Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 26, 2017 | |
Document Information [Line Items] | ||
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Registrant Name | WASHINGTON PRIME GROUP INC. | |
Entity Central Index Key | 1,594,686 | |
Trading Symbol | wpg | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 185,764,506 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Washington Prime Group, L.P. [Member] | ||
Document Information [Line Items] | ||
Entity Registrant Name | Washington Prime Group, L.P. | |
Entity Central Index Key | 1,610,911 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS: | ||
Investment properties at cost | $ 5,870,510 | $ 6,294,628 |
Less: accumulated depreciation | 2,095,958 | 2,122,572 |
3,774,552 | 4,172,056 | |
Cash and cash equivalents | 76,759 | 59,353 |
Tenant receivables and accrued revenue, net | 92,767 | 99,967 |
Real estate assets held-for-sale | 0 | 50,642 |
Investment in and advances to unconsolidated entities, at equity | 458,203 | 458,892 |
Deferred costs and other assets | 216,519 | 266,556 |
Total assets | 4,618,800 | 5,107,466 |
LIABILITIES: | ||
Mortgage notes payable | 1,417,526 | 1,618,080 |
Notes payable | 248,000 | 247,637 |
Unsecured term loans | 1,334,997 | 1,334,522 |
Revolving credit facility | 0 | 306,165 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 268,673 | 309,178 |
Distributions payable | 2,992 | 2,992 |
Cash distributions and losses in unconsolidated entities, at equity | 15,421 | 15,421 |
Total liabilities | 3,287,609 | 3,833,995 |
Redeemable noncontrolling interests | 3,265 | 10,660 |
EQUITY: | ||
Common stock, $0.0001 par value, 350,000,000 shares authorized; 185,764,506 issued and outstanding as of June 30, 2017 and 300,000,000 shares authorized; 185,427,411 issued and outstanding as of December 31, 2016 | 19 | 19 |
Capital in excess of par value | 1,238,070 | 1,232,638 |
Accumulated deficit | (295,310) | (346,706) |
Accumulated other comprehensive income | 5,157 | 4,916 |
Total stockholders' equity | 1,150,512 | 1,093,443 |
Noncontrolling interests | 177,414 | 169,368 |
Total equity | 1,327,926 | 1,262,811 |
Total liabilities, redeemable noncontrolling interests and equity | 4,618,800 | 5,107,466 |
Series H Preferred Stock [Member] | ||
EQUITY: | ||
Cumulative redeemable preferred stock | 104,251 | 104,251 |
Series I Preferred Stock [Member] | ||
EQUITY: | ||
Cumulative redeemable preferred stock | 98,325 | 98,325 |
Washington Prime Group, L.P. [Member] | ||
ASSETS: | ||
Investment properties at cost | 5,870,510 | 6,294,628 |
Less: accumulated depreciation | 2,095,958 | 2,122,572 |
3,774,552 | 4,172,056 | |
Cash and cash equivalents | 76,759 | 59,353 |
Tenant receivables and accrued revenue, net | 92,767 | 99,967 |
Real estate assets held-for-sale | 0 | 50,642 |
Investment in and advances to unconsolidated entities, at equity | 458,203 | 458,892 |
Deferred costs and other assets | 216,519 | 266,556 |
Total assets | 4,618,800 | 5,107,466 |
LIABILITIES: | ||
Mortgage notes payable | 1,417,526 | 1,618,080 |
Notes payable | 248,000 | 247,637 |
Unsecured term loans | 1,334,997 | 1,334,522 |
Revolving credit facility | 0 | 306,165 |
Accounts payable, accrued expenses, intangibles, and deferred revenues | 268,673 | 309,178 |
Distributions payable | 2,992 | 2,992 |
Cash distributions and losses in unconsolidated entities, at equity | 15,421 | 15,421 |
Total liabilities | 3,287,609 | 3,833,995 |
Redeemable noncontrolling interests | 3,265 | 10,660 |
EQUITY: | ||
Total equity | 1,327,926 | 1,262,811 |
Total general partners' equity | 1,150,512 | 1,093,443 |
Limited partners, 34,811,858 and 35,127,735 units issued and outstanding as of June 30, 2017 and December 31, 2016, respectively | 176,333 | 168,264 |
Total partners' equity | 1,326,845 | 1,261,707 |
Noncontrolling interests | 1,081 | 1,104 |
Total equity | 1,327,926 | 1,262,811 |
Total liabilities, redeemable noncontrolling interests and equity | 4,618,800 | 5,107,466 |
Washington Prime Group, L.P. [Member] | General Partner Preferred Equity [Member] | ||
EQUITY: | ||
Total general partners' equity | 202,576 | 202,576 |
Washington Prime Group, L.P. [Member] | General Partner Common Equity [Member] | ||
EQUITY: | ||
Total general partners' equity | $ 947,936 | $ 890,867 |
Unaudited Consolidated Balance3
Unaudited Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 350,000,000 | 300,000,000 |
Common stock, issued (in shares) | 185,764,506 | 185,427,411 |
Common stock, outstanding (in shares) | 185,764,506 | 185,427,411 |
Washington Prime Group, L.P. [Member] | ||
Limited partners, units issued (in shares) | 34,811,858 | 35,127,735 |
Limited partners, units outstanding (in shares) | 34,811,858 | 35,127,735 |
Washington Prime Group, L.P. [Member] | General Partner Preferred Equity [Member] | ||
General partners' equity units outstanding (in shares) | 7,800,000 | 7,800,000 |
General partners' equity units issued (in shares) | 7,800,000 | 7,800,000 |
Washington Prime Group, L.P. [Member] | General Partner Common Equity [Member] | ||
General partners' equity units outstanding (in shares) | 185,764,506 | 185,427,411 |
General partners' equity units issued (in shares) | 185,764,506 | 185,427,411 |
Series H Preferred Stock [Member] | ||
Preferred Shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Shares, shares issued (in shares) | 4,000,000 | 4,000,000 |
Preferred Shares, shares outstanding (in shares) | 4,000,000 | 4,000,000 |
Series I Preferred Stock [Member] | ||
Preferred Shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Shares, shares issued (in shares) | 3,800,000 | 3,800,000 |
Preferred Shares, shares outstanding (in shares) | 3,800,000 | 3,800,000 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
REVENUE: | ||||
Minimum rent | $ 129,433 | $ 141,257 | $ 266,549 | $ 284,362 |
Overage rent | 1,299 | 1,911 | 4,131 | 5,368 |
Tenant reimbursements | 52,121 | 59,410 | 108,911 | 117,366 |
Other income | 6,318 | 3,160 | 11,974 | 8,673 |
Total revenues | 189,171 | 205,738 | 391,565 | 415,769 |
EXPENSES: | ||||
Property operating | 35,164 | 39,525 | 72,408 | 83,459 |
Depreciation and amortization | 66,620 | 69,232 | 134,131 | 140,635 |
Real estate taxes | 23,253 | 26,397 | 49,260 | 50,888 |
Advertising and promotion | 2,275 | 2,597 | 4,427 | 4,829 |
Provision for credit losses | 1,903 | 1,763 | 3,484 | 2,495 |
General and administrative | 9,091 | 9,432 | 17,919 | 20,236 |
Merger, restructuring and transaction costs | 0 | 29,914 | 0 | 29,914 |
Ground rent | 996 | 1,043 | 2,027 | 2,100 |
Impairment loss | 0 | 0 | 8,509 | 0 |
Total operating expenses | 139,302 | 179,903 | 292,165 | 334,556 |
OPERATING INCOME | 49,869 | 25,835 | 99,400 | 81,213 |
Interest expense, net | (31,281) | (34,466) | (63,769) | (71,814) |
Gain on extinguishment of debt, net | 21,221 | 34,078 | 21,221 | 34,078 |
Income and other taxes | (522) | (114) | (2,548) | (1,093) |
Loss from unconsolidated entities, net | (172) | (508) | (616) | (1,669) |
INCOME BEFORE GAIN (LOSS) ON DISPOSITION OF INTERESTS IN PROPERTIES, NET | 39,115 | 24,825 | 53,688 | 40,715 |
Gain (loss) on disposition of interests in properties, net | 125,385 | (88) | 125,436 | (2,297) |
NET INCOME | 164,500 | 24,737 | 179,124 | 38,418 |
Net income (loss) attributable to noncontrolling interests | 25,525 | 3,422 | 27,339 | 5,081 |
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS | 25,465 | 3,370 | 27,219 | 4,975 |
Net income attributable to common unitholders | 25,465 | 3,370 | 27,219 | 4,975 |
NET INCOME ATTRIBUTABLE TO THE COMPANY | 138,975 | 21,315 | 151,785 | 33,337 |
Less: Preferred share dividends | (3,508) | (3,508) | (7,016) | (7,016) |
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 135,467 | $ 17,807 | $ 144,769 | $ 26,321 |
EARNINGS PER COMMON SHARE, BASIC (in dollars per share) | $ 0.73 | $ 0.10 | $ 0.78 | $ 0.14 |
EARNINGS PER COMMON SHARE, DILUTED (in dollars per share) | $ 0.72 | $ 0.10 | $ 0.77 | $ 0.14 |
COMPREHENSIVE INCOME: | ||||
Net income | $ 164,500 | $ 24,737 | $ 179,124 | $ 38,418 |
Unrealized (loss) income on interest rate derivative instruments | (2,050) | (5,581) | 299 | (19,047) |
Comprehensive income | 162,450 | 19,156 | 179,423 | 19,371 |
Comprehensive income attributable to noncontrolling interests | 25,206 | 2,532 | 27,397 | 2,045 |
Comprehensive income attributable to common shareholders | 137,244 | 16,624 | 152,026 | 17,326 |
Washington Prime Group, L.P. [Member] | ||||
REVENUE: | ||||
Minimum rent | 129,433 | 141,257 | 266,549 | 284,362 |
Overage rent | 1,299 | 1,911 | 4,131 | 5,368 |
Tenant reimbursements | 52,121 | 59,410 | 108,911 | 117,366 |
Other income | 6,318 | 3,160 | 11,974 | 8,673 |
Total revenues | 189,171 | 205,738 | 391,565 | 415,769 |
EXPENSES: | ||||
Property operating | 35,164 | 39,525 | 72,408 | 83,459 |
Depreciation and amortization | 66,620 | 69,232 | 134,131 | 140,635 |
Real estate taxes | 23,253 | 26,397 | 49,260 | 50,888 |
Advertising and promotion | 2,275 | 2,597 | 4,427 | 4,829 |
Provision for credit losses | 1,903 | 1,763 | 3,484 | 2,495 |
General and administrative | 9,091 | 9,432 | 17,919 | 20,236 |
Merger, restructuring and transaction costs | 0 | 29,914 | 0 | 29,914 |
Ground rent | 996 | 1,043 | 2,027 | 2,100 |
Impairment loss | 0 | 0 | 8,509 | 0 |
Total operating expenses | 139,302 | 179,903 | 292,165 | 334,556 |
OPERATING INCOME | 49,869 | 25,835 | 99,400 | 81,213 |
Interest expense, net | (31,281) | (34,466) | (63,769) | (71,814) |
Gain on extinguishment of debt, net | 21,221 | 34,078 | 21,221 | 34,078 |
Income and other taxes | (522) | (114) | (2,548) | (1,093) |
Loss from unconsolidated entities, net | (172) | (508) | (616) | (1,669) |
INCOME BEFORE GAIN (LOSS) ON DISPOSITION OF INTERESTS IN PROPERTIES, NET | 39,115 | 24,825 | 53,688 | 40,715 |
Gain (loss) on disposition of interests in properties, net | 125,385 | (88) | 125,436 | (2,297) |
NET INCOME | 164,500 | 24,737 | 179,124 | 38,418 |
Net income (loss) attributable to noncontrolling interests | 0 | (8) | 0 | (14) |
NET INCOME ATTRIBUTABLE TO UNITHOLDERS | 164,500 | 24,745 | 179,124 | 38,432 |
Less: Preferred unit distributions | (3,568) | (3,568) | (7,136) | (7,136) |
NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS | 160,932 | 21,177 | 171,988 | 31,296 |
General partner | 135,467 | 17,807 | 144,769 | 26,321 |
Limited partners | 25,465 | 3,370 | 27,219 | 4,975 |
