Company Quick10K Filing
Quick10K
Washington Prime Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$4.70 186 $877
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
8-K 2019-08-02 Enter Agreement, Exhibits
8-K 2019-07-24 Earnings, Regulation FD, Exhibits
8-K 2019-05-16 Enter Agreement, Shareholder Vote, Exhibits
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-04-16 Off-BS Arrangement, Exhibits
8-K 2019-03-18 Officers
8-K 2019-02-20 Officers
8-K 2019-02-20 Earnings, Exhibits
8-K 2019-02-12 Enter Agreement, Exhibits
8-K 2019-02-05 Officers
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-09-27 Off-BS Arrangement, Exhibits
8-K 2018-08-03 Enter Agreement, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-05-17 Shareholder Vote
8-K 2018-02-21 Earnings, Exhibits
8-K 2018-02-20 Officers
8-K 2018-01-22 Enter Agreement, Off-BS Arrangement, Exhibits
CNA CNA Financial 12,370
BOH Bank of Hawaii 3,340
ENV Envestnet 3,290
KTOS Kratos Defense & Security Solutions 1,890
CNOB Connectone Bancorp 804
FRPH FRP Holdings 478
FGBI First Guaranty Bancshares 187
MCF Contango Oil & Gas 106
CAPC Capstone Companies 0
RPMT Rego Payment Architectures 0
WPG 2019-06-30
Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.2 formrsuawardagreemente.htm
EX-10.3 formpsuawardagreemente.htm
EX-10.4 formofrsuawardagreemen.htm
EX-10.5 formrsuawardagreementn.htm
EX-31.1 exhibit311washprimegroupin.htm
EX-31.2 exhibit312washprimegroupin.htm
EX-31.3 exhibit313washprimelpfor10.htm
EX-31.4 exhibit314washprimelpfor10.htm
EX-32.1 exhibit321washprimegroupin.htm
EX-32.2 exhibit322washprimelpfor10.htm

