Washington Prime (WPG) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 07, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-36252
Entity Registrant Name	WASHINGTON PRIME GROUP INC.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	46-4323686
Entity Address, Address Line One	180 East Broad Street
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43215
City Area Code	614
Local Phone Number	621-9000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,459,701
Entity Central Index Key	0001594686
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Washington Prime Group, L.P.
Document Information [Line Items]
Entity File Number	333-205859
Entity Registrant Name	Washington Prime Group, L.P.
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	46-4674640
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		0
Entity Central Index Key	0001610911
Current Fiscal Year End Date	--12-31
Common Stock, $0.0001 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	WPG
Security Exchange Name	NYSE
7.5% Series H Cumulative Redeemable Preferred Stock, par value $0.0001 per share
Document Information [Line Items]
Title of 12(b) Security	7.5% Series H Cumulative Redeemable Preferred Stock, par value $0.0001 per share
Trading Symbol	WPGPRH
Security Exchange Name	NYSE
6.875% Series I Cumulative Redeemable Preferred Stock, par value $0.0001 per share
Document Information [Line Items]
Title of 12(b) Security	6.875% Series I Cumulative Redeemable Preferred Stock, par value $0.0001 per share
Trading Symbol	WPGPRI
Security Exchange Name	NYSE

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS:
Investment properties at cost	$ 5,891,872	$ 5,873,801
Less: accumulated depreciation	2,580,504	2,539,745
Investment properties, net	3,311,368	3,334,056
Cash and cash equivalents	57,074	92,618
Tenant receivables and accrued revenue, net	102,561	132,610
Investment in and advances to unconsolidated entities, at equity	415,134	416,339
Deferred costs and other assets	142,779	129,724
Total assets	4,028,916	4,105,347
LIABILITIES:
Mortgage notes payable	1,097,908	1,101,653
Notes payable	711,174	710,476
Term loans	682,428	681,563
Revolving credit facility	640,742	639,976
Other indebtedness	89,588	87,807
Accounts payable, accrued expenses, intangibles, and deferred revenues	248,737	276,086
Distributions payable	331	3,323
Total liabilities	3,470,908	3,500,884
Redeemable noncontrolling interests	3,325	3,265
Stockholders' Equity:
Common stock, $0.0001 par value, 350,000,000 shares authorized; 24,408,413 and 20,999,596 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	2	2
Capital in excess of par value	1,310,220	1,262,524
Accumulated deficit	(968,505)	(913,128)
Accumulated other comprehensive loss	0	(12,124)
Total stockholders' equity	547,801	539,850
Noncontrolling interests	6,882	61,348
Total equity	554,683	601,198
Total liabilities, redeemable noncontrolling interests and equity	4,028,916	4,105,347
Series H Cumulative Redeemable Preferred Stock, $0.0001 par value, 4,000,000 shares issued and outstanding as of March 31, 2021 and December 31, 2020
Stockholders' Equity:
Preferred stock	106,126	104,251
Series I Cumulative Redeemable Preferred Stock, $0.0001 par value, 3,800,000 shares issued and outstanding as of March 31, 2021 and December 31, 2020
Stockholders' Equity:
Preferred stock	99,958	98,325
Washington Prime Group, L.P.
ASSETS:
Investment properties at cost	5,891,872	5,873,801
Less: accumulated depreciation	2,580,504	2,539,745
Investment properties, net	3,311,368	3,334,056
Cash and cash equivalents	57,074	92,618
Tenant receivables and accrued revenue, net	102,561	132,610
Investment in and advances to unconsolidated entities, at equity	415,134	416,339
Deferred costs and other assets	142,779	129,724
Total assets	4,028,916	4,105,347
LIABILITIES:
Mortgage notes payable	1,097,908	1,101,653
Notes payable	711,174	710,476
Term loans	682,428	681,563
Revolving credit facility	640,742	639,976
Other indebtedness	89,588	87,807
Accounts payable, accrued expenses, intangibles, and deferred revenues	248,737	276,086
Distributions payable	331	3,323
Total liabilities	3,470,908	3,500,884
Redeemable noncontrolling interests	3,325	3,265
Stockholders' Equity:
Total liabilities, redeemable noncontrolling interests and equity	4,028,916	4,105,347
EQUITY:
General partner	547,801	539,850
Limited partners, 339,941 and 3,739,106 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	5,932	60,351
Total partners' equity	553,733	600,201
Noncontrolling interests	950	997
Total equity	554,683	601,198
Washington Prime Group, L.P. | General Partner Preferred Equity
EQUITY:
General partner	206,084	202,576
Washington Prime Group, L.P. | General Partner Common Equity
EQUITY:
General partner	$ 341,717	$ 337,274

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares, issued (in shares)	24,408,413	20,999,596
Common stock, shares, outstanding (in shares)	24,408,413	20,999,596
Washington Prime Group, L.P.
Limited Partners, common equity, shares issued (in shares)	339,941	3,739,106
Limited Partners, common equity, shares outstanding (in shares)	339,941	3,739,106
Washington Prime Group, L.P. | General Partner Preferred Equity
General Partner, Preferred equity shares issued (in shares)	7,800,000	7,800,000
General Partner, preferred equity, shares outstanding (in shares)	7,800,000	7,800,000
Washington Prime Group, L.P. | General Partner Common Equity
General Partner, Preferred equity shares issued (in shares)	24,408,413	20,999,596
General Partner, preferred equity, shares outstanding (in shares)	24,408,413	20,999,596
Preferred Series H
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred shares issued (in shares)	4,000,000	4,000,000
Preferred shares outstanding (in shares)	4,000,000	4,000,000
Preferred Series I
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred shares issued (in shares)	3,800,000	3,800,000
Preferred shares outstanding (in shares)	3,800,000	3,800,000

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUE:
Rental income	$ 127,544	$ 147,233
Other income	4,389	5,367
Total revenues	131,933	152,600
EXPENSES:
Property operating	39,450	37,280
Depreciation and amortization	52,255	59,704
Real estate taxes	18,817	20,252
Advertising and promotion	1,649	1,804
General and administrative	28,375	12,264
Ground rent	206	122
Impairment loss	0	1,319
Total operating expenses	140,752	132,745
Interest expense, net	(51,551)	(38,635)
Gain on disposition of interests in properties, net	2,462	26,755
Income and other taxes	281	617
Loss from unconsolidated entities, net	(2,207)	(1,032)
NET (LOSS) INCOME	(59,834)	7,560
Net (loss) income attributable to noncontrolling interests	(7,965)	677
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	(51,869)	6,883
Less: Preferred share dividends declared	0	(3,508)
Less: Preferred share dividends undeclared	(3,508)	0
Net (loss) earnings attributable to common shareholders - basic	$ (55,377)	$ 3,375
(LOSS) INCOME PER COMMON SHARE/UNIT, BASIC & DILUTED (usd per share)	$ (2.52)	$ 0.16
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS:
Limited partners	$ (8,025)	$ 617
COMPREHENSIVE LOSS:
Net (loss) income	(59,834)	7,560
Unrealized loss on interest rate derivative instruments, net	0	(15,446)
Comprehensive loss	(59,834)	(7,886)
Comprehensive loss attributable to noncontrolling interests	(7,965)	(1,706)
Comprehensive loss attributable to common shareholders	(51,869)	(6,180)
Washington Prime Group, L.P.
REVENUE:
Rental income	127,544	147,233
Other income	4,389	5,367
Total revenues	131,933	152,600
EXPENSES:
Property operating	39,450	37,280
Depreciation and amortization	52,255	59,704
Real estate taxes	18,817	20,252
Advertising and promotion	1,649	1,804
General and administrative	28,375	12,264
Ground rent	206	122
Impairment loss	0	1,319
Total operating expenses	140,752	132,745
Interest expense, net	(51,551)	(38,635)
Gain on disposition of interests in properties, net	2,462	26,755
Income and other taxes	281	617
Loss from unconsolidated entities, net	(2,207)	(1,032)
NET (LOSS) INCOME	(59,834)	7,560
Net (loss) earnings attributable to common shareholders - basic	$ (63,402)	$ 3,992
(LOSS) INCOME PER COMMON SHARE/UNIT, BASIC & DILUTED (usd per share)	$ (2.52)	$ 0.16
NET (LOSS) INCOME ATTRIBUTABLE TO UNITHOLDERS	$ (59,834)	$ 7,560
Less: Preferred unit distributions declared	0	(3,568)
Less: Preferred unit distributions undeclared	(3,568)	0
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS	(63,402)	3,992
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS:
General partner	(55,377)	3,375
Limited partners	(8,025)	617
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS	(63,402)	3,992
COMPREHENSIVE LOSS:
Net (loss) income	(59,834)	7,560
Unrealized loss on interest rate derivative instruments, net	0	(15,446)
Comprehensive loss	$ (59,834)	$ (7,886)

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (59,834)	$ 7,560
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, including fair value rent, fair value debt, deferred financing costs and equity-based compensation	53,960	60,753
Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting	12,124	0
Gain on disposition of interests in properties and outparcels, net	(2,462)	(26,755)
Impairment loss	0	1,319
Change in estimate of collectibility of rental income	6,473	5,291
Loss from unconsolidated entities, net	2,207	1,032
Distributions of income from unconsolidated entities	59	772
Changes in assets and liabilities:
Tenant receivables and accrued revenue, net	25,112	(3,075)
Deferred costs and other assets	(16,793)	(4,466)
Accounts payable, accrued expenses, deferred revenues and other liabilities	(17,512)	(32,419)
Net cash provided by operating activities	3,334	10,012
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net	(33,350)	(60,013)
Net proceeds from disposition of interests in properties and outparcels	4,525	17,239
Investments in unconsolidated entities	(2,998)	(3,225)
Distributions of capital from unconsolidated entities	1,930	1,555
Net cash used in investing activities	(29,893)	(44,444)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to noncontrolling interest holders in properties	(47)	(51)
Redemption of limited partner units	0	(521)
Distributions on common and preferred shares/units	(3,568)	(31,628)
Proceeds from issuance of debt, net of transaction costs	0	350,973
Repayments of debt	(3,860)	(285,000)
Other financing activities	(529)	0
Net cash (used in) provided by financing activities	(8,004)	33,773
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(34,563)	(659)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	130,232	75,475
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	95,669	74,816
Washington Prime Group, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	(59,834)	7,560
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, including fair value rent, fair value debt, deferred financing costs and equity-based compensation	53,960	60,753
Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting	12,124	0
Gain on disposition of interests in properties and outparcels, net	(2,462)	(26,755)
Impairment loss	0	1,319
Change in estimate of collectibility of rental income	6,473	5,291
Loss from unconsolidated entities, net	2,207	1,032
Distributions of income from unconsolidated entities	59	772
Changes in assets and liabilities:
Tenant receivables and accrued revenue, net	25,112	(3,075)
Deferred costs and other assets	(16,793)	(4,466)
Accounts payable, accrued expenses, deferred revenues and other liabilities	(17,512)	(32,419)
Net cash provided by operating activities	3,334	10,012
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net	(33,350)	(60,013)
Net proceeds from disposition of interests in properties and outparcels	4,525	17,239
Investments in unconsolidated entities	(2,998)	(3,225)
Distributions of capital from unconsolidated entities	1,930	1,555
Net cash used in investing activities	(29,893)	(44,444)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to noncontrolling interest holders in properties	(47)	(51)
Redemption of limited partner units	0	(521)
Distributions to unitholders	(3,568)	(31,628)
Proceeds from issuance of debt, net of transaction costs	0	350,973
Repayments of debt	(3,860)	(285,000)
Other financing activities	(529)	0
Net cash (used in) provided by financing activities	(8,004)	33,773
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(34,563)	(659)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	130,232	75,475
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$ 95,669	$ 74,816

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Preferred StockPreferred Series H	Preferred StockPreferred Series I	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non- Controlling Interests	Redeemable Non-Controlling Interests
Beginning balance at Dec. 31, 2019	$ 906,575	$ 796,349	$ 104,251	$ 98,325	$ 2	$ 1,254,788	$ (655,492)	$ (5,525)	$ 110,226	$ 3,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of limited partner units	(521)	0							(521)
Other	(9)	(9)				(9)
Equity-based compensation	1,866	1,866				1,866
Adjustments to noncontrolling interests	0	412				412			(412)
Distributions on common shares/units	(28,182)	(23,818)					(23,818)		(4,364)
Distributions declared on preferred shares	(3,508)	(3,508)					(3,508)
Other comprehensive loss	(15,446)	(13,063)						(13,063)	(2,383)
Net (income) loss, excluding of undeclared distributions to preferred unitholders	7,500	6,883					6,883		617
Ending balance at Mar. 31, 2020	868,275	765,112	104,251	98,325	2	1,257,057	(675,935)	(18,588)	103,163	3,265
Beginning balance at Dec. 31, 2020	601,198	539,850	104,251	98,325	2	1,262,524	(913,128)	(12,124)	61,348	3,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of limited partner units	0	53,582				53,582			(53,582)
Other	(9)	(9)				(9)
Equity-based compensation	1,311	1,311				1,311
Adjustments to noncontrolling interests	0	(7,188)				(7,188)			7,188
Distributions to noncontrolling interests	(47)	0							(47)
Undeclared cumulative preferred distributions	0	0	1,875	1,633			(3,508)			60
Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting	12,124	12,124						12,124
Net (income) loss, excluding of undeclared distributions to preferred unitholders	(59,894)	(51,869)					(51,869)		(8,025)
Ending balance at Mar. 31, 2021	$ 554,683	$ 547,801	$ 106,126	$ 99,958	$ 2	$ 1,310,220	$ (968,505)	$ 0	$ 6,882	$ 3,325