Net income attributable to common unitholders | $ 160,932 | $ 21,177 | $ 171,988 | $ 31,296 |
EARNINGS PER COMMON UNIT, BASIC (in dollars per share) | $ 0.73 | $ 0.10 | $ 0.78 | $ 0.14 |
EARNINGS PER COMMON UNIT, DILUTED (in dollars per share) | $ 0.72 | $ 0.10 | $ 0.77 | $ 0.14 |
COMPREHENSIVE INCOME: | ||||
Net income | $ 164,500 | $ 24,737 | $ 179,124 | $ 38,418 |
Unrealized (loss) income on interest rate derivative instruments | (2,050) | (5,581) | 299 | (19,047) |
Comprehensive income | 162,450 | 19,156 | 179,423 | 19,371 |
Comprehensive income attributable to noncontrolling interests | 0 | (8) | 0 | (14) |
Comprehensive income attributable to common shareholders | $ 162,450 | $ 19,164 | $ 179,423 | $ 19,385 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 179,124 | $ 38,418 |
Adjustments to reconcile net 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 | 132,884 | 148,475 |
Gain on extinguishment of debt, net | (21,221) | (34,078) |
(Gain) loss on disposition of interests in properties and outparcels, net | (125,710) | 2,297 |
Impairment loss | 8,509 | 0 |
Provision for credit losses | 3,484 | 2,495 |
Loss from unconsolidated entities, net | 616 | 1,669 |
Distributions of income from unconsolidated entities | 161 | 126 |
Changes in assets and liabilities: | ||
Tenant receivables and accrued revenue, net | 2,628 | 5,894 |
Deferred costs and other assets | (18,453) | (9,839) |
Accounts payable, accrued expenses, deferred revenues and other liabilities | (7,326) | (24,516) |
Net cash provided by operating activities | 154,696 | 130,941 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures, net | (70,967) | (70,975) |
Restricted cash reserves for future capital expenditures, net | (2,018) | (888) |
Net proceeds from disposition of interests in properties and outparcels | 209,180 | 13,420 |
Investments in unconsolidated entities | (36,747) | (7,492) |
Distributions of capital from unconsolidated entities | 56,962 | 24,815 |
Net cash provided by (used in) investing activities | 156,410 | (41,120) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Distributions to noncontrolling interest holders in properties | (23) | 0 |
Redemption of limited partner units | (12) | (5) |
Change in lender-required restricted cash reserves on mortgage loans | 0 | (1,863) |
Net proceeds from issuance of common shares, including common stock plans | 13 | 24 |
Purchase of redeemable noncontrolling interest | (6,830) | 0 |
Distributions on common and preferred shares/units | (118,073) | (117,471) |
Proceeds from issuance of debt, net of transaction costs | 368,199 | 119,591 |
Repayments of debt | (536,974) | (142,905) |
Net cash used in financing activities | (293,700) | (142,629) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 17,406 | (52,808) |
CASH AND CASH EQUIVALENTS, beginning of period | 59,353 | 116,253 |
CASH AND CASH EQUIVALENTS, end of period | 76,759 | 63,445 |
Washington Prime Group, L.P. [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | 179,124 | 38,418 |
Adjustments to reconcile net 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 | 132,884 | 148,475 |
Gain on extinguishment of debt, net | (21,221) | (34,078) |
(Gain) loss on disposition of interests in properties and outparcels, net | (125,710) | 2,297 |
Impairment loss | 8,509 | 0 |
Provision for credit losses | 3,484 | 2,495 |
Loss from unconsolidated entities, net | 616 | 1,669 |
Distributions of income from unconsolidated entities | 161 | 126 |
Changes in assets and liabilities: | ||
Tenant receivables and accrued revenue, net | 2,628 | 5,894 |
Deferred costs and other assets | (18,453) | (9,839) |
Accounts payable, accrued expenses, deferred revenues and other liabilities | (7,326) | (24,516) |
Net cash provided by operating activities | 154,696 | 130,941 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures, net | (70,967) | (70,975) |
Restricted cash reserves for future capital expenditures, net | (2,018) | (888) |
Net proceeds from disposition of interests in properties and outparcels | 209,180 | 13,420 |
Investments in unconsolidated entities | (36,747) | (7,492) |
Distributions of capital from unconsolidated entities | 56,962 | 24,815 |
Net cash provided by (used in) investing activities | 156,410 | (41,120) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Distributions to noncontrolling interest holders in properties | (23) | 0 |
Redemption of limited partner units | (12) | (5) |
Change in lender-required restricted cash reserves on mortgage loans | 0 | (1,863) |
Net proceeds from issuance of common units, including equity-based compensation plans | 13 | 24 |
Purchase of redeemable noncontrolling interest | (6,830) | 0 |
Distributions to unitholders, net | (118,073) | (117,471) |
Proceeds from issuance of debt, net of transaction costs | 368,199 | 119,591 |
Repayments of debt | (536,974) | (142,905) |
Net cash used in financing activities | (293,700) | (142,629) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 17,406 | (52,808) |
CASH AND CASH EQUIVALENTS, beginning of period | 59,353 | 116,253 |
CASH AND CASH EQUIVALENTS, end of period | $ 76,759 | $ 63,445 |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statement of Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Preferred Stock [Member]Series H Preferred Stock [Member] | Preferred Stock [Member]Series I Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Redeemable Noncontrolling Interests [Member] | Partners' Equity [Member]General Partner Preferred Equity [Member]Washington Prime Group, L.P. [Member] | Partners' Equity [Member]General Partner Common Equity [Member]Washington Prime Group, L.P. [Member] | Partners' Equity [Member]General Partner [Member]Washington Prime Group, L.P. [Member] | Partners' Equity [Member]Limited Partner [Member]Washington Prime Group, L.P. [Member] | Partners' Equity [Member]Washington Prime Group, L.P. [Member] | Noncontrolling Interests [Member]Washington Prime Group, L.P. [Member] | Redeemable Noncontrolling Interests [Member]Washington Prime Group, L.P. [Member] | Washington Prime Group, L.P. [Member] | Total |
Balance at Dec. 31, 2016 | $ 104,251 | $ 98,325 | $ 19 | $ 1,232,638 | $ (346,706) | $ 4,916 | $ 1,093,443 | $ 169,368 | $ 10,660 | $ 202,576 | $ 890,867 | $ 1,093,443 | $ 168,264 | $ 1,261,707 | $ 1,104 | $ 10,660 | $ 1,262,811 | $ 1,262,811 |
Exercise of stock options | 0 | 0 | 0 | 13 | 0 | 0 | 13 | 0 | 0 | 0 | 13 | 13 | 0 | 13 | 0 | 0 | 13 | 13 |
Redemption of limited partner units | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (12) | 0 | 0 | 0 | 0 | (12) | (12) | 0 | 0 | (12) | (12) |
Exchange of limited partner units | 0 | 0 | 0 | 2,463 | 0 | 0 | 2,463 | (2,463) | 0 | 0 | ||||||||
Limited partner units exchanged to common units | 0 | 2,463 | 2,463 | (2,463) | 0 | 0 | 0 | 0 | ||||||||||
Other | 0 | 0 | 0 | (73) | 0 | 0 | (73) | 0 | 0 | 0 | (73) | (73) | 0 | (73) | 0 | 0 | (73) | (73) |
Equity-based compensation | 0 | 0 | 0 | 2,631 | 0 | 0 | 2,631 | 664 | 0 | 0 | 2,631 | 2,631 | 664 | 3,295 | 0 | 0 | 3,295 | 3,295 |
Adjustments to noncontrolling interests | 0 | 0 | 0 | (167) | 0 | 0 | (167) | 167 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Adjustments to limited partners' interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (167) | (167) | 167 | 0 | 0 | 0 | 0 | 0 |
Purchase of redeemable noncontrolling interest | 0 | 0 | 0 | 565 | 0 | 0 | 565 | 0 | (7,395) | 0 | 565 | 565 | 0 | 565 | 0 | (7,395) | 565 | 565 |
Distributions on common shares/units ($0.50 per common share/unit) | 0 | 0 | 0 | 0 | (93,373) | 0 | (93,373) | (17,587) | 0 | 0 | (93,373) | (93,373) | (17,564) | (110,937) | (23) | 0 | (110,960) | (110,960) |
Distributions declared on preferred shares/units | 0 | 0 | 0 | 0 | (7,016) | 0 | (7,016) | 0 | 0 | (7,016) | 0 | (7,016) | 0 | (7,016) | 0 | (120) | (7,016) | (7,016) |
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 241 | 241 | 58 | 0 | 0 | 241 | 241 | 58 | 299 | 0 | 0 | 299 | 299 |
Net income | 0 | 0 | 0 | 0 | 151,785 | 0 | 151,785 | 27,219 | 0 | 7,016 | 144,769 | 151,785 | 27,219 | 179,004 | 0 | 120 | 179,004 | 179,004 |
Balance at Jun. 30, 2017 | $ 104,251 | $ 98,325 | $ 19 | $ 1,238,070 | $ (295,310) | $ 5,157 | $ 1,150,512 | $ 177,414 | $ 3,265 | $ 202,576 | $ 947,936 | $ 1,150,512 | $ 176,333 | $ 1,326,845 | $ 1,081 | $ 3,265 | $ 1,327,926 | $ 1,327,926 |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statement of Equity (Parentheticals) - Retained Earnings [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($)$ / shares | |
Distributions on common shares/units, per common share/unit (in dollars per share) | $ / shares | $ 0.50 |
Distributions made to preferred unitholders | $ | $ 120 |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization Washington Prime Group Inc. (“WPG Inc.”) is an Indiana corporation that operates as a fully integrated, self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, not not 100% June 30, 2017, 110 60 Unless the context otherwise requires, references to "WPG," the "Company," “we,” “us” or “our” refer to WPG Inc., WPG L.P. and entities in which WPG Inc. or WPG L.P. (or any affiliate) has a material ownership or financial interest, on a consolidated basis. We derive our revenues primarily from retail tenant leases, including fixed minimum rent leases, overage and percentage rent leases based on tenants’ sales volumes, offering property operating services to our tenants and others, including energy, waste handling and facility services, and reimbursements from tenants for certain recoverable expenditures such as property operating, real estate taxes, repair and maintenance, and advertising and promotional expenditures. We seek to enhance the performance of our properties and increase our revenues by, among other things, securing leases of anchor and inline tenant spaces, re-developing or renovating existing properties to increase the leasable square footage, and increasing the productivity of occupied locations through aesthetic upgrades, re-merchandising and/or changes to the retail use of the space. Leadership Transition 2016 On June 20, 2016, 1 2 3 4 July 2016, In connection with and as part of the aforementioned management changes, the Company recorded aggregate charges of $29.9 three six June 30, 2016, $25.8 $9.5 $4.1 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 2. