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Balance SheetUUIncome Statementr
Cash Flows&vUnaudited Consolidated StatemenBalance Sheet (1)Income Statement (1)Cash Flows (1)&Unaudited Consolidated Stat (1)`4Balance Sheet (2)FIncome Statement (2)QBalance Sheet (3)&`Condensed Notes to Unaudited ColRevenue&Condensed Notes to Unaudite (1)&nCondensed Notes to Unaudite (2)ԟ
Mortgage Debt!Mortgage Debt (1)&5Condensed Notes to Unaudite (3)WFair Value of Debt&Cash Flow Hedges of Interest Ra&Condensed Notes to Unaudite (4)&GCondensed Notes to Unaudite (5)&Condensed Notes to Unaudite (6)&Condensed Notes to Unaudite (7)&Condensed Notes to Unaudite (8)&*%WPG Inc Earnings Per Common Sha&8Condensed Notes to Unaudite (9)DGPortfolio DataFRMortgage Debt (2)^Mortgage Debt (3)i33Unsecured Debt}35Summary of FinancingContractual Obligations"Contractual Obligations (1)&37Annual LongTerm Incentive Awa<40Capital Expenditures!NonGAAP Financial Measures%NonGAAP Financial Measures (1)45Item 6 Exhibits
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Balance SheetIncome Statement
Cash Flows!Unaudited Consolidated StatemenBalance Sheet (1)Income Statement (1)Cash Flows (1)!Unaudited Consolidated Stat (1)Balance Sheet (2)Income Statement (2)Balance Sheet (3)!Condensed Notes to Unaudited Co Revenue!Condensed Notes to Unaudite (1)!Condensed Notes to Unaudite (2)
Mortgage DebtMortgage Debt (1)!Condensed Notes to Unaudite (3)Fair Value of Debt!Cash Flow Hedges of Interest Ra!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)!Condensed Notes to Unaudite (6)!Condensed Notes to Unaudite (7)!Condensed Notes to Unaudite (8)!WPG Inc Earnings Per Common Sha!Condensed Notes to Unaudite (9)Portfolio DataMortgage Debt (2)Mortgage Debt (3)33Unsecured Debt35Summary of FinancingContractual ObligationsContractual Obligations (1)!37Annual LongTerm Incentive Awa40Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)45Item 6 ExhibitsU }2}$ }7
#Washington Prime Group Inc.10Q
04/26/2018"Indiana (Both Registrants) 1
)Washington Prime Group Inc. (Check One) :
6
.Large accelerated filer x Acceleratedfiler o6.Nonaccelerated filer o Smaller reporting
company o!Emerging growth company o5(Do not check if a smaller reporting company)2*Washington Prime Group, L.P. (Check One) :6.Large accelerated filer o Acceleratedfiler o6.Nonaccelerated filer x Smaller reporting company o!Emerging growth company o5(Do not check if a smaller reporting company)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<7ui]Q5zV]0b=PF0*8X>
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Cash Flows!Unaudited Consolidated StatemenBalance Sheet (1)Income Statement (1)Cash Flows (1)!Unaudited Consolidated Stat (1)Balance Sheet (2)Income Statement (2)Balance Sheet (3)!Condensed Notes to Unaudited Co Revenue!Condensed Notes to Unaudite (1)!Condensed Notes to Unaudite (2)
Mortgage DebtMortgage Debt (1)!Condensed Notes to Unaudite (3)Fair Value of Debt!Cash Flow Hedges of Interest Ra!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)!Condensed Notes to Unaudite (6)!Condensed Notes to Unaudite (7)!Condensed Notes to Unaudite (8)!WPG Inc Earnings Per Common Sha!Condensed Notes to Unaudite (9)Portfolio DataMortgage Debt (2)Mortgage Debt (3)33Unsecured Debt35Summary of FinancingContractual ObligationsContractual Obligations (1)!37Annual LongTerm Incentive Awa40Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)45Item 6 ExhibitsU }y
}:}
R
#Washington Prime Group Inc.10Q
04/26/2018
INDEX
PART I:
FINANCIAL INFORMATION
PAGEItem 1.5Consolidated Financial Statements (unaudited)
1)Financial Statements for Washington PrimeGroup Inc.:/'Consolidated Balance Sheets as of March~
