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Mortgage Debt&TCondensed Notes to Unaudite (1)&Condensed Notes to Unaudite (2)Unsecured Debt
Fair Value of Debt&Condensed Notes to Unaudite (3)&Condensed Notes to Unaudite (4)&Condensed Notes to Unaudite (5) Fair Value Considerations$ZFair Value Considerations (1)&3Share Award Related Compensatio&Transactions with Simon Propert&"Condensed Notes to Unaudite (6)&;WPG LP Earnings Per Common UnitQ30Portfolio Data[Mortgage Debt (1)gMortgage Debt (2)tMortgage Debt (3)x35Unsecured DebtSummary of Financing 37Contractual Obligations$_37Contractual Obligations (1)&Share Award Related Compens (1)42Capital Expenditures!NonGAAP Financial Measures%ANonGAAP Financial Measures (1)
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#Washington Prime Group Inc.10Q
07/27/2017"Indiana (Both Registrants) 1
)Washington Prime Group Inc. (Check One) :
6
.Large accelerated filer x Acceleratedfiler ?6.Nonaccelerated filer ? Smaller reporting
company ?!Emerging growth company ?5(Do not check if a smaller reporting company)2*Washington Prime Group, L.P. (Check One) :6.Large accelerated filer ? Acceleratedfiler ?6.Nonaccelerated filer x Smaller reporting company ?!Emerging growth company ?5(Do not check if a smaller reporting company)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<7ui]Q5zV]0b=PF0*8X>
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Mortgage Debt!Condensed Notes to Unaudite (1)!Condensed Notes to Unaudite (2)Unsecured DebtFair Value of Debt!Condensed Notes to Unaudite (3)!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)Fair Value ConsiderationsFair Value Considerations (1)!Share Award Related Compensatio!Transactions with Simon Propert!Condensed Notes to Unaudite (6)!WPG LP Earnings Per Common Unit30Portfolio DataMortgage Debt (1)Mortgage Debt (2)Mortgage Debt (3)35Unsecured DebtSummary of Financing37Contractual Obligations37Contractual Obligations (1)!Share Award Related Compens (1)42Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)U }y
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#Washington Prime Group Inc.10Q
07/27/2017
INDEX
PART I:
FINANCIAL INFORMATION
PAGEItem 1.5Consolidated Financial Statements (unaudited)
1)Financial Statements for Washington PrimeGroup Inc.:.&Consolidated Balance Sheets as of June~
&30, 2017 and December 31, 2016%Consolidated Statements of Operations~
.&and Comprehensive Income for the three3+and six months ended June 30, 2017 and 2016%Consolidated Statements of Cash Flows~
2*for the six months ended June 30, 2017 and~
0(Consolidated Statement of Equity for the~
&six months ended June 30, 20171)Financial Statements for Washington PrimeDl~rfB^~H$X4i !"#$%&'()*+,./0123456789:;<=>? Group, L.P.:!!!"."&Consolidated Balance Sheets as of June~
""#, 2017 and December 31, 2016$$$%%%Consolidated Statements of Operations~
%&&.&&and Comprehensive Income for the three'3'+and six months ended June 30, 2017 and 2016((())%Consolidated Statements of Cash Flows~
)**2**for the six months ended June 30, 2017 and+~
+,,,0(Consolidated Statement of Equity for the~
..&.six months ended June 30, 2017///010)Condensed Notes to Consolidated Financial~
0211
Statements2223Item 2.,3$Management's Discussion and Analysis~
3v4840of Financial Condition and Results of Operations5556Item 3.06(Quantitative and Qualitative Disclosures~
677About Market Risk8889Item 4.9Controls and Procedures~
9:::;PART II:;OTHER INFORMATION;<<<=Item 1.=Legal Proceedings~
=>>>?Item 1A.?Risk Factors~
?D* ll6F"{W `>]wS@ABCDEFGHIJKLMNOPQ@@@AItem 2./A'Unregistered Sales of Equity Securities~
ABBand Use of ProceedsCCCDItem 3.'DDefaults Upon Senior Securities~
DEEEFItem 4.FMine Safety Disclosures~
FGGGHItem 5.HOther Information~
HIIIJItem 6.JExhibits~
JKKKL
SIGNATURES~