Washington Prime Group Earnings 2019-06-30

WPG 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
false--12-31--12-31Q22019000159468600016109116271986271980.250.500.250.500.00010.00013500000003500000001860744611865872931860744611865872930.00550.00550.00500.0055P10Y0.250.500.250.500.125186074461780000018658729378000001860744617800000186587293780000034755660347521113475566034752111144000000.00010.00010.00010.000140000003800000400000038000004000000380000040000003800000P3Y0.33330.33330.33330.33330.33330.3333P1YP6MP2Y6000012000060000120000P99YP30Y1.50 0001594686 2019-01-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember 2019-01-01 2019-06-30 0001594686 2019-07-24 0001594686 wpg:A7.5SeriesHCumulativeRedeemablePreferredStockMember 2019-01-01 2019-06-30 0001594686 wpg:A6.875SeriesICumulativeRedeemablePreferredStockMember 2019-01-01 2019-06-30 0001594686 us-gaap:CommonStockMember 2019-01-01 2019-06-30 0001594686 2019-06-30 0001594686 2018-12-31 0001594686 wpg:SeriesIPreferredStockMember 2019-06-30 0001594686 us-gaap:SeriesHPreferredStockMember 2019-06-30 0001594686 wpg:SeriesIPreferredStockMember 2018-12-31 0001594686 us-gaap:SeriesHPreferredStockMember 2018-12-31 0001594686 2018-04-01 2018-06-30 0001594686 2018-01-01 2018-06-30 0001594686 2019-04-01 2019-06-30 0001594686 2017-12-31 0001594686 2018-06-30 0001594686 us-gaap:CommonStockMember 2019-06-30 0001594686 us-gaap:ParentMember 2019-01-01 2019-06-30 0001594686 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001594686 us-gaap:CommonStockMember 2018-12-31 0001594686 us-gaap:SeriesHPreferredStockMember us-gaap:PreferredStockMember 2019-06-30 0001594686 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001594686 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001594686 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-06-30 0001594686 us-gaap:NoncontrollingInterestMember 2018-12-31 0001594686 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0001594686 us-gaap:RetainedEarningsMember 2019-06-30 0001594686 us-gaap:ParentMember 2019-06-30 0001594686 wpg:SeriesIPreferredStockMember us-gaap:PreferredStockMember 2019-06-30 0001594686 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001594686 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001594686 us-gaap:NoncontrollingInterestMember 2019-06-30 0001594686 wpg:RedeemableNoncontrollingInterestsMember 2018-12-31 0001594686 us-gaap:SeriesHPreferredStockMember us-gaap:PreferredStockMember 2018-12-31 0001594686 us-gaap:ParentMember 2018-12-31 0001594686 us-gaap:RetainedEarningsMember 2018-12-31 0001594686 wpg:SeriesIPreferredStockMember us-gaap:PreferredStockMember 2018-12-31 0001594686 wpg:RedeemableNoncontrollingInterestsMember 2019-06-30 0001594686 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0001594686 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001594686 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001594686 wpg:SeriesIPreferredStockMember us-gaap:PreferredStockMember 2018-06-30 0001594686 us-gaap:ParentMember 2018-04-01 2018-06-30 0001594686 wpg:RedeemableNoncontrollingInterestsMember 2018-06-30 0001594686 2018-03-31 0001594686 us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0001594686 us-gaap:CommonStockMember 2018-06-30 0001594686 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001594686 us-gaap:ParentMember 2018-06-30 0001594686 us-gaap:CommonStockMember 2018-03-31 0001594686 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0001594686 us-gaap:NoncontrollingInterestMember 2018-03-31 0001594686 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0001594686 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001594686 us-gaap:SeriesHPreferredStockMember us-gaap:PreferredStockMember 2018-06-30 0001594686 us-gaap:RetainedEarningsMember 2018-06-30 0001594686 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001594686 us-gaap:ParentMember 2018-03-31 0001594686 us-gaap:NoncontrollingInterestMember 2018-06-30 0001594686 us-gaap:RetainedEarningsMember 2018-03-31 0001594686 wpg:RedeemableNoncontrollingInterestsMember 2018-03-31 0001594686 wpg:SeriesIPreferredStockMember us-gaap:PreferredStockMember 2018-03-31 0001594686 us-gaap:SeriesHPreferredStockMember us-gaap:PreferredStockMember 2018-03-31 0001594686 us-gaap:ParentMember 2019-04-01 2019-06-30 0001594686 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001594686 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001594686 2019-03-31 0001594686 us-gaap:ParentMember 2019-03-31 0001594686 us-gaap:NoncontrollingInterestMember 2019-03-31 0001594686 wpg:SeriesIPreferredStockMember us-gaap:PreferredStockMember 2019-03-31 0001594686 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001594686 us-gaap:CommonStockMember 2019-03-31 0001594686 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001594686 wpg:RedeemableNoncontrollingInterestsMember 2019-03-31 0001594686 us-gaap:SeriesHPreferredStockMember us-gaap:PreferredStockMember 2019-03-31 0001594686 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001594686 us-gaap:RetainedEarningsMember 2019-03-31 0001594686 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001594686 us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0001594686 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0001594686 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-06-30 0001594686 us-gaap:ParentMember 2018-01-01 2018-06-30 0001594686 us-gaap:ParentMember 2017-12-31 0001594686 wpg:SeriesIPreferredStockMember us-gaap:PreferredStockMember 2017-12-31 0001594686 2018-01-01 0001594686 us-gaap:RetainedEarningsMember 2017-12-31 0001594686 us-gaap:NoncontrollingInterestMember 2018-01-01 0001594686 us-gaap:RetainedEarningsMember 2018-01-01 0001594686 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001594686 us-gaap:ParentMember 2018-01-01 0001594686 wpg:RedeemableNoncontrollingInterestsMember 2017-12-31 0001594686 us-gaap:SeriesHPreferredStockMember us-gaap:PreferredStockMember 2017-12-31 0001594686 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001594686 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0001594686 us-gaap:CommonStockMember 2017-12-31 0001594686 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 0001594686 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 0001594686 us-gaap:NoncontrollingInterestMember 2017-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember 2018-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:GeneralPartnerCommonEquityMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:GeneralPartnerCommonEquityMember 2018-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:GeneralPartnerPreferredEquityMember 2018-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:GeneralPartnerPreferredEquityMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember 2018-04-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember 2018-01-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember 2019-04-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember 2017-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerCommonEquityMember 2018-04-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember 2018-04-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:LimitedPartnerMember 2018-04-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:GeneralPartnerMember 2018-04-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:GeneralPartnerMember 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerPreferredEquityMember 2018-04-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:GeneralPartnerMember 2018-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:RedeemableNoncontrollingInterestsMember 2018-04-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:NoncontrollingInterestsMember 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:NoncontrollingInterestsMember 2018-04-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:LimitedPartnerMember 2018-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerPreferredEquityMember 2018-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerPreferredEquityMember 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:RedeemableNoncontrollingInterestsMember 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:LimitedPartnerMember 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:NoncontrollingInterestsMember 2018-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember 2018-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:RedeemableNoncontrollingInterestsMember 2018-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerCommonEquityMember 2018-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerCommonEquityMember 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember 2018-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember 2018-01-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:RedeemableNoncontrollingInterestsMember 2018-01-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerCommonEquityMember 2018-01-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:LimitedPartnerMember 2018-01-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:GeneralPartnerMember 2018-01-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerPreferredEquityMember 2018-01-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:RedeemableNoncontrollingInterestsMember 2017-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember 2018-01-01 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerCommonEquityMember 2017-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerCommonEquityMember 2018-01-01 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerPreferredEquityMember 2017-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:NoncontrollingInterestsMember 2018-01-01 2018-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember 2017-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember 2018-01-01 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:LimitedPartnerMember 2017-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:NoncontrollingInterestsMember 2017-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:LimitedPartnerMember 2018-01-01 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:GeneralPartnerMember 2017-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:GeneralPartnerMember 2018-01-01 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:NoncontrollingInterestsMember 2018-01-01 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerCommonEquityMember 2019-04-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:GeneralPartnerMember 2019-04-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:LimitedPartnerMember 2019-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerPreferredEquityMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:LimitedPartnerMember 2019-04-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerPreferredEquityMember 2019-04-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember 2019-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember 2019-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:NoncontrollingInterestsMember 2019-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:GeneralPartnerMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember 2019-04-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:RedeemableNoncontrollingInterestsMember 2019-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:RedeemableNoncontrollingInterestsMember 2019-04-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:GeneralPartnerMember 2019-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:RedeemableNoncontrollingInterestsMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerCommonEquityMember 2019-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:NoncontrollingInterestsMember 2019-04-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerPreferredEquityMember 2019-03-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:LimitedPartnerMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerCommonEquityMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:NoncontrollingInterestsMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:GeneralPartnerMember 2019-01-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember 2019-01-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerPreferredEquityMember 2018-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:RedeemableNoncontrollingInterestsMember 2018-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerCommonEquityMember 2019-01-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerPreferredEquityMember 2019-01-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:LimitedPartnerMember 2019-01-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:NoncontrollingInterestsMember 2018-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:RedeemableNoncontrollingInterestsMember 2019-01-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember 2018-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:NoncontrollingInterestsMember 2019-01-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:LimitedPartnerMember 2018-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember us-gaap:GeneralPartnerMember 2018-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PartnersEquityMember wpg:GeneralPartnerCommonEquityMember 2018-12-31 0001594686 wpg:ShoppingCentersMember 2019-06-30 0001594686 us-gaap:GeneralAndAdministrativeExpenseMember 2018-01-01 2018-06-30 0001594686 us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-06-30 0001594686 us-gaap:WhollyOwnedPropertiesMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:WashingtonPrimeIncMember 2018-12-31 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:WashingtonPrimeIncMember 2019-06-30 0001594686 us-gaap:PartiallyOwnedPropertiesMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:WashingtonPrimeIncMember srt:WeightedAverageMember 2018-06-30 0001594686 us-gaap:CorporateJointVentureMember 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:WashingtonPrimeIncMember srt:WeightedAverageMember 2019-06-30 0001594686 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001594686 2019-01-01 0001594686 wpg:ReclassificationsMember us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 2019-06-30 0001594686 wpg:ReclassificationsMember us-gaap:AccountingStandardsUpdate201602Member 2019-06-30 0001594686 wpg:ReclassificationsMember us-gaap:AccountingStandardsUpdate201602Member 2019-03-31 0001594686 wpg:ReclassificationsMember us-gaap:AccountingStandardsUpdate201602Member 2019-04-01 2019-06-30 0001594686 wpg:RestaurantOutparcelsMember 2018-01-12 2018-01-12 0001594686 wpg:RestaurantOutparcelsMember 2018-06-30 0001594686 wpg:RestaurantOutparcelsMember 2018-01-01 2018-06-30 0001594686 wpg:RestaurantOutparcelsMember 2018-06-29 2018-06-29 0001594686 wpg:RestaurantOutparcelsMember 2018-06-29 0001594686 wpg:RestaurantOutparcelsMember 2018-01-12 0001594686 wpg:FourCornersMember 2019-06-30 0001594686 wpg:SearsDepartmentStoresAndAutoCentersMember 2018-04-11 0001594686 wpg:UndevelopedLandParcelsMember 2019-01-01 2019-06-30 0001594686 wpg:AboveMarketLeasesAndLeaseInPlaceMember 2018-04-01 2018-06-30 0001594686 wpg:SearsDepartmentStoresAndAutoCentersMember 2018-04-11 2018-04-11 0001594686 wpg:FourCornersMember 2019-04-01 2019-06-30 0001594686 wpg:FourCornersMember 2018-04-01 2018-06-30 0001594686 wpg:SouthgateMallMissoulaMontanaMember 2018-04-24 0001594686 wpg:FourCornersMember 2019-01-01 2019-06-30 0001594686 wpg:FourCornersMember 2018-01-01 2018-06-30 0001594686 wpg:GlimcherRealtyTrustMember 2018-04-01 2018-06-30 0001594686 wpg:GlimcherRealtyTrustMember 2018-06-30 0001594686 wpg:RestaurantOutparcelsMember 2019-01-18 0001594686 wpg:RestaurantOutparcelsMember 2019-06-28 0001594686 wpg:RestaurantOutparcelsMember 2019-01-18 2019-01-18 0001594686 wpg:RestaurantOutparcelsMember 2019-06-28 2019-06-28 0001594686 wpg:RestaurantOutparcelsMember 2019-02-11 2019-02-11 0001594686 wpg:RestaurantOutparcelsMember 2019-01-01 2019-06-30 0001594686 wpg:RestaurantOutparcelsMember 2019-04-03 2019-04-03 0001594686 wpg:RestaurantOutparcelsMember 2019-02-11 0001594686 wpg:RestaurantOutparcelsMember 2019-06-30 0001594686 wpg:RestaurantOutparcelsMember 2019-04-03 0001594686 wpg:OConnorJointVentureIOConnorJointVentureIItheSeminoleJointVentureandOtherInterestsMember 2019-06-30 0001594686 wpg:OConnorJointVentureIOConnorJointVentureIItheSeminoleJointVentureandOtherInterestsMember 2018-12-31 0001594686 wpg:OConnorJointVentureMember wpg:OConnorMallPartnersLpMember 2019-06-30 0001594686 wpg:UnconsolidatedEntitiesMember 2018-12-31 0001594686 wpg:SeminoleTownCenterMember wpg:TheSeminoleJointVentureMember 2019-06-30 0001594686 wpg:OconnorJointVentureIIMember 2019-06-30 0001594686 wpg:CertainRealEstateMember 2019-06-30 0001594686 wpg:OconnorJointVentureIAndOconnorJointVentureIIMember 2018-12-31 0001594686 wpg:UnconsolidatedEntitiesMember 2019-06-30 0001594686 wpg:OconnorJointVentureIAndOconnorJointVentureIIMember 2019-06-30 0001594686 wpg:TheSeminoleJointVentureMember 2019-06-30 0001594686 wpg:CertainRealEstateMember 2018-12-31 0001594686 us-gaap:NotesPayableOtherPayablesMember 2019-06-30 0001594686 us-gaap:NotesPayableOtherPayablesMember 2018-12-31 0001594686 wpg:NotesPayableExchangeNotesMember us-gaap:NotesPayableOtherPayablesMember 2019-06-30 0001594686 us-gaap:UnsecuredDebtMember 2018-12-31 0001594686 wpg:NotesPayableExchangeNotesMember us-gaap:NotesPayableOtherPayablesMember 2018-12-31 0001594686 wpg:TermLoanMember us-gaap:UnsecuredDebtMember 