WASHINGTON PRIME GROUP INC. - FORM 8-K - EX-99.2 - SUPPLEMENTAL REPORT FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015

Attached files

file	filename
8-K - CURRENT REPORT - WASHINGTON PRIME GROUP INC.	a8-kxdatedaugust32014.htm
EX-99.1 - PRESS RELEASE DATED AUGUST 3, 2015 - WASHINGTON PRIME GROUP INC.	exhibit991-2q15.htm

SAFE HARBOR: Some of the information contained in this presentation includes forward looking statements. Such statements are subject to a number of risks and uncertainties which could cause actual results in the future to differ materially and adversely from those described in the forward-looking statements. Investors should consult the Company's filings with the Securities and Exchange Commission for a description of the various risks and uncertainties which could cause such a difference before deciding whether to invest.



Table of Contents



		Page
Financial Statement Data
	Consolidated and combined statements of operations (unaudited)	1
	Consolidated balance sheets (unaudited)	2
	Components of minimum rents and other revenue	3
	Calculation of funds from operations (FFO)	4
	Net operating income growth for comparable properties	5
	Statements of operations - including proportionate share of unconsolidated properties (unaudited)	6
	Balance sheet - including proportionate share of unconsolidated properties (unaudited)	7

Debt Information
	Total debt maturities	8
	EBITDA and key balance sheet metrics	9

Operational Data
	Property metrics	10
	Leasing results	11
	Re-leasing spreads	12
	Top 10 tenants	13
	Lease expirations	14

Development Activity
	Capital expenditures	15
	Major redevelopment projects	16

Other
	Property information	17-24
	Glossary of terms	25



CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
WP Glimcher
(Unaudited, dollars in thousands, except per share data)

		Three Months Ended June 30,						Six Months Ended June 30,
		2015			2014			2015			2014

	Revenue:
	Minimum rent (see components on page 3)	$	163,633		$	108,374		$	326,337		$	215,011
	Overage rent	2,292			1,134			5,555			3,244
	Tenant reimbursements	67,423			47,179			136,650			94,347
	Other (see components on page 3)	4,238			1,488			6,766			3,542
	Total revenue	237,586			158,175			475,308			316,144

	Expenses:
	Property operating expenses	(42,483		)	(26,219		)	(83,562		)	(52,359		)
	Real estate taxes	(27,777		)	(18,752		)	(58,342		)	(38,699		)
	Repairs and maintenance	(7,846		)	(4,934		)	(17,334		)	(12,084		)
	Advertising and promotion	(2,656		)	(1,932		)	(5,343		)	(3,884		)
	Total recoverable expenses	(80,762		)	(51,837		)	(164,581		)	(107,026		)
	Depreciation and amortization	(91,453		)	(47,288		)	(183,637		)	(93,256		)
	Provision for credit losses	(883		)	(619		)	(1,581		)	(1,405		)
	General and administrative	(12,235		)	(1,865		)	(21,935		)	(1,865		)
	Spin-off costs	—			(39,931		)	—			(39,931		)
	Merger and transaction costs	(4,903		)	—			(25,713		)	—
	Ground rent and other costs	(2,548		)	(1,281		)	(5,296		)	(2,400		)
	Total operating expenses	(192,784		)	(142,821		)	(402,743		)	(245,883		)

	Operating Income	44,802			15,354			72,565			70,261

	Interest expense, net	(38,774		)	(22,677		)	(75,896		)	(36,594		)
	Income and other taxes	(528		)	(66		)	(973		)	(141		)
	(Loss) income of unconsolidated real estate entities, net	(1,703		)	402			(1,487		)	747
	Gain upon acquisition of controlling interests and on sale of interests in properties	5,147			91,268			5,147			91,510

	Net income (loss)	8,944			84,281			(644		)	125,783
	Net income (loss) attributable to noncontrolling interests	1,048			14,480			(1,248		)	21,590
	Net income attributable to the Company	7,896			69,801			604			104,193
	Less: Preferred share dividends	(3,995		)	—			(8,973		)	—
	Net income (loss) attributable to common shareholders	$	3,901		$	69,801		$	(8,369	)	$	104,193

	Earnings (loss) per common share, basic and diluted	$	0.02		$	0.45		$	(0.05	)	$	0.67

SUPPLEMENTAL INFORMATION | 1



CONSOLIDATED BALANCE SHEETS
WP Glimcher
(Unaudited, dollars in thousands)