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Cash Flows!Unaudited Consolidated StatemenBalance Sheet (1)Income Statement (1)Cash Flows (1)!Unaudited Consolidated Stat (1)!Condensed Notes to Unaudited Co
Mortgage Debt!Condensed Notes to Unaudite (1)!Condensed Notes to Unaudite (2)Unsecured DebtFair Value of Debt!Condensed Notes to Unaudite (3)!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)Fair Value ConsiderationsFair Value Considerations (1)!Share Award Related Compensatio!Transactions with Simon Propert!Condensed Notes to Unaudite (6)!WPG LP Earnings Per Common Unit30Portfolio DataMortgage Debt (1)Mortgage Debt (2)Mortgage Debt (3)35Unsecured DebtSummary of Financing37Contractual Obligations37Contractual Obligations (1)!Share Award Related Compens (1)42Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)U }:}$
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#Washington Prime Group Inc.10Q
07/27/2017
Balance Sheet
June 30, 2017
December 31, 2016ASSETS:%Investment properties at cost~
Nf~
1&
Less: accumulated depreciation
~
Z
~
2
~
ba~
b!Cash and cash equivalents~
^~
f/'Tenant receivables and accrued revenue,~
~~
net( Real estate assets heldforsale ~
J4,Investment in and advances to unconsolidated~
n~
2entities, at equity'Deferred costs and other assets~
7
~
DTotal assets~
~
*7LIABILITIES:Mortgage notes payable~
ڄV~
b
Notes payable~
#~
VUnsecured term loans~
V{Q~
sQ!Revolving credit facility ~
֯80Accounts payable, accrued expenses, intangibles,~
f~
and deferred revenuesDistributions payable~
.~
.7/Cash distributions and losses in unconsolidated~
~
Dlvj^Uj"h'~ ! " # $ % & ' ( ) * + ,  . / 0 1 2 3 4 5 6 7 8 9 : ; < = > entities, at equity!Total liabilities!~
!!!~
!.!+"#Redeemable noncontrolling interests"~
"3""~
""#EQUITY:####$Stockholders' Equity:$$$$0%(Series H Cumulative Redeemable Preferred%~
%\%%~
%\%2&*Stock, $0.0001 par value, 4,000,000 shares2'*issued and outstanding as of June 30, 2017(and December 31, 20160)(Series I Cumulative Redeemable Preferred)~
)V))~
)V)2**Stock, $0.0001 par value, 3,800,000 shares2+*issued and outstanding as of June 30, 2017,and December 31, 20164,Common stock, $0.0001 par value, 350,000,000~
N~
N.shares authorized;/%185,764,506 issued and outstanding as/0'of June 30, 2017 and 300,000,000 shares61.authorized; 185,427,411 issued and outstanding2as of December 31, 2016&3Capital in excess of par value3~
3ڐK33~
3;K34Accumulated deficit4~
444~
44.5&Accumulated other comprehensive income5~
5P55~
5L5"6Total stockholders' equity6~
68F66~
6B6 7Noncontrolling interests7~
7
77~
7bV
78Total equity8~
8Q88~
8nM849,Total liabilities, redeemable noncontrolling9~
999~
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Cash Flows!Unaudited Consolidated StatemenBalance Sheet (1)Income Statement (1)Cash Flows (1)!Unaudited Consolidated Stat (1)!Condensed Notes to Unaudited Co
Mortgage Debt!Condensed Notes to Unaudite (1)!Condensed Notes to Unaudite (2)Unsecured DebtFair Value of Debt!Condensed Notes to Unaudite (3)!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)Fair Value ConsiderationsFair Value Considerations (1)!Share Award Related Compensatio!Transactions with Simon Propert!Condensed Notes to Unaudite (6)!WPG LP Earnings Per Common Unit30Portfolio DataMortgage Debt (1)Mortgage Debt (2)Mortgage Debt (3)35Unsecured DebtSummary of Financing37Contractual Obligations37Contractual Obligations (1)!Share Award Related Compens (1)42Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)U }7}$
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#Washington Prime Group Inc.10Q
07/27/2017Income Statement
+
#For the Three Months Ended June 30,
)
!For the Six Months Ended June 30,~
~
~
~
REVENUE:
Minimum rent~
f
~
&
~
D
~
*[
Overage rent~
N~
~
@~
STenant reimbursements~
f.~
J~
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)Other income~
b~
b1~
~
Total revenues~
~
~
6~
f` EXPENSES:
Property operating~
r%~
i~
bk~
%Depreciation and amortization~
~
9~
/~