2019-06-30 0001594686 us-gaap:RevolvingCreditFacilityMember 2018-12-31 0001594686 us-gaap:RevolvingCreditFacilityMember 2019-06-30 0001594686 wpg:NotesPayableNotesDue2024Member us-gaap:NotesPayableOtherPayablesMember 2019-06-30 0001594686 wpg:TermLoanMember us-gaap:UnsecuredDebtMember 2018-12-31 0001594686 us-gaap:UnsecuredDebtMember 2019-06-30 0001594686 wpg:NotesPayableNotesDue2024Member us-gaap:NotesPayableOtherPayablesMember 2018-12-31 0001594686 wpg:December2015TermLoanMember us-gaap:UnsecuredDebtMember 2018-12-31 0001594686 wpg:December2015TermLoanMember us-gaap:UnsecuredDebtMember 2019-06-30 0001594686 us-gaap:MortgagesMember 2019-06-30 0001594686 us-gaap:MortgagesMember 2018-12-31 0001594686 wpg:FixedRateMortgagesMember 2019-06-30 0001594686 wpg:FixedRateMortgagesMember 2018-12-31 0001594686 srt:WeightedAverageMember wpg:FixedRateUnsecuredDebtMember 2018-12-31 0001594686 wpg:FixedRateUnsecuredDebtMember 2018-12-31 0001594686 srt:WeightedAverageMember wpg:FixedRateMortgagesMember 2019-06-30 0001594686 wpg:FixedRateUnsecuredDebtMember 2019-06-30 0001594686 srt:WeightedAverageMember wpg:FixedRateMortgagesMember 2018-12-31 0001594686 srt:WeightedAverageMember wpg:FixedRateUnsecuredDebtMember 2019-06-30 0001594686 wpg:NotesPayableNotesDue2024Member us-gaap:NotesPayableOtherPayablesMember wpg:AfterAugust142019Member 2019-06-30 0001594686 wpg:December2015TermLoanMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-06-30 0001594686 us-gaap:RevolvingCreditFacilityMember 2019-01-01 2019-06-30 0001594686 wpg:MortgageLoanSecuredByTowneWestSquareMember 2018-04-11 0001594686 wpg:WeberstownMallMember 2019-04-08 2019-04-08 0001594686 wpg:TownCenterAtAuroraMember 2019-01-01 2019-06-30 0001594686 wpg:WaterfordLakesTownCenterMember 2019-04-16 0001594686 us-gaap:SecuredDebtMember 2019-06-30 0001594686 wpg:WeberstownMallMember 2019-04-08 0001594686 wpg:MortgageLoanSecuredByRushmoreMallMember 2018-11-19 0001594686 wpg:TownCenterAtAuroraMember 2018-09-27 0001594686 us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-06-30 0001594686 wpg:NotesPayableNotesDue2024Member us-gaap:NotesPayableOtherPayablesMember wpg:ThroughAugust142019Member 2019-06-30 0001594686 us-gaap:LetterOfCreditMember 2019-06-30 0001594686 us-gaap:SecuredDebtMember 2019-01-01 2019-06-30 0001594686 wpg:TermLoanMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-06-30 0001594686 wpg:NotesPayableNotesDue2024Member 2019-06-30 0001594686 wpg:TownCenterAtAuroraMember 2019-06-30 0001594686 us-gaap:MortgagesMember 2019-01-01 2019-06-30 0001594686 wpg:WaterfordLakesTownCenterMember 2019-04-16 2019-04-16 0001594686 wpg:TermLoanMember 2019-01-01 2019-06-30 0001594686 wpg:December2015TermLoanMember 2019-01-01 2019-06-30 0001594686 wpg:NotesPayableNotesDue2024Member 2019-01-01 2019-06-30 0001594686 us-gaap:FairValueInputsLevel1Member 2019-06-30 0001594686 us-gaap:FairValueInputsLevel2Member 2019-06-30 0001594686 us-gaap:FairValueInputsLevel3Member 2019-06-30 0001594686 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001594686 wpg:DeferredCostsAndOtherAssetsMember us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0001594686 wpg:DeferredCostsAndOtherAssetsMember us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001594686 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 0001594686 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember 2018-01-01 2018-06-30 0001594686 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember 2018-04-01 2018-06-30 0001594686 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember 2019-04-01 2019-06-30 0001594686 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember 2019-01-01 2019-06-30 0001594686 us-gaap:CashFlowHedgingMember 2018-01-01 2018-06-30 0001594686 us-gaap:CashFlowHedgingMember 2019-04-01 2019-06-30 0001594686 us-gaap:CashFlowHedgingMember 2018-04-01 2018-06-30 0001594686 us-gaap:CashFlowHedgingMember 2019-01-01 2019-06-30 0001594686 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember 2019-01-01 2019-06-30 0001594686 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember 2018-01-01 2018-06-30 0001594686 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember 2019-04-01 2019-06-30 0001594686 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember 2018-04-01 2018-06-30 0001594686 us-gaap:InterestRateSwapMember 2019-03-29 2019-03-29 0001594686 2018-01-01 2018-12-31 0001594686 us-gaap:InterestRateSwapMember 2019-06-30 0001594686 us-gaap:InterestRateSwapMember 2019-03-29 0001594686 us-gaap:FairValueInputsLevel3Member 2018-12-31 0001594686 us-gaap:FairValueInputsLevel2Member 2018-12-31 0001594686 us-gaap:FairValueInputsLevel1Member 2018-12-31 0001594686 us-gaap:RestrictedStockUnitsRSUMember wpg:The2018AnnualLongtermIncentiveAwardsMember 2018-01-01 2018-06-30 0001594686 us-gaap:PerformanceSharesMember wpg:The2019AnnualLongtermIncentiveAwardsMember 2019-01-01 2019-06-30 0001594686 us-gaap:PerformanceSharesMember wpg:The2018AnnualLongtermIncentiveAwardsMember 2018-01-01 2018-06-30 0001594686 us-gaap:RestrictedStockUnitsRSUMember wpg:The2019AnnualLongtermIncentiveAwardsMember 2019-01-01 2019-06-30 0001594686 us-gaap:GeneralAndAdministrativeExpenseMember 2019-04-01 2019-06-30 0001594686 us-gaap:RestrictedStockUnitsRSUMember 2018-01-01 2018-06-30 0001594686 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-06-30 0001594686 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-06-30 0001594686 srt:MaximumMember us-gaap:PerformanceSharesMember 2019-01-01 2019-06-30 0001594686 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-06-30 0001594686 2014-05-28 0001594686 wpg:WashingtonPrimeGroupLP2014StockIncentivePlanMember 2014-05-28 0001594686 us-gaap:EmployeeStockOptionMember 2019-06-30 0001594686 srt:MinimumMember us-gaap:PerformanceSharesMember 2019-01-01 2019-06-30 0001594686 us-gaap:GeneralAndAdministrativeExpenseMember 2018-04-01 2018-06-30 0001594686 us-gaap:RestrictedStockUnitsRSUMember wpg:The2018AnnualLongtermIncentiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2018-01-01 2018-06-30 0001594686 srt:MinimumMember us-gaap:PerformanceSharesMember wpg:The2018AnnualLongtermIncentiveAwardsMember 2018-01-01 2018-06-30 0001594686 us-gaap:RestrictedStockUnitsRSUMember wpg:The2019AnnualLongtermIncentiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2019-01-01 2019-06-30 0001594686 us-gaap:RestrictedStockUnitsRSUMember wpg:The2018AnnualLongtermIncentiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember 2018-01-01 2018-06-30 0001594686 srt:MaximumMember us-gaap:PerformanceSharesMember wpg:The2018AnnualLongtermIncentiveAwardsMember 2018-01-01 2018-06-30 0001594686 us-gaap:RestrictedStockUnitsRSUMember wpg:The2019AnnualLongtermIncentiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheThreeMember 2019-01-01 2019-06-30 0001594686 us-gaap:RestrictedStockUnitsRSUMember wpg:The2018AnnualLongtermIncentiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2018-01-01 2018-06-30 0001594686 us-gaap:RestrictedStockUnitsRSUMember wpg:The2019AnnualLongtermIncentiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2019-01-01 2019-06-30 0001594686 wpg:GroundLeasesMember 2018-01-01 2018-06-30 0001594686 wpg:GroundLeasesMember 2019-01-01 2019-06-30 0001594686 wpg:GroundLeasesMember 2018-04-01 2018-06-30 0001594686 wpg:GroundLeasesMember 2019-04-01 2019-06-30 0001594686 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-06-30 0001594686 wpg:PerformanceBasedComponentsMember 2019-01-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:ContingentlyIssuableOutstandingStockOptionsMember 2019-04-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:PerformanceBasedComponentsMember 2019-01-01 2019-06-30 0001594686 wpg:ContingentlyIssuableOutstandingStockOptionsMember 2019-04-01 2019-06-30 0001594686 wpg:ContingentlyIssuableOutstandingStockOptionsMember 2019-01-01 2019-06-30 0001594686 wpg:WashingtonPrimeGroupLPMember wpg:ContingentlyIssuableOutstandingStockOptionsMember 2019-01-01 2019-06-30 0001594686 us-gaap:SubsequentEventMember 2019-07-23 0001594686 us-gaap:SubsequentEventMember 2019-07-24 0001594686 wpg:TowneWestSquareMember us-gaap:SubsequentEventMember 2019-07-01 0001594686 srt:MaximumMember wpg:TowneWestSquareMember us-gaap:SubsequentEventMember 2019-07-01 2019-07-01 0001594686 us-gaap:SubsequentEventMember 2019-07-23 2019-07-23 0001594686 srt:MinimumMember wpg:TowneWestSquareMember us-gaap:SubsequentEventMember 2019-07-01 2019-07-01 0001594686 us-gaap:SubsequentEventMember 2019-07-24 2019-07-24 iso4217:USD iso4217:USD xbrli:shares xbrli:shares utreg:sqft wpg:variable_interest_entity wpg:segment wpg:derivative wpg:store wpg:property wpg:lease xbrli:pure wpg:extension wpg:outparcel wpg:shopping_center wpg:pool wpg:loan wpg:quarter