		June 30,			December 31,
		2015			2014
	Assets:
	Investment properties at cost	$	6,771,581		$	5,251,225
	Construction in progress	62,359			41,440
		6,833,940			5,292,665
	Less: accumulated depreciation	2,225,595			2,113,929
		4,608,345			3,178,736

	Cash and cash equivalents	120,790			108,768
	Tenant receivables and accrued revenue, net	95,558			69,616
	Investment in unconsolidated entities, at equity	478,489			—
	Deferred costs and other assets	323,016			170,883
	Total assets	$	5,626,198		$	3,528,003

	Liabilities:
	Mortgage notes payable	$	1,953,355		$	1,435,114
	Notes payable	249,933			—
	Unsecured term loans	1,000,000			500,000
	Revolving credit facility	433,750			413,750
	Accounts payable, accrued expenses, intangibles, and deferred revenues	329,597			194,014
	Distributions payable	2,992			—
	Cash distributions and losses in partnerships and joint ventures, at equity	15,389			15,298
	Other liabilities	13,140			11,786
	Total liabilities	3,998,156			2,569,962

	Redeemable noncontrolling interests	6,148			—

	Equity:
	Stockholders' equity
	Series H Cumulative Redeemable Preferred Stock	104,251			—
	Series I Cumulative Redeemable Preferred Stock	98,325			—
	Common stock	19			16
	Capital in excess of par value	1,218,876			720,921
	Accumulated (deficit) earnings	(28,639		)	68,114
	Accumulated other comprehensive income	3,540			—
	Total stockholders' equity	1,396,372			789,051
	Noncontrolling interests	225,522			168,990
	Total equity	1,621,894			958,041
	Total liabilities, redeemable noncontrolling interests and equity	$	5,626,198		$	3,528,003

SUPPLEMENTAL INFORMATION | 2



COMPONENTS OF MINIMUM RENTS AND OTHER REVENUE
WP Glimcher
(dollars in thousands)





		Three Months Ended June 30,				Six Months Ended June 30,
		2015		2014		2015		2014

	Components of Minimum Rents:

	Base rent	$	146,222	$	99,716	$	293,380	$	197,586
	Mark-to-market adjustment	6,364		125		11,003		369
	Straight-line rents	1,725		64		3,320		240
	Temporary tenant rents	9,322		8,469		18,634		16,816
	Total Minimum Rents	$	163,633	$	108,374	$	326,337	$	215,011

	Components of Other Revenue:
	Sponsorship and other ancillary property income	$	1,556	$	864	$	2,831	$	1,718
	Fee income	878		54		912		106
	Lease termination income	538		214		1,009		432
	Other	1,266		356		2,014		1,286
	Total Other Revenue	$	4,238	$	1,488	$	6,766	$	3,542

SUPPLEMENTAL INFORMATION | 3



CALCULATION OF FUNDS FROM OPERATIONS (INCLUDING PRO-RATA SHARE OF JOINT VENTURES)
WP Glimcher
(in thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Funds from Operations ("FFO"):
Net income (loss)	$	8,944		$	84,281		$	(644	)	$	125,783
Less: Preferred dividends and distributions on preferred operating partnership units	(4,054		)	—			(9,082		)	—
Real estate depreciation and amortization, including joint venture impact	95,518			48,256			187,200			95,390
Noncontrolling interest portion of depreciation and amortization	(41		)	—			(74		)	—
Gain upon acquisition of controlling interests and on sale of interests in properties	(5,147		)	(91,268		)	(5,147		)	(91,510		)
Net income attributable to noncontrolling interest holders in properties	(3		)	—			—			—
FFO	$	95,217		$	41,269		$	172,253		$	129,663

Adjusted Funds from Operations:
FFO	$	95,217		$	41,269		$	172,253		$	129,663
Add back: Spin-off costs	—			39,931			—			39,931
Add back: Glimcher merger and transaction costs	4,903			—			25,713			—
Add back: Bridge loan fee amortization	6,307			—			10,428			—
Adjusted FFO	$	106,427		$	81,200		$	208,394		$	169,594

Weighted average common shares outstanding	220,252			186,890			217,662			186,815

FFO per diluted share	$	0.43		$	0.22		$	0.79		$	0.69
Total adjustments	0.05			0.21			0.17			0.22
Adjusted FFO per diluted share	$	0.48		$	0.43		$	0.96		$	0.91