nReal estate taxes~
Vk~
v~
~
"!Advertising and promotion~
#~
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vK#Provision for credit losses~
~
~
r6~
&"General and administrative~
~
b~
~
2<%Merger, restructuring and transaction ~
j ~
j
costsGround rent~
~
N~
~
Impairment loss  ~
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~
~
~
rkOPERATING INCOME~
6~
~
"~
Interest expense, net~
>~
z~
~
Dlsg['WbPC"~ !"#$%&'()*+,./0123456789:;<=>+ #Gain on extinguishment of debt, net~
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!!!~
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"0#(INCOME BEFORE GAIN (LOSS) ON DISPOSITION~
#.c##~
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# F##~
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%&%%~
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NET INCOME~
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2COMPREHENSIVE INCOME:22222 22
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444~
4Ψ44~
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#Washington Prime Group Inc.10Q
07/27/2017
Cash Flows
)
!For the Six Months Ended June 30,~
~
%CASH FLOWS FROM OPERATING ACTIVITIES:
Net income~
~
JX
.&Adjustments to reconcile net income to2*net cash provided by operating activities:0(Depreciation and amortization, including~
R~
2*fair value rent, fair value debt, deferred5financing costs and equitybased compensation+#Gain on extinguishment of debt, net~
n~
/'(Gain) loss on disposition of interests~
S~
#)!in properties and outparcels, netImpairment loss~
#Provision for credit losses~
r6~
&.&Loss from unconsolidated entities, net~
~
3+Distributions of income from unconsolidated~
~
entities*"Changes in assets and liabilities:/'Tenant receivables and accrued revenue,~
)~
\net'Deferred costs and other assets~
~
Ff4,Accounts payable, accrued expenses, deferred~
~
D
lyma?Qn_,C !"#$%&'()*+,./0123456789:;<=>?& revenues and other liabilities1!)Net cash provided by operating activities~
!"q !!~
!!"%CASH FLOWS FROM INVESTING ACTIVITIES:""""!#Capital expenditures, net~
#&##~
##3$+Restricted cash reserves for future capital~
$z$$~
$"$%expenditures, net2&*Net proceeds from disposition of interests~
&r&&~
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(((~
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)
z))~
))*entities0+(Net cash provided by (used in) investing~
+ ++~
+}+,
activities%CASH FLOWS FROM FINANCING ACTIVITIES:0.(Distributions to noncontrolling interest~
... ../holders in properties+0#Redemption of limited partner units~
000~
00,1$Change in lenderrequired restricted 111~
11'2cash reserves on mortgage loans43,Net proceeds from issuance of common shares,~
3633~
3b3$4including common stock plans5%Purchase of redeemable noncontrolling~
5J55 556interest7%Distributions on common and preferred~
777~
778shares/units:92Proceeds from issuance of debt, net of transaction~
9y99~
9L9
:costs;Repayments of debt~
;9;;~
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Mortgage Debt!Condensed Notes to Unaudite (1)!Condensed Notes to Unaudite (2)Unsecured DebtFair Value of Debt!Condensed Notes to Unaudite (3)!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)Fair Value ConsiderationsFair Value Considerations (1)!Share Award Related Compensatio!Transactions with Simon Propert!Condensed Notes to Unaudite (6)!WPG LP Earnings Per Common Unit30Portfolio DataMortgage Debt (1)Mortgage Debt (2)Mortgage Debt (3)35Unsecured DebtSummary of Financing37Contractual Obligations37Contractual Obligations (1)!Share Award Related Compens (1)42Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)U }$4}($
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)))
)))))))))))))))))))#Washington Prime Group Inc.10Q
07/27/20172*Unaudited Consolidated Statement of Equity
! " # $ % & ' (
Preferred Series H
Preferred Series I
Common
Capital in
Accumulated Deficit
.