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number     001-36252 (Washington Prime Group Inc.)
333-205859 (Washington Prime Group, L.P.)

WASHINGTON PRIME GROUP INC.
Washington Prime Group, L.P.
(Exact name of Registrant as specified in its charter)

Indiana (Both Registrants)            46-4323686 (Washington Prime Group Inc.)
(State of incorporation or organization)            46-4674640 (Washington Prime Group, L.P.)
(I.R.S. Employer Identification No.)

180 East Broad Street
Columbus
Ohio
43215
(Address of principal executive offices)

(614621-9000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Washington Prime Group Inc.:
Title of each class
 
Trading Symbols
 
Name of each exchange on which registered
Common Stock, $0.0001 par value per share
 
WPG
 
New York Stock Exchange
7.5% Series H Cumulative Redeemable Preferred Stock, par value $0.0001 per share
 
WPGPRH
 
New York Stock Exchange
6.875% Series I Cumulative Redeemable Preferred Stock, par value $0.0001 per share
 
WPGPRI
 
New York Stock Exchange

Washington Prime Group, L.P.: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Washington Prime Group Inc. Yes x  No o Washington Prime Group, L.P. Yes x  No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Washington Prime Group Inc. Yes x  No o Washington Prime Group, L.P. Yes x  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Washington Prime Group Inc. (Check One):
 
Large accelerated filer
x 
Accelerated filer
Emerging growth company
 
 
Non-accelerated filer
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
Washington Prime Group, L.P.   (Check One):
 
Large accelerated filer
Accelerated filer
Emerging growth company
 
 
Non-accelerated filer
x 
Smaller reporting company
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Washington Prime Group Inc. o Washington Prime Group, L.P. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Washington Prime Group Inc. Yes   No x Washington Prime Group, L.P. Yes o  No x

As of July 24, 2019, Washington Prime Group Inc. had 186,587,293 shares of common stock outstanding. Washington Prime Group, L.P. has no publicly traded equity and no common stock outstanding.

1



EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2019 of Washington Prime Group® Inc. and Washington Prime Group, L.P. Unless stated otherwise or the context requires otherwise, references to "WPG Inc." mean Washington Prime Group Inc., an Indiana corporation, and references to "WPG L.P." mean Washington Prime Group, L.P., an Indiana limited partnership, and its consolidated subsidiaries, in cases where it is important to distinguish between WPG Inc. and WPG L.P. We use the terms "WPG," the "Company,” “we,” "us," and “our” to refer to WPG Inc., WPG L.P., and entities in which WPG Inc. or WPG L.P. (or any affiliate) has a material interest on a consolidated basis, unless the context indicates otherwise.

WPG Inc. operates as a self-managed and self-administered real estate investment trust (“REIT”). WPG Inc. owns properties and conducts operations through WPG L.P., of which WPG Inc. is the sole general partner and of which it held approximately 84.4% of the partnership interests (“OP units”) at June 30, 2019. The remaining OP units are owned by various limited partners. As the sole general partner of WPG L.P., WPG Inc. has the exclusive and complete responsibility for WPG L.P.’s day-to-day management and control. Management operates WPG Inc. and WPG L.P. as one enterprise. The management of WPG Inc. consists of the same persons who direct the management of WPG L.P. As general partner with control of WPG L.P., WPG Inc. consolidates WPG L.P. for financial reporting purposes, and WPG Inc. does not have significant assets other than its investment in WPG L.P. Therefore, the assets and liabilities of WPG Inc. and WPG L.P. are substantially the same on their respective consolidated financial statements and the disclosures of WPG Inc. and WPG L.P. also are substantially similar.
The Company believes, therefore, that the combination into a single report of the quarterly reports on Form 10-Q of WPG Inc. and WPG L.P. provides the following benefits:
enhances investors' understanding of the operations of WPG Inc. and WPG L.P. by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both WPG Inc. and WPG L.P.; and
creates time and cost efficiencies through the preparation of one set of disclosures instead of two separate sets of disclosures.
The substantive difference between WPG Inc.’s and WPG L.P.’s filings is the fact that WPG Inc. is a REIT with shares traded on a public stock exchange, while WPG L.P. is a limited partnership with no publicly traded equity. Moreover, the interests in WPG L.P. held by third parties are classified differently by the two entities (i.e., noncontrolling interests for WPG Inc. and partners' equity for WPG L.P.). In the consolidated financial statements, these differences are primarily reflected in the equity section of the consolidated balance sheets and in the consolidated statements of equity. Apart from the different equity presentation, the consolidated financial statements of WPG Inc. and WPG L.P. are nearly identical.
This combined Form 10-Q for WPG Inc. and WPG L.P. includes, for each entity, separate interim financial statements (but combined footnotes), separate reports on disclosure controls and procedures and internal control over financial reporting, and separate CEO/CFO certifications. In addition, if there were any material differences between WPG Inc. and WPG L.P. with respect to any other financial and non-financial disclosure items required by Form 10-Q, they would be discussed separately herein.

