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WASHINGTON PRIME GROUP INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2021 10-Q, filed Aug 9, 2021. Its latest SEC filing is a SC 13G from Feb 11, 2022.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Owns, develops and manages enclosed and open-air shopping centers leased to retail tenants.

How Did They Make Money?

Retail tenants pay to lease space through fixed rent or, in some leases, sales-based rent; they also reimburse property costs. Fixed rent is paid over the lease term, while sales-based rent applies when tenant sales pass the lease threshold.

revenue
SegmentShareRevenue
Ancillary
37%
FY2017: 1.3%
Fee related
43%
FY2017: 1.1%
Miscellaneous
20%

Who Were Their Customers?

Retail tenants lease space in the company's enclosed and open-air shopping properties.

Did Revenues Turn Into Profits?

No. It lost $219.8M in FY2020.

Net income, FY2020
−42% of revenue
▼ Now a loss vs FY2019 ($4.3M, 1%)

How Were They Changing?

Since the FY2020 annual report
Latest quarter: Q2 FY2021, the three months to Jun 30, 2021
Revenue
▲ +40%
vs $98.8M in Q2 FY2020
Net income
▲ +30% (Loss)
vs −$78.5M in Q2 FY2020
  • Sep 7, 2021 Bankruptcy court confirmed the reorganization plan The company said the plan's effective date would follow satisfaction of its conditions.
  • Sep 7, 2021 Plans to delist shares from the NYSE The company notified the exchange of its intention to delist common and preferred shares in connection with its expected emergence from Chapter 11.
  • Jun 21, 2021 Filed for Chapter 11 bankruptcy protection The company and certain subsidiaries filed voluntary reorganization petitions.
  • Jun 14, 2021 Agreed with creditors on a restructuring support agreement The agreement supports a financial restructuring of corporate debt, existing equity interests and certain other obligations through a Chapter 11 plan.

Shrank. Revenue fell 38% in 4 years, from $843.5M in FY2016 to $524.4M in FY2020, about 11% a year.

Revenue over time
Ancillary Fee related Miscellaneous Other Lease related
$1B$500M$0

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