&Accumulated Other Comprehensive Income
Total
Non
!
"Total
%,
&$Redeemable NonControlling Interests
Stock
Excess of
Stockholders'Controlling!"Equity
Par ValueEquity Interests"
Balance, December 31, 2016
~
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Mortgage Debt!Condensed Notes to Unaudite (1)!Condensed Notes to Unaudite (2)Unsecured DebtFair Value of Debt!Condensed Notes to Unaudite (3)!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)Fair Value ConsiderationsFair Value Considerations (1)!Share Award Related Compensatio!Transactions with Simon Propert!Condensed Notes to Unaudite (6)!WPG LP Earnings Per Common Unit30Portfolio DataMortgage Debt (1)Mortgage Debt (2)Mortgage Debt (3)35Unsecured DebtSummary of Financing37Contractual Obligations37Contractual Obligations (1)!Share Award Related Compens (1)42Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)U }:}$
9
#Washington Prime Group Inc.10Q
07/27/2017
Balance Sheet
June 30, 2017
December 31, 2016ASSETS:%Investment properties at cost~
Nf~
1&
Less: accumulated depreciation
~
Z
~
2
~
ba~
b!Cash and cash equivalents~
^~
f/'Tenant receivables and accrued revenue,~
~~
net( Real estate assets heldforsale ~
J4,Investment in and advances to unconsolidated~
n~
2entities, at equity'Deferred costs and other assets~
7
~
DTotal assets~
~
*7LIABILITIES:Mortgage notes payable~
ڄV~
b
Notes payable~
#~
VUnsecured term loans~
V{Q~
sQ!Revolving credit facility ~
֯80Accounts payable, accrued expenses, intangibles,~
f~
and deferred revenuesDistributions payable~
.~
.7/Cash distributions and losses in unconsolidated~
~
Dlvj^Uj"h'~ ! " # $ % & ' ( ) * + ,  . / 0 1 2 3 4 5 6 7 8 entities, at equity!Total liabilities!~
!!!~
!.!+"#Redeemable noncontrolling interests"~
"3""~
""#EQUITY:####$Partners' Equity:$$$$%General partner%%%%0&(Preferred equity, 7,800,000 units issued&~
&B]&&~
&B]&8'0and outstanding as of June 30, 2017 and December(31, 20162)*Common equity, 185,764,506 and 185,427,411)~
)9))~
)_6)/*'units issued and outstanding as of June4+,30, 2017 and December 31, 2016, respectively&,Total general partners' equity,~
,8F,,~
,B,3+Limited partners, 34,811,858 and 35,127,735~
6
~
"E
/.'units issued and outstanding as of June4/,30, 2017 and December 31, 2016, respectively0Total partners' equity0~
0P00~
0.M0 1Noncontrolling interests1~
111~
1B12Total equity2~
2Q22~
2nM243,Total liabilities, redeemable noncontrolling3~
333~
3*734interests and equity5$6____________________________17)Created by Morningstar Document Research.08(http://documentresearch.morningstar.com/6v xm"fRel9#;=PF0*8X>
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D
#Washington Prime Group Inc.10Q
07/27/2017Income Statement
+
#For the Three Months Ended June 30,
)
!For the Six Months Ended June 30,~
~
~
~
REVENUE:
Minimum rent~
f
~
&
~
D
~
*[
Overage rent~
N~
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07/27/2017RJCondensed Notes to Unaudited Consolidated Financial Statements (Continued)
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07/27/2017
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07/27/2017RJCondensed Notes to Unaudited Consolidated Financial Statements (Continued) $
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07/27/2017RJCondensed Notes to Unaudited Consolidated Financial Statements (Continued)
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07/27/2017RJCondensed Notes to Unaudited Consolidated Financial Statements (Continued)
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#Washington Prime Group Inc.10Q
07/27/2017#NonGAAP Financial Measures
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#Washington Prime Group Inc.10Q
07/27/2017#NonGAAP Financial Measures
+
#For the Three Months Ended June 30,
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!For the Six Months Ended June 30,~
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