2



WASHINGTON PRIME GROUP INC. AND WASHINGTON PRIME GROUP, L.P.
FORM 10-Q

INDEX
PART I:
FINANCIAL INFORMATION
PAGE
 
 
 
Item 1.
Consolidated Financial Statements (unaudited)
 
 
 
 
 
Financial Statements for Washington Prime Group Inc.:
 
 
 
 
 
Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018
 
 
 
 
Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and six months ended June 30, 2019 and 2018
 
 
 
 
Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018
 
 
 
 
Consolidated Statements of Equity for the three and six months ended June 30, 2019 and 2018
 
 
 
 
Financial Statements for Washington Prime Group, L.P.:
 
 
 
 
 
Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018
 
 
 
 
Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and six months ended June 30, 2019 and 2018
 
 
 
 
Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018
 
 
 
 
Consolidated Statements of Equity for the three and six months ended June 30, 2019 and 2018
 
 
 
 
Condensed Notes to Consolidated Financial Statements
 
 
 
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
 
 
 
Item 4.
Controls and Procedures
 
 
 
PART II:
OTHER INFORMATION
 
 
 
 
Item 1.
Legal Proceedings
 
 
 
Item 1A.
Risk Factors
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
Item 3.
Defaults Upon Senior Securities
 
 
 
Item 4.
Mine Safety Disclosures
 
 
 
Item 5.
Other Information
 
 
 
Item 6.
Exhibits
 
 
 
SIGNATURES

3



PART I
FINANCIAL INFORMATION

Item 1.
Financial Statements
Washington Prime Group Inc.
Unaudited Consolidated Balance Sheets
(dollars in thousands, except share and par value amounts)
 
 
June 30, 2019
 
December 31, 2018
ASSETS:
 
 
 
 
Investment properties at cost
 
$
5,967,014

 
$
5,914,705

Less: accumulated depreciation
 
2,379,946

 
2,283,764


 
3,587,068

 
3,630,941

Cash and cash equivalents
 
30,683

 
42,542

Tenant receivables and accrued revenue, net
 
77,656

 
85,463

Investment in and advances to unconsolidated entities, at equity
 
421,657

 
433,207

Deferred costs and other assets
 
189,975

 
169,135

Total assets
 
$
4,307,039

 
$
4,361,288

LIABILITIES:
 
 
 
 
Mortgage notes payable
 
$
1,152,118

 
$
983,269

Notes payable
 
984,392

 
982,697

Unsecured term loans
 
686,076

 
685,509

Revolving credit facility
 
218,573

 
286,002

Accounts payable, accrued expenses, intangibles, and deferred revenues
 
245,041

 
253,862

Distributions payable
 
2,992

 
2,992

Cash distributions and losses in unconsolidated entities, at equity
 
15,421

 
15,421

Total liabilities
 
3,304,613

 
3,209,752

Redeemable noncontrolling interests
 
3,265

 
3,265

EQUITY:
 
 
 
 
Stockholders' Equity:
 
 
 
 
Series H Cumulative Redeemable Preferred Stock, $0.0001 par value, 4,000,000 shares issued and outstanding as of June 30, 2019 and December 31, 2018
 
104,251

 
104,251

Series I Cumulative Redeemable Preferred Stock, $0.0001 par value, 3,800,000 shares issued and outstanding as of June 30, 2019 and December 31, 2018
 
98,325

 
98,325

Common stock, $0.0001 par value, 350,000,000 shares authorized;
186,587,293 and 186,074,461 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
 
19

 
19

Capital in excess of par value
 
1,251,319

 
1,247,639

Accumulated deficit
 
(573,611
)
 
(456,924
)
Accumulated other comprehensive (loss) income
 
(5,932
)
 
6,400

Total stockholders' equity
 
874,371

 
999,710

Noncontrolling interests
 
124,790

 
148,561

Total equity
 
999,161

 
1,148,271

Total liabilities, redeemable noncontrolling interests and equity
 
$
4,307,039

 
$
4,361,288


The accompanying notes are an integral part of these statements.

4



Washington Prime Group Inc.
Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income
(dollars in thousands, except per share amounts)
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
REVENUE:
 
 
 
 
 
 
 
Rental income
$
156,230

 
$
170,443

 
$
319,503

 
$
342,860

Other income
5,204

 
7,674

 
10,754

 
12,251

Total revenues
161,434

 
178,117

 
330,257

 
355,111

EXPENSES:

 

 
 
 
 
Property operating
36,432

 
35,945

 
75,861

 
72,311

Depreciation and amortization
71,816

 
63,796

 
138,194

 
125,090

Real estate taxes
19,878

 
21,094

 
41,992

 
43,135

Advertising and promotion
2,025

 
2,240

 
3,918

 
4,011

General and administrative
13,124

 
11,191

 
27,249

 
20,845

Ground rent
195

 
198

 
398

 
395

Total operating expenses
143,470

 
134,464

 
287,612

 
265,787

 


 


 


 


Interest expense, net
(39,143
)
 
(34,701
)
 
(75,973
)
 
(69,045
)
Gain on disposition of interests in properties, net
6,241

 
8,063

 
16,231

 
16,244

Income and other taxes
(229
)
 
(601
)
 
(585
)
 
(1,086
)
(Loss) income from unconsolidated entities, net
(1,713
)
 
(895
)
 
(1,761
)
 
267

NET (LOSS) INCOME
(16,880
)
 