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated balance sheets as of June 30, 2017 December 31, 2016 June 30, 2017 not These consolidated financial statements have been prepared in accordance with the instructions to Form 10 not 2016 10 "2016 10 General These consolidated financial statements reflect the consolidation of properties that are wholly owned or properties in which we own less than a 100% We consolidate a variable interest entity ("VIE") when we are determined to be the primary beneficiary. Determination of the primary beneficiary of a VIE is based on whether an entity has ( 1 2 There have been no six June 30, 2017 six June 30, 2017, not not Investments in partnerships and joint ventures represent our noncontrolling ownership interests in properties. We account for these investments using the equity method of accounting. We initially record these investments at cost and we subsequently adjust for net equity in income or loss, which we allocate in accordance with the provisions of the applicable partnership or joint venture agreement and cash contributions and distributions, if applicable. The allocation provisions in the partnership or joint venture agreements are not zero As of June 30, 2017, 110 93 four 13 not We allocate net operating results of WPG L.P. to third third 84.2% 84.1% six June 30, 2017 2016, June 30, 2017 December 31, 2016, 84.3% 84.1%, |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies Fair Value Measurements The Company measures and discloses its fair value measurements in accordance with Accounting Standards Codification ("ASC") Topic 820 820” 820, three may • Level 1 • Level 2 1 • Level 3 The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under Topic 820, Use of Estimates We prepared the accompanying consolidated financial statements in accordance with GAAP. This requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. Segment Disclosure Our primary business is the ownership, development and management of retail real estate. We have aggregated our operations, including enclosed retail properties and community shopping centers, into one New Accounting Pronouncements In May 2014, 2014 09, 606 2014 09 2014 09 July 9, 2015, one December 15, 2017 not December 15, 2016. January 1, 2018 six June 30, 2017, 2% not 2018. In February 2017, 610 20, 2014 09. 610 20 360 20. 5 the new guidance will require us to recognize a full gain where an equity investment is retained. These transactions could result in a basis difference as we will be required to measure our retained equity interest at fair value, whereas the joint venture may measure the assets received at carryover basis. The guidance is effective at the same time as ASU 2014 09, . In February 2016, 2016 02, 842 2016 02 December 15, 2018, five 2014 09, 2016 02 In August 2016, 2016 15, 230 2016 15 December 15, 2017, November 2016, 16 December 15, 2017, $27.1 $29.2 June 30, 2017 December 31, 2016, In January 2017, 2017 01, 805 not December 15, 2017, January 1, 2017, Deferred Costs and Other Assets On January 4, 2017, $15.6 January 29, 2016 During the six June 30, 2017, August 19, 2016 $0.5 $0.1 December 31, 2017, June 30, 2017, $5.6 Redeemable Noncontrolling Interests for WPG Inc. During the six June 30, 2017, 5 the Company purchased all of the redeemable noncontrolling interest equity owned by unaffiliated third June 30, 2017, 7.3% 1 1 |
Note 4 - Investment in Real Est
Note 4 - Investment in Real Estate | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 4. Investment in Real Estate 2017 On June 7, 2017, $6.7 On May 16, 2017, 80,000 $0.8 On February 21, 2017, $42.0 December 31, 2016. On January 10, 2017, $9.0 December 31, 2016. In connection with the sales noted above, the Company recorded net losses of $0.7 three six June 30, 2017, 2016 On January 29, 2016, $30.0 6 In connection with the sale noted above, the Company recorded a $2.3 six June 30, 2016. On June 9, 2016 April 28, 2016, 6 Impairment During the first 2017, second 2017. March 31, 2017, not $8.5 six June 30, 2017. |
Note 5 - Investment In Unconsol
Note 5 - Investment In Unconsolidated Entities, at Equity | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. Investment in Unconsolidated Entities, at Equity The Company's investment activity in unconsolidated real estate entities during the six June 30, 2017 June 30, 2016 • The O'Connor Joint Venture I This investment consists of a 51% five On March 2, 2017, 180,000 $70.0 On March 30, 2017, $43.2 eight 4.071% April 1, 2019, On March 29, 2017, $55.0 ten 4.36% May 1, 2022, • The O'Connor Joint Venture II During the quarter ended June 30 , 2017, third seven of the Company's retail properties and certain related outparcels (the "O'Connor Joint Venture II"), consisting of the following: The Arboretum, located in Austin, Texas; Arbor Hills; the Oklahoma City Properties; Gateway Centers, located in Austin, Texas; Malibu Lumber Yard, located in Malibu, California; Palms Crossing I and II, located in McAllen, Texas; and The Shops at Arbor Walk, located in Austin, Texas. The transaction valued the properties at $598.6 51% 49% $138.9 after taking into consideration costs associated with the transaction and the assumption of debt (including the new mortgage loans on The Arboretum, Gateway Centers, and Oklahoma City Properties which closed prior to the joint venture transaction; see Note 6 which we used to reduce the Company's debt as well as for general corporate purposes. Since we no sale of $126.1 three six June 30, 2017. 360 20 49% 51% We retained management and leasing responsibilities for the properties included in the O'Connor Joint Venture II, though our partner's substantive participating rights over certain decisions most important to the operations of the O'Connor Joint Venture II preclude our control and consolidation of this venture. In connection with the formation of this joint venture, we recorded transaction costs of approximately $5.4 • The Seminole Joint Venture This investment consists of a 45% 1.1 22% 2017. Individual agreements specify which services the Company is to provide to each joint venture. The Company, through its affiliates, provide management, development, construction, marketing, leasing and legal services for a fee to each of the joint ventures described above. Related to performing these services, we recorded management fees of $1.9 $3.5 three six June 30, 2017, $1.8 $3.2 three six June 30, 2016, $2.5 June 30, 2017 December 31, 2016, one The following table presents the combined statements of operations for the O'Connor Joint Venture II from May 12, 2017, June 13, 2017, June 30, 2017 12.5% three six June 30, 2017 2016: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Total revenues $ 58,852 $ 47,494 $ 107,286 $ 93,806 Operating expenses 24,404 19,257 44,995 38,562 Depreciation and amortization 22,225 19,680 41,259 39,724 Operating income 12,223 8,557 21,032 15,520 Interest expense, taxes, and other, net (11,574 ) (8,277 ) (20,033 ) (16,165 ) Net income (loss) from the Company's unconsolidated real estate entities 649 280 999 (645 ) Our share of loss from the Company's unconsolidated real estate entities $ (172 ) $ (508 ) $ (616 ) $ (1,669 ) |
Note 6 - Indebtedness
Note 6 - Indebtedness | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. Indebtedness Mortgage Debt Total mortgage indebtedness at June 30, 2017 December 31, 2016 June 30, December 31, Face amount of mortgage loans $ 1,411,895 $ 1,610,429 Fair value adjustments, net 9,884 12,661 Debt issuance cost, net (4,253 ) (5,010 ) Carrying value of mortgage loans $ 1,417,526 $ 1,618,080 A roll forward of mortgage indebtedness from December 31, 2016 June 30, 2017 Balance at December 31, 2016 $ 1,618,080 Debt amortization payments (10,974 ) Repayment of debt (63,000 ) Debt issuances, net of debt issuance costs 213,574 Debt cancelled upon partial paydown (24,250 ) Debt transferred to unconsolidated entities, net of debt issuance costs and fair value adjustments (314,595 ) Amortization of fair value and other adjustments (1,929 ) Amortization of debt issuance costs 620 Balance at June 30, 2017 $ 1,417,526 On April 25, 2017, $87.3 On May 10, 2017 49% 5 the Company closed on non-recourse mortgage loans encumbering The Arboretum, Gateway Centers, and Oklahoma City Properties. The following table summarizes the key terms of each mortgage loan: Property Principal Debt issuance costs Net debt issuance Interest Rate Maturity Date The Arboretum $ 59,400 $ (452 ) $ 58,948 4.13 % June 1, 2027 Gateway Centers 112,500 (709 ) 111,791 4.03 % June 1, 2027 Oklahoma City Properties 43,279 (427 ) 42,852 3.90 % June 1, 2027 Total $ 215,179 $ (1,588 ) $ 213,591 The Arboretum and Gateway Centers loans require monthly interest only payments until July 1, 2021, July 1, 2022, three June 30, 2017, Unsecured Debt The following table identifies our total unsecured debt outstanding at June 30, 2017 December 31, 2016: June 30, December 31, Notes payable: (1) Face amount $ 250,000 $ 250,000 Debt issuance costs and debt discount, net (2,000 ) (2,363 ) Total carrying value of notes payable $ 248,000 $ 247,637 Unsecured term loans: (7) Face amount - Term Loan (2)(3) $ 500,000 $ 500,000 Face amount - December 2015 Term Loan (4) 340,000 340,000 Face amount - June 2015 Term Loan (5) 500,000 500,000 Debt issuance costs, net (5,003 ) (5,478 ) Total carrying value of unsecured term loans $ 1,334,997 $ 1,334,522 Revolving credit facility: (2)(6) Face amount $ — $ 308,000 Debt issuance costs, net — (1,835 ) Total carrying value of revolving credit facility $ — $ 306,165 ( 1 The unsecured notes payable consist of the 3.850% 0.028% April 1, 2020. ( 2 The unsecured revolving credit facility, or "Revolver" and unsecured term loan, or "Term Loan" are collectively known as the "Facility." ( 3 The Term Loan bears interest at one 1.45% May 30, 2018, one 12 $200.0 2.04% August 1, 2018. June 30, 2017, one 1.45%, 2.68% ( 4 The December 2015 one 1.80% January 10, 2023. $340.0 3.51% ( 5 The June 2015 one 1.45% March 2, 2020. $500.0 2.56% June 30, 2018. ( 6 The Revolver provides borrowings on a revolving basis up to $900.0 one 1.25%, May 30, 2018, two six June 30, 2017, $899.7 $0.3 June 30, 2017, one 1.25%, 2.48%. ( 7 While we have interest rate swap agreements in place that fix the LIBOR