&31, 2018 and December 31, 2017%Consolidated Statements of Operations~
.&and Comprehensive Income for the three,$months ended March 31, 2018 and 2017%Consolidated Statements of Cash Flows~
1)for the three months ended March 31, 2018and 20170(Consolidated Statement of Equity for the~
)!three months ended March 31, 20181)Financial Statements for Washington PrimeDl~rfB^}G#^:j !"#$%&'()*+,./0123456789:;<=>? Group, L.P.:!!!"/"'Consolidated Balance Sheets as of March~
""#, 2018 and December 31, 2017$$$%%%Consolidated Statements of Operations~
%&&.&&and Comprehensive Income for the three','$months ended March 31, 2018 and 2017((())%Consolidated Statements of Cash Flows~
)**1*)for the three months ended March 31, 2018++and 2017,,,0(Consolidated Statement of Equity for the~
..).!three months ended March 31, 2018///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, lk5L(X
^<[uQ@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)Balance Sheet (2)Income Statement (2)Balance Sheet (3)!Condensed Notes to Unaudited Co Revenue!Condensed Notes to Unaudite (1)!Condensed Notes to Unaudite (2)
Mortgage DebtMortgage Debt (1)!Condensed Notes to Unaudite (3)Fair Value of Debt!Cash Flow Hedges of Interest Ra!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)!Condensed Notes to Unaudite (6)!Condensed Notes to Unaudite (7)!Condensed Notes to Unaudite (8)!WPG Inc Earnings Per Common Sha!Condensed Notes to Unaudite (9)Portfolio DataMortgage Debt (2)Mortgage Debt (3)33Unsecured Debt35Summary of FinancingContractual ObligationsContractual Obligations (1)!37Annual LongTerm Incentive Awa40Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)45Item 6 ExhibitsU }:}$
=
#Washington Prime Group Inc.10Q
04/26/2018
Balance Sheet
March 31, 2018
December 31, 2017ASSETS:%Investment properties at cost~
=c~
Bzb&
Less: accumulated depreciation
~
/
~
~
v~
!Cash and cash equivalents~
~
,/'Tenant receivables and accrued revenue,~
I~
*net4,Investment in and advances to unconsolidated~
~
entities, at equity'Deferred costs and other assets~
~
Total assets~
~
>LIABILITIES:Mortgage notes payable~
A~
jF
Notes payable~
;~
;Unsecured term loans~
v)~
%!Revolving credit facility~
N~
rm 80Accounts payable, accrued expenses, intangibles,~
3~
,and deferred revenuesDistributions payable~
.~
.7/Cash distributions and losses in unconsolidated~
~
entities, at equityDlvj^Ti!oLy
! " # $ % & ' ( ) * + ,  . / 0 1 2 3 4 5 6 7 8 9 : ; < Total liabilities ~
v ~
r' +!#Redeemable noncontrolling interests!~
!3!!~
!3!"EQUITY:""""#Stockholders' Equity:####0$(Series H Cumulative Redeemable Preferred$~
$\$$~
$\$2%*Stock, $0.0001 par value, 4,000,000 shares3&+issued and outstanding as of March 31, 2018'and December 31, 20170((Series I Cumulative Redeemable Preferred(~
(V((~
(V(2)*Stock, $0.0001 par value, 3,800,000 shares3*+issued and outstanding as of March 31, 2018+and December 31, 20174,,Common stock, $0.0001 par value, 350,000,000,~
,N,,~
,N,shares authorized;..&185,990,500 and 185,791,421 issued and5/outstanding as of March 31, 2018 and December031, 2017, respectively&1Capital in excess of par value1~
1K11~
1K12Accumulated deficit2~
222~
22.3&Accumulated other comprehensive income3~
333~
3"l3"4Total stockholders' equity4~
4A44~
42C4 5Noncontrolling interests5~
5V 55~
5<
56Total equity6~
6FK66~
6VM647,Total liabilities, redeemable noncontrolling7~
7
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Mortgage DebtMortgage Debt (1)!Condensed Notes to Unaudite (3)Fair Value of Debt!Cash Flow Hedges of Interest Ra!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)!Condensed Notes to Unaudite (6)!Condensed Notes to Unaudite (7)!Condensed Notes to Unaudite (8)!WPG Inc Earnings Per Common Sha!Condensed Notes to Unaudite (9)Portfolio DataMortgage Debt (2)Mortgage Debt (3)33Unsecured Debt35Summary of FinancingContractual ObligationsContractual Obligations (1)!37Annual LongTerm Incentive Awa40Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)45Item 6 ExhibitsU }8}$