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Equity (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Distributions per common share (usd per share)		$ 1.125
Distributions to preferred unitholders	$ 60	$ 60

Unaudited Consolidated Statem_5

Unaudited Consolidated Statement of Equity - LP - USD ($) $ in Thousands	Total	Washington Prime Group, L.P.	Washington Prime Group, L.P.Partners' Equity	Washington Prime Group, L.P.Non- Controlling Interests	Washington Prime Group, L.P.Redeemable Non-Controlling Interests	Washington Prime Group, L.P.General PartnerPartners' Equity	Washington Prime Group, L.P.General Partner PreferredPartners' Equity	Washington Prime Group, L.P.General Partner CommonPartners' Equity	Washington Prime Group, L.P.Limited PartnersPartners' Equity
Beginning balance at Dec. 31, 2019		$ 906,575	$ 905,542	$ 1,033	$ 3,265	$ 796,349	$ 202,576	$ 593,773	$ 109,193
Increase (Decrease) in Partners' Capital [Roll Forward]
Redemption of limited partner units	$ (521)	(521)	(521)						(521)
Other		(9)	(9)			(9)		(9)
Equity-based compensation		1,866	1,866			1,866		1,866
Adjustments to limited partners' interests		0	0			412		412	(412)
Distributions on common units		(28,182)	(28,131)	(51)		(23,818)		(23,818)	(4,313)
Distributions declared on preferred units		(3,508)	(3,508)		(60)	(3,508)	(3,508)
Other comprehensive loss	(15,446)	(15,446)	(15,446)			(13,063)		(13,063)	(2,383)
Net (income) loss	7,500	7,500	7,500		60	6,883	3,508	3,375	617
Ending balance at Mar. 31, 2020		868,275	867,293	982	3,265	765,112	202,576	562,536	102,181
Beginning balance at Dec. 31, 2020		601,198	600,201	997	3,265	539,850	202,576	337,274	60,351
Increase (Decrease) in Partners' Capital [Roll Forward]
Exchange of limited partner units	0	0	0			53,582		53,582	(53,582)
Other		(9)	(9)			(9)		(9)
Equity-based compensation		1,311	1,311			1,311		1,311
Adjustments to limited partners' interests		0	0			(7,188)		(7,188)	7,188
Distributions to noncontrolling interests	(47)	(47)	0	(47)
Undeclared cumulative preferred distributions	0	0	0		60		3,508	(3,508)
Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting	12,124	12,124	12,124			12,124		12,124
Net (income) loss	$ (59,894)	(59,894)	(59,894)			(51,869)		(51,869)	(8,025)
Ending balance at Mar. 31, 2021		$ 554,683	$ 553,733	$ 950	$ 3,325	$ 547,801	$ 206,084	$ 341,717	$ 5,932

Unaudited Consolidated Statem_6

Unaudited Consolidated Statement of Equity - LP (Parentheticals)	3 Months Ended
	Mar. 31, 2020$ / shares
Statement of Partners' Capital [Abstract]
Distribution on common units (usd per unit)	$ 1.125

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	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, as amended (the "Code"). WPG Inc. will generally qualify as a REIT for U.S. federal income tax purposes as long as it continues to distribute at least 90% of its REIT taxable income, exclusive of net capital gains, and satisfy certain other requirements. WPG Inc. will generally be allowed a deduction against its U.S. federal income tax liability for dividends paid by it to REIT shareholders, thereby reducing or eliminating any corporate level taxation to WPG Inc. Washington Prime Group, L.P. ("WPG L.P.") is WPG Inc.'s majority‑owned limited partnership subsidiary that owns, develops and manages, through its affiliates, all of WPG Inc.'s real estate properties and other assets. WPG Inc. is the sole general partner of WPG L.P. As of March 31, 2021, our assets consisted of material interests in 101 shopping centers in the United States, consisting of open air properties and enclosed retail properties, comprised of approximately 52 million square feet of managed gross leasable area. 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, rent payments pursuant to the terms of providing property operating services to our tenants and others, including energy, waste handling and facility services, and reimbursements from tenants for certain recoverable costs such as property operating, real estate taxes, repair and maintenance, and advertising and promotional expenses. 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.

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	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 March 31, 2021 and December 31, 2020 include the accounts of WPG Inc. and WPG L.P., as well as their majority owned and controlled subsidiaries. The accompanying consolidated statements of operations include the consolidated accounts of the Company. All intercompany transactions have been eliminated in consolidation. Due to the seasonal nature of certain operational activities, the results for the interim period ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year. These consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by GAAP for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position of the Company and its results of operations and cash flows for the interim periods presented. The Company believes that the disclosures made are adequate to prevent the information presented from being misleading. These consolidated unaudited financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the combined 2020 Annual Report on Form 10-K for WPG Inc. and WPG L.P. (the "2020 Form 10-K"). Going Concern We continuously project our cash flow sources and needs. In accordance with Accounting Standards Update ("ASU") 2014-15, Presentation of Financial Statements - Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, the Company is required to evaluate whether there is substantial doubt about its ability to continue as a going concern each reporting period. In evaluating the Company’s ability to continue as a going concern, management evaluated the conditions and events that could raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued on May 10, 2021. The Company has engaged in discussions with certain holders of the Company’s Senior Notes due 2024, or "Senior Notes" (as defined in Note 6 - "Indebtedness") and certain other stakeholders with respect to potential deleveraging or restructuring transactions. These discussions have included negotiations of the terms and conditions of a financial restructuring (the "Restructuring") of the existing debt of, existing equity interests in, and certain other obligations of the Company and certain of its direct and indirect subsidiaries (the "Company Parties"). The Restructuring may need to be implemented pursuant to a plan of reorganization (the "Plan") to be filed in cases commenced under Chapter 11 ("Chapter 11 Cases") of the United States Bankruptcy Code (the "Bankruptcy Code"). Although the Company continues to be open to all discussions with the holders of the Senior Notes and its other stakeholders regarding a potential Restructuring, there can be no assurance we will reach an agreement regarding a Restructuring in a timely manner, on terms that are attractive to us, or at all. The Company expects to continue to provide quality service to its customers without interruption and work with its business partners as usual during the course of these discussions and any potential transaction. On February 15, 2021, we deferred the approximately $23.2 million semi-annual interest payment on the Senior Notes and commenced a 30-day grace period under the terms of the indenture governing the Senior Notes. We elected to enter into the grace period in order to collaborate with our stakeholders regarding the Restructuring. On March 16, 2021, we entered into forbearance agreements (the "Forbearance Agreements") with certain holders of our Senior Notes and certain lenders under our corporate credit facilities, on behalf of the lenders under such facilities, pursuant to which, among other things, the forbearing parties agreed not to exercise any rights and remedies available to them under the indenture governing the Senior Notes or applicable credit agreement, as applicable, related to the missed interest payment or certain other defaults (in the case of the credit agreements) until the earlier of March 31, 2021 and the occurrence of any of the early termination events specified in the agreements (the "Forbearance Periods"). The Company has entered into additional extension periods, which have extended the Forbearance Periods to May 12, 2021. Further, we have since amended each applicable Forbearance Agreement because we expect to experience a default or event of default, among other things, (i) related to the maintenance of our Total Unencumbered Assets compared to our Total Unsecured Indebtedness as set forth in the indenture governing the Senior Notes and (ii) related to the maintenance of (a) our Total Adjusted Outstanding Indebtedness compared to our Capitalization Value and (b) our Total Outstanding Unsecured Indebtedness to our Unencumbered Capitalization Value, each as set forth in the applicable credit agreement governing our corporate credit facilities. There can be no assurances that we will be able to continue to amend the Forbearance Agreements or extend the Forbearance Periods or that our lenders or noteholders will not accelerate our indebtedness outstanding under the Senior Notes or our credit facilities after the expiration of the Forbearance Periods. In connection with these negotiations, the Company incurred approximately $14.5 million of legal and professional costs through March 31, 2021, which have been recorded to general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss for the period then ended. Our intentions are to consummate the Restructuring and to generate sufficient liquidity from the Restructuring to meet our obligations and operating needs. There can be no assurance that the Restructuring will occur or be successful. Additionally, we continue to focus on our initiatives to drive operational performance and work with our partners to drive revenue as we operate our business. If the Restructuring is unsuccessful, our cash position may not be sufficient to support our daily operations or initiatives. Management considered the Company’s current projections of future cash flows, current financial condition, sources of liquidity, debt and other obligations due or anticipated to come due on or before May 10, 2022 in evaluating whether it has the ability to meet its obligations as they become due within one year after the date of filing of this Form 10-Q. The Company's sources of liquidity would be insufficient to satisfy such accelerated obligations if they became due on or before May 10, 2022. These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. Reverse-Stock Split On December 17, 2020, WPG Inc.'s common shareholders approved an amendment to WPG Inc.'s Amended and Restated Articles of Incorporation that effectuated a reverse-stock split (see Note 9 - "Equity" for additional details). Unless otherwise noted, all common share/unit and per share/unit information contained herein has been restated to reflect the effect of the reverse stock split as if it had occurred as of the beginning of the earliest period presented. COVID-19 The novel strain of coronavirus ("COVID-19") continues to have a negative impact on both the Company's operations and our tenants' revenues and businesses. While all of our shopping centers were open during the three months ended March 31, 2021, certain applicable operational limitations and restrictions remain in effect. In addition, during the three months ended March 31, 2021, we granted additional rent relief to certain of our tenants through a combination of approximately $4.6 million of rent abatements as well as rent deferrals to future periods which has impacted our fiscal year 2021 operating cash flows. A further worsening of the financial condition of our tenants may impact our continual assessment of future collectibility of rents, which could cause us to write-off additional straight-line rent that has not yet been billed. The situation continues to evolve as vaccine distribution continues to accelerate and while certain geographic regions across the United States are experiencing a surge in new cases as a result of mutant strains of COVID-19, which could result in shoppers limiting their in-store purchases in exchange for curbside or on-line purchases. Additional impacts to the business may arise of which the Company is not currently aware. The Company cannot predict whether, when or the manner in which the conditions surrounding COVID-19 will change, including the timing of potential additional closure requirements or the subsequent lifting of any said restrictions. General These consolidated financial statements reflect the consolidation of properties that are wholly owned or properties in which we own less than a 100% interest but that we control. Control of a property is demonstrated by, among other factors, our ability, without the consent of any other unaffiliated partner or owner, to refinance debt or sell the property and the inability of any other unaffiliated partner or owner to replace us. 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) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our determination of the primary beneficiary of a VIE considers all relationships between us and the VIE, including management agreements and other contractual arrangements. There have been no changes during the three months ended March 31, 2021 to any of our previous conclusions about whether an entity qualifies as a VIE or whether we are the primary beneficiary of any previously identified VIE. During the three months ended March 31, 2021, we did not provide financial or other support to a previously identified VIE that we were not previously contractually obligated to provide. 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 always consistent with the legal ownership interests held by each general or limited partner or joint venture investee primarily due to partner preferences. We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income from the joint ventures within cash distributions and losses in unconsolidated entities, at equity in the consolidated balance sheets. The net equity of certain joint ventures is less than zero because of financing or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization, and WPG has historically committed to or intends to fund the venture. As of March 31, 2021, our assets consisted of material interests in 101 shopping centers. The consolidated financial statements as of that date reflect the consolidation of 85 wholly owned properties and four additional properties that are less than wholly owned, but which we control or for which we are the primary beneficiary. We account for our interests in the remaining 12 properties, or the joint venture properties, using the equity method of accounting. While we manage the day-to-day operations of the joint venture properties, we do not control the operations as we have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties (see Note 5 - "Investment in Unconsolidated Entities, at Equity" for further details). We allocate net operating results of WPG L.P. to third parties and to WPG Inc. based on the partners' respective weighted average ownership interests in WPG L.P. Net operating results of WPG L.P. attributable to third parties are reflected in net (loss) income attributable to noncontrolling interests. WPG Inc.'s weighted average ownership interest in WPG L.P. was 87.3% and 84.5% for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, and December 31, 2020, WPG Inc.'s ownership interest in WPG L.P. was 98.3% and 84.8%, respectively. We adjust the noncontrolling limited partners' interests at the end of each period to reflect their interest in WPG L.P.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 - “Fair Value Measurement” (“Topic 820”). The fair value hierarchy, as defined by Topic 820, contains three levels of inputs that may be used to measure fair value as follows: • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, such as interest rates, foreign exchange rates, and yield curves, that are observable at commonly quoted intervals. • Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity's own assumptions, as there is little, if any, related market activity. 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, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions. 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 open air properties, into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same tenants. New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides temporary optional expedients and exceptions to GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Inter-Bank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate ("SOFR"). Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. If elected, an entity would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities electing relief would need to apply it consistently for all eligible modified contracts accounted for under a particular codification topic or industry subtopic. Additionally, entities can elect various optional expedients that would allow them to continue to apply hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. Entities electing relief related to hedging relationships can generally elect to apply the optional expedients on a hedge-by-hedge basis. The guidance is effective upon issuance and can be applied to modifications of existing contracts made after January 1, 2020 and can be applied to eligible hedging relationships existing as of or entered into after the same date. The relief is temporary and cannot be applied to contract modifications that occur after December 31, 2022 or hedging relationships entered into or evaluated after that date. However, certain optional expedients can be applied to hedging relationships evaluated in periods after December 31, 2022. As of March 31, 2021, we had approximately $1.4 billion (excluding debt issuance costs of $13.8 million) of our aggregate consolidated indebtedness that was previously indexed to LIBOR but is currently indexed to U.S. Prime (see Note 6 - "Indebtedness" for additional discussion). In addition, as of March 31, 2021, we have certain derivative contracts that are indexed to LIBOR (see Note 7 – “Derivative Financial Instruments” for details) that previously hedged certain variable rate debt instruments. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Reconciliation of Cash, Cash Equivalents, and Restricted Cash The following is a summary of our beginning and ending cash, cash equivalents and restricted cash totals as presented in our statements of cash flows for the three months ended March 31, 2021 and 2020: Balance at March 31, Balance at December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 57,074 $ 39,614 $ 92,618 $ 41,421 Restricted cash 38,595 35,202 37,614 34,054 Total cash, cash equivalents and restricted cash $ 95,669 $ 74,816 $ 130,232 $ 75,475 Restricted cash primarily relates to cash held in escrow for payment of real estate taxes and property reserves for maintenance, expansion or leasehold improvements as required by our mortgage loans. Restricted cash is included in "Deferred costs and other assets" in the accompanying balance sheets as of March 31, 2021 and December 31, 2020.