portion of the rates as noted above, the spread over LIBOR could vary in the future based upon changes to the Company's credit rating. Covenants Our unsecured debt agreements contain financial and other covenants. If we were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lender including adjustments to the applicable interest rate. As of June 30, 2017, The total balance of mortgages was approximately $1.4 June 30, 2017. June 30, 2017, 27 one one 32 one four may may not two On March 30, 2017, $40.0 May 18, 2017, not May 10, 2017 On June 6, 2016, June 3, 2016, $99.5 not June 1, 2016 October 27, 2016, On June 30, 2016, $87.3 not June 1, 2016 April 25, 2017, $63.0 Upon the discounted payoff of the mortgage note payable secured for Mesa Mall, the Company recognized a gain of $21.2 $24.3 $3.1 which is included in gain on extinguishment of debt, net in the accompanying consolidated statements of operations and comprehensive income for the three six June 30, 2017. three six June 30, 2016, $34.1 $115.3 At June 30, 2017, no June 30, 2017. Fair Value of Debt The carrying values of our variable-rate loans approximate their fair values. We estimate the fair values of fixed-rate mortgages and fixed-rate unsecured debt (including variable-rate unsecured debt swapped to fixed-rate) using cash flows discounted at current borrowing rates. The book value and fair value of these financial instruments and the related discount rate assumptions as of June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Book value of fixed-rate mortgages (1) $ 1,160,795 $ 1,359,329 Fair value of fixed-rate mortgages $ 1,199,183 $ 1,403,103 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 3.83 % 3.79 % Book value of fixed-rate unsecured debt (1) $ 1,290,000 $ 1,290,000 Fair value of fixed-rate unsecured debt $ 1,267,988 $ 1,261,858 Weighted average discount rates assumed in calculation of fair value for fixed-rate unsecured debt 2.87 % 2.86 % ( 1 |
Note 7 - Derivative Financial I
Note 7 - Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash payments related to the Company's borrowings. Cash Flow Hedges of Interest Rate Risk The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives the Company primarily uses interest rate swaps or caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company may The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income ("OCI") or other comprehensive loss (“OCL”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Net realized gains or losses resulting from derivatives that were settled in conjunction with planned fixed-rate financings or refinancings continue to be included in accumulated other comprehensive income ("AOCI") during the term of the hedged debt transaction. Any ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Company recognized $0.0 $0.1 three six June 30, 2017, $0.6 $2.9 three six June 30, 2016, December 2015 December 2015 0% not. Amounts reported in AOCI relate to derivatives that will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. Realized gains or losses on settled derivative instruments included in AOCI are recognized as an adjustment to income over the term of the hedged debt transaction. During the next twelve $1.6 As of June 30, 2017, 15 $1,139,600. The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2017 December 31, 2016: Derivatives designated as hedging instruments: Balance Sheet Location June 30, 2017 December 31, 2016 Interest rate products Asset derivatives Deferred costs and other assets $ 6,236 $ 5,754 Interest rate products Liability derivatives Accounts payable, accrued expenses, intangibles and deferred revenues $ — $ 2 The asset derivative instruments were reported at their fair value of $6,236 $5,754 June 30, 2017 December 31, 2016, $0 $2 June 30, 2017 December 31, 2016, The table below presents the effect of the Company's derivative financial instruments on the consolidated statements of operations and comprehensive income for the three six June 30, 2017 2016: Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Three Months Ended Three Months Ended Three Months Ended June 30, June 30, June 30, 2017 2016 2017 2016 2017 2016 Interest rate products $ (2,544 ) $ (7,491 ) Interest expense $ 494 $ 1,910 Interest expense $ 36 $ (570 ) Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss ) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss ) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, 2017 2016 2017 2016 2017 2016 Interest rate products $ (1,281 ) $ (22,888 ) Interest expense $ 1,580 $ 3,841 Interest expense $ 128 $ (2,912 ) Credit Risk-Related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision that if the Company either defaults or is capable of being declared in default on any of its consolidated indebtedness, then the Company could also be declared in default on its derivative obligations. The Company has agreements with its derivative counterparties that incorporate the loan covenant provisions of the Company's indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. As of June 30, 2017, $0. June 30, 2017, not not June 30, 2017, $0. Fair Value Considerations Currently, the Company uses interest rate swaps and caps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. Based on these inputs the Company has determined that its interest rate swap and cap valuations are classified within Level 2 To comply with the provisions of Topic 820, Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 3 June 30, 2017 December 31, 2016, not 2 The tables below presents the Company’s net assets and liabilities measured at fair value as of June 30, 2017 December 31, 2016 Quoted Prices in Active Markets for Identical Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2017 Derivative instruments, net $ — $ 6,236 $ — $ 6,236 Quoted Prices in Active Markets for Identical Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable I nputs (Level 3) Balance at December 31, 2016 Derivative instruments, net $ — $ 5,752 $ — $ 5,752 |
Note 8 - Equity
Note 8 - Equity | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Equity Exchange Rights Subject to the terms of the limited partnership agreement of WPG L.P., limited partners in WPG L.P. have, at their option, the right to exchange all or any portion of their units for shares of WPG Inc. common stock on a one one three six June 30, 2017, 314,577 June 30, 2017, 34,811,858 The holders of the Series I- 1 1 Stock Based Compensation On May 28, 2014, 2014 10,000,000 500,000 may May 28, 2024. The following is a summary by type of the awards that the Company issued during the six June 30, 2017 June 30, 2016 Annual Long-Term Incentive Awards On February 21, 2017 ( 2017 "2017 2017 one six June 30, 2017, 358,198 $3.4 one third February 21, 2018, 2019, 2020, three six June 30, 2017, 358,198 $2.8 may 0% 150% three three During 2016, 2016 "2016 30% 100% 15 2016. 2016 50% 50% 100% six June 30, 2017, 324,237 $2.2 2016 one third February 21, 2018, 2019 2020. During 2015, 2015 "2015 30% 300% 15 2015. 2015 40% 60% 2015; 40% six June 30, 2016, 323,417 2015 108,118 one third January 1, 2017, 2018 2019. 94,106 121,193 2016 Stock Options During the six June 30, 2017, no 2,739 44,121 June 30, 2017, 930,716 During the six June 30, 2016, 247,500 13,970 161,087 WPG Restricted Stock Units During the six June 30, 2017 2016, 161,000 $1.2 154,570 $1.6 Share Award Related Compensation Expense During the three six June 30, 2017 2016, For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Merger, restructuring and transaction costs $ — $ 9.5 $ — $ 9.5 General and administrative 1.8 1.5 3.3 2.2 Total expense $ 1.8 $ 11.0 $ 3.3 $ 11.7 In certain instances, employment agreements and stock compensation programs provide for accelerated vesting when executives are terminated without cause. Additionally, the Compensation Committee of the Board may, Distributions During the three six June 30, 2017 2016, $0.25 $ 0.50 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Commitments and Contingencies Litigation We are involved from time-to-time in various legal proceedings that arise in the ordinary course of our business, including, but not not Concentration of Credit Risk Our properties rely heavily upon anchor or major tenants to attract customers; however, these retailers do not no 5% |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 10. Related Party Transactions Transactions with Simon Property Group Inc. The Company was formed in 2014 February 29, 2016 May 31, 2016. May 28, 2014 May 31, 2016, December 31, 2015, March 1, 2016. May 31, 2016, May 31, 2016. We did not three six June 30, 2017. three six June 30, 2016 For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2016 Consolidated Unconsolidated Consolidated Unconsolidated Property management and common costs, services and other $ 3,209 $ — $ 8,447 $ 124 Insurance premiums $ — $ — $ — $ — Advertising and promotional programs $ — $ — $ 102 $ 6 Capitalized leasing and development fees $ 1,315 $ — $ 2,483 $ 8 |
Note 11 - Earning Per Common Sh