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#Washington Prime Group Inc.10Q
04/26/2018Income Statement
,
$For the Three Months Ended March 31,~
~
REVENUE:
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~
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Overage rent~
z~
B,Tenant reimbursements~
~
ZwOther income~
c~
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jZ EXPENSES:Property operating~
:8~
E%Depreciation and amortization~
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Real estate taxes~
fX~
^!Advertising and promotion~
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!#Provision for credit losses~
J4~
"General and administrative~
ږ~
Ground rent~
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Impairment loss ~
Total operating expenses~
68~
~T OPERATING INCOME~
~
Interest expense, net~
b~
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n~
Z3+Income (loss) from unconsolidated entities,~
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D*lsg[SBW3gP/ !"#$%&'()*+,./0123456789: net6!.INCOME BEFORE GAIN ON DISPOSITION OF INTERESTS~
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!!"IN PROPERTIES, NET7#/Gain on disposition of interests in properties,~
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/f;//~
//50Unrealized income on interest rate derivative~
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Mortgage DebtMortgage Debt (1)!Condensed Notes to Unaudite (3)Fair Value of Debt!Cash Flow Hedges of Interest Ra!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)!Condensed Notes to Unaudite (6)!Condensed Notes to Unaudite (7)!Condensed Notes to Unaudite (8)!WPG Inc Earnings Per Common Sha!Condensed Notes to Unaudite (9)Portfolio DataMortgage Debt (2)Mortgage Debt (3)33Unsecured Debt35Summary of FinancingContractual ObligationsContractual Obligations (1)!37Annual LongTerm Incentive Awa40Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)45Item 6 ExhibitsU }y<}$
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#Washington Prime Group Inc.10Q
04/26/2018
Cash Flows
,
$For the Three Months Ended March 31,~
~
%CASH FLOWS FROM OPERATING ACTIVITIES:
Net income~
f;
~
.&Adjustments to reconcile net income to2*net cash provided by operating activities:0(Depreciation and amortization, including~
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and outparcels, netImpairment loss ~
#Provision for credit losses~
J4~
3+(Income) loss from unconsolidated entities,~
~
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u4,Accounts payable, accrued expenses, deferred~
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n!"%CASH FLOWS FROM INVESTING ACTIVITIES:""""!#Capital expenditures, net~
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,,,~
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... ..4/,Net proceeds from issuance of common shares, ///~
//$0including common stock plans1%Purchase of redeemable noncontrolling 111~
1J12interest3%Distributions on common and preferred~
3c33~
3e34shares/units:52Proceeds from issuance of debt, net of transaction~
5655~
55
6costs7Repayments of debt~
7w77~
7F78%Net cash used in financing activities~
888~
8809(NET CHANGE IN CASH, CASH EQUIVALENTS AND~
9zA99~