15,519

 
(19,443
)
 
35,704

Net (loss) income attributable to noncontrolling interests
(3,126
)
 
1,925

 
(4,022
)
 
4,586

NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY
(13,754
)
 
13,594

 
(15,421
)
 
31,118

Less: Preferred share dividends
(3,508
)
 
(3,508
)
 
(7,016
)
 
(7,016
)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
$
(17,262
)
 
$
10,086

 
$
(22,437
)
 
$
24,102

 
 
 
 
 
 
 
 
(LOSS) EARNINGS PER COMMON SHARE, BASIC & DILUTED
$
(0.09
)
 
$
0.05

 
$
(0.12
)
 
$
0.13

 
 
 
 
 
 
 
 
COMPREHENSIVE (LOSS) INCOME:
 
 
 
 
 
 
 
Net (loss) income
$
(16,880
)
 
$
15,519

 
$
(19,443
)
 
$
35,704

Unrealized (loss) income on interest rate derivative instruments, net
(9,485
)
 
602

 
(14,595
)
 
5,819

Comprehensive (loss) income
(26,365
)
 
16,121

 
(34,038
)
 
41,523

Comprehensive (loss) income attributable to noncontrolling interests
(4,597
)
 
2,024

 
(6,285
)
 
5,506

Comprehensive (loss) income attributable to common shareholders
$
(21,768
)
 
$
14,097

 
$
(27,753
)
 
$
36,017

The accompanying notes are an integral part of these statements.

5



Washington Prime Group Inc.
Unaudited Consolidated Statements of Cash Flows
(dollars in thousands)
 
For the Six Months Ended June 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net (loss) income
$
(19,443
)
 
$
35,704

Adjustments to reconcile net (loss) income to net cash provided by operating activities:


 

Depreciation and amortization, including fair value rent, fair value debt, deferred financing costs and equity-based compensation
137,404

 
126,545

Gain on disposition of interests in properties and outparcels, net
(16,231
)
 
(16,244
)
Change in estimate of collectibility of rental income
4,027

 
3,957

Loss (income) from unconsolidated entities, net
1,761

 
(267
)
Distributions of income from unconsolidated entities
912

 
2,817

Changes in assets and liabilities:


 

Tenant receivables and accrued revenue, net
6,142

 
9,017

Deferred costs and other assets
(3,780
)
 
(15,858
)
Accounts payable, accrued expenses, deferred revenues and other liabilities
(17,236
)
 
(9,900
)
Net cash provided by operating activities
93,556

 
135,771

CASH FLOWS FROM INVESTING ACTIVITIES:


 

Acquisitions, net of cash acquired

 
(80,108
)
Capital expenditures, net
(81,131
)
 
(59,772
)
Net proceeds from disposition of interests in properties and outparcels
20,492

 
23,402

Investments in unconsolidated entities
(5,870
)
 
(12,054
)
Distributions of capital from unconsolidated entities
14,747

 
22,923

Net cash used in investing activities
(51,762
)
 
(105,609
)
CASH FLOWS FROM FINANCING ACTIVITIES:


 

Distributions to noncontrolling interest holders in properties
(66
)
 
(5
)
Redemption of limited partner units
(19
)
 
(25
)
Net proceeds from issuance of common shares, including common stock plans
1

 

Distributions on common and preferred shares/units
(118,754
)
 
(118,385
)
Proceeds from issuance of debt, net of transaction costs
303,088

 
593,714

Repayments of debt
(206,702
)
 
(492,548
)
Other financing activities
(150
)
 

Net cash used in financing activities
(22,602
)
 
(17,249
)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
19,192

 
12,913

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period
61,084

 
70,201

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period
$
80,276

 
$
83,114


The accompanying notes are an integral part of these statements.

6



Washington Prime Group Inc.
Unaudited Consolidated Statements of Equity
(dollars in thousands, except per share/unit amounts)
 
 
For the Three Months Ended June 30, 2019
 
 
Preferred Series H
 
Preferred Series I
 
Common
Stock
 
Capital in
Excess of
Par Value
 
Accumulated Deficit
 
Accumulated Other Comprehensive (Loss) Income
 
Total
Stockholders'
Equity
 
Non-
Controlling
Interests
 
Total
Equity
 
Redeemable Non-Controlling Interests
Balance, March 31, 2019
 
$
104,251

 
$
98,325

 
$
19

 
$
1,249,490

 
$
(509,187
)
 
$
2,082

 
$
944,980

 
$
138,025

 
$
1,083,005

 
$
3,265

Redemption of limited partner units
 

 

 

 

 

 

 

 
(19
)
 
(19
)
 

Other
 

 

 

 
(7
)
 

 

 
(7
)
 

 
(7
)
 

Equity-based compensation
 

 

 

 
1,965

 

 

 
1,965

 

 
1,965

 

Adjustments to noncontrolling interests
 

 

 

 
(129
)
 

 

 
(129
)
 
129

 

 

Distributions on common shares/units ($0.25 per common share/unit)
 

 

 

 

 
(47,162
)
 

 
(47,162
)
 
(8,688
)
 
(55,850
)
 

Distributions declared on preferred shares
 

 

 

 

 
(3,508
)
 

 
(3,508
)
 

 
(3,508
)
 

Other comprehensive loss
 

 

 

 

 

 
(8,014
)
 
(8,014
)
 
(1,471
)
 
(9,485
)
 

Net loss, excluding $60 of distributions to preferred unitholders
 

 

 

 

 
(13,754
)
 

 
(13,754
)
 
(3,186
)
 
(16,940
)
 

Balance, June 30, 2019
 
$
104,251

 
$
98,325

 
$
19

 
$
1,251,319

 
$
(573,611
)
 
$
(5,932
)
 
$
874,371

 
$
124,790

 
$
999,161

 
$
3,265

 
 
For the Six Months Ended June 30, 2019
 
 
Preferred Series H
 
Preferred Series I
 
Common
Stock
 
Capital in
Excess of
Par Value
 
Accumulated Deficit
 
Accumulated Other Comprehensive (Loss) Income
 
Total
Stockholders'
Equity
 
Non-
Controlling
Interests
 
Total
Equity
 
Redeemable Non-Controlling Interests
Balance, December 31, 2018
 
$
104,251

 
$
98,325

 
$
19

 
$
1,247,639

 
$
(456,924
)
 