	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Supplemental Disclosure of Amounts included in FFO:
Deferred leasing costs	$	5,646		$	2,798		$	11,064		$	5,523
Non-cash stock compensation expense	$	2,800		$	142		$	5,116		$	142
Straight-line adjustment as an increase to minimum rents	$	1,725		$	64		$	3,320		$	240
Straight-line and fair market value adjustment recorded as an increase to ground lease expense	$	449		$	207		$	1,120		$	413
Fair value of debt amortized as a decrease to interest expense	$	6,785		$	112		$	11,245		$	224
Mark-to-market adjustment as an increase to base rents	$	6,364		$	125		$	11,003		$	369

SUPPLEMENTAL INFORMATION | 4



NET OPERATING INCOME GROWTH FOR COMPARABLE PROPERTIES
WP Glimcher
Including Pro-Rata Share of Unconsolidated Properties
(dollars in thousands)

	Three Months Ended June 30,											Six Months Ended June 30,
	2015			2014			Variance $			Variance %		2015			2014			Variance $			Variance %

Comparable Net Operating Income (Comp NOI)
Revenue:
Minimum rent	$	150,368		$	151,091		$	(723	)	-0.5	%	$	304,146		$	303,578		$	568		0.2	%
Overage rent	2,531			1,808			723			40.0	%	5,508			4,632			876			18.9	%
Tenant reimbursements	65,529			67,559			(2,030		)	-3.0	%	135,565			136,704			(1,139		)	-0.8	%
Other	2,234			1,826			408			22.3	%	4,059			3,677			382			10.4	%
Total revenue	220,662			222,284			(1,622		)	-0.7	%	449,278			448,591			687			0.2	%

Expenses:
Recoverable	(67,929		)	(69,623		)	1,694			-2.4	%	(141,873		)	(143,065		)	1,192			-0.8	%
Property operating	(2,810		)	(2,680		)	(130		)	4.9	%	(6,522		)	(5,969		)	(553		)	9.3	%
Ground rent	(1,880		)	(1,905		)	25			-1.3	%	(3,862		)	(3,860		)	(2		)	0.1	%
Total operating expenses	(72,619		)	(74,208		)	1,589			-2.1	%	(152,257		)	(152,894		)	637			-0.4	%

Comp NOI - Total portfolio	$	148,043		$	148,076		$	(33	)	0.0	%	$	297,021		$	295,697		$	1,324		0.4	%

Comp NOI - Core malls	$	114,841		$	116,395		$	(1,554	)	-1.3	%	$	232,042		$	233,371		$	(1,329	)	-0.6	%
Comp NOI - Community centers	$	33,202		$	31,681		$	1,521		4.8	%	$	64,979		$	62,326		$	2,653		4.3	%

Reconciliation of Comp NOI to Operating Income
Operating income	$	44,802		$	15,354		$	29,448				$	72,565		$	70,261		$	2,304

Depreciation and amortization	91,453			47,288			44,165					183,637			93,256			90,381
General and administrative	12,235			1,865			10,370					21,935			1,865			20,070
Merger and transaction costs	4,903			39,931			(35,028		)			25,713			39,931			(14,218		)
Fee income	(878		)	(54		)	(824		)			(912		)	(106		)	(806		)
Management fee allocation	5,961			4,128			1,833					11,343			7,630			3,713
Adjustment to include Glimcher NOI from prior to merger (2)	—			37,227			(37,227		)			7,843			81,132			(73,289		)
Pro-rata share of unconsolidated joint ventures on comp NOI	3,823			3,813			10					4,126			4,130			(4		)
Non-comparable properties (1)	275			574			(299		)			(918		)	(73		)	(845		)
NOI from sold properties	28			5,517			(5,489		)			(1,111		)	13,668			(14,779		)
Termination income and outparcel sales	(996		)	(222		)	(774		)			(1,501		)	(1,202		)	(299		)
Straight-line rents	(1,725		)	(64		)	(1,661		)			(3,452		)	(240		)	(3,212		)
Ground lease adjustments for straight-line and fair market value	449			207			242					1,218			413			805
Fair value adjustments to base rents	(6,364		)	(125		)	(6,239		)			(11,184		)	(369		)	(10,815		)
Less: non-core properties (3)	(5,923		)	(7,363		)	1,440					(12,281		)	(14,599		)	2,318

