-20
Sears owns box
Active Planning
25
Orange Park Mall
Orange Park, FL
Sears
Sears
Apr-20
Sears owns box
Evaluating Options
26
Southern Hills Mall
Sioux City, IA
Younkers
Lease
Aug-18
Retail concepts
Active Planning
27
Southgate Mall
Missoula, MT
Herberger's Men
Lease
Aug-18
Dining
Active Planning
28
Whitehall Mall
Whitehall, PA
Sears
Lease
Feb-20
Big box and small shop retail
Active Planning
 
 
 
 
 
 
 
 
Stores Occupied by Sears as of March 31, 2020
29
Pearlridge Center
Aiea, HI
Sears
Lease

Entertainment / Dining
Evaluating Options
30
Weberstown Mall
Stocktown, CA
Sears
Ground lease

Mixed use
Active Planning
 
 
 
 
 
 
 
 
 
Note that the Company plans to spend up to $300M over the next three to four years to redevelop these 30 department store locations. This report is for the Company's Tier 1 and Open Air properties and excludes those owned by third parties such as Seritage properties.

SUPPLEMENTAL INFORMATION | 16



PROPERTY INFORMATION
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Indebtedness
Property Name
 
St
 
City (Major Metropolitan Area)
 
Financial
Interest (1)
 
 Total
Center
Square Feet
 
Total
WPG Owned Square Feet
 
Total
Tenant Owned Square Feet
 
Maturity Date (2)
 
Interest Rate
 
Type
 
 Total
 
 WPG
Share
Enclosed Retail Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anderson Mall

SC

Anderson

100%

670,742


315,553

355,189

12/01/22

4.61%

Fixed

$17,156

$17,156
Arbor Hills

MI

Ann Arbor

51%

86,939


86,939

0

01/01/26

4.27%

Fixed

$24,076

$12,279
Arboretum, The

TX

Austin

51%

195,338


195,338

0

06/01/27

4.13%

Fixed

$59,400

$30,294
Ashland Town Center

KY

Ashland

100%

434,525


331,135

103,390

07/06/21

4.90%

Fixed

$35,729

$35,729
Bowie Town Center

MD

Bowie (Wash, D.C.)

100%

583,043


281,745

301,298










Boynton Beach Mall

FL

Boynton Beach (Miami)

100%

869,756


428,402

441,354










Brunswick Square

NJ

East Brunswick (New York)

100%

764,384


293,088

471,296

03/01/24

4.80%

Fixed

$69,370

$69,370
Charlottesville Fashion Square (4)(6)

VA

Charlottesville

100%

0


0

0

04/01/24

4.54%

Fixed

$45,068

$45,068
Chautauqua Mall

NY

Lakewood

100%

435,415


427,885

7,530










Chesapeake Square Theater

VA

Chesapeake (VA Beach)

100%

42,248


42,248

0










Clay Terrace

IN

Carmel (Indianapolis)

100%

577,614


558,738

18,876










Cottonwood Mall

NM

Albuquerque

100%

1,048,428


568,199

480,229

04/06/24

4.82%

Fixed

$94,786

$94,786
Dayton Mall

OH

Dayton

100%

1,447,659


775,878

671,781

09/01/22

4.57%

Fixed

$78,748

$78,748
Edison Mall (5)

FL

Fort Myers

100%

1,049,982


567,689

482,293










Grand Central Mall

WV

Parkersburg

100%

646,735


640,227

6,508

07/06/20

6.05%

Fixed

$38,526

$38,526
Great Lakes Mall (5)

OH

Mentor (Cleveland)

100%

1,249,868


658,181

591,687










Indian Mound Mall

OH

Newark

100%

556,779


384,118

172,661










Irving Mall (5)

TX

Irving (Dallas)

100%

1,051,952


488,407

563,545










Jefferson Valley Mall (5)

NY

Yorktown Heights (New York)

100%

583,037


417,345

165,692










Lima Mall

OH

Lima

100%

745,042


545,220

199,822










Lincolnwood Town Center

IL

Lincolnwood (Chicago)