Investment in Real Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Investment in Real Estate	Investment in Real Estate 2021 Dispositions We are party to a purchase and sale agreement to sell certain outparcels to FCPT Acquisitions, LLC ("Four Corners"). The following table summarizes the key terms of each of the closings that occurred during the three months ended March 31, 2021: Sales Date Parcels Sold Purchase Price Sales Proceeds January 27, 2021 1 $ 2,121 $ 2,109 Based upon the closings above and amendments executed as of March 31, 2021, the Company has approximately $17.0 million remaining to close, subject to due diligence and closing conditions. Additionally, during the three months ended March 31, 2021, the Company sold certain developed outparcels for an aggregate purchase price of approximately $2.6 million, receiving net proceeds of approximately $2.4 million. The net proceeds from the disposition activities were generally used to fund ongoing redevelopment efforts and for general corporate purposes. In connection with the 2021 disposition activities, the Company recorded a net gain of $2.5 million for the three months ended March 31, 2021, which is included in gain on disposition of interests in properties, net in the accompanying consolidated statements of operations and comprehensive loss. 2020 Dispositions On March 13, 2020, Seminole Towne Center, located in Sanford, Florida, was transitioned to the lender pursuant to the terms within a deed-in-lieu of foreclosure agreement. This property was held in an unconsolidated joint venture and all operational involvement between us and the related property ceased in connection with this transition (see Note 5 - "Investment in Unconsolidated Entities, at Equity" for additional details). On January 31, 2020, we completed the sale of Dekalb Plaza, located in King of Prussia, Pennsylvania, to an unaffiliated private real estate investor for a purchase price of $13.6 million. The net proceeds of $13.4 million was used to fund ongoing redevelopment efforts and general corporate purposes. On January 14, 2020, we completed the sale of Matteson Plaza, located in Matteson, Illinois, to an unaffiliated private real estate investor for a purchase price of $1.1 million. The net proceeds of $0.4 million was used for general corporate purposes. The following table summarizes the key terms of each of the closings with Four Corners that occurred during the three months ended March 31, 2020: Sales Date Parcels Sold Purchase Price Sales Proceeds February 13, 2020 2 $ 1,961 $ 1,945 Additionally, during the three months ended March 31, 2020, the Company sold certain undeveloped land parcels and developed outparcels for an aggregate purchase price of approximately $1.5 million, receiving net proceeds of approximately $1.5 million. The net proceeds from the disposition activities were generally used to fund ongoing redevelopment efforts and for general corporate purposes. In connection with the 2020 disposition activities, the Company recorded a net gain of $26.8 million for the three months ended March 31, 2020, which is included in gain on disposition of interests in properties, net in the accompanying consolidated statements of operations and comprehensive loss. Impairment During the quarter ended March 31, 2020, we recorded an impairment charge of approximately $1.3 million related to vacant land at Georgesville Square, located in Columbus, Ohio and a single tenant outparcel located in Topeka, Kansas (the "Topeka Property"). The impairment charges in both instances were due to changes in facts and circumstances when we decided to hold the assets for a shorter period which resulted in the carrying value not being recoverable from the projected cash flows. In the case of the vacant land at Georgesville Square, which was sold during the second quarter of 2020, the fair value was based on the sales price (Level 1 input). In the case of the Topeka Property, the fair value was based on general market conditions (Level 3 inputs). We did not have any impairment losses during the quarter ended March 31, 2021.