Note 11 - Earning Per Common Share/Unit | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Earnings Per Common Share/Unit WPG Inc. Earnings Per Common Share We determine WPG Inc.'s basic earnings per common share based on the weighted average number of shares of common stock outstanding during the period and we consider any participating securities for purposes of applying the two The following table sets forth the computation of WPG Inc.'s basic and diluted earnings per common share: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Earnings Per Common Share, Basic: Net income attributable to common shareholders - basic $ 135,467 $ 17,807 $ 144,769 $ 26,321 Weighted average shares outstanding - basic 186,844,293 185,487,373 186,562,797 185,462,152 Earnings per common share, basic $ 0.73 $ 0.10 $ 0.78 $ 0.14 Earnings Per Common Share, Diluted: Net income attributable to common shareholders - basic $ 135,467 $ 17,807 $ 144,769 $ 26,321 Net income attributable to common unitholders 25,465 3,370 27,219 4,975 Net income attributable to common shareholders - diluted $ 160,932 $ 21,177 $ 171,988 $ 31,296 Weighted average common shares outstanding - basic 186,844,293 185,487,373 186,562,797 185,462,152 Weighted average operating partnership units outstanding 34,894,953 34,304,679 34,940,575 34,304,757 Weighted average additional dilutive securities outstanding 524,354 856,562 530,684 757,293 Weighted average common shares outstanding - diluted 222,263,600 220,648,614 222,034,056 220,524,202 Earnings per common share, diluted $ 0.72 $ 0.10 $ 0.77 $ 0.14 For the three six June 30, 2017 2016, WPG L.P. Earnings Per Common Unit We determine WPG L.P.'s basic earnings per common unit based on the weighted average number of common units outstanding during the period and we consider any participating securities for purposes of applying the two The following table sets forth the computation of WPG L.P.'s basic and diluted earnings per common unit: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Earnings Per Common Unit, Basic: Net income attributable to common unitholders - basic $ 160,932 $ 21,177 $ 171,988 $ 31,296 Weighted average common units outstanding - basic 221,739,246 219,792,052 221,503,372 219,766,909 Earnings per common unit, basic $ 0.73 $ 0.10 $ 0.78 $ 0.14 Earnings Per Common Unit, Diluted: Net income attributable to common unitholders - diluted $ 160,932 $ 21,177 $ 171,988 $ 31,296 Weighted average common units outstanding - basic 221,739,246 219,792,052 221,503,372 219,766,909 Weighted average additional dilutive securities outstanding 524,354 856,562 530,684 757,293 Weighted average units outstanding - diluted 222,263,600 220,648,614 222,034,056 220,524,202 Earnings per common unit, diluted $ 0.72 $ 0.10 $ 0.77 $ 0.14 For the three six June 30, 2017 2016, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company measures and discloses its fair value measurements in accordance with Accounting Standards Codification ("ASC") Topic 820 820” 820, three may • Level 1 • Level 2 1 • Level 3 The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under Topic 820, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates We prepared the accompanying consolidated financial statements in accordance with GAAP. This requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported period. Our actual results could differ from these estimates. |
Segment Reporting, Policy [Policy Text Block] | Segment Disclosure Our primary business is the ownership, development and management of retail real estate. We have aggregated our operations, including enclosed retail properties and community shopping centers, into one |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In May 2014, 2014 09, 606 2014 09 2014 09 July 9, 2015, one December 15, 2017 not December 15, 2016. January 1, 2018 six June 30, 2017, 2% not 2018. In February 2017, 610 20, 2014 09. 610 20 360 20. 5 the new guidance will require us to recognize a full gain where an equity investment is retained. These transactions could result in a basis difference as we will be required to measure our retained equity interest at fair value, whereas the joint venture may measure the assets received at carryover basis. The guidance is effective at the same time as ASU 2014 09, . In February 2016, 2016 02, 842 2016 02 December 15, 2018, five 2014 09, 2016 02 In August 2016, 2016 15, 230 2016 15 December 15, 2017, November 2016, 16 December 15, 2017, $27.1 $29.2 June 30, 2017 December 31, 2016, In January 2017, 2017 01, 805 not December 15, 2017, January 1, 2017, |
Deferred Costs and Other Assets [Policy Text Block] | Deferred Costs and Other Assets On January 4, 2017, $15.6 January 29, 2016 During the six June 30, 2017, August 19, 2016 $0.5 $0.1 December 31, 2017, June 30, 2017, $5.6 |
Noncontrolling Interests [Policy Text Block] | Redeemable Noncontrolling Interests for WPG Inc. During the six June 30, 2017, 5 the Company purchased all of the redeemable noncontrolling interest equity owned by unaffiliated third June 30, 2017, 7.3% 1 1 |
Note 5 - Investment In Uncons20
Note 5 - Investment In Unconsolidated Entities, at Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Total revenues $ 58,852 $ 47,494 $ 107,286 $ 93,806 Operating expenses 24,404 19,257 44,995 38,562 Depreciation and amortization 22,225 19,680 41,259 39,724 Operating income 12,223 8,557 21,032 15,520 Interest expense, taxes, and other, net (11,574 ) (8,277 ) (20,033 ) (16,165 ) Net income (loss) from the Company's unconsolidated real estate entities 649 280 999 (645 ) Our share of loss from the Company's unconsolidated real estate entities $ (172 ) $ (508 ) $ (616 ) $ (1,669 ) |
Note 6 - Indebtedness (Tables)
Note 6 - Indebtedness (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, December 31, Face amount of mortgage loans $ 1,411,895 $ 1,610,429 Fair value adjustments, net 9,884 12,661 Debt issuance cost, net (4,253 ) (5,010 ) Carrying value of mortgage loans $ 1,417,526 $ 1,618,080 |
Roll Forward of Mortgage Indebtedness [Table Text Block] | Balance at December 31, 2016 $ 1,618,080 Debt amortization payments (10,974 ) Repayment of debt (63,000 ) Debt issuances, net of debt issuance costs 213,574 Debt cancelled upon partial paydown (24,250 ) Debt transferred to unconsolidated entities, net of debt issuance costs and fair value adjustments (314,595 ) Amortization of fair value and other adjustments (1,929 ) Amortization of debt issuance costs 620 Balance at June 30, 2017 $ 1,417,526 |
Summary of Non-recourse Mortgage Loans [Table Text Block] | Property Principal Debt issuance costs Net debt issuance Interest Rate Maturity Date The Arboretum $ 59,400 $ (452 ) $ 58,948 4.13 % June 1, 2027 Gateway Centers 112,500 (709 ) 111,791 4.03 % June 1, 2027 Oklahoma City Properties 43,279 (427 ) 42,852 3.90 % June 1, 2027 Total $ 215,179 $ (1,588 ) $ 213,591 |
Schedule of Debt [Table Text Block] | June 30, December 31, Notes payable: (1) Face amount $ 250,000 $ 250,000 Debt issuance costs and debt discount, net (2,000 ) (2,363 ) Total carrying value of notes payable $ 248,000 $ 247,637 Unsecured term loans: (7) Face amount - Term Loan (2)(3) $ 500,000 $ 500,000 Face amount - December 2015 Term Loan (4) 340,000 340,000 Face amount - June 2015 Term Loan (5) 500,000 500,000 Debt issuance costs, net (5,003 ) (5,478 ) Total carrying value of unsecured term loans $ 1,334,997 $ 1,334,522 Revolving credit facility: (2)(6) Face amount $ — $ 308,000 Debt issuance costs, net — (1,835 ) Total carrying value of revolving credit facility $ — $ 306,165 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | June 30, 2017 December 31, 2016 Book value of fixed-rate mortgages (1) $ 1,160,795 $ 1,359,329 Fair value of fixed-rate mortgages $ 1,199,183 $ 1,403,103 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 3.83 % 3.79 % Book value of fixed-rate unsecured debt (1) $ 1,290,000 $ 1,290,000 Fair value of fixed-rate unsecured debt $ 1,267,988 $ 1,261,858 Weighted average discount rates assumed in calculation of fair value for fixed-rate unsecured debt 2.87 % 2.86 % |
Note 7 - Derivative Financial22
Note 7 - Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Derivatives designated as hedging instruments: Balance Sheet Location June 30, 2017 December 31, 2016 Interest rate products Asset derivatives Deferred costs and other assets $ 6,236 $ 5,754 Interest rate products Liability derivatives Accounts payable, accrued expenses, intangibles and deferred revenues $ — $ 2 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Three Months Ended Three Months Ended Three Months Ended June 30, June 30, June 30, 2017 2016 2017 2016 2017 2016 Interest rate products $ (2,544 ) $ (7,491 ) Interest expense $ 494 $ 1,910 Interest expense $ 36 $ (570 ) Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss ) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss ) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, 2017 2016 2017 2016 2017 2016 Interest rate products $ (1,281 ) $ (22,888 ) Interest expense $ 1,580 $ 3,841 Interest expense $ 128 $ (2,912 ) |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Quoted Prices in Active Markets for Identical Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2017 Derivative instruments, net $ — $ 6,236 $ — $ 6,236 Quoted Prices in Active Markets for Identical Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable I nputs (Level 3) Balance at December 31, 2016 Derivative instruments, net $ — $ 5,752 $ — $ 5,752 |
Note 8 - Equity (Tables)
Note 8 - Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Merger, restructuring and transaction costs $ — $ 9.5 $ — $ 9.5 General and administrative 1.8 1.5 3.3 2.2 Total expense $ 1.8 $ 11.0 $ 3.3 $ 11.7 |
Note 10 - Related Party Trans24
Note 10 - Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2016 Consolidated Unconsolidated Consolidated Unconsolidated Property management and common costs, services and other $ 3,209 $ — $ 8,447 $ 124 Insurance premiums $ — $ — $ — $ — Advertising and promotional programs $ — $ — $ 102 $ 6 Capitalized leasing and development fees $ 1,315 $ — $ 2,483 $ 8 |
Note 11 - Earning Per Common 25
Note 11 - Earning Per Common Share/Unit (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Earnings Per Common Share, Basic: Net income attributable to common shareholders - basic $ 135,467 $ 17,807 $ 144,769 $ 26,321 Weighted average shares outstanding - basic 186,844,293 185,487,373 186,562,797 185,462,152 Earnings per common share, basic $ 0.73 $ 0.10 $ 0.78 $ 0.14 Earnings Per Common Share, Diluted: Net income attributable to common shareholders - basic $ 135,467 $ 17,807 $ 144,769 $ 26,321 Net income attributable to common unitholders 25,465 3,370 27,219 4,975 Net income attributable to common shareholders - diluted $ 160,932 $ 21,177 $ 171,988 $ 31,296 Weighted average common shares outstanding - basic 186,844,293 185,487,373 186,562,797 185,462,152 Weighted average operating partnership units outstanding 34,894,953 34,304,679 34,940,575 34,304,757 Weighted average additional dilutive securities outstanding 524,354 856,562 530,684 757,293 Weighted average common shares outstanding - diluted 222,263,600 220,648,614 222,034,056 220,524,202 Earnings per common share, diluted $ 0.72 $ 0.10 $ 0.77 $ 0.14 For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Earnings Per Common Unit, Basic: Net income attributable to common unitholders - basic $ 160,932 $ 21,177 $ 171,988 $ 31,296 Weighted average common units outstanding - basic 221,739,246 219,792,052 221,503,372 219,766,909 Earnings per common unit, basic $ 0.73 $ 0.10 $ 0.78 $ 0.14 Earnings Per Common Unit, Diluted: Net income attributable to common unitholders - diluted $ 160,932 $ 21,177 $ 171,988 $ 31,296 Weighted average common units outstanding - basic 221,739,246 219,792,052 221,503,372 219,766,909 Weighted average additional dilutive securities outstanding 524,354 856,562 530,684 757,293 Weighted average units outstanding - diluted 222,263,600 220,648,614 222,034,056 220,524,202 Earnings per common unit, diluted $ 0.72 $ 0.10 $ 0.77 $ 0.14 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) ft² in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2017ft² | Jun. 30, 2016USD ($) | |