100%

422,997


422,996

1

04/01/21

4.26%

Fixed

$47,339

$47,339
Lindale Mall

IA

Cedar Rapids

100%

713,659


476,967

236,692










Longview Mall

TX

Longview

100%

646,518


347,721

298,797










Malibu Lumber Yard

CA

Malibu

51%

31,514


31,514

0










Mall at Fairfield Commons, The

OH

Beavercreek

100%

1,037,943


857,162

180,781










Mall at Johnson City, The

TN

Johnson City

51%

567,892


567,892

0

05/06/25

6.76%

Fixed

$47,846

$24,401
Maplewood Mall

MN

St. Paul (Minneapolis)

100%

903,985


323,229

580,756










Markland Mall

IN

Kokomo

100%

390,013


367,768

22,245










Melbourne Square

FL

Melbourne

100%

716,993


420,383

296,610










Mesa Mall

CO

Grand Junction

100%

803,762


431,741

372,021










Morgantown Mall

WV

Morgantown

100%

555,350


555,350

0










Muncie Mall (4)(7)

IN

Muncie

100%

637,795


387,995

249,800

04/01/21

4.19%

Fixed

$33,071

$33,071
New Towne Mall

OH

New Philadelphia

100%

497,435


497,435

0










Northtown Mall

MN

Blaine

100%

644,535


644,535

0










Northwoods Mall

IL

Peoria

100%

669,597


360,605

308,992










Oak Court Mall

TN

Memphis

100%

847,427


361,610

485,817

04/01/21

4.76%

Fixed

$36,069

$36,069
Oklahoma City Properties

OK

Oklahoma City

51%

324,180


321,934

2,246

06/01/27

3.90%

Fixed

$52,779

$26,917















01/01/23

3.49%

Variable

$12,597

$6,424
Orange Park Mall

FL

Orange Park (Jacksonville)

100%

952,320


555,140

397,180










Outlet Collection | Seattle, The

WA

Seattle

100%

924,305


924,305

0










Paddock Mall

FL

Ocala

100%

555,310


324,753

230,557










Pearlridge Center

HI

Aiea

51%

1,301,985


1,248,708

53,277

06/01/25

3.53%

Fixed

$225,000

$114,750















05/01/25

4.07%

Fixed

$42,537

$21,694
Polaris Fashion Place

OH

Columbus

51%

1,372,972


735,457

637,515

03/01/25

3.90%

Fixed

$225,000

$114,750















03/01/25

4.46%

Fixed

$15,500

$7,905
Port Charlotte Town Center (3)

FL

Port Charlotte

100%

777,382


493,173

284,209

11/01/20

5.30%

Fixed

$40,950

$40,950
Rolling Oaks Mall

TX

San Antonio

100%

883,071


286,763

596,308



































SUPPLEMENTAL INFORMATION | 17


PROPERTY INFORMATION
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Indebtedness
Property Name

St

City (Major Metropolitan Area)

Financial
Interest (1)

 Total
Center
Square Feet

Total
WPG Owned Square Feet

Total
Tenant Owned Square Feet

Maturity Date (2)

Interest Rate

Type

 Total

 WPG
Share
Enclosed Retail Properties




















Scottsdale Quarter

AZ

Scottsdale

51%

739,639


739,639

0

06/01/25

3.53%

Fixed

$165,000

$84,150















04/01/27

4.36%

Fixed

$55,000

$28,050
Southern Hills Mall

IA

Sioux City

100%

774,024


669,435

104,589










Southern Park Mall

OH

Youngstown

100%

1,019,687


832,123

187,564










Southgate Mall

MT

Missoula

100%

578,393


435,860

142,533
 
09/27/23

4.48%

Fixed

$35,000

$35,000
Sunland Park Mall

TX

El Paso

100%

918,475


332,638

585,837










Town Center at Aurora

CO

Aurora (Denver)