Investment in Unconsolidated En

Investment in Unconsolidated Entities, at Equity	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities, at Equity	Investment in Unconsolidated Entities, at Equity The Company's investment activity in unconsolidated real estate entities during the three months ended March 31, 2021 and March 31, 2020 consisted of investments in the following material joint ventures: • The O'Connor Joint Venture I This investment consists of a 51% noncontrolling interest held by the Company in a portfolio of five enclosed retail properties and related outparcels, consisting of the following: The Mall at Johnson City located in Johnson City, Tennessee; Pearlridge Center located in Aiea, Hawaii; Polaris Fashion Place, located in Columbus, Ohio; Scottsdale Quarter® located in Scottsdale, Arizona; and Town Center Plaza (which consists of Town Center Plaza and the adjacent Town Center Crossing) located in Leawood, Kansas. We retain management, leasing, legal, construction, and development responsibilities for the O'Connor Joint Venture I. • The O'Connor Joint Venture II This investment consists of a 51% noncontrolling interest held by the Company in a portfolio of seven retail properties and certain related outparcels, consisting of the following: The Arboretum, located in Austin, Texas; Arbor Hills, located in Ann Arbor, Michigan; Classen Curve and The Triangle at Classen Curve, each located in Oklahoma City, Oklahoma and Nichols Hills Plaza, located in Nichols Hills, Oklahoma (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 "O'Connor Joint Venture II"). We retain management, leasing, legal, construction, and development responsibilities for the O'Connor Joint Venture II. • The Seminole Joint Venture This investment consisted of a 45% legal interest held by the Company in Seminole Towne Center, an approximate 1.1 million square foot enclosed regional retail property. The Company had no effective financial interest in this property due to preferences. On March 13, 2020, the property held through this venture was transitioned to the lender pursuant to the terms within a deed-in-lieu of foreclosure agreement and all involvement between us and the related property ceased in connection with this transition. We recorded a gain of $15.4 million related to our cash distributions and losses in the Seminole Joint Venture, which is included in gain on disposition of interests in properties, net in the accompanying consolidated statements of operations and comprehensive loss. Individual agreements specify which services the Company is to provide to each joint venture. The Company, through its affiliates, provides management, leasing, legal, construction and development services for a fee to the joint ventures as noted above. We recorded fee income of $2.5 million for the three months ended March 31, 2021, and $2.2 million for the three months ended March 31, 2020, which are included in other income in the accompanying consolidated statements of operations and comprehensive loss. Advances to the joint ventures totaled $0.6 million and $0.3 million as of March 31, 2021 and December 31, 2020, which are included in investment in and advances to unconsolidated entities, at equity in the accompanying consolidated balance sheets. Management deems this balance to be collectible and anticipates repayment within one year. The following table presents the combined statements of operations for our joint ventures for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Total revenues $ 54,729 $ 63,222 Operating expenses 24,715 27,809 Depreciation and amortization 21,065 25,389 Operating income 8,949 10,024 Gain on extinguishment of debt — 15,605 Interest expense, taxes, and other, net (11,991) (12,427) Net (loss) income of the Company's unconsolidated real estate entities $ (3,042) $ 13,202 Our share of loss from the Company's unconsolidated real estate entities $ (2,207) $ (1,032) The following table presents the combined balance sheets of our joint ventures as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Assets: Investment properties at cost, net $ 1,841,810 $ 1,829,481 Construction in progress 30,145 50,794 Cash and cash equivalents 54,466 41,273 Tenant receivables and accrued revenue, net 37,470 45,877 Deferred costs and other assets (1) 286,087 295,121 Total assets $ 2,249,978 $ 2,262,546 Liabilities and Members’ Equity: Mortgage notes payable $ 1,211,633 $ 1,214,679 Accounts payable, accrued expenses, intangibles, and deferred revenues (2) 286,744 293,336 Total liabilities 1,498,377 1,508,015 Members’ equity 751,601 754,531 Total liabilities and members’ equity $ 2,249,978 $ 2,262,546 Our share of members’ equity, net $ 394,698 $ 396,370 Our share of members’ equity, net $ 394,698 $ 396,370 Advances and excess investment 20,436 19,969 Net investment in and advances to unconsolidated entities, at equity $ 415,134 $ 416,339 (1) Includes value of acquired in-place leases and acquired above-market leases with a net book value of $65,973 and $68,028 as of March 31, 2021 and December 31, 2020, respectively. Additionally, includes right-of-use assets of $173,375 and $173,304 related to ground leases for which our joint ventures are the lessees as of March 31, 2021 and December 31, 2020, respectively. (2) Includes the net book value of below market leases of $34,263 and $35,882 as of March 31, 2021 and December 31, 2020, respectively. Additionally, includes lease liabilities of $173,375 and $173,304 related to ground leases for which our joint ventures are the lessees as of March 31, 2021 and December 31, 2020, respectively.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Mortgage Debt Total mortgage indebtedness at March 31, 2021 and December 31, 2020 was as follows: March 31, December 31, Face amount of mortgage loans $ 1,100,515 $ 1,104,375 Fair value adjustments, net 1,372 1,685 Debt issuance cost, net (3,979) (4,407) Carrying value of mortgage loans $ 1,097,908 $ 1,101,653 A roll forward of mortgage indebtedness from December 31, 2020 to March 31, 2021 is summarized as follows: Balance at December 31, 2020 $ 1,101,653 Debt amortization payments (3,860) Amortization of fair value and other adjustments (313) Amortization of debt issuance costs 428 Balance at March 31, 2021 $ 1,097,908 Corporate Debt On February 15, 2021, we deferred the approximately $23.2 million semi-annual interest payment on the Senior Notes and commenced a 30-day grace period under the terms of the indenture governing the Senior Notes. On March 16, 2021, we entered into the Forbearance Agreements, as amended and extended, with certain holders of our Senior Notes and certain lenders under our corporate credit facilities, on behalf of the lenders under such facilities, pursuant to which, among other things, the forbearing parties agreed not to exercise any rights and remedies available to them under the indenture governing the Senior Notes or applicable credit agreement, as applicable, related to the missed interest payment during the Forbearance Periods. Further, we have since amended each applicable Forbearance Agreement because we expect to experience a default or event of default, among other things, (i) related to the maintenance of our Total Unencumbered Assets compared to our Total Unsecured Indebtedness as set forth in the indenture governing the Senior Notes and (ii) related to the maintenance of (a) our Total Adjusted Outstanding Indebtedness compared to our Capitalization Value and (b) our Total Outstanding Unsecured Indebtedness to our Unencumbered Capitalization Value, each as set forth in the applicable credit agreement governing our corporate credit facilities. There are no assurances that we will be able to continue to amend the Forbearance Agreements or extend the Forbearance Periods or that our lenders or noteholders will not accelerate our indebtedness outstanding under the Senior Notes or our credit facilities after the expiration of the Forbearance Periods. During the three months ended March 31, 2021 and as a result of the Forbearance Agreements executed with certain lenders under our corporate credit facilities, the stated interest rates, depending on total leverage levels, on our Revolver, Term Loan and December 2015 Term Loan (see below for capitalized terms) switched from a range of LIBOR plus 2.00% to 2.60%, with a LIBOR floor of 0.50% to a range of U.S. Prime plus 1.00% to 1.60% pursuant to the terms of the underlying debt agreements. The following table identifies our total corporate debt outstanding at March 31, 2021 and December 31, 2020: March 31, December 31, Notes payable: Face amount - Senior Notes due 2024 (1) $ 720,900 $ 720,900 Debt discount, net (5,941) (6,338) Debt issuance costs, net (3,785) (4,086) Total carrying value of notes payable $ 711,174 $ 710,476 Term loans: (6) Face amount - Term Loan (2)(3) $ 350,000 $ 350,000 Face amount - December 2015 Term Loan (4) 340,000 340,000 Debt issuance costs, net (7,572) (8,437) Total carrying value of term loans $ 682,428 $ 681,563 Revolving credit facility: (2)(5) Face amount $ 647,000 $ 647,000 Debt issuance costs, net (6,258) (7,024) Total carrying value of revolving credit facility $ 640,742 $ 639,976 Other indebtedness: (7) Anticipated settlement amount $ 109,285 $ 109,285 Debt issuance costs, net (1,496) (1,509) Future accretion, net (18,201) (19,969) Total carrying value of other indebtedness $ 89,588 $ 87,807 (1) The Senior Notes due 2024 were issued at a 1.533% discount and bear interest at 6.450% per annum. The Senior Notes due 2024 mature on August 15, 2024. (2) The revolving credit facility, or "Revolver" and term loan, or "Term Loan" are collectively known as the "Facility." (3) The Term Loan bears interest at U.S. Prime plus 1.60% or 4.85% per annum and will mature on December 30, 2022. (4) The December 2015 Term Loan bears interest at U.S. Prime plus 1.60% or 4.85% per annum and will mature on January 10, 2023. (5) The Revolver provides borrowings on a revolving basis up to $650.0 million, bears interest at U.S. Prime plus 1.25%, and will initially mature on December 30, 2021, 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 March 31, 2021, we had an aggregate available borrowing capacity of $3.0 million under the Revolver, however, we are unable to draw on the remaining capacity at this time. At March 31, 2021, the applicable interest rate on the Revolver was U.S. Prime plus 1.25%, or 4.50%. The interest rate on the Revolver may vary in the future based upon the Company's leveraged levels. (6) The spread over U.S. Prime could vary in the future based upon changes to the Company's leveraged levels. (7) Represents the financial liability associated with our failed sale and master ground leaseback of land at Edison Mall, located in Fort Myers, Florida; Great Lakes Mall, located in Mentor, Ohio; Irving Mall, located in Irving, Texas; and Jefferson Valley Mall, located in Yorktown Heights, New York (collectively, the "Properties"). The master ground lease has a 99-year term and includes fixed annual payments at an initial annualized rate of 7.4%, with annual rent escalators over the aforementioned term. The anticipated settlement amount represents the year 30 repurchase option price of $109.3 million to reacquire the fee interest in the land at the Properties, to which the carrying value of the financial liability is being accreted to, through interest expense, during the repurchase period. Expense is being recognized utilizing an effective interest rate of 8.52% per annum during the repurchase period. Covenants Our corporate 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. On February 15, 2021, we deferred the semi-annual interest payment on the Senior Notes, which resulted in a failure to comply with our corporate debt covenants. We have entered into Forbearance Agreements with certain holders of our Senior Notes and certain lenders under our corporate credit facilities, on behalf of the lenders under such facilities, pursuant to which, among other things, the forbearing parties agreed not to exercise any rights and remedies available to them under the indenture governing the Senior Notes or applicable credit agreement, as applicable, related to the missed interest payment or certain other defaults (in the case of the credit agreements) during the Forbearance Periods. Further, we have since amended each applicable Forbearance Agreement because we expect to experience a default or event of default, among other things, (i) related to the maintenance of our Total Unencumbered Assets compared to our Total Unsecured Indebtedness as set forth in the indenture governing the Senior Notes and (ii) related to the maintenance of (a) our Total Adjusted Outstanding Indebtedness compared to our Capitalization Value and (b) our Total Outstanding Unsecured Indebtedness to our Unencumbered Capitalization Value, each as set forth in the applicable credit agreement governing our corporate credit facilities. The total balance of mortgages was approximately $1.1 billion as of March 31, 2021. At March 31, 2021, certain of our consolidated subsidiaries were the borrowers under 20 non-recourse loans and two full-recourse loans secured by mortgages encumbering 24 properties, including one separate pool of cross-defaulted and cross-collateralized mortgages encumbering a total of four properties. Under these cross-default provisions, a default under any mortgage included in the cross-defaulted pool may constitute a default under all mortgages within that pool and may lead to acceleration of the indebtedness due on each property within the pool. Certain of our secured debt instruments contain financial and other non-financial covenants which are specific to the properties which serve as collateral for that debt. If the borrower fails to comply with these covenants, the lender could accelerate the debt and enforce its right against their collateral. Our existing non-recourse mortgage loans generally prohibit our subsidiaries that are borrowers thereunder from incurring additional indebtedness, subject to certain customary and limited exceptions. In addition, certain of these instruments limit the ability of the applicable borrower's parent entity from incurring mezzanine indebtedness unless certain conditions are satisfied, including compliance with maximum loan to value ratio and minimum debt service coverage ratio tests. Further, under certain of these existing agreements, if certain cash flow levels in respect of the applicable mortgaged property (as described in the applicable agreement) are not maintained for at least two consecutive quarters, the lender could accelerate the debt and enforce its right against its collateral. During the first quarter of 2021, the borrower, a consolidated subsidiary of WPG L.P., on the $35.4 million full-recourse mortgage loan secured by Southgate Mall, located in Missoula, Montana experienced a technical default as a result of the debt service coverage ratio being below the minimum allowable ratio (see Note 12 - "Subsequent Events" for additional details). On February 9, 2021, we received a notice of default letter, dated that same day, from the special servicer to the borrower, a consolidated subsidiary of WPG L.P., concerning the $47.3 million mortgage loan secured by Lincolnwood Town Center, located in Lincolnwood, Illinois. The notice was issued by the special servicer because the funds maintained in the cash management account were insufficient to pay the full January 2021 mortgage payment. On April 8, 2021, the Company received notification that a receiver had been appointed to manage and lease the property. The borrower continues to have discussions with the special servicer regarding this non-recourse loan. An affiliate of the Company continues to hold title to the property. On February 2, 2021, we received a notice of default letter, dated December 8, 2020, from the special servicer to the borrower, a consolidated subsidiary of WPG L.P., concerning the $16.6 million mortgage loan secured by Anderson Mall, located in Anderson, South Carolina. The notice was issued by the special servicer because the borrower elected to not make monthly debt service payments beginning in April 2020 in response to the COVID-19 pandemic. On March 8, 2021, the Company received notification that a receiver had been appointed to manage and lease the property. The borrower continues to have discussions with the special servicer regarding this non-recourse loan. An affiliate of the Company continues to hold title to the property. On May 26, 2020, we received a notice of default letter, dated May 14, 2020, from the special servicer to the borrower, a consolidated subsidiary of WPG L.P., concerning the $40.9 million mortgage loan secured by Port Charlotte Town Center, located in Port Charlotte, Florida. The notice was issued by the special servicer because the borrower elected to not pay the May 2020 mortgage payment due to disruption caused by the COVID-19 pandemic. The borrower continues to have discussions with the special servicer regarding this non-recourse loan. The Company continues to own, manage and lease the property. On February 21, 2020, we received a letter, dated that same date, from the lender notifying the borrower, a consolidated subsidiary of WPG L.P., that the $33.1 million mortgage loan secured by Muncie Mall, located in Muncie, Indiana, was transferred to special servicing because the borrower notified the lender that future projected cash flows will be insufficient to ensure future compliance with the mortgage loan due to the loss of certain tenants. On April 14, 2020, the Company received notification that a receiver had been appointed to manage and lease the property. The borrower continues to have discussions with the special servicer regarding this non-recourse loan. An affiliate of the Company continues to hold title to the property. On November 5, 2019, we received a letter dated October 30, 2019, from the lender notifying the borrower, a consolidated subsidiary of WPG L.P., that the $45.1 million mortgage loan secured by Charlottesville Fashion Square, located in Charlottesville, Virginia, was transferred to special servicing because the borrower notified the lender that future projected cash flows will be insufficient to ensure future compliance with the mortgage loan due to the loss of certain tenants. On March 17, 2020, we received notification that a receiver had been appointed to manage, insure, and lease the property. The borrower continues to have discussions with the special servicer regarding this non-recourse loan. An affiliate of the Company still holds title to the property. In addition and in response to the COVID-19 pandemic, the borrower, a consolidated subsidiary of WPG L.P., elected to not make monthly debt service payments beginning in April 2020 on the $36.1 million mortgage loan secured by Oak Court Mall & Offices, located in Memphis, Tennessee. The borrower continues to have discussions with the special servicer of the non-recourse loan and is considering various options. The Company has assessed each of the defaulted properties for impairment indicators and have concluded no impairment charges were warranted as of March 31, 2021. 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 corporate debt (including variable-rate corporate debt swapped to fixed-rate and our other indebtedness, as discussed above) using cash flows discounted at current borrowing rates or Level 2 inputs. We estimate the fair values of consolidated fixed-rate unsecured notes payable using Level 1 quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities or Level 2 inputs. The book value and fair value of these financial instruments and the related discount rate assumptions as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Book value of fixed-rate mortgages (1) $985,015 $1,039,375 Fair value of fixed-rate mortgages $986,139 $1,057,727 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 3.98 % 3.79 % Book value of fixed-rate corporate debt (1) $830,185 $1,420,185 Fair value of fixed-rate corporate debt $594,855 $1,203,079 Weighted average discount rates assumed in calculation of fair value for fixed-rate corporate debt 13.72 % 10.22 % (1) Excludes debt issuance costs and applicable debt discounts.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	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 also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative 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 or loss ("AOCI" or "AOCL") during the term of the hedged debt transaction. Amounts reported in AOCL 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 AOCL are recognized as an adjustment to income over the term of the hedged debt transaction. Pursuant to the Forbearance Agreements and the uncertainty surrounding the current and forecasted payment of LIBOR-indexed interest, we discontinued hedge accounting on all of our derivatives described below as of January 1, 2021. As a result, approximately $12.1 million was released from AOCL to interest expense as the Company is not able to assert that future interest payments are probable of occurring. As of March 31, 2021, the Company had 11 outstanding interest rate derivatives with a current notional value of $640.0 million. 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 March 31, 2021 and December 31, 2020: Derivatives designated as hedging instruments: Balance Sheet March 31, 2021 December 31, 2020 Interest rate products Liability derivatives Accounts payable, accrued expenses, intangibles, and deferred revenue $ 10,893 $ 14,380 There were no asset derivative instruments at March 31, 2021 and December 31, 2020. The liability derivative instruments were reported at their fair value of $10.9 million and $14.4 million at March 31, 2021 and December 31, 2020, respectively. Prior to January 1, 2021, cash flow hedge accounting was applied to these derivatives with a corresponding adjustment to OCL for the unrealized gains and losses (net of noncontrolling interest allocation). Beginning January 1, 2021, all changes in value of the derivatives are recognized immediately in interest expense. For the three months ended March 31, 2021, a gain of approximately $0.2 million was recognized in interest expense for the $3.5 million change in value of the derivatives, net of $3.3 million of interest expense related to the periodic interest settlement. The table below presents the effect of the Company's derivative financial instruments qualifying for hedge accounting on the consolidated statements of comprehensive loss for the three months ended March 31, 2020: Derivatives in Cash Flow Hedging Relationships Location of Gain or Loss Recognized in Income on Derivatives For the Three Months Ended March 31, 2020 Amount of Loss Recognized in OCL on Derivatives Interest expense $ (16,209) Amount of Loss Reclassified from AOCL into Income Interest expense $ 763 The table below presents the effect of the Company's derivative financial instruments qualifying for hedge accounting on the consolidated statements of operations for the three months ended March 31, 2020: Effect of Cash Flow Hedges on Consolidated Statements of Operations For the Three Months Ended March 31, 2020 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ (38,635) Amount of loss reclassified from accumulated other comprehensive loss into interest expense $ 763 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 March 31, 2021, the fair value of the derivatives in a net liability position, plus accrued interest but excluding any adjustment for nonperformance risk, related to these agreements was $10.9 million. As of March 31, 2021, the Company has not posted any collateral related to these agreements. The Company is not in default with any of these provisions as of March 31, 2021. If the Company had breached any of these provisions at March 31, 2021, it would have been required to settle its obligation under these agreements at their termination value of $10.9 million. 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 of the fair value hierarchy. To comply with the provisions of Topic 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2021 and December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The tables below present the Company’s net assets and (liabilities) measured at fair value as of March 31, 2021 and December 31, 2020 aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Active Markets for Identical Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Balance at March 31, 2021 Derivative instruments, net $ — $ (10,893) $ — $ (10,893) Quoted Prices in Active Markets for Identical Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Balance at December 31, 2020 Derivative instruments, net $ — $ (14,380) $ — $ (14,380)