Real Estate Investment Trust Minimum Percentage Required for Distribution to Not Be Liable for Federal Income Taxes | 100.00% | ||
Restructuring Charges | $ 29,900 | $ 29,900 | |
Severance and Restructuring [Member] | |||
Severance Costs | 25,800 | ||
Non-cash Items [Member] | |||
Severance Costs | 9,500 | ||
Strategic Alternatives Research Fees [Member] | |||
Severance Costs | $ 4,100 | ||
Shopping Centers [Member] | |||
Number of Real Estate Properties | 110 | ||
Area of Real Estate Property | ft² | 60,000 |
Note 2 - Basis of Presentatio27
Note 2 - Basis of Presentation and Principles of Consolidation (Details Textual) | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Threshold Ownership Interest Entity ControlIs That Properties Are Included in Financial Statements | 100.00% | ||
Washington Prime Group, L.P. [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 84.30% | 84.10% | |
Washington Prime Group, L.P. [Member] | Weighted Average [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 84.20% | 84.10% | |
Wholly Owned Properties [Member] | |||
Number of Real Estate Properties | 93 | ||
Partially Owned Properties [Member] | |||
Number of Real Estate Properties | 4 | ||
Corporate Joint Venture [Member] | |||
Number of Real Estate Properties | 13 | ||
Shopping Centers [Member] | |||
Number of Real Estate Properties | 110 |
Note 3 - Summary of Significa28
Note 3 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Jan. 04, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Number of Reportable Segments | 1 | ||
Number of Properties Subject to Ground Leases | 5 | ||
Restricted Cash and Cash Equivalents | $ 27,100 | $ 29,200 | |
Series I-1 Preferred Units [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 7.30% | ||
Promissory Note related to Sale of Forest Mall and Northlake Mall [Member] | |||
Proceeds from Collection of Notes Receivable | $ 15,600 | ||
Promissory Note Related to Sale of Knoxville Center [Member] | |||
Proceeds from Collection of Notes Receivable | $ 500 | ||
Note Receivable, Monthly Principal and Interest Payments | 100 | ||
Financing Receivable, Net | $ 5,600 | ||
Maximum [Member] | Sales Revenue, Net [Member] | Revenue from Fees Earned for Management, Development, and Leasing Services of Joint Ventures, Sales of Real Estate, and Other Ancillary Income Earned from Owned Properties [Member] | |||
Concentration Risk, Percentage | 2.00% |
Note 4 - Investment in Real E29
Note 4 - Investment in Real Estate (Details Textual) $ in Thousands | Jun. 07, 2017USD ($) | May 16, 2017USD ($)ft² | Feb. 21, 2017USD ($) | Jan. 10, 2017USD ($) | Jan. 29, 2016USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Impairment of Real Estate | $ 0 | $ 8,500 | $ 0 | $ 8,509 | $ 0 | |||||
Morgantown Commons [Member] | ||||||||||
Sales of Real Estate | $ 6,700 | |||||||||
Vacant Anchor Parcel in Indian Mound Mall [Member] | ||||||||||
Area of Real Estate Property | ft² | 80,000 | |||||||||
Sales of Real Estate | $ 800 | |||||||||
Gulf View Square and River Oaks Center [Member] | ||||||||||
Sales of Real Estate | $ 42,000 | |||||||||
Virginia Center Commons [Member] | ||||||||||
Sales of Real Estate | $ 9,000 | |||||||||
Morgantown Commons, Vacant Anchor Parcel at Indian Mound Mall, Gulf View Square, River Oaks Center, and Virginia Community Center Commons [Member] | ||||||||||
Gain (Loss) on Disposition of Assets | $ (700) | |||||||||
Forest Mall and Northlake Mall [Member] | ||||||||||
Gain (Loss) on Disposition of Assets | $ (2,300) | |||||||||
Sales of Real Estate | $ 30,000 |
Note 5 - Investment In Uncons30
Note 5 - Investment In Unconsolidated Entities, at Equity (Details Textual) $ in Thousands | Mar. 30, 2017USD ($) | Mar. 29, 2017USD ($) | Jun. 30, 2017USD ($)ft² | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)ft² | Jun. 30, 2016USD ($) | Jun. 13, 2017 | Mar. 02, 2017USD ($)ft² | Dec. 31, 2016USD ($) |
Notes Payable | $ 248,000 | $ 248,000 | $ 247,637 | ||||||
Other Income [Member] | Other Joint Venture [Member] | |||||||||
Management Fees Revenue | 1,900 | $ 1,800 | $ 3,500 | $ 3,200 | |||||
O'Connor Joint Venture [Member] | Pearlridge Uptown II [Member] | |||||||||
Area of Real Estate Property | ft² | 180,000 | ||||||||
Purchase of Real Estate, Purchase Price | $ 70,000 | ||||||||
O'Connor Joint Venture II [Member] | |||||||||
Proceeds from Real Estate and Real Estate Joint Ventures | 138,900 | ||||||||
Gain (Loss) on Disposition of Assets | 126,100 | ||||||||
Formation of Joint Venture, Transaction Costs | $ 5,400 | ||||||||
Equity Method Investment, Ownership Percentage | 51.00% | 51.00% | |||||||
Number of Real Estate Properties | 7 | 7 | |||||||
O'Connor Joint Venture II [Member] | Malibu Lumber Yard [Member] | |||||||||
Adjusted Purchase Price Before Closing Adjustments and Debt Assumption | $ 598,600 | $ 598,600 | |||||||
O'Connor Joint Venture II [Member] | O'Connor Mall Partners LP [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 49.00% | ||||||
The Seminole Joint Venture [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 22.00% | 22.00% | |||||||
The Seminole Joint Venture [Member] | Direct Interest [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 45.00% | 45.00% | |||||||
The Seminole Joint Venture [Member] | Seminole Town Center [Member] | |||||||||
Area of Real Estate Property | ft² | 1,100,000 | 1,100,000 | |||||||
O'Connor Joint Venture I and O'Connor Joint Venture II [Member] | |||||||||
Advances to Affiliate | $ 2,500 | $ 2,500 | |||||||
Advances to Affiliate, Anticipated Repayment Term | 1 year | ||||||||
Other Joint Venture [Member] | Indirect Interest [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 12.50% | 12.50% | |||||||
O'Connor Mall Partners LP [Member] | O'Connor Joint Venture [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 51.00% | 51.00% | |||||||
Number of Real Estate Properties | 5 | 5 | |||||||
O'Connor Mall Partners LP [Member] | O'Connor Joint Venture [Member] | Pearlridge Uptown II [Member] | Non-recourse Mortgage Note Payable [Member] | |||||||||
Notes Payable | $ 43,200 | ||||||||
Debt Instrument, Term | 8 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.071% | ||||||||
O'Connor Mall Partners LP [Member] | O'Connor Joint Venture [Member] | Scottsdale Quarter, Block K and Block M [Member] | Non-recourse Mortgage Note Payable [Member] | |||||||||
Notes Payable | $ 55,000 | ||||||||
Debt Instrument, Term | 10 years | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.36% |
Note 5 - Investment in Uncons31
Note 5 - Investment in Unconsolidated Entities, at Equity - Combined Statements of Operations for the Unconsolidated Joint Venture Properties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Total revenues | $ 58,852 | $ 47,494 | $ 107,286 | $ 93,806 |
Operating expenses | 24,404 | 19,257 | 44,995 | 38,562 |
Depreciation and amortization | 22,225 | 19,680 | 41,259 | 39,724 |
Operating income | 12,223 | 8,557 | 21,032 | 15,520 |
Interest expense, taxes, and other, net | (11,574) | (8,277) | (20,033) | (16,165) |
Net income (loss) from the Company's unconsolidated real estate entities | 649 | 280 | 999 | (645) |
Loss from unconsolidated entities, net | $ (172) | $ (508) | $ (616) | $ (1,669) |
Note 6 - Indebtedness (Details
Note 6 - Indebtedness (Details Textual) - USD ($) $ in Thousands | Apr. 25, 2017 | Dec. 10, 2015 | Jun. 04, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Jun. 13, 2017 | Mar. 30, 2017 | Jun. 06, 2016 | Dec. 11, 2015 | Jun. 19, 2015 | |
Long-term Debt | $ 1,417,526 | $ 1,417,526 | $ 1,618,080 | |||||||||||
Number of Properties Encumbered by Cross-Defaulted and Cross-Collateralized Mortgages | 4 | 4 | ||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 21,221 | $ 34,078 | $ 21,221 | $ 34,078 | ||||||||||
Debt Instrument, Decrease, Forgiveness | 115,300 | |||||||||||||
Interest Rate Swaption [Member] | Cash Flow Hedging [Member] | ||||||||||||||
Derivative, Notional Amount | $ 340,000 | |||||||||||||
Senior Notes [Member] | ||||||||||||||
Fair Value Inputs, Discount Rate | 0.028% | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | 3.85% | ||||||||||||
Unsecured Debt [Member] | ||||||||||||||
Fair Value Inputs, Discount Rate | 2.87% | 2.86% | ||||||||||||
Long-term Debt | [1] | $ 1,290,000 | $ 1,290,000 | $ 1,290,000 | ||||||||||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.48% | 2.48% | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 899,700 | $ 899,700 | ||||||||||||
Letters of Credit Outstanding, Amount | 300 | $ 300 | ||||||||||||
Debt Instrument, Number of Extension Options | 2 | |||||||||||||
Long-term Debt | [2],[3] | 0 | $ 0 | 306,165 | ||||||||||
Debt Instrument, Period of Extension Option | 180 days | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 900,000 | $ 900,000 | ||||||||||||
Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||||
Mortgages [Member] | ||||||||||||||
Long-term Debt | $ 1,417,526 | $ 1,417,526 | $ 1,618,080 | |||||||||||
Repayments of Debt | 63,000 | |||||||||||||
Debt Instrument, Decrease, Forgiveness | $ 24,250 | |||||||||||||
Secured Debt [Member] | ||||||||||||||
Mortgage Loans on Real Estate, Number of Loans | 27 | |||||||||||||
Number of Partial Recourse Loans | 1 | 1 | ||||||||||||
Number of Full-Recourse Loans | 1 | 1 | ||||||||||||
Number of Cross-Defaulted and Cross-Collateralized Mortgage Pools With Collateral Properties | 32 | 32 | ||||||||||||
Number of Properties, Cross-Defaulted and Cross-Collateralized Mortgages, Total | 1 | 1 | ||||||||||||
Mortgage Loans On Real Estate, Minimum Number of Consecutive Quarters for Which Cash Levels Should Attain the Benchmark | 2 | 2 | ||||||||||||
O'Connor Joint Venture II [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 51.00% | 51.00% | ||||||||||||