100%

1,081,541


495,043

586,498

04/01/21

4.92%

Fixed

$51,000

$51,000
Town Center Crossing & Plaza

KS

Leawood

51%

670,622


534,061

136,561

02/01/27

4.25%

Fixed

$32,605

$16,629















02/01/27

5.00%

Fixed

$65,969

$33,644
Waterford Lakes Town Center

FL

Orlando

100%

967,212


692,712

274,500

05/06/29

4.86%

Fixed

$177,864

$177,864
Weberstown Mall

CA

Stockton

100%

846,915


263,245

583,670

06/08/21

3.29%

Variable

$65,000

$65,000
Westminster Mall

CA

Westminster (Los Angeles)

100%

1,216,905


444,213

772,692

04/01/24

4.65%

Fixed

$76,494

$76,494
WestShore Plaza

FL

Tampa

100%

1,093,693


865,231

228,462










Enclosed Retail Properties Total







40,125,532


26,255,671

13,869,861







$1,965,479

$1,464,057
























Open Air Properties























Bloomingdale Court

IL

Bloomingdale (Chicago)

100%

675,988


385,543

290,445










Bowie Town Center Strip

MD

Bowie (Wash, D.C.)

100%

106,636


40,974

65,662










Canyon View Marketplace

CO

Grand Junction

100%

199,815


43,053

156,762

11/06/23

5.47%

Fixed

$5,095

$5,095
Chesapeake Center

VA

Chesapeake (Virginia Beach)

100%

279,581


128,972

150,609










Concord Mills Marketplace

NC

Concord (Charlotte)

100%

240,769


234,387

6,382

11/01/23

4.82%

Fixed

$16,000

$16,000
Countryside Plaza

IL

Countryside (Chicago)

100%

403,455


203,994

199,461










Dare Centre

NC

Kill Devil Hills

100%

168,613


109,094

59,519










Empire East

SD

Sioux Falls

100%

301,438


167,616

133,822










Fairfax Court

VA

Fairfax (Wash, D.C.)

100%

239,483


239,483

0










Fairfield Town Center

TX

Houston

100%

364,533


185,533

179,000










Forest Plaza

IL

Rockford

100%

433,816


413,519

20,297

10/01/29

3.67%

Fixed

$30,250

$30,250
Gaitway Plaza (3)

FL

Ocala

96%

197,435


196,635

800










Gateway Centers

TX

Austin

51%

513,571


404,568

109,003

06/01/27

4.03%

Fixed

$112,500

$57,375
Greenwood Plus

IN

Greenwood (Indianapolis)

100%

152,123


146,091

6,032










Henderson Square

PA

King of Prussia (Philadelphia)

100%

107,368


53,612

53,756










Keystone Shoppes

IN

Indianapolis

100%

36,457


36,457

0










Lake Plaza

IL

Waukegan (Chicago)

100%

215,590


124,961

90,629










Lake View Plaza

IL

Orland Park (Chicago)

100%

364,548


309,139

55,409










Lakeline Plaza

TX

Cedar Park (Austin)

100%

386,198


355,761

30,437

10/01/29

3.67%

Fixed

$49,710

$49,710
Lima Center

OH

Lima

100%

233,878


173,878

60,000










Lincoln Crossing

IL

O'Fallon (St. Louis)

100%

303,526


98,061

205,465










MacGregor Village

NC

Cary

100%

139,802


139,802

0










Mall of Georgia Crossing

GA

Buford (Atlanta)

100%

440,774


317,639

123,135

10/06/22

4.28%

Fixed

$21,544

$21,544
Markland Plaza

IN

Kokomo

100%

84,727


80,977

3,750










Martinsville Plaza

VA

Martinsville

100%

102,105


94,760

7,345










Muncie Towne Plaza

IN

Muncie

100%

171,621


171,621

0

10/01/29

3.67%

Fixed

$10,550

$10,550
North Ridge Shopping Center

NC

Raleigh

100%

171,492


166,092

5,400

12/01/22

3.41%

Fixed

$11,433

$11,433
Northwood Plaza

IN

Fort Wayne

100%

204,956


76,727

128,229










Palms Crossing

TX

McAllen

51%

389,618


389,618

0

08/01/21

5.49%

Fixed

$33,185

$16,924
Plaza at Buckland Hills, The
 
CT
 
Manchester
 
100%
 
309,503

 
254,489
 
55,014
 
 
 