Rental Income

Rental Income	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Rental Income	Rental Income We receive rental income from the leasing of retail and other space under operating leases, as we retain substantially all of the risks and benefits of ownership of the investment properties. The majority of these leases contain extension options, typically at the lessee's election, and/or early termination provisions. Further, our leases do not contain any provisions that would allow the lessee to purchase the underlying assets throughout the lease term. In most cases, consideration received typically includes either a fixed minimum rent or percentage rent component, reimbursement of a fixed portion of our property operating expenses, including utility, security, janitorial, landscaping, food court and other administrative expenses included in common area maintenance, or CAM, and reimbursement of lessor costs such as real estate taxes and insurance, computed based upon a formula in accordance with the lease terms. When not reimbursed by the fixed CAM component, CAM expense reimbursements and lessor costs are based on the tenant's proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. Additionally, a large number of our tenants are also required to pay overage rents based on sales during the applicable lease year over a base amount stated in the lease agreement. We recognize overage rents only when each tenant's sales exceed the applicable sales threshold as defined in their lease. We also collect lease termination income from tenants to allow for the tenant to vacate their space prior to their scheduled lease termination date. We recognize lease termination income in the period when a termination agreement is signed, collectability is assured, and we are no longer obligated to provide space to the tenant. In the event that a tenant is in bankruptcy when the termination agreement is signed, termination fee income is deferred and recognized when, and if, it is received. We record an adjustment to rental income in the period there is a change in our assessment of whether the collectibility of operating lease payments is probable. In making this estimation, we evaluate information that includes the age of billed receivables, collection history, lease concessions granted by the Company and tenants' financial condition to assess the probability of collection. We have elected the practical expedient in ASU 2016-02 to not separate non-lease components from lease components as our underlying leases qualify as operating leases and the timing and pattern of transfer of the lease and non-lease components are the same. We note that the predominant component of our leases is the lease component and thus account for the combined lease component and non-lease component (i.e. CAM) of the non-cancelable lease term on a straight-line basis in accordance with ASC 842. Rental income also includes accretion related to above-market and below-market lease intangibles related to the acquisition of operating properties. We amortize any tenant inducements as a reduction of rental income utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. The following table summarizes our rental income for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Operating lease payments, fixed $ 106,766 $ 131,505 Operating lease payments, variable 29,412 19,104 Amortization of straight-line rent, inducements, and rent abatements (3,123) 809 Net amortization/accretion of above and below-market leases 962 1,106 Change in estimate of collectibility of rental income (6,473) (5,291) Total rental income $ 127,544 $ 147,233 Included in the amounts presented for the three months ended March 31, 2021 are rent abatements of $4.6 million in response to the COVID-19 pandemic. Future payments to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding variable payments of tenant reimbursements, percentage or overage rents, and lease termination payments as of March 31, 2021 are as follows: 2021 (April - December) $ 317,485 2022 367,702 2023 305,270 2024 243,751 2025 190,080 Thereafter 584,384 $ 2,008,672

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Equity	Equity Reverse-Stock Split On December 17, 2020, WPG Inc.'s common shareholders approved an amendment to WPG Inc.'s Amended and Restated Articles of Incorporation that effectuated a one-for-nine reverse-stock split of WPG Inc.’s common shares (the "Split"). As a result of the Split, the number of outstanding common shares of WPG Inc. was reduced from approximately 187.4 million to approximately 21.0 million upon the effective date of the Split. In addition, all outstanding WPG L.P. common operating units and all outstanding equity awards under the Company's equity plans were also adjusted by the same conversion ratio relating to the Split. The implementation of the Split increased the per share trading price of WPG Inc.’s common shares and satisfied the continued listing criteria set forth in Section 802.01C of the Listed Company Manual of the New York Stock Exchange ("NYSE") and cured the noncompliance notification received by WPG Inc. on April 28, 2020, for which we received notification from the NYSE on January 4, 2021 that the Company was no longer in violation. Unless otherwise noted, all common share/unit and per share/unit information contained herein has been restated to reflect the Split as if it had occurred as of the beginning of the earliest period presented. 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‑for‑one basis or cash, as determined by WPG Inc. Therefore, the common units held by limited partners are considered by WPG Inc. to be share equivalents and classified as noncontrolling interests within permanent equity, and classified by WPG L.P. as permanent equity. The amount of cash to be paid if the exchange right is exercised and the cash option is selected will be based on the market value of WPG Inc.'s common stock as determined pursuant to the terms of the WPG L.P. Partnership Agreement. During the three months ended March 31, 2021, WPG Inc. issued 3,399,165 shares of common stock to certain limited partners of WPG L.P. in exchange for an equal number of units pursuant to the WPG L.P. Partnership Agreement. This transaction increased WPG Inc.'s ownership interest in WPG L.P. by approximately 13.5%. There were no similar transactions during the three months ended March 31, 2020. At March 31, 2021, WPG Inc. had reserved 339,941 shares of common stock for possible issuance upon the exchange of units held by WPG L.P. limited partners. The holders of the Series I-1 Preferred Units have, at their option, the right to have their units purchased by WPG L.P. subject to the satisfaction of certain conditions. Therefore, the Series I-1 Preferred Units are classified as redeemable noncontrolling interests outside of permanent equity. Stock Based Compensation The WPG Inc. Board of Directors (the "Board") has adopted the Washington Prime Group, L.P. 2014 Stock Incentive Plan (the "2014 Plan") and the Washington Prime Group, L.P. 2019 Stock Incentive Plan (the "2019 Plan"), which replaced the 2014 Plan with respect to the issuance of new awards, to grant awards to current and prospective directors, officers, employees and consultants of the Company or any affiliate. Under the 2014 Plan, an aggregate of 1,111,112 shares of common stock were reserved for issuance, with a maximum number of awards to be granted to a participant in any calendar year of 55,556 shares/units. Upon the adoption of the 2019 Plan, the annual threshold was removed. Under the 2019 Plan, an aggregate of 810,000 shares of common stock are reserved for issuance, excluding carryover shares from the 2014 Plan. Awards may be in the form of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs") or other stock-based awards in WPG Inc., long term incentive units ("LTIP units" or "LTIPs") or performance units ("Performance LTIP Units") in WPG L.P. The 2019 Plan terminates on May 16, 2029. The following is a summary by type of the awards that the Company issued during the three months ended March 31, 2021 and March 31, 2020 under the 2014 Plan and 2019 Plan. Annual Long-Term Incentive Awards During the three months ended March 31, 2020, the Company approved the terms and conditions of the 2020 annual awards (the "2020 Annual Long-Term Incentive Awards") for certain executive officers and employees of the Company. Under the terms of the awards program, each participant is provided the opportunity to receive (i) time-based RSUs and (ii) performance-based stock units ("PSUs"). RSUs represent a contingent right to receive one WPG Inc. common share for each vested RSU. RSUs will vest in one-third installments on each annual anniversary of the respective Grant Date (as referenced below), subject to the participant's continued employment with the Company through each vesting date and the participant's continued compliance with certain applicable covenants. During the service period, dividend equivalents will be paid in cash accruals or under some circumstances, common shares, with respect to the RSUs corresponding to the amount of any cash dividends paid by the Company to the Company's common shareholders for the applicable dividend payment dates. Compensation expense is recognized on a straight-line basis over the three year vesting term. Actual PSUs earned may range from 0%—150% of the PSUs allocated to the award recipient, based on the Company's total shareholder return ("TSR") compared to a peer group based on companies with similar assets and revenue over a three-year performance period that commenced on the respective Grant Date (as referenced below). During the performance period, dividend equivalents corresponding to the amount of any regular cash dividends paid by the Company to the Company’s common shareholders for the applicable dividend payment dates will accrue and be deemed reinvested in additional PSUs, which will be settled in common shares at the same time and only to the extent that the underlying PSU is earned and settled in common shares. Payout of the PSUs is also subject to the participant’s continued employment with the Company through the end of the performance period. The PSUs were valued through the use of a Monte Carlo model and the related compensation expense is recognized over the three-year performance period. No comparable awards were issued during the three months ended March 31, 2021. The following table summarizes the issuance of the 2020 Annual Long-Term Incentive Awards: 2020 Annual Long-Term Incentive Awards Grant Date February 25, 2020 RSUs issued 152,610 Grant Date fair value per unit $21.69 PSUs issued 152,610 Grant Date fair value per unit $15.66 During the three months ended March 31, 2021, the performance period related to PSUs awarded in conjunction with the 2018 annual awards ended. There was no payout as the Company's TSR performance during the applicable performance period did not exceed the minimum required threshold for payout and 52,753 PSUs were forfeited. Stock Options During the three months ended March 31, 2021, no stock options were granted to employees, no stock options were exercised by employees and 2,452 stock options were canceled, forfeited or expired. As of March 31, 2021, there were 60,991 stock options outstanding. During the three months ended March 31, 2020, no stock options were granted to employees, no stock options were exercised by employees and 1,510 stock options were canceled, forfeited or expired. Share Award Related Compensation Expense During the three months ended March 31, 2021, the Company recorded compensation expense pertaining to the awards granted of $1.3 million in general and administrative and property operating expense within the consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2020, the Company recorded compensation expense pertaining to the awards granted of $1.9 million in general and administrative and property operating expense within the consolidated statements of operations and comprehensive loss. In certain instances, employment agreements and stock compensation programs provide for accelerated vesting when executives are terminated without cause. Additionally, the Committee may, in its discretion, accelerate the vesting for retiring Board members. Distributions For the three months ended March 31, 2021, no common share/unit dividends were declared by the Board. For the three months ended March 31, 2020, the Board declared common share/unit dividends of $1.125. Additionally, for the three months ended March 31, 2021, no dividends were declared by the Board on the Series H Cumulative Redeemable Preferred Stock, Series I Cumulative Redeemable Preferred Stock or the Series I-1 Preferred Units and the $3.6 million distributions paid during the three months ended March 31, 2021 relate to the fourth quarter 2020 preferred dividend declaration.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 limited to commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. Additionally, we may in the near future seek to implement the Restructuring pursuant to a plan of reorganization to be filed in cases commenced under Chapter 11 of the Bankruptcy Code. We record a liability when a loss is considered probable and the amount can be reasonably estimated. Concentration of Credit Risk All operations are within the United States and no customer or tenant accounts for 5% or more of our consolidated revenues. Lease Commitments As of March 31, 2021, a total of four consolidated properties are subject to ground leases. The termination dates of these ground leases occur between the years of 2026 to 2076. These ground leases generally require us to make fixed annual rental payments, or a fixed annual rental plus a percentage rent component based upon the revenues or total sales of the property. Some of these leases also include escalation clauses and renewal options. For the three months ended March 31, 2021, we incurred ground lease expense of $206, of which $7 related to straight-line rent expense, which is included in ground rent in the accompanying consolidated statements of operations and comprehensive loss. For the three months ended March 31, 2020, we incurred ground lease expense of $122 of which $5 related to straight-line rent expense. Additionally, the Company has two material office leases and one material garage lease. The termination dates of these leases occur between the years of 2023 to 2026. These leases generally require us to make fixed annual rental payments, plus our share of CAM expense and real estate taxes and insurance. For the three months ended March 31, 2021, we incurred lease expense of $628 which is included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss. For the three months ended March 31, 2020, we incurred lease expense of $649. Future minimum lease payments due under these leases for each of the next five years and thereafter, excluding applicable extension options, as of March 31, 2021 are as follows: 2021 (April - December) $ 1,554 2022 2,099 2023 1,427 2024 999 2025 1,008 Thereafter 19,370 Total lease payments 26,457 Less: Discount 15,680 Present value of lease liabilities $ 10,777 The weighted average remaining lease term for our consolidated operating leases was 21.0 years and the weighted average discount rate for determining the lease liabilities was 8.8% at March 31, 2021. The discount rates utilized in calculating the lease liabilities represents our estimate of the Company's incremental borrowing rate over the terms that correspond to the leases. We had no financing leases as of March 31, 2021.