Comparable NOI - core portfolio	$	148,043		$	148,076		$	(33	)			$	297,021		$	295,697		$	1,324
Comparable NOI percentage change - core portfolio							0.0		%									0.4		%

Comparable NOI - total portfolio (including non-core)	$	153,966		$	155,439		$	(1,473	)			$	309,302		$	310,296		$	(994	)
Comparable NOI percentage change - total portfolio							-0.9		%									-0.3		%

(1) NOI excluded from comparable property NOI relates to properties not owned and operating in all periods reported. The assets acquired as part of the Glimcher merger are included in Comp NOI; as described in note 2 below.
(2) Represents an adjustment to add the historical NOI amounts from the 23 properties acquired in the Merger for periods prior to the January 15, 2015 Merger date. This adjustment is included to provide comparability across the periods presented.
(3) NOI from seven non-core properties was excluded from Comp NOI.

SUPPLEMENTAL INFORMATION | 5



STATEMENT OF OPERATIONS - INCLUDING PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES
WP Glimcher
(Unaudited, dollars in thousands)

		Three Months Ended June 30, 2015									Six Months Ended June 30, 2015
		As Reported			WPG's Share of Unconsolidated Entities			Total			As Reported			WPG's Share of Unconsolidated Entities			Total

	Revenue:
	Minimum rent	$	163,633		$	4,483		$	168,116		$	326,337		$	4,897		$	331,234
	Overage rent	2,292			280			2,572			5,555			292			5,847
	Tenant reimbursements	67,423			1,899			69,322			136,650			2,142			138,792
	Other	4,238			189			4,427			6,766			210			6,976
	Total revenue	237,586			6,851			244,437			475,308			7,541			482,849

	Expenses:
	Property operating expenses	(42,483		)	(1,409		)	(43,892		)	(83,562		)	(1,606		)	(85,168		)
	Real estate taxes	(27,777		)	(616		)	(28,393		)	(58,342		)	(647		)	(58,989		)
	Repairs and maintenance	(7,846		)	(481		)	(8,327		)	(17,334		)	(515		)	(17,849		)
	Advertising and promotion	(2,656		)	(143		)	(2,799		)	(5,343		)	(153		)	(5,496		)
	Total recoverable expenses	(80,762		)	(2,649		)	(83,411		)	(164,581		)	(2,921		)	(167,502		)
	Depreciation and amortization	(91,453		)	(4,370		)	(95,823		)	(183,637		)	(4,464		)	(188,101		)
	Provision for credit losses	(883		)	(48		)	(931		)	(1,581		)	(49		)	(1,630		)
	General and administrative	(12,235		)	(19		)	(12,254		)	(21,935		)	(19		)	(21,954		)
	Merger and transaction costs	(4,903		)	—			(4,903		)	(25,713		)	—			(25,713		)
	Ground rent and other costs	(2,548		)	(306		)	(2,854		)	(5,296		)	(363		)	(5,659		)
	Total operating expenses	(192,784		)	(7,392		)	(200,176		)	(402,743		)	(7,816		)	(410,559		)

	Operating Income (Loss)	44,802			(541		)	44,261			72,565			(275		)	72,290

	Interest expense, net	(38,774		)	(1,192		)	(39,966		)	(75,896		)	(1,267		)	(77,163		)
	Income and other taxes	(528		)	—			(528		)	(973		)	—			(973		)
	(Loss) income of unconsolidated real estate entities, net	(1,703		)	1,703			—			(1,487		)	1,487			—
	Gain on sale of interests in properties	5,147			—			5,147			5,147			—			5,147

	Net income (loss)	8,944			(30		)	8,914			(644		)	(55		)	(699		)
	Net income (loss) attributable to noncontrolling interests	1,048			—			1,048			(1,248		)	—			(1,248		)
	Net income attributable to the Company	7,896			(30		)	7,866			604			(55		)	549
	Less: Preferred share dividends	(3,995		)	30			(3,965		)	(8,973		)	55			(8,918		)
	Net income (loss) attributable to common shareholders	$	3,901		$	—		$	3,901		$	(8,369	)	$	—		$	(8,369	)

SUPPLEMENTAL INFORMATION | 6



BALANCE SHEET - INCLUDING PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES
WP Glimcher
(Unaudited, dollars in thousands)