 
 
 
 
 
 
 



SUPPLEMENTAL INFORMATION | 18


PROPERTY INFORMATION
 
 
 
 
 
 
 
 
 
Washington Prime Group Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Indebtedness
 
Property Name
 
St
 
City (Major Metropolitan Area)
 
Financial
Interest (1)
 
 Total
Center
Square Feet
 
Total
WPG Owned Square Feet
 
Total
Tenant Owned Square Feet
 
Maturity Date (2)
 
Interest Rate
 
Type
 
 Total
 
 WPG
Share
 
Open Air Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Richardson Square

TX

Richardson (Dallas)

100%

516,100


40,187

475,913










 
Rockaway Commons

NJ

Rockaway (New York)

100%

229,929


226,179

3,750










 
Rockaway Town Plaza

NJ

Rockaway (New York)

100%

306,440


73,158

233,282










 
Royal Eagle Plaza

FL

Coral Springs (Miami)

100%

178,769


175,385

3,384










 
Shops at Arbor Walk, The

TX

Austin

51%

309,009


280,260

28,749

08/01/21

5.49%

Fixed

$37,507

$19,129
 
Shops at North East Mall, The

TX

Hurst (Dallas)

100%

365,169


365,169

0










 
St. Charles Towne Plaza

MD

Waldorf (Wash, D.C.)

100%

388,517


329,675

58,842










 
Tippecanoe Plaza

IN

Lafayette

100%

90,522


85,811

4,711










 
University Center

IN

Mishawaka

100%

150,441


100,441

50,000










 
University Town Plaza

FL

Pensacola

100%

557,538


216,194

341,344










 
Village Park Plaza

IN

Carmel (Indianapolis)

100%

506,648


290,009

216,639










 
Washington Plaza

IN

Indianapolis

100%

50,107


50,107

0










 
West Ridge Outlots

KS

Topeka

100%

3,564


0

3,564










 
West Town Corners (3)

FL

Altamonte Springs (Orlando)

100%

379,172


234,554

144,618










 
Westland Park Plaza (3)

FL

Orange Park (Jacksonville)

100%

163,259


163,259

0










 
White Oaks Plaza

IL

Springfield

100%

385,414


263,231

122,183

10/01/29

3.67%

Fixed

$26,490

$26,490
 
Whitehall Mall

PA

Whitehall

100%

603,475


588,601

14,874










 
Wolf Ranch

TX

Georgetown (Austin)

100%

632,102


419,916

212,186










 
Open Air Properties Total







13,755,594


9,645,192

4,110,402







$354,264

$264,500
 
























 
Total







53,881,126


35,900,863

17,980,263







$2,319,743

$1,728,557
(8)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Footnotes:























 
(1) Direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners.
 
(2) Assumes full exercise of available extension options.
 
(3) WPG receives approximately 96%-100% of the economic benefit of property due to performance or advance, although legal ownership is less than 100%. Legal ownership is as follows: Port Charlotte Town Center (80%); Gaitway Plaza (88.2%); West Town Corners (88.2%); and Westland Park Plaza (88.2%).
 
(4) Noncore property.
 
(5) Land is subject to a ground lease with Perennial. The carrying value of the financial liability at 3/31/20 is $97.9 million and interest is being recognized at an effective rate of 8.7%. The ground lease is subject to a repurchase option in 2049.
 
(6) On March 17, 2020, the Company received notification that a receiver was appointed to manage and lease Charlottesville Fashion Square. An affiliate of the Company still holds title to the property.
 
(7) On April 14, 2020, the Company received notification that a receiver was appointed to manage and lease Muncie Mall. An affiliate of the Company still holds title to the property.
 
(8) Our share of the joint venture debt excludes the $1.9 million indirect 12.5% ownership interest in another real estate project.
 