(Loss) Earnings Per Common Shar

(Loss) Earnings Per Common Share/Unit	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
(Loss) Earnings Per Common Share/Unit	Loss) Earnings Per Common Share/Unit WPG Inc. (Loss) Earnings Per Common Share We determine WPG Inc.'s basic (loss) 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-class method. We determine WPG Inc.'s diluted (loss) earnings per share based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible. The following table sets forth the computation of WPG Inc.'s basic and diluted (loss) earnings per common share: For the Three Months Ended March 31, 2021 2020 (Loss) Earnings Per Common Share, Basic: Net (loss) earnings attributable to common shareholders - basic $ (55,377) $ 3,375 Weighted average shares outstanding - basic 22,011,314 21,015,924 (Loss) earnings per common share, basic $ (2.52) $ 0.16 (Loss) Earnings Per Common Share, Diluted: Net (loss) earnings attributable to common shareholders - basic $ (55,377) $ 3,375 Net (loss) earnings attributable to limited partner unitholders (8,025) 617 Net (loss) earnings attributable to common shareholders - diluted $ (63,402) $ 3,992 Weighted average common shares outstanding - basic 22,011,314 21,015,924 Weighted average operating partnership units outstanding 3,189,723 3,843,766 Weighted average additional dilutive securities outstanding — 90,309 Weighted average common shares outstanding - diluted 25,201,037 24,949,999 (Loss) earnings per common share, diluted $ (2.52) $ 0.16 For the three months ended March 31, 2021 and 2020, additional potentially dilutive securities include contingently-issuable outstanding stock options, RSUs, and performance based components of annual or special arrangement awards. For the three months ended March 31, 2021, the potential dilutive effect of 60,991 contingently-issuable outstanding stock options, 66,857 RSUs units and 262,919 performance based components of annual or special arrangement awards were excluded as their inclusion would be anti-dilutive. WPG L.P. (Loss) Earnings Per Common Unit We determine WPG L.P.'s basic (loss) 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-class method. We determine WPG L.P.'s diluted (loss) earnings per unit based on the weighted average number of common units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive securities were converted into common units at the earliest date possible. The following table sets forth the computation of WPG L.P.'s basic and diluted (loss) earnings per common unit: For the Three Months Ended March 31, 2021 2020 (Loss) Earnings Per Common Unit, Basic & Diluted: Net (loss) earnings attributable to common unitholders - basic and diluted $ (63,402) $ 3,992 Weighted average common units outstanding - basic & diluted 25,201,037 24,859,690 Weighted average additional dilutive securities outstanding — 90,309 Weighted average units outstanding - diluted 25,201,037 24,949,999 (Loss) earnings per common unit, basic & diluted $ (2.52) $ 0.16 For the three months ended March 31, 2021 and 2020, additional potentially dilutive securities include contingently-issuable units related to WPG Inc.'s outstanding stock options, RSUs, and WPG Inc.'s performance based components of annual or special arrangement awards. For the three months ended March 31, 2021, the potential dilutive effect of 60,991 contingently-issuable outstanding stock options, 66,857 RSUs and 262,919 performance based components of annual or special arrangement awards were excluded as their inclusion would be anti-dilutive.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 22, 2021, the borrower, a consolidated subsidiary of WPG L.P., executed a modification of the $35.4 million full-recourse mortgage loan secured by Southgate Mall to address the technical default. The modification will extend the maturity of the mortgage note to September 27, 2023 and will bear interest at U.S. Prime plus 300 basis points, with a floor of 4.75% and cured the technical default.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures and discloses its fair value measurements in accordance with Accounting Standards Codification ("ASC") Topic 820 - “Fair Value Measurement” (“Topic 820”). The fair value hierarchy, as defined by Topic 820, contains three levels of inputs that may be used to measure fair value as follows: • Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, such as interest rates, foreign exchange rates, and yield curves, that are observable at commonly quoted intervals. • Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity's own assumptions, as there is little, if any, related market activity. 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, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions.
Use of Estimates	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	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 open air properties, into one reportable segment because they have similar economic characteristics and we provide similar products and services to similar types of, and in many cases, the same tenants.
New Accounting Pronouncements	New Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides temporary optional expedients and exceptions to GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Inter-Bank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate ("SOFR"). Entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. If elected, an entity would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities electing relief would need to apply it consistently for all eligible modified contracts accounted for under a particular codification topic or industry subtopic. Additionally, entities can elect various optional expedients that would allow them to continue to apply hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. Entities electing relief related to hedging relationships can generally elect to apply the optional expedients on a hedge-by-hedge basis. The guidance is effective upon issuance and can be applied to modifications of existing contracts made after January 1, 2020 and can be applied to eligible hedging relationships existing as of or entered into after the same date. The relief is temporary and cannot be applied to contract modifications that occur after December 31, 2022 or hedging relationships entered into or evaluated after that date. However, certain optional expedients can be applied to hedging relationships evaluated in periods after December 31, 2022. As of March 31, 2021, we had approximately $1.4 billion (excluding debt issuance costs of $13.8 million) of our aggregate consolidated indebtedness that was previously indexed to LIBOR but is currently indexed to U.S. Prime (see Note 6 - "Indebtedness" for additional discussion). In addition, as of March 31, 2021, we have certain derivative contracts that are indexed to LIBOR (see Note 7 – “Derivative Financial Instruments” for details) that previously hedged certain variable rate debt instruments. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Rental Income	We receive rental income from the leasing of retail and other space under operating leases, as we retain substantially all of the risks and benefits of ownership of the investment properties. The majority of these leases contain extension options, typically at the lessee's election, and/or early termination provisions. Further, our leases do not contain any provisions that would allow the lessee to purchase the underlying assets throughout the lease term. In most cases, consideration received typically includes either a fixed minimum rent or percentage rent component, reimbursement of a fixed portion of our property operating expenses, including utility, security, janitorial, landscaping, food court and other administrative expenses included in common area maintenance, or CAM, and reimbursement of lessor costs such as real estate taxes and insurance, computed based upon a formula in accordance with the lease terms. When not reimbursed by the fixed CAM component, CAM expense reimbursements and lessor costs are based on the tenant's proportionate share of the allocable operating expenses and CAM capital expenditures for the property. We accrue reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. We recognize differences between estimated recoveries and the final billed amounts in the subsequent year. Additionally, a large number of our tenants are also required to pay overage rents based on sales during the applicable lease year over a base amount stated in the lease agreement. We recognize overage rents only when each tenant's sales exceed the applicable sales threshold as defined in their lease. We also collect lease termination income from tenants to allow for the tenant to vacate their space prior to their scheduled lease termination date. We recognize lease termination income in the period when a termination agreement is signed, collectability is assured, and we are no longer obligated to provide space to the tenant. In the event that a tenant is in bankruptcy when the termination agreement is signed, termination fee income is deferred and recognized when, and if, it is received. We record an adjustment to rental income in the period there is a change in our assessment of whether the collectibility of operating lease payments is probable. In making this estimation, we evaluate information that includes the age of billed receivables, collection history, lease concessions granted by the Company and tenants' financial condition to assess the probability of collection. We have elected the practical expedient in ASU 2016-02 to not separate non-lease components from lease components as our underlying leases qualify as operating leases and the timing and pattern of transfer of the lease and non-lease components are the same. We note that the predominant component of our leases is the lease component and thus account for the combined lease component and non-lease component (i.e. CAM) of the non-cancelable lease term on a straight-line basis in accordance with ASC 842. Rental income also includes accretion related to above-market and below-market lease intangibles related to the acquisition of operating properties. We amortize any tenant inducements as a reduction of rental income utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following is a summary of our beginning and ending cash, cash equivalents and restricted cash totals as presented in our statements of cash flows for the three months ended March 31, 2021 and 2020: Balance at March 31, Balance at December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 57,074 $ 39,614 $ 92,618 $ 41,421 Restricted cash 38,595 35,202 37,614 34,054 Total cash, cash equivalents and restricted cash $ 95,669 $ 74,816 $ 130,232 $ 75,475

Investment in Real Estate (Tabl

Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Summary of Key Terms of Each of the Closings	The following table summarizes the key terms of each of the closings that occurred during the three months ended March 31, 2021: Sales Date Parcels Sold Purchase Price Sales Proceeds January 27, 2021 1 $ 2,121 $ 2,109 The following table summarizes the key terms of each of the closings with Four Corners that occurred during the three months ended March 31, 2020: Sales Date Parcels Sold Purchase Price Sales Proceeds February 13, 2020 2 $ 1,961 $ 1,945

Investment in Unconsolidated _2

Investment in Unconsolidated Entities, at Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities, at Equity	The following table presents the combined statements of operations for our joint ventures for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Total revenues $ 54,729 $ 63,222 Operating expenses 24,715 27,809 Depreciation and amortization 21,065 25,389 Operating income 8,949 10,024 Gain on extinguishment of debt — 15,605 Interest expense, taxes, and other, net (11,991) (12,427) Net (loss) income of the Company's unconsolidated real estate entities $ (3,042) $ 13,202 Our share of loss from the Company's unconsolidated real estate entities $ (2,207) $ (1,032)
Schedule of Combined Balance Sheets for Unconsolidated Venture Properties	The following table presents the combined balance sheets of our joint ventures as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Assets: Investment properties at cost, net $ 1,841,810 $ 1,829,481 Construction in progress 30,145 50,794 Cash and cash equivalents 54,466 41,273 Tenant receivables and accrued revenue, net 37,470 45,877 Deferred costs and other assets (1) 286,087 295,121 Total assets $ 2,249,978 $ 2,262,546 Liabilities and Members’ Equity: Mortgage notes payable $ 1,211,633 $ 1,214,679 Accounts payable, accrued expenses, intangibles, and deferred revenues (2) 286,744 293,336 Total liabilities 1,498,377 1,508,015 Members’ equity 751,601 754,531 Total liabilities and members’ equity $ 2,249,978 $ 2,262,546 Our share of members’ equity, net $ 394,698 $ 396,370 Our share of members’ equity, net $ 394,698 $ 396,370 Advances and excess investment 20,436 19,969 Net investment in and advances to unconsolidated entities, at equity $ 415,134 $ 416,339 (1) Includes value of acquired in-place leases and acquired above-market leases with a net book value of $65,973 and $68,028 as of March 31, 2021 and December 31, 2020, respectively. Additionally, includes right-of-use assets of $173,375 and $173,304 related to ground leases for which our joint ventures are the lessees as of March 31, 2021 and December 31, 2020, respectively. (2) Includes the net book value of below market leases of $34,263 and $35,882 as of March 31, 2021 and December 31, 2020, respectively. Additionally, includes lease liabilities of $173,375 and $173,304 related to ground leases for which our joint ventures are the lessees as of March 31, 2021 and December 31, 2020, respectively.

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Total mortgage indebtedness at March 31, 2021 and December 31, 2020 was as follows: March 31, December 31, Face amount of mortgage loans $ 1,100,515 $ 1,104,375 Fair value adjustments, net 1,372 1,685 Debt issuance cost, net (3,979) (4,407) Carrying value of mortgage loans $ 1,097,908 $ 1,101,653
Roll Forward of Mortgage Indebtedness	A roll forward of mortgage indebtedness from December 31, 2020 to March 31, 2021 is summarized as follows: Balance at December 31, 2020 $ 1,101,653 Debt amortization payments (3,860) Amortization of fair value and other adjustments (313) Amortization of debt issuance costs 428 Balance at March 31, 2021 $ 1,097,908
Schedule of Debt	The following table identifies our total corporate debt outstanding at March 31, 2021 and December 31, 2020: March 31, December 31, Notes payable: Face amount - Senior Notes due 2024 (1) $ 720,900 $ 720,900 Debt discount, net (5,941) (6,338) Debt issuance costs, net (3,785) (4,086) Total carrying value of notes payable $ 711,174 $ 710,476 Term loans: (6) Face amount - Term Loan (2)(3) $ 350,000 $ 350,000 Face amount - December 2015 Term Loan (4) 340,000 340,000 Debt issuance costs, net (7,572) (8,437) Total carrying value of term loans $ 682,428 $ 681,563 Revolving credit facility: (2)(5) Face amount $ 647,000 $ 647,000 Debt issuance costs, net (6,258) (7,024) Total carrying value of revolving credit facility $ 640,742 $ 639,976 Other indebtedness: (7) Anticipated settlement amount $ 109,285 $ 109,285 Debt issuance costs, net (1,496) (1,509) Future accretion, net (18,201) (19,969) Total carrying value of other indebtedness $ 89,588 $ 87,807 (1) The Senior Notes due 2024 were issued at a 1.533% discount and bear interest at 6.450% per annum. The Senior Notes due 2024 mature on August 15, 2024. (2) The revolving credit facility, or "Revolver" and term loan, or "Term Loan" are collectively known as the "Facility." (3) The Term Loan bears interest at U.S. Prime plus 1.60% or 4.85% per annum and will mature on December 30, 2022. (4) The December 2015 Term Loan bears interest at U.S. Prime plus 1.60% or 4.85% per annum and will mature on January 10, 2023. (5) The Revolver provides borrowings on a revolving basis up to $650.0 million, bears interest at U.S. Prime plus 1.25%, and will initially mature on December 30, 2021, 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 March 31, 2021, we had an aggregate available borrowing capacity of $3.0 million under the Revolver, however, we are unable to draw on the remaining capacity at this time. At March 31, 2021, the applicable interest rate on the Revolver was U.S. Prime plus 1.25%, or 4.50%. The interest rate on the Revolver may vary in the future based upon the Company's leveraged levels. (6) The spread over U.S. Prime could vary in the future based upon changes to the Company's leveraged levels. (7) Represents the financial liability associated with our failed sale and master ground leaseback of land at Edison Mall, located in Fort Myers, Florida; Great Lakes Mall, located in Mentor, Ohio; Irving Mall, located in Irving, Texas; and Jefferson Valley Mall, located in Yorktown Heights, New York (collectively, the "Properties"). The master ground lease has a 99-year term and includes fixed annual payments at an initial annualized rate of 7.4%, with annual rent escalators over the aforementioned term. The anticipated settlement amount represents the year 30 repurchase option price of $109.3 million to reacquire the fee interest in the land at the Properties, to which the carrying value of the financial liability is being accreted to, through interest expense, during the repurchase period. Expense is being recognized utilizing an effective interest rate of 8.52% per annum during the repurchase period.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The book value and fair value of these financial instruments and the related discount rate assumptions as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 December 31, 2020 Book value of fixed-rate mortgages (1) $985,015 $1,039,375 Fair value of fixed-rate mortgages $986,139 $1,057,727 Weighted average discount rates assumed in calculation of fair value for fixed-rate mortgages 3.98 % 3.79 % Book value of fixed-rate corporate debt (1) $830,185 $1,420,185 Fair value of fixed-rate corporate debt $594,855 $1,203,079 Weighted average discount rates assumed in calculation of fair value for fixed-rate corporate debt 13.72 % 10.22 % (1) Excludes debt issuance costs and applicable debt discounts.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	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 March 31, 2021 and December 31, 2020: Derivatives designated as hedging instruments: Balance Sheet March 31, 2021 December 31, 2020 Interest rate products Liability derivatives Accounts payable, accrued expenses, intangibles, and deferred revenue $ 10,893 $ 14,380
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)	The table below presents the effect of the Company's derivative financial instruments qualifying for hedge accounting on the consolidated statements of comprehensive loss for the three months ended March 31, 2020: Derivatives in Cash Flow Hedging Relationships Location of Gain or Loss Recognized in Income on Derivatives For the Three Months Ended March 31, 2020 Amount of Loss Recognized in OCL on Derivatives Interest expense $ (16,209) Amount of Loss Reclassified from AOCL into Income Interest expense $ 763 The table below presents the effect of the Company's derivative financial instruments qualifying for hedge accounting on the consolidated statements of operations for the three months ended March 31, 2020: Effect of Cash Flow Hedges on Consolidated Statements of Operations For the Three Months Ended March 31, 2020 Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ (38,635) Amount of loss reclassified from accumulated other comprehensive loss into interest expense $ 763
Fair Value Measurements, Recurring and Nonrecurring	The tables below present the Company’s net assets and (liabilities) measured at fair value as of March 31, 2021 and December 31, 2020 aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Active Markets for Identical Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Balance at March 31, 2021 Derivative instruments, net $ — $ (10,893) $ — $ (10,893) Quoted Prices in Active Markets for Identical Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Balance at December 31, 2020 Derivative instruments, net $ — $ (14,380) $ — $ (14,380)