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Mortgage DebtMortgage Debt (1)!Condensed Notes to Unaudite (3)Fair Value of Debt!Cash Flow Hedges of Interest Ra!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)!Condensed Notes to Unaudite (6)!Condensed Notes to Unaudite (7)!Condensed Notes to Unaudite (8)!WPG Inc Earnings Per Common Sha!Condensed Notes to Unaudite (9)Portfolio DataMortgage Debt (2)Mortgage Debt (3)33Unsecured Debt35Summary of FinancingContractual ObligationsContractual Obligations (1)!37Annual LongTerm Incentive Awa40Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)45Item 6 ExhibitsU }2}($
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))))))))))))))))))#Washington Prime Group Inc.10Q
04/26/20182*Unaudited Consolidated Statement of Equity
! " # $ % & ' (
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Capital in
Accumulated Deficit
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Total
Non
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Mortgage DebtMortgage Debt (1)!Condensed Notes to Unaudite (3)Fair Value of Debt!Cash Flow Hedges of Interest Ra!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)!Condensed Notes to Unaudite (6)!Condensed Notes to Unaudite (7)!Condensed Notes to Unaudite (8)!WPG Inc Earnings Per Common Sha!Condensed Notes to Unaudite (9)Portfolio DataMortgage Debt (2)Mortgage Debt (3)33Unsecured Debt35Summary of FinancingContractual ObligationsContractual Obligations (1)!37Annual LongTerm Incentive Awa40Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)45Item 6 ExhibitsU }:}$
8
#Washington Prime Group Inc.10Q
04/26/2018
Balance Sheet
March 31, 2018
December 31, 2017ASSETS:%Investment properties at cost~
=c~
Bzb&
Less: accumulated depreciation
~
/
~
~
v~
!Cash and cash equivalents~
~
,/'Tenant receivables and accrued revenue,~
I~
*net4,Investment in and advances to unconsolidated~
~
entities, at equity'Deferred costs and other assets~
~
Total assets~
~
>LIABILITIES:Mortgage notes payable~
A~
jF
Notes payable~
;~
;Unsecured term loans~
v)~
%!Revolving credit facility~
N~
rm 80Accounts payable, accrued expenses, intangibles,~
3~
,and deferred revenuesDistributions payable~
.~
.7/Cash distributions and losses in unconsolidated~
~
entities, at equityDlvj^Ti!oLy
! " # $ % & ' ( ) * + ,  . / 0 1 2 3 4 5 6 7 Total liabilities ~
v ~
r' +!#Redeemable noncontrolling interests!~
!3!!~
!3!"EQUITY:""""#Partners' Equity:####$General partner$$$$0%(Preferred equity, 7,800,000 units issued%~
%B]%%~
%B]%0&(and outstanding as of March 31, 2018 and'December 31, 20172(*Common equity, 185,990,500 and 185,791,421(~
(=5((~
(6(0)(units issued and outstanding as of March4*,31, 2018 and December 31, 2017, respectively&+Total general partners' equity+~
+A++~
+2C+3,+Limited partners, 34,758,387 and 34,760,026,~
, ,,~
,,
,0(units issued and outstanding as of March4.,31, 2018 and December 31, 2017, respectively/Total partners' equity/~
/wK//~
/BFM/ 0Noncontrolling interests0~
0v00~
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1FK11~
1VM142,Total liabilities, redeemable noncontrolling2~
2
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Mortgage DebtMortgage Debt (1)!Condensed Notes to Unaudite (3)Fair Value of Debt!Cash Flow Hedges of Interest Ra!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)!Condensed Notes to Unaudite (6)!Condensed Notes to Unaudite (7)!Condensed Notes to Unaudite (8)!WPG Inc Earnings Per Common Sha!Condensed Notes to Unaudite (9)Portfolio DataMortgage Debt (2)Mortgage Debt (3)33Unsecured Debt35Summary of FinancingContractual ObligationsContractual Obligations (1)!37Annual LongTerm Incentive Awa40Capital ExpendituresNonGAAP Financial Measures NonGAAP Financial Measures (1)45Item 6 ExhibitsU }8}$
:
#Washington Prime Group Inc.10Q
04/26/2018Income Statement
,
$For the Three Months Ended March 31,~
~
REVENUE:
Minimum rent~
.