O'Connor Mall Partners LP [Member] | O'Connor Joint Venture II [Member] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 49.00% | |||||||||||
Mortgage Loan Secured by Mesa Mall [Member] | ||||||||||||||
Extinguishment of Debt, Amount | $ 87,300 | |||||||||||||
Repayments of Debt | 63,000 | |||||||||||||
Extinguishment of Debt, Settlement of Accrued Interest, Escrows and Clossing Costs | 3,100 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | 21,200 | |||||||||||||
Debt Instrument, Decrease, Forgiveness | $ 24,300 | |||||||||||||
Mortgage Loan Secured by Mesa Mall [Member] | Consolidated Subsidiary of the Company [Member] | ||||||||||||||
Debt Instrument, Debt Default, Amount | 87,300 | 87,300 | ||||||||||||
Term Loan [Member] | Unsecured Debt [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.68% | 2.68% | ||||||||||||
Debt Instrument, Number of Extension Options | 1 | |||||||||||||
Debt Instrument, Period of Extension Option | 1 year | |||||||||||||
Term Loan [Member] | Unsecured Debt [Member] | Interest Rate Swap [Member] | ||||||||||||||
Derivative, Fixed Interest Rate | 2.04% | 2.04% | ||||||||||||
Derivative, Notional Amount | $ 200,000 | $ 200,000 | ||||||||||||
Term Loan [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | |||||||||||||
December 2015 Term Loan [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.51% | |||||||||||||
December 2015 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |||||||||||||
June 2015 Term Loan [Member] | Interest Rate Swaption [Member] | ||||||||||||||
Derivative, Notional Amount | $ 500,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.56% | |||||||||||||
June 2015 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | |||||||||||||
Mortgage Loan Secured by Valle Vista Mall [Member] | Consolidated Subsidiary of the Company [Member] | ||||||||||||||
Debt Instrument, Debt Default, Amount | $ 40,000 | |||||||||||||
Mortgage Loan Secured by Southern Hills Mall [Member] | Consolidated Subsidiary of the Company [Member] | ||||||||||||||
Debt Instrument, Debt Default, Amount | $ 99,500 | |||||||||||||
Mortgage Loan Secured by River Valley Mall, Merritt Square Mall, and Chesapeake Square [Member] | Consolidated Subsidiary of the Company [Member] | ||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 34,100 | $ 34,100 | ||||||||||||
[1] | Excludes debt issuance costs and applicable debt discounts. | |||||||||||||
[2] | The Revolver provides borrowings on a revolving basis up to $900.0 million, bears interest at one-month LIBOR plus 1.25%, and will initially mature on May 30, 2018, subject to two six-month extensions available at our option subject to compliance with terms of the Facility and payment of a customary extension fee. At June 30, 2017, we had an aggregate available borrowing capacity of $899.7 million under the Revolver, net of $0.3 million reserved for outstanding letters of credit. At June 30, 2017, the applicable interest rate on the Revolver was one-month LIBOR plus 1.25%, or 2.48%. | |||||||||||||
[3] | The unsecured revolving credit facility, or "Revolver" and unsecured term loan, or "Term Loan" are collectively known as the "Facility." |
Note 6 - Indebtedness - Mortgag
Note 6 - Indebtedness - Mortgage Indebtedness (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Carrying value | $ 1,417,526 | $ 1,618,080 |
Mortgages [Member] | ||
Face amount of mortgage loans | 1,411,895 | 1,610,429 |
Fair value adjustments, net | 9,884 | 12,661 |
Debt issuance cost, net | (4,253) | (5,010) |
Carrying value | $ 1,417,526 | $ 1,618,080 |
Note 6 - Indebtedness - Roll Fo
Note 6 - Indebtedness - Roll Forward of Mortgage Indebtedness (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Balance | $ 1,618,080 | |
Debt cancelled upon partial paydown | $ (115,300) | |
Balance | 1,417,526 | |
Mortgages [Member] | ||
Balance | 1,618,080 | |
Debt amortization payments | (10,974) | |
Repayment of debt | (63,000) | |
Debt issuances, net of debt issuance costs | 213,574 | |
Debt cancelled upon partial paydown | (24,250) | |
Debt transferred to unconsolidated entities, net of debt issuance costs and fair value adjustments | (314,595) | |
Amortization of fair value and other adjustments | (1,929) | |
Amortization of debt issuance costs | 620 | |
Balance | $ 1,417,526 |
Note 6 - Indebtedness - Summary
Note 6 - Indebtedness - Summary of Non-recourse Mortgage Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Net debt issuance | $ 1,417,526 | $ 1,618,080 |
Non-recourse Mortgage Loans [Member] | ||
Debt issuance cost, net | (1,588) | |
Net debt issuance | 213,591 | |
Principal | 215,179 | |
Non-recourse Mortgage Loans [Member] | The Arboretum [Member] | ||
Debt issuance cost, net | (452) | |
Net debt issuance | $ 58,948 | |
Interest Rate | 4.13% | |
Maturity Date | Jun. 1, 2027 | |
Principal | $ 59,400 | |
Non-recourse Mortgage Loans [Member] | Gateway Centers [Member] | ||
Debt issuance cost, net | (709) | |
Net debt issuance | $ 111,791 | |
Interest Rate | 4.03% | |
Maturity Date | Jun. 1, 2027 | |
Principal | $ 112,500 | |
Non-recourse Mortgage Loans [Member] | Oklahoma City Properties [Member] | ||
Debt issuance cost, net | (427) | |
Net debt issuance | $ 42,852 | |
Interest Rate | 3.90% | |
Maturity Date | Jun. 1, 2027 | |
Principal | $ 43,279 |
Note 6 - Indebtedness - Unsecur
Note 6 - Indebtedness - Unsecured Debt Outstanding (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Long-term Debt | $ 1,417,526 | $ 1,618,080 | |
Unsecured Debt [Member] | |||
Long-term Debt | [1] | 1,290,000 | 1,290,000 |
Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||
Debt issuance cost, net | [2],[3] | 0 | (1,835) |
Long-term Debt | [2],[3] | 0 | 306,165 |
Face amount | [2],[3] | 0 | 308,000 |
Unsecured Debt [Member] | Notes payable [Member] | |||
Debt issuance costs and debt discount, net | [4] | (2,000) | (2,363) |
Long-term Debt | [4] | 248,000 | 247,637 |
Face amount | [4] | 250,000 | 250,000 |
Unsecured Debt [Member] | Term Loan [Member] | |||
Face amount | [3],[5],[6] | 500,000 | 500,000 |
Unsecured Debt [Member] | December 2015 Term Loan [Member] | |||
Face amount | [6],[7] | 340,000 | 340,000 |
Unsecured Debt [Member] | June 2015 Term Loan [Member] | |||
Face amount | [6],[8] | 500,000 | 500,000 |
Unsecured Debt [Member] | Unsecured Term Loans [Member] | |||
Debt issuance cost, net | [6] | (5,003) | (5,478) |
Long-term Debt | [6] | $ 1,334,997 | $ 1,334,522 |
[1] | Excludes debt issuance costs and applicable debt discounts. | ||
[2] | The Revolver provides borrowings on a revolving basis up to $900.0 million, bears interest at one-month LIBOR plus 1.25%, and will initially mature on May 30, 2018, subject to two six-month extensions available at our option subject to compliance with terms of the Facility and payment of a customary extension fee. At June 30, 2017, we had an aggregate available borrowing capacity of $899.7 million under the Revolver, net of $0.3 million reserved for outstanding letters of credit. At June 30, 2017, the applicable interest rate on the Revolver was one-month LIBOR plus 1.25%, or 2.48%. | ||
[3] | The unsecured revolving credit facility, or "Revolver" and unsecured term loan, or "Term Loan" are collectively known as the "Facility." | ||
[4] | The unsecured notes payable consist of the 3.850% senior unsecured notes (the "Exchange Notes"). The Exchange Notes were issued at a 0.028% discount and mature on April 1, 2020. | ||
[5] | The Term Loan bears interest at one-month LIBOR plus 1.45% per annum and will mature on May 30, 2018, subject to one, 12-month extension available at our option and subject to compliance with terms of the Facility and payment of a customary extension fee. We have interest rate swap agreements totaling $200.0 million, which effectively fix the interest rate on a portion of the Term Loan at 2.04% per annum through August 1, 2018. At June 30, 2017, the applicable interest rate on the unhedged portion of the Term Loan was one-month LIBOR plus 1.45%, or 2.68% per annum. | ||
[6] | While we have interest rate swap agreements in place that fix the LIBOR portion of the rates as noted above, the spread over LIBOR could vary in the future based upon changes to the Company's credit rating. | ||
[7] | The December 2015 Term Loan bears interest at one-month LIBOR plus 1.80% per annum and will mature on January 10, 2023. We have interest rate swap agreements totaling $340.0 million, which effectively fix the interest rate at 3.51% per annum through maturity. | ||
[8] | The June 2015 Term Loan bears interest at one-month LIBOR plus 1.45% per annum and will mature on March 2, 2020. We have interest rate swap agreements totaling $500.0 million, which effectively fix the interest rate at 2.56% per annum through June 30, 2018. |
Note 6 - Indebtedness - Fair Va
Note 6 - Indebtedness - Fair Value of Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | ||
Long-term Debt | $ 1,417,526 | $ 1,618,080 | |
Unsecured Debt [Member] | |||
Weighted average discount rates assumed in calculation of fair value for financial instruments | 2.87% | 2.86% | |
Long-term Debt | [1] | $ 1,290,000 | $ 1,290,000 |
Fair value of financial instrument | $ 1,267,988 | $ 1,261,858 | |
Fixed Rate Mortgage [Member] | Secured Debt [Member] | |||
Weighted average discount rates assumed in calculation of fair value for financial instruments | 3.83% | 3.79% | |
Long-term Debt | [1] | $ 1,160,795 | $ 1,359,329 |
Fair value of financial instrument | $ 1,199,183 | $ 1,403,103 | |
[1] | Excludes debt issuance costs and applicable debt discounts. |
Note 7 - Derivative Financial38
Note 7 - Derivative Financial Instruments (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ 0 | $ 600 | $ 100 | $ 2,900 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 1,600 | ||||
Interest Rate Cash Flow Hedge Liability at Fair Value | 6,236 | 6,236 | $ 5,752 | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 0 | |||
Maximum [Member] | |||||
Loss Contingency, Estimate of Possible Loss | 0 | 0 | |||
Deferred Costs and Other Assets [Member] | |||||
Interest Rate Derivative Assets, at Fair Value | 6,236 | 6,236 | 5,754 | ||
Accounts Payable and Accrued Liabilities [Member] | |||||
Interest Rate Cash Flow Hedge Liability at Fair Value | $ 0 | $ 0 | 2 | ||
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | |||||