Rental Income (Tables)

Rental Income (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Our Rental Income	The following table summarizes our rental income for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Operating lease payments, fixed $ 106,766 $ 131,505 Operating lease payments, variable 29,412 19,104 Amortization of straight-line rent, inducements, and rent abatements (3,123) 809 Net amortization/accretion of above and below-market leases 962 1,106 Change in estimate of collectibility of rental income (6,473) (5,291) Total rental income $ 127,544 $ 147,233
Schedule of Future Payments Received Under Non-Cancelable Operating Leases	Future payments to be received under non-cancelable operating leases for each of the next five years and thereafter, excluding variable payments of tenant reimbursements, percentage or overage rents, and lease termination payments as of March 31, 2021 are as follows: 2021 (April - December) $ 317,485 2022 367,702 2023 305,270 2024 243,751 2025 190,080 Thereafter 584,384 $ 2,008,672

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Summary of Issuance of the 2020 and 2019 Annual Long-Term Incentive Awards	The following table summarizes the issuance of the 2020 Annual Long-Term Incentive Awards: 2020 Annual Long-Term Incentive Awards Grant Date February 25, 2020 RSUs issued 152,610 Grant Date fair value per unit $21.69 PSUs issued 152,610 Grant Date fair value per unit $15.66

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments	Future minimum lease payments due under these leases for each of the next five years and thereafter, excluding applicable extension options, as of March 31, 2021 are as follows: 2021 (April - December) $ 1,554 2022 2,099 2023 1,427 2024 999 2025 1,008 Thereafter 19,370 Total lease payments 26,457 Less: Discount 15,680 Present value of lease liabilities $ 10,777

(Loss) Earnings Per Common Sh_2

(Loss) Earnings Per Common Share/Unit (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of (Loss) Earnings Per Common Share/Unit	The following table sets forth the computation of WPG Inc.'s basic and diluted (loss) earnings per common share: For the Three Months Ended March 31, 2021 2020 (Loss) Earnings Per Common Share, Basic: Net (loss) earnings attributable to common shareholders - basic $ (55,377) $ 3,375 Weighted average shares outstanding - basic 22,011,314 21,015,924 (Loss) earnings per common share, basic $ (2.52) $ 0.16 (Loss) Earnings Per Common Share, Diluted: Net (loss) earnings attributable to common shareholders - basic $ (55,377) $ 3,375 Net (loss) earnings attributable to limited partner unitholders (8,025) 617 Net (loss) earnings attributable to common shareholders - diluted $ (63,402) $ 3,992 Weighted average common shares outstanding - basic 22,011,314 21,015,924 Weighted average operating partnership units outstanding 3,189,723 3,843,766 Weighted average additional dilutive securities outstanding — 90,309 Weighted average common shares outstanding - diluted 25,201,037 24,949,999 (Loss) earnings per common share, diluted $ (2.52) $ 0.16 The following table sets forth the computation of WPG L.P.'s basic and diluted (loss) earnings per common unit: For the Three Months Ended March 31, 2021 2020 (Loss) Earnings Per Common Unit, Basic & Diluted: Net (loss) earnings attributable to common unitholders - basic and diluted $ (63,402) $ 3,992 Weighted average common units outstanding - basic & diluted 25,201,037 24,859,690 Weighted average additional dilutive securities outstanding — 90,309 Weighted average units outstanding - diluted 25,201,037 24,949,999 (Loss) earnings per common unit, basic & diluted $ (2.52) $ 0.16

Organization (Details)

Organization (Details) - Shopping Centers ft² in Millions	Mar. 31, 2021ft²shopping_center
Real Estate Properties [Line Items]
Number of real estate properties | shopping_center	101
Area of real estate property | ft²	52

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Details) $ in Millions	Feb. 15, 2021USD ($)	Mar. 31, 2021USD ($)propertyshopping_center	Dec. 31, 2020	Mar. 31, 2020
Real Estate Properties [Line Items]
Rent abatement | $		$ 4.6
Minimum threshold ownership interest for properties included in financial statement		100.00%
Washington Prime Inc | Washington Prime Group, L.P.
Real Estate Properties [Line Items]
Ownership interest percentage		98.30%	84.80%
Washington Prime Inc | Weighted Average | Washington Prime Group, L.P.
Real Estate Properties [Line Items]
Ownership interest percentage		87.30%		84.50%
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of real estate properties | property		85
Partially Owned Properties
Real Estate Properties [Line Items]
Number of real estate properties | property		4
Corporate Joint Venture
Real Estate Properties [Line Items]
Number of real estate properties | property		12
Shopping Centers
Real Estate Properties [Line Items]
Number of real estate properties | shopping_center		101
Senior Notes due 2024 | Notes Payable
Real Estate Properties [Line Items]
Debt instrument, interest payment | $	$ 23.2
Debt instrument, grace period	30 days
Legal and professional costs | $		$ 14.5

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)segment
Accounting Policies [Abstract]
Number of reportable segments | segment	1
ASU 2020-04
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt indexed to LIBOR	$ 1,400
Debt issuance costs	$ 13.8

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Summary of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 57,074	$ 92,618	$ 39,614	$ 41,421
Restricted cash	38,595	37,614	35,202	34,054
Total cash, cash equivalents and restricted cash	$ 95,669	$ 130,232	$ 74,816	$ 75,475

Investment in Real Estate (Key

Investment in Real Estate (Key Terms of Each of the Closings) (Details) - Restaurant Outparcels $ in Thousands	Jan. 27, 2021USD ($)lease	Feb. 13, 2020USD ($)outparcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Parcels Sold	1	2
Purchase Price	$ 2,121	$ 1,961
Sales Proceeds	$ 2,109	$ 1,945

Investment in Real Estate (Narr

Investment in Real Estate (Narrative) (Details) - USD ($)	Jan. 31, 2020	Jan. 14, 2020	Mar. 31, 2021	Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition of interests in properties, net			$ 2,462,000	$ 26,755,000
Asset impairment charges				0
Georgesville Square and Single Tenant Outparcel in Topeka
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges				1,300,000
Undeveloped Land Parcels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate sales price			2,600,000
Sales proceeds			2,400,000
Undeveloped Land Parcels and Developed Outparcels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate sales price				1,500,000
Sales proceeds				$ 1,500,000
Disposed of by Sale | DeKalb Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales proceeds	$ 13,400,000
Purchase price	$ 13,600,000
Disposed of by Sale | Matteson Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales proceeds		$ 400,000
Purchase price		$ 1,100,000
Four Corners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate deal amount remaining to close, second purchase agreement			$ 17,000,000

Investment in Unconsolidated _3

Investment in Unconsolidated Entities, at Equity (Narrative) (Details) - Equity Method Investment, Nonconsolidated Investee or Group of Investees ft² in Millions, $ in Millions	Mar. 13, 2020USD ($)	Mar. 31, 2021USD ($)ft²property	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Other income		$ 2.5	$ 2.2
O'Connor Joint Venture II
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		51.00%
Number of real estate properties | property		7
The Seminole Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		45.00%
Effective financial interest		0.00%
Gain related to cash distributions and losses in joint venture	$ 15.4
The Seminole Joint Venture | Seminole Town Center
Schedule of Equity Method Investments [Line Items]
Area of real estate property | ft²		1.1
O'Connor Joint Venture I and O'Connor Joint Venture II
Schedule of Equity Method Investments [Line Items]
Advances to affiliate		$ 0.6		$ 0.3
O'Connor Mall Partners LP | O'Connor Joint Venture I
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		51.00%
Number of real estate properties | property		5

Investment in Unconsolidated _4

Investment in Unconsolidated Entities, at Equity (Combined Statements of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 131,933	$ 152,600
Operating expenses	140,752	132,745
Depreciation and amortization	52,255	59,704
NET (LOSS) INCOME	(59,834)	7,560
Our share of loss from the Company's unconsolidated real estate entities	(2,207)	(1,032)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Total revenues	54,729	63,222
Operating expenses	24,715	27,809
Depreciation and amortization	21,065	25,389
Operating income	8,949	10,024
Gain on extinguishment of debt, net	0	15,605
Interest expense, taxes, and other, net	(11,991)	(12,427)
NET (LOSS) INCOME	$ (3,042)	$ 13,202

Investment in Unconsolidated _5

Investment in Unconsolidated Entities, at Equity (Combined Balance Sheets) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets:
Investment properties at cost, net	$ 3,311,368	$ 3,334,056
Cash and cash equivalents	57,074	92,618	$ 39,614	$ 41,421
Tenant receivables and accrued revenue, net	102,561	132,610
Deferred costs and other assets	142,779	129,724
Total assets	4,028,916	4,105,347
Liabilities and Members’ Equity:
Mortgage notes payable	1,097,908	1,101,653
Accounts payable, accrued expenses, intangibles, and deferred revenues	248,737	276,086
Total liabilities	3,470,908	3,500,884
Members’ equity	6,882	61,348
Total liabilities, redeemable noncontrolling interests and equity	4,028,916	4,105,347
Our share of members’ equity, net	415,134	416,339
Operating lease liability	10,777
Lease Liabilities Related to Ground Leases for Joint Ventures
Liabilities and Members’ Equity:
Net investment in and advances to unconsolidated entities, at equity	415,134	416,339
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Liabilities and Members’ Equity:
Acquired in-place leases and acquired above-market leases	65,973	68,028
Below market leases, net book value	34,263	35,882
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Lease Liabilities Related to Ground Leases for Joint Ventures
Assets:
Investment properties at cost, net	1,841,810	1,829,481
Construction in progress	30,145	50,794
Cash and cash equivalents	54,466	41,273
Tenant receivables and accrued revenue, net	37,470	45,877
Deferred costs and other assets	286,087	295,121
Total assets	2,249,978	2,262,546
Liabilities and Members’ Equity:
Mortgage notes payable	1,211,633	1,214,679
Accounts payable, accrued expenses, intangibles, and deferred revenues	286,744	293,336
Total liabilities	1,498,377	1,508,015
Members’ equity	751,601	754,531
Total liabilities, redeemable noncontrolling interests and equity	2,249,978	2,262,546
Our share of members’ equity, net	394,698	396,370
Advances and excess investment	20,436	19,969
ROU assets	173,375	173,304
Operating lease liability	$ 173,375	$ 173,304

Indebtedness (Mortgage Indebted

Indebtedness (Mortgage Indebtedness) (Details) - Mortgages - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Face amount of mortgage loans	$ 1,100,515	$ 1,104,375
Fair value adjustments, net	1,372	1,685
Debt issuance cost, net	(3,979)	(4,407)
Carrying value of mortgage loans	$ 1,097,908	$ 1,101,653

Indebtedness (Roll Forward of M

Indebtedness (Roll Forward of Mortgage Indebtedness) (Details) - Mortgages $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Debt [Roll Forward]
Balance at December 31, 2020	$ 1,101,653
Debt amortization payments	(3,860)
Amortization of fair value and other adjustments	(313)
Amortization of debt issuance costs	428
Balance at March 31, 2021	$ 1,097,908

Indebtedness (Mortgage Debt - N

Indebtedness (Mortgage Debt - Narrative) (Details) - USD ($) $ in Millions	Feb. 15, 2021	Mar. 31, 2021
Prime Rate
Debt Instrument [Line Items]
Basis spread rate		1.25%
Senior Notes due 2024 | Notes Payable
Debt Instrument [Line Items]
Debt instrument, interest payment	$ 23.2
Debt instrument, grace period	30 days
Amended Credit Facility and Term Loans | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Amended Credit Facility and Term Loans | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread rate		2.00%
Amended Credit Facility and Term Loans | Minimum | Prime Rate
Debt Instrument [Line Items]
Basis spread rate		1.00%
Amended Credit Facility and Term Loans | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread rate		2.60%
Amended Credit Facility and Term Loans | Maximum | Prime Rate
Debt Instrument [Line Items]
Basis spread rate		1.60%