~
r^
Overage rent~
z~
B,Tenant reimbursements~
~
ZwOther income~
c~
bXTotal revenues~
~
jZ EXPENSES:Property operating~
:8~
E%Depreciation and amortization~
~
Real estate taxes~
fX~
^!Advertising and promotion~
~
!#Provision for credit losses~
J4~
"General and administrative~
ږ~
Ground rent~
~
Impairment loss ~
Total operating expenses~
68~
~T OPERATING INCOME~
~
Interest expense, net~
b~
bIncome and other taxes~
n~
Z3+Income (loss) from unconsolidated entities,~
*~
D*lsg[SBW3gP/ !"#$%&'()*+,./0123456789 net6!.INCOME BEFORE GAIN ON DISPOSITION OF INTERESTS~
!!!~
!!"IN PROPERTIES, NET7#/Gain on disposition of interests in properties,~
###~
##$net.%&NET INCOME ATTRIBUTABLE TO UNITHOLDERS~
%f;%%~
%%*&"Less: Preferred unit distributions~
&B&&~
&B&5'NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS~
'''~
'¬'((((6).NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS:)))*General partner~
***~
*Z*+Limited partners~
+(++~
+j+5,Net income attributable to common unitholders~
,,,~
,¬,1.)EARNINGS PER COMMON UNIT, BASIC & DILUTED.Q?...?.////0COMPREHENSIVE INCOME:0001
Net income~
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04/26/2018
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04/26/2018Income Statement
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04/26/2018
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04/26/2018Revenue
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04/26/2018
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04/26/2018RJCondensed Notes to Unaudited Consolidated Financial Statements (Continued)
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04/26/2018+#37Annual LongTerm Incentive Awards
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&2018 Annual LongTerm Incentive Awards
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&2017 Annual LongTerm Incentive Awards
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Mortgage DebtMortgage Debt (1)!Condensed Notes to Unaudite (3)Fair Value of Debt!Cash Flow Hedges of Interest Ra!Condensed Notes to Unaudite (4)!Condensed Notes to Unaudite (5)!Condensed Notes to Unaudite (6)!Condensed Notes to Unaudite (7)!Condensed Notes to Unaudite (8)!WPG Inc Earnings Per Common Sha!Condensed Notes to Unaudite (9)Portfolio DataMortgage Debt (2)Mortgage Debt (3)33Unsecured Debt35Summary of FinancingContractual ObligationsContractual Obligations (1)!37Annual LongTerm Incentive AwaNonGAAP Financial Measures NonGAAP Financial Measures (1)45Item 6 ExhibitsU }'}$
#Washington Prime Group Inc.10Q
04/26/201840Capital Expenditures
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04/26/2018#NonGAAP Financial Measures
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04/26/2018#NonGAAP Financial Measures
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#Washington Prime Group Inc.10Q
04/26/201845Item 6. Exhibits
Exhibit
ExhibitNumberDescriptions333333$@%Amended and Restated Revolving Credit
1
)and Term Loan Agreement dated January 22,/'2018 (incorporated by reference to Form'8K filed on January 22, 2018).
31.1*4,Certification by the Chief Executive Officer,$pursuant to rule 13a14(a)/15d14(a)/'of the Securities Exchange Act of 1934,1)as adopted pursuant to Section 302 of the1)SarbanesOxley Act of 2002 for WashingtonPrime Group Inc.
31.2*4,Certification by the Chief Financial Officer,$pursuant to rule 13a14(a)/15d14(a)/'of the Securities Exchange Act of 1934,1)as adopted pursuant to Section 302 of the1)SarbanesOxley Act of 2002 for WashingtonPrime Group Inc.
31.3*4,Certification by the Chief Executive Officer,$pursuant to rule 13a14(a)/15d14(a)/'of the Securities Exchange Act of 1934,1)as adopted pursuant to Section 302 of theDjl}qeYAm.r3@C !"#$%&'()*+,./0123456789:;<=>? 1 )SarbanesOxley Act of 2002 for Washington!!Prime Group, L.P.
"31.4*4",Certification by the Chief Financial Officer#,#$pursuant to rule 13a14(a)/15d14(a)$/$'of the Securities Exchange Act of 1934,%1%)as adopted pursuant to Section 302 of the&1&)SarbanesOxley Act of 2002 for Washington''Prime Group, L.P.
(32.1*4(,Certification by the Chief Executive Officer)/)'and Chief Financial Officer pursuant to*3*+18 U.S.C. Section 1350, as adopted pursuant+0+(to Section 906 of the SarbanesOxley Act,/,'of 2002 for Washington Prime Group Inc.
32.2*4,Certification by the Chief Executive Officer./.'and Chief Financial Officer pursuant to/3/+18 U.S.C. Section 1350, as adopted pursuant000(to Section 906 of the SarbanesOxley Act101(of 2002 for Washington Prime Group, L.P.2101.INS*2XBRL Instance Document3101.SCH*/3'XBRL Taxonomy Extension Schema Document4101.CAL*44,XBRL Taxonomy Extension Calculation Linkbase55Document6101.LAB*.6&XBRL Taxonomy Extension Label Linkbase77Document8101.PRE*,8$XBRL Taxonomy Extension Presentation99Linkbase Document:101.DEF*3:+XBRL Taxonomy Extension Definition Linkbase;;Document<=$>____________________________1?)Created by Morningstar Document Research.D lMP'\U\cCk_S@0@(http://documentresearch.morningstar.com/H=PF0*8X>
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