Derivative, Number of Instruments Held | 15 | 15 | |||
Derivative, Notional Amount | $ 1,139,600 | $ 1,139,600 | |||
Interest Rate Swap [Member] | Deferred Costs and Other Assets [Member] | |||||
Interest Rate Derivative Assets, at Fair Value | $ 6,236 | $ 6,236 | $ 5,754 | ||
December 2015 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt, Floor Interest Rate | 0.00% | 0.00% |
Note 7 - Derivative Financial39
Note 7 - Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative instruments, net | $ 6,236 | $ 5,752 |
Deferred Costs and Other Assets [Member] | ||
Asset derivatives | 6,236 | 5,754 |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivative instruments, net | $ 0 | $ 2 |
Note 7 - Derivative Financial40
Note 7 - Derivative Financial Instruments - Effect of Derivative Financial Instruments (Details) - Interest Rate Derivative [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest Expense [Member] | ||||
Interest rate products | $ 494 | $ 1,910 | $ 1,580 | $ 3,841 |
Interest rate products | 36 | (570) | 128 | (2,912) |
Other Comprehensive Income (Loss) [Member] | ||||
Interest rate products | $ (2,544) | $ (7,491) | $ (1,281) | $ (22,888) |
Note 7 - Derivative Financial41
Note 7 - Derivative Financial Instruments - Liabilities Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative instruments, net | $ 6,236 | $ 5,752 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments, net | 6,236 | 5,752 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments, net | $ 0 | $ 0 |
Note 8 - Equity (Details Textua
Note 8 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 21, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | May 28, 2014 |
Common Stock, Dividends, Per Share, Declared | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 34,811,858 | 34,811,858 | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 161,000 | 154,570 | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 1,200 | $ 1,600 | ||||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 930,716 | 930,716 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 247,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,739 | 13,970 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 44,121 | 161,087 | ||||||
Washington Prime Group, L.P. 2014 Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10,000,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Annually Available for Grant Per Participant | 500,000 | |||||||
The 2017 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Grant Date Fair Value, Grants During Period | $ 3,400 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares, Contingent Right | 1 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 358,198 | |||||||
The 2017 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2017 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2017 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2017 Annual Long-term Incentive Awards [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Grant Date Fair Value, Grants During Period | $ 2,800 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 358,198 | |||||||
The 2017 Annual Long-term Incentive Awards [Member] | Performance Shares [Member] | Minimum [Member] | ||||||||
Percentage of Awards Earned Based on Achievement of TSR Goals | 0.00% | |||||||
The 2017 Annual Long-term Incentive Awards [Member] | Performance Shares [Member] | Maximum [Member] | ||||||||
Percentage of Awards Earned Based on Achievement of TSR Goals | 150.00% | |||||||
The 2016 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Grant Date Fair Value, Grants During Period | $ 2,200 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 324,237 | |||||||
The 2016 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2016 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2016 Annual Long-term Incentive Awards [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2016 Annual Long-term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Minimum Employee Subscription Rate | 30.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 100.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Awards, Calculation Input | 15 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards That Can Be Available for Grant With Respect to Each Performance Period Granted Based On Achievement of Strategic Goals | 50.00% | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Percentage of Awards That Can Be Available for Grant With Respect to Each Performance Period Granted Based on Achievement of Absolute TSR Goals | 50.00% | |||||||
Share-based Compensation Payment by Share-based Payment Award, Achievement of Strategic Goal and TSR Performance, Payout, Expected Percentage | 100.00% | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Minimum Employee Subscription Rate | 30.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 300.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Awards, Calculation Input | 15 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards That Can Be Available for Grant With Respect to Each Performance Period Granted Based On Achievement of Strategic Goals | 40.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Awards That Can Be Available for Grant With Respect to Each Performance Period Granted Based On Achievement of TSR Performance | 60.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Payout, Percentage of Allocated Units Paid Out | 40.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 323,417 | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Board of Directors Chairman [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 94,106 | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Certain Former Executive Officers [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 121,193 | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Vesting in Three Installments [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 108,118 | |||||||
The 2015 Annual Long-Term Incentive Awards [Member] | Long Term Incentive Plan Units [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||||
Common Stock [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 314,577 | 314,577 |
Note 8 - Equity - LTIP and the
Note 8 - Equity - LTIP and the WPG Restricted Shares Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Merger, restructuring and transaction costs | $ 1.8 | $ 11 | $ 3.3 | $ 11.7 |
Merger, Restructuring and Transaction Costs [Member] | ||||
Merger, restructuring and transaction costs | 0 | 9.5 | 0 | 9.5 |
General and Administrative Expense [Member] | ||||
Merger, restructuring and transaction costs | $ 1.8 | $ 1.5 | $ 3.3 | $ 2.2 |
Note 9 - Commitments and Cont44
Note 9 - Commitments and Contingencies (Details Textual) | 6 Months Ended |
Jun. 30, 2017 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |
Concentration Risk, Percentage | 5.00% |
Note 10 - Related Party Trans45
Note 10 - Related Party Transactions - Charges for Properties, Consolidated and Unconsolidated (Details) - Simon Property Group, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Consolidated Properties [Member] | Property Management Costs, Services and Other [Member] | ||
Amounts charged to related party | $ 3,209 | $ 8,447 |
Consolidated Properties [Member] | Insurance Premiums [Member] | ||
Amounts charged to related party | 0 | 0 |
Consolidated Properties [Member] | Selling and Marketing Expense [Member] | ||
Amounts charged to related party | 0 | 102 |
Consolidated Properties [Member] | Capitalized Leasing and Development Fees [Member] | ||
Amounts charged to related party | 1,315 | 2,483 |
Unconsolidated Properties [Member] | Property Management Costs, Services and Other [Member] | ||
Amounts charged to related party | 0 | 124 |
Unconsolidated Properties [Member] | Insurance Premiums [Member] | ||
Amounts charged to related party | 0 | 0 |
Unconsolidated Properties [Member] | Selling and Marketing Expense [Member] | ||
Amounts charged to related party | 0 | 6 |
Unconsolidated Properties [Member] | Capitalized Leasing and Development Fees [Member] | ||
Amounts charged to related party | $ 0 | $ 8 |
Note 11 - Earnings Per Common S
Note 11 - Earnings Per Common Share/Unit - Basic and Diluted Earnings Per Share Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Common Share, Diluted: | ||||
Weighted average operating partnership units outstanding (in shares) | 34,894,953 | 34,304,679 | 34,940,575 | 34,304,757 |
Weighted average additional dilutive securities outstanding (in shares) | 524,354 | 856,562 | 530,684 | 757,293 |
Weighted average common shares outstanding - diluted (in shares) | 222,263,600 | 220,648,614 | 222,034,056 | 220,524,202 |
Earnings per common share, diluted (in dollars per share) | $ 0.72 | $ 0.10 | $ 0.77 | $ 0.14 |
Earnings Per Common Share, Basic: | ||||
Net income attributable to common shareholders - basic | $ 135,467 | $ 17,807 | $ 144,769 | $ 26,321 |
Net income attributable to common unitholders | $ 25,465 | $ 3,370 | $ 27,219 | $ 4,975 |
Earnings per common unit, basic (in dollars per share) | $ 0.73 | $ 0.10 | $ 0.78 | $ 0.14 |
Net income attributable to common shareholders - diluted | $ 160,932 | $ 21,177 | $ 171,988 | $ 31,296 |
Weighted average shares outstanding - basic (in shares) | 186,844,293 | 185,487,373 | 186,562,797 | 185,462,152 |
EARNINGS PER COMMON SHARE, BASIC (in dollars per share) | $ 0.73 | $ 0.10 | $ 0.78 | $ 0.14 |
Washington Prime [Member] | ||||
Earnings Per Common Share, Diluted: | ||||
Weighted average common units outstanding - basic (in shares) | 221,739,246 | 219,792,052 | 221,503,372 | 219,766,909 |
Weighted average additional dilutive securities outstanding (in shares) | 524,354 | 856,562 | 530,684 | 757,293 |
Weighted average units outstanding - diluted (in shares) | 222,263,600 | 220,648,614 | 222,034,056 | 220,524,202 |
Earnings per common share, diluted (in dollars per share) | $ 0.72 | $ 0.10 | $ 0.77 | $ 0.14 |
Earnings Per Common Share, Basic: | ||||
Net income attributable to common shareholders - basic | $ 160,932 | $ 21,177 | $ 171,988 | $ 31,296 |
Earnings per common unit, basic (in dollars per share) | $ 0.73 | $ 0.10 | $ 0.78 | $ 0.14 |
Net income attributable to common shareholders - diluted | $ 160,932 | $ 21,177 | $ 171,988 | $ 31,296 |
EARNINGS PER COMMON SHARE, BASIC (in dollars per share) | $ 0.73 | $ 0.10 | $ 0.78 | $ 0.14 |