SUPPLEMENTAL INFORMATION | 19


NON-GAAP PRO-RATA FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
 
The pro-rata financial information presented on pages 21 and 22 is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates the Company’s proportionate economic ownership of each unconsolidated asset in the property portfolio that the Company does not wholly own. The amounts in the column labeled ‘‘WPG’s Share of Unconsolidated Entities’’ were derived on a per property or entity basis by applying to each line item the ownership percentage interest used to arrive at the Company’s share of the operations for the period consistent with the application of the equity method of accounting to each of the unconsolidated joint ventures.
 
 
 
 
 
 
 
 
The Company does not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent the Company’s legal claim to such items.
 
 
 
 
 
 
 
 
The Company provides pro-rata financial information because it is believed to assist investors and analysts in estimating the economic interest in our unconsolidated joint ventures when read in conjunction with the Company’s reported results under GAAP.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


SUPPLEMENTAL INFORMATION | 20


NON-GAAP PRO-RATA FINANCIAL INFORMATION
 
PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES - STATEMENTS OF OPERATIONS
 
Washington Prime Group Inc.
 
(Unaudited, dollars in thousands)
 
 
 
 
 
 
Three Months Ended
March 31, 2020
 
 
 
 
WPG's Share of Unconsolidated Entities
 
 
 
 
 
 
 
Revenue:
 
 
 
 
Minimum rent
 
$
20,087

 
 
Overage rent
 
448

 
 
Tenant reimbursements
 
8,452

 
 
Changes in estimate of collectibility of rental income
 
(322
)
 
 
Other income
 
316

 
 
Total revenues
 
28,981

 
 
 
 
 
 
 
Expenses:
 
 
 
 
Property operating
 
(6,054
)
 
 
Real estate taxes
 
(3,639
)
 
 
Advertising and promotion
 
(311
)
 
 
Total recoverable expenses
 
(10,004
)
 
 
Depreciation and amortization
 
(12,396
)
 
 
General and administrative
 
(20
)
 
 
Ground rent
 
(1,557
)
 
 
Total operating expenses
 
(23,977
)
 
 
 
 
 
 
 
Interest expense, net
 
(5,979
)
 
 
Income and other taxes
 
(57
)
 
 
Loss from unconsolidated entities, net
 
$
(1,032
)
 
 
 
 
 
 
 
 
 
 
 
 
Note: The amounts above represent the company's pro-rata share based upon the percentage of ownership interest per joint venture entity in each amount indicated, but it should be noted that the company does not control the unconsolidated entities.
 
 
 
 
 

SUPPLEMENTAL INFORMATION | 21


NON-GAAP PRO-RATA FINANCIAL INFORMATION
 
 
PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES - BALANCE SHEET
Washington Prime Group Inc.
(Unaudited, dollars in thousands)
 
 

 
 
 
 
 
 
 
 
 
March 31, 2020
WPG's Share of Unconsolidated Entities
 
Assets:
 
 
 
Investment properties at cost
 
$
1,169,965

 
Construction in progress
 
19,996

 
 
 
1,189,961

 
Less: accumulated depreciation
 
226,500

 
 
 
963,461

 
 
 
 
 
Cash and cash equivalents
 
17,961

 
Tenant receivables and accrued revenue, net (see below)
 
16,280

 
Deferred costs and other assets (see below)
 
148,830

 
Total assets
 
$
1,146,532

 
 
 
 
 
Liabilities and members' equity:
 
 
 
Mortgage notes payable
 
$
618,712

 
Accounts payable, accrued expenses, intangibles, and deferred revenues (see below)
 
144,118

 
Total liabilities
 
762,830

 
Members' equity
 
383,702

 
Total liabilities and members' equity
 
$
1,146,532

 
 
 
 
 
 
 
 
 
Supplemental Balance Sheet Detail:
 
 
 
 
 
 
 
Tenant receivables and accrued revenue, net:
 
 
 
Straight-line receivable, net of reserve
 
$
10,177

 
Tenant receivable
 
2,846

 
Unbilled receivables and other
 
5,184

 
Allowance for doubtful accounts, net
 
(1,927
)
 
Total
 
$
16,280

 
 