Indebtedness (Corporate Debt Ou

Indebtedness (Corporate Debt Outstanding) (Details)	3 Months Ended	6 Months Ended
	Mar. 31, 2021USD ($)extension	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Interest rate effective percentage	8.52%
Ground lease term	99 years
Ground lease, fixed payments, annualized rate	7.40%
Year for option to repurchase	30 years
Repurchase option	$ 109,300,000
Prime Rate
Debt Instrument [Line Items]
Basis spread rate	1.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Face amount	$ 647,000,000		$ 647,000,000
Debt issuance costs, net	(6,258,000)		(7,024,000)
Carrying value of mortgage loans	$ 640,742,000		639,976,000
Interest rate effective percentage	4.50%
Line of credit, maximum borrowing capacity	$ 650,000,000
Number of extension options | extension	2
Period of extension option	6 months
Remaining borrowing capacity	$ 3,000,000
Term Loan
Debt Instrument [Line Items]
Interest rate effective percentage	4.85%
Term Loan | Prime Rate
Debt Instrument [Line Items]
Basis spread rate	1.60%
December 2015 Term Loan
Debt Instrument [Line Items]
Interest rate effective percentage	4.85%
December 2015 Term Loan | Prime Rate
Debt Instrument [Line Items]
Basis spread rate	1.60%
Notes Payable
Debt Instrument [Line Items]
Debt discount, net	$ (5,941,000)		(6,338,000)
Debt issuance costs, net	(3,785,000)		(4,086,000)
Carrying value of mortgage loans	711,174,000		710,476,000
Notes Payable | Senior Notes due 2024
Debt Instrument [Line Items]
Face amount	$ 720,900,000		720,900,000
Discount rate	1.533%
Notes Payable | Senior Notes due 2024 | After August 14, 2019
Debt Instrument [Line Items]
Interest Rate	6.45%
Term loans
Debt Instrument [Line Items]
Debt issuance costs, net	$ (7,572,000)		(8,437,000)
Carrying value of mortgage loans	682,428,000		681,563,000
Term loans | Term Loan
Debt Instrument [Line Items]
Face amount	350,000,000		350,000,000
Term loans | December 2015 Term Loan
Debt Instrument [Line Items]
Face amount	340,000,000		340,000,000
Other indebtedness
Debt Instrument [Line Items]
Face amount	109,285,000		109,285,000
Debt issuance costs, net	(1,496,000)		(1,509,000)
Future accretion, net	(18,201,000)	$ (19,969,000)
Carrying value of mortgage loans	$ 89,588,000		$ 87,807,000

Indebtedness (Covenants - Narra

Indebtedness (Covenants - Narrative) (Details)	3 Months Ended
	Mar. 31, 2021USD ($)propertyloanquarterpool	Feb. 09, 2021USD ($)	Feb. 02, 2021USD ($)	Dec. 31, 2020USD ($)	May 26, 2020USD ($)	Apr. 20, 2020USD ($)	Feb. 21, 2020USD ($)	Nov. 05, 2019USD ($)
Lincolnwood Town Center
Debt Instrument [Line Items]
Debt default amount		$ 47,300,000
Anderson Mall
Debt Instrument [Line Items]
Debt default amount			$ 16,600,000
Port Charlotte Town Center
Debt Instrument [Line Items]
Debt default amount					$ 40,900,000
Mortgage Loan Secured by Rushmore Mall
Debt Instrument [Line Items]
Debt default amount							$ 33,100,000
Mortgage Loan Secured by Charlottesville Fashion Square
Debt Instrument [Line Items]
Debt default amount								$ 45,100,000
Oak Court Mall & Offices
Debt Instrument [Line Items]
Debt default amount						$ 36,100,000
Mortgages
Debt Instrument [Line Items]
Face amount of mortgage loan	$ 1,100,515,000			$ 1,104,375,000
Secured Debt
Debt Instrument [Line Items]
Number of non-recourse loans | loan	20
Number of full recourse loans | loan	2
Number of mortgage pools | property	24
Pool of cross-defaulted and cross-collateralized mortgages | pool	1
Number of properties encumbered | property	4
Minimum quarters for cash benchmark | quarter	2
Secured Debt | Weberstown Mall
Debt Instrument [Line Items]
Face amount	$ 35,400,000

Indebtedness (Book Value and Fa

Indebtedness (Book Value and Fair Value of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fixed Rate Mortgages
Debt Instrument [Line Items]
Book value of debt	$ 985,015	$ 1,039,375
Fair value of debt	$ 986,139	$ 1,057,727
Fixed Rate Mortgages | Weighted Average
Debt Instrument [Line Items]
Weighted average discount rates assumed in calculation of fair value for debt	3.98%	3.79%
Fixed Rate Unsecured Debt
Debt Instrument [Line Items]
Book value of debt	$ 830,185	$ 1,420,185
Fair value of debt	$ 594,855	$ 1,203,079
Fixed Rate Unsecured Debt | Weighted Average
Debt Instrument [Line Items]
Weighted average discount rates assumed in calculation of fair value for debt	13.72%	10.22%

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021USD ($)derivative	Dec. 31, 2020USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Amount estimated to be reclassified as an increase to interest expense	$ 12,100,000
Fair value of asset derivative instruments	$ 0	$ 0
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivatives outstanding | derivative	11
Notional value of interest rate risk	$ 640,000,000
Gain recognized in interest expense	200,000
Change in fair value of derivative	3,500,000
Interest expense related to periodic interest settlement	3,300,000
Interest Rate Products | Designated as Hedging Instruments | Accounts Payable, Accrued Expenses, Intangibles, and Deferred Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of liability derivative instruments	$ 10,893,000	$ 14,380,000

Derivative Financial Instrume_4

Derivative Financial Instruments (Fair Value of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Interest rate products | Designated as Hedging Instruments | Accounts payable, accrued expenses, intangibles, and deferred revenue
Derivatives, Fair Value [Line Items]
Liability derivatives	$ 10,893	$ 14,380

Derivative Financial Instrume_5

Derivative Financial Instruments (Effect of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded	$ (51,551)	$ (38,635)
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded		(38,635)
Interest rate products | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCL on Derivatives		(16,209)
Interest rate products | Interest expense | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss reclassified from accumulated other comprehensive loss into interest expense		$ 763

Derivative Financial Instrume_6

Derivative Financial Instruments (Liabilities Measured on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative instruments, net	$ (10,893)	$ (14,380)
Quoted Prices in Active Markets for Identical Liabilities (Level 1)
Derivative [Line Items]
Derivative instruments, net	0	0
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Derivative instruments, net	(10,893)	(14,380)
Significant Unobservable Inputs (Level 3)
Derivative [Line Items]
Derivative instruments, net	$ 0	$ 0

Rental Income (Operating Lease,

Rental Income (Operating Lease, Lease Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease payments, fixed	$ 106,766	$ 131,505
Operating lease payments, variable	29,412	19,104
Amortization of straight-line rent, inducements, and rent abatements	(3,123)	809
Net amortization/accretion of above and below-market leases	962	1,106
Change in estimate of collectibility of rental income	(6,473)	(5,291)
Total rental income	$ 127,544	$ 147,233

Rental Income (Narrative) (Deta

Rental Income (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Leases [Abstract]
Rent abatement	$ 4.6

Rental Income (Lessor, Operatin

Rental Income (Lessor, Operating Lease, Payments to be Received, Maturity) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
2021 (April - December)	$ 317,485
2022	367,702
2023	305,270
2024	243,751
2025	190,080
Thereafter	584,384
Operating lease payments to be received	$ 2,008,672

Equity (Narrative) (Details)

Equity (Narrative) (Details)	Dec. 17, 2020shares	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020shares	Dec. 16, 2020shares	May 28, 2014shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock share split ratio	0.1111
Common stock, shares, outstanding (in shares)	21,000,000	24,408,413		20,999,596	187,400,000
Common stock basis value ratio		1
Common stock for possible future issuance (in shares)		339,941
Number of shares authorized (in shares)						810,000
Dividends declared (usd per share/unit) | $ / shares		$ 0	$ 1.125
Preferred stock dividends declared (usd per share/unit) | $ / shares		$ 0
Dividends distribution | $		$ 3,600,000
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense | $		$ 1,300,000	$ 1,900,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Award requisite service period		3 years
Restricted Stock Units (RSUs) | Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights		33.33%	33.33%
Restricted Stock Units (RSUs) | Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights		33.33%	33.33%
Restricted Stock Units (RSUs) | Share-based Compensation Award, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights		33.33%	33.33%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period		3 years
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards earned based on goals		0.00%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of awards earned based on goals		150.00%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		0	0
Exercises in period (in shares)		0	0
Canceled, forfeited or expired (in shares)		2,452	1,510
Outstanding number (in shares)		60,991
Chief Executive Officer | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contingent rights (in shares)		1
Washington Prime Group, L.P. 2014 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)						1,111,112
Maximum number of grants per participant (in shares)						55,556
2020 Annual Long-Term Incentive Awards | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares granted | $		$ 0
PSUs forfeited (in shares)		52,753
Washington Prime Group, L.P. | Washington Prime Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership interest percentage		13.50%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)		3,399,165

Equity (Summary of Annual Long-

Equity (Summary of Annual Long-term Incentive Awards) (Details) - 2020 Annual Long-Term Incentive Awards	Feb. 25, 2020$ / sharesshares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) | shares	152,610
Grant date fair value per unit (usd per share) | $ / shares	$ 21.69
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) | shares	152,610
Grant date fair value per unit (usd per share) | $ / shares	$ 15.66

Commitments and Contingencies_2

Commitments and Contingencies (Concentration Risk) (Details)	3 Months Ended
	Mar. 31, 2021
Customer Concentration Risk | Sales Revenue, Net
Concentration Risk [Line Items]
Concentration risk	5.00%

Commitments and Contingencies_3

Commitments and Contingencies (Lease Commitments) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)leaseproperty	Mar. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Number of ground leases | property	4
Ground rent	$ 206	$ 122
Number of properties subject to office leases | lease	2
Number of garage leases | lease	1
Weighted average remaining lease term	21 years
Weighted average discount rate	8.80%
General and Administrative Expense
Lessee, Lease, Description [Line Items]
Ground rent	$ 628	649
Ground Leases
Lessee, Lease, Description [Line Items]
Ground rent	$ 7	$ 5

Commitments and Contingencies_4

Commitments and Contingencies (Lessee, Operating Lease, Liability, Maturity) (Details) $ in Thousands	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021 (April - December)	$ 1,554
2022	2,099
2023	1,427
2024	999
2025	1,008
Thereafter	19,370
Total lease payments	26,457
Less: Discount	15,680
Present value of lease liabilities	$ 10,777

(Loss) Earnings Per Common Sh_3

(Loss) Earnings Per Common Share/Unit (Basic and Diluted Earnings Per Share Per Unit) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
(Loss) Earnings Per Common Share, Basic:
Net (loss) earnings attributable to common shareholders - basic	$ (55,377)	$ 3,375
Weighted average common shares outstanding - basic (in shares)	22,011,314	21,015,924
(Loss) earnings per common share, basic (usd per share)	$ (2.52)	$ 0.16
(Loss) Earnings Per Common Share, Diluted:
Net (loss) earnings attributable to common shareholders - basic	$ (55,377)	$ 3,375
Net (loss) earnings attributable to limited partner unitholders	(8,025)	617
Net (loss) earnings attributable to common shareholders - diluted	$ (63,402)	$ 3,992
Weighted average common shares outstanding - basic (in shares)	22,011,314	21,015,924
Weighted average operating partnership units outstanding (in shares)	3,189,723	3,843,766
Weighted average additional dilutive securities outstanding (in shares)	0	90,309
Weighted average common shares outstanding - diluted (in shares)	25,201,037	24,949,999
(Loss) earnings per common share, diluted (usd per share)	$ (2.52)	$ 0.16

(Loss) Earnings Per Common Sh_4

(Loss) Earnings Per Common Share/Unit (Narrative) (Details)	3 Months Ended
	Mar. 31, 2021shares
Contingently-Issuable Outstanding Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	60,991
Contingently-Issuable Outstanding Stock Options | Washington Prime Group, L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	60,991
Contingently-Issuable Outstanding Stock Options | Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	66,857
Contingently-Issuable Outstanding Stock Options | Restricted Stock | Washington Prime Group, L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	66,857
Performance Based Components
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	262,919
Performance Based Components | Washington Prime Group, L.P.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	262,919

(Loss) Earnings Per Common Sh_5

(Loss) Earnings Per Common Share/Unit (Earnings Per Unit) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
(Loss) Earnings Per Common Unit, Basic & Diluted:
Net (loss) earnings attributable to common unitholders - basic and diluted	$ (55,377)	$ 3,375
Weighted average common shares outstanding - diluted (in shares)	25,201,037	24,949,999
(Loss) earnings per common unit, basic & diluted (usd per share)	$ (2.52)	$ 0.16
Washington Prime Group, L.P.
(Loss) Earnings Per Common Unit, Basic & Diluted:
Net (loss) earnings attributable to common unitholders - basic and diluted	$ (63,402)	$ 3,992
Weighted average common units outstanding - basic & diluted (in shares)	25,201,037	24,859,690
Weighted average additional dilutive securities outstanding (in shares)	0	90,309
Weighted average common shares outstanding - diluted (in shares)	25,201,037	24,949,999
(Loss) earnings per common unit, basic & diluted (usd per share)	$ (2.52)	$ 0.16

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Apr. 22, 2021	Mar. 31, 2021
Prime Rate
Subsequent Event [Line Items]
Basis spread rate		1.25%
Subsequent Event | Southgate Mall
Subsequent Event [Line Items]
Face amount	$ 35,400,000
Subsequent Event | Southgate Mall | Prime Rate
Subsequent Event [Line Items]
Basis spread rate	3.00%
Interest rate	4.75%