$
6,400

 
$
999,710

 
$
148,561

 
$
1,148,271

 
$
3,265

Redemption of limited partner units
 

 

 

 

 

 

 

 
(19
)
 
(19
)
 

Other
 

 

 

 
(14
)
 

 

 
(14
)
 

 
(14
)
 

Exercise of stock options
 

 

 

 
1

 

 

 
1

 

 
1

 

Equity-based compensation
 

 

 

 
3,743

 

 

 
3,743

 
37

 
3,780

 

Adjustments to noncontrolling interests
 

 

 

 
(50
)
 

 

 
(50
)
 
50

 

 

Distributions on common shares/units ($0.50 per common share/unit)
 

 

 

 

 
(94,250
)
 

 
(94,250
)
 
(17,434
)
 
(111,684
)
 

Distributions declared on preferred shares
 

 

 

 

 
(7,016
)
 

 
(7,016
)
 

 
(7,016
)
 

Other comprehensive loss
 

 

 

 

 

 
(12,332
)
 
(12,332
)
 
(2,263
)
 
(14,595
)
 

Net loss, excluding $120 of distributions to preferred unitholders
 

 

 

 

 
(15,421
)
 

 
(15,421
)
 
(4,142
)
 
(19,563
)
 

Balance, June 30, 2019
 
$
104,251

 
$
98,325

 
$
19

 
$
1,251,319

 
$
(573,611
)
 
$
(5,932
)
 
$
874,371

 
$
124,790

 
$
999,161

 
$
3,265

The accompanying notes are an integral part of this statement.

7



Washington Prime Group Inc.
Unaudited Consolidated Statements of Equity (Continued)
(dollars in thousands, except per share/unit amounts)
 
 
For the Three Months Ended June 30, 2018
 
 
Preferred Series H
 
Preferred Series I
 
Common
Stock
 
Capital in
Excess of
Par Value
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income
 
Total
Stockholders'
Equity
 
Non-
Controlling
Interests
 
Total
Equity
 
Redeemable Non-Controlling Interests
Balance, March 31, 2018
 
$
104,251

 
$
98,325

 
$
19

 
$
1,241,978

 
$
(381,597
)
 
$
11,900

 
$
1,074,876

 
$
162,645

 
$
1,237,521

 
$
3,265

Redemption of limited partner units
 

 

 

 

 

 

 

 
(14
)
 
(14
)
 

Other
 

 

 

 
(53
)
 

 

 
(53
)
 

 
(53
)
 

Equity-based compensation
 

 

 

 
2,248

 

 

 
2,248

 
271

 
2,519

 

Adjustments to noncontrolling interests
 

 

 

 
38

 

 

 
38

 
(38
)
 

 

Distributions on common shares/units ($0.25 per common share/unit)
 

 

 

 

 
(46,961
)
 

 
(46,961
)
 
(8,689
)
 
(55,650
)
 

Distributions declared on preferred shares
 

 

 

 

 
(3,508
)
 

 
(3,508
)
 

 
(3,508
)
 

Other comprehensive income
 

 

 

 

 

 
503

 
503

 
99

 
602

 

Net income, excluding $60 of distributions to preferred unitholders
 

 

 

 

 
13,594

 

 
13,594

 
1,865

 
15,459

 

Balance, June 30, 2018
 
$
104,251

 
$
98,325

 
$
19

 
$
1,244,211

 
$
(418,472
)
 
$
12,403

 
$
1,040,737

 
$
156,139

 
$
1,196,876

 
$
3,265

 
 
For the Six Months Ended June 30, 2018
 
 
Preferred Series H
 
Preferred Series I
 
Common
Stock
 
Capital in
Excess of
Par Value
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income
 
Total
Stockholders'
Equity
 
Non-
Controlling
Interests
 
Total
Equity
 
Redeemable Non-Controlling Interests
Balance, December 31, 2017
 
$
104,251

 
$
98,325

 
$
19

 
$
1,240,483

 
$
(350,594
)
 
$
6,920

 
$
1,099,404

 
$
167,718

 
$
1,267,122

 
$
3,265

Cumulative effect of accounting standards
 

 

 

 
(389
)
 
1,890

 
584

 
2,085

 
389

 
2,474

 

Redemption of limited partner units
 

 

 

 

 

 

 

 
(25
)
 
(25
)
 

Other
 

 

 

 
(89
)
 

 

 
(89
)
 

 
(89
)
 

Equity-based compensation
 

 

 

 
3,771

 

 

 
3,771

 
490

 
4,261

 

Adjustments to noncontrolling interests
 

 

 

 
435

 

 

 
435

 
(435
)
 

 

Distributions on common shares/units ($0.50 per common share/unit)
 

 

 

 

 
(93,870
)
 

 
(93,870
)
 
(17,384
)
 
(111,254
)
 

Distributions declared on preferred shares
 

 

 

 

 
(7,016
)
 

 
(7,016
)
 

 
(7,016
)
 

Other comprehensive income
 

 

 

 

 

 
4,899

 
4,899

 
920

 
5,819

 

Net income, excluding $120 of distributions to preferred unitholders
 

 

 

 

 
31,118

 

 
31,118

 
4,466

 
35,584

 

Balance, June 30, 2018
 
$
104,251

 
$
98,325

 
$
19

 
$
1,244,211

 
$
(418,472
)
 
$
12,403

 
$
1,040,737

 
$
156,139

 
$
1,196,876

 
$
3,265


The accompanying notes are an integral part of this statement.

8



Washington Prime Group, L.P.
Unaudited Consolidated Balance Sheets
(dollars in thousands, except unit amounts)
 
 
June 30, 2019
 
December 31, 2018
ASSETS:
 
 
 
 
Investment properties at cost
 
$
5,967,014

 
$
5,914,705

Less: accumulated depreciation
 
2,379,946

 
2,283,764


 
3,587,068

 
3,630,941

Cash and cash equivalents
 
30,683

 
42,542

Tenant receivables and accrued revenue, net
 
77,656

 
85,463

Investment in and advances to unconsolidated entities, at equity
 
421,657

 
433,207

Deferred costs and other assets
 
189,975

 
169,135

Total assets