 
 
 
Deferred costs and other assets:
 
 
 
Deferred leasing, net
 
$
12,549

 
In place lease intangibles, net
 
18,241

 
Acquired above market lease intangibles, net
 
20,258

 
Right of use asset
 
88,265

 
Mortgage and other escrow deposits
 
6,204

 
Prepaids, notes receivable and other assets, net
 
3,313

 
Total
 
$
148,830

 
 
 
 
 
Accounts payable, accrued expenses, intangibles and deferred revenues:
 
 
 
Accounts payable and accrued expenses
 
$
31,018

 
Below market leases, net
 
21,646

 
Lease liability
 
88,265

 
Other
 
3,189

 
Total
 
$
144,118

 
 
 
 
 
Note: The amounts above represent the company's pro-rata share based upon the percentage of ownership interest per joint venture entity, but it should be noted that the company does not control the unconsolidated entities.

SUPPLEMENTAL INFORMATION | 22


GLOSSARY OF TERMS
 
 
 
 
 
 
 
   - Average rent PSF
 
Average base minimum rent charge in effect for the reporting period for all tenants that qualify to be included in the occupancy as defined below.
 
   - EBITDAre
 
Net income (loss) attributable to the company before interest, depreciation and amortization, gains/losses on sale of operating properties, impairment charges, income taxes and adjustments related to pro-rata share of unconsolidated entities. The calculation is consistent with the definition published by The National Association of Real Estate Investment Trusts ("NAREIT") in a white paper issued in September 2017.
 
   - Funds from operations (FFO)
 
Funds From Operations ("FFO") is a supplemental non-GAAP measure utilized to evaluate the operating performance of real estate companies. NAREIT defines FFO as net income (loss) attributable to common shareholders computed in accordance with generally accepted accounting principles ("GAAP"), excluding (i) gains or losses from sales of operating real estate assets and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties and (iv) impairment of depreciable real estate and in substance real estate equity investments and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis.
 
   - Funds from operations, as adjusted (AFFO)
 
AFFO is calculated by adjusting FFO as defined above for non-recurring items such as merger costs, non-recurring debt fee amortization charges, gain on debt extinguishment and similar items.
 
   - Gross leasable area (GLA)
 
Measure of the total amount of leasable space in a property.
 
   - Net operating income (NOI)
 
Revenues from all rental property less operating and maintenance expenses, real estate taxes and rent expense including the company's pro-rata share of real estate joint ventures. Excludes non-recurring items such as termination income, sales from outparcels, material insurance proceeds, and other noncash items such as straight-line rent and fair value adjustments.
 
   - Occupancy
 
Occupancy is the percentage of total owned square footage ("GLA") which is leased as of the last day of the reporting period for tenants with terms of a year or more. For enclosed retail properties, all company owned space except for anchors, majors, office and outlots are included in the calculation. For open air properties, all owned GLA other than office are included in the calculation.
 
   - Occupancy cost
 
Percent of tenant's total occupancy cost (rent and reimbursement of CAM, tax and insurance) to tenant sales for stores of 10,000 sf or less.
 
   - Re-leasing spread
 
Re-leasing Spread is a ‘‘same space’’ measure that compares initial rent for new deals on individual spaces to expiring rents for prior tenants. For enclosed retail properties, majors, freestanding and office tenants are excluded. For open air properties, office tenants are excluded. The new rent is the weighted average of the initial cash Total Rent PSF for spaces leased during the trailing twelve month period, and includes new leases and existing tenant renewals and relocations (including expansions and downsizings). The prior rent is the weighted average of the final cash Total Rent PSF as of the month the tenant terminates or closes. Total Rent PSF includes Base Minimum Rent, common area maintenance ("CAM") and base percentage rent. It includes leasing activity on all spaces occupied by tenants as long as the opening and closing dates are within 24 months of one another.
 
   - Sales PSF
 
Trailing twelve-month sales for in-line stores of 10,000 SF or less. Excludes freestanding stores and specialty tenants.


SUPPLEMENTAL INFORMATION | 23