		June 30, 2015 As Reported			WPG's Share of Unconsolidated Entities			June 30, 2015 Total Share
	Assets:
	Investment properties at cost	$	6,771,581		$	887,433		$	7,659,014
	Construction in progress	62,359			41,598			103,957
		6,833,940			929,031			7,762,971
	Less: accumulated depreciation	2,225,595			24,689			2,250,284
		4,608,345			904,342			5,512,687

	Cash and cash equivalents	120,790			8,591			129,381
	Tenant accounts receivable and accrued revenue, net	95,558			3,020			98,578
	Investment in unconsolidated entities, at equity	478,489			1,934			480,423
	Deferred costs and other assets	323,016			32,817			355,833
	Total assets	$	5,626,198		$	950,704		$	6,576,902

	Liabilities:
	Mortgage notes payable	$	1,953,355		$	414,738		$	2,368,093
	Bonds payable	249,933			—			249,933
	Unsecured term loans	1,000,000			—			1,000,000
	Revolving credit facility	433,750			—			433,750
	Accounts payable, accrued expenses, intangibles, and deferred revenues	329,597			78,784		(1)	408,381
	Distributions payable	2,992			—			2,992
	Cash distributions and losses in partnerships and joint ventures, at equity	15,389			—			15,389
	Other liabilities	13,140			58			13,198
	Total liabilities	3,998,156			493,580			4,491,736

	Redeemable noncontrolling interests	6,148			—			6,148

	Equity:
	Stockholders' equity
	Series H Cumulative Redeemable Preferred Stock	104,251			—			104,251
	Series I Cumulative Redeemable Preferred Stock	98,325			—			98,325
	Common stock	19			—			19
	Capital in excess of par value	1,218,876			457,124			1,676,000
	Accumulated (deficit) earnings	(28,639		)	—			(28,639		)
	Accumulated other comprehensive income	3,540			—			3,540
	Total stockholders' equity	1,396,372			457,124			1,853,496
	Noncontrolling interests	225,522			—			225,522
	Total equity	1,621,894			457,124			2,079,018
	Total liabilities, redeemable noncontrolling interests and equity	$	5,626,198		$	950,704		$	6,576,902

	(1) Includes $54,219 in below market lease intangibles.

SUPPLEMENTAL INFORMATION | 7

TOTAL DEBT MATURITIES

WP Glimcher

As of June 30, 2015

(dollars in millions)

Note: Assumes full exercise of extension options.

SUPPLEMENTAL INFORMATION | 8



EBITDA AND KEY BALANCE SHEET METRICS
WP Glimcher
(dollars in thousands)

		Three Months Ended June 30,						Six Months Ended June 30,
		2015			2014			2015			2014
	Calculation of EBITDA:
	Net income (loss)	$	8,944		$	84,281		$	(644	)	$	125,783
	Interest expense, net	38,774			22,677			75,896			36,594
	Income and other taxes	528			66			973			141
	Depreciation and amortization	91,453			47,288			183,637			93,256
	EBITDA	139,699			154,312			259,862			255,774
	Adjustments related to pro-rata share of unconsolidated entities, net	5,532			1,755			5,676			3,691
	Merger and transaction costs	4,903			—			25,713			—
	Spin-off costs	—			39,931			—			39,931
	Gain upon acquisition of controlling interests and on sale of interests in properties	(5,147		)	(91,268		)	(5,147		)	(91,510		)
	Adjusted EBITDA	$	144,987		$	104,730		$	286,104		$	207,886

		As of June 30, 2015
	Key Balance Sheet Metrics:	Ratio
	Total indebtedness to Total assets	47.9%
	Secured indebtedness to Total assets	25.6%
	Consolidated EBITDA / Annual service charge	3.81x
	Total unencumbered assets / Total unsecured indebtedness	271%

Note: Balance sheet metrics above are based upon the bond covenants definitions using the trailing 12 months of EBITDA for all properties including the Glimcher assets.

SUPPLEMENTAL INFORMATION | 9



PROPERTY METRICS
WP Glimcher
As of June 30, 2015

		June 30, 2015	June 30, 2014

	Core Malls (excludes seven non-core properties):
	Occupancy	89.9%	92.0%

	Base minimum rent PSF	$26.85	$26.54

	Sales PSF	$358	$342

	Occupancy cost	12.6%	12.9%

	Community Centers:
	Occupancy	96.0%	94.3%

	Base minimum rent PSF	$12.91	$12.48

	Core Properties:
	Occupancy	92.3%	92.9%

	Base minimum rent PSF	$21.32	$21.00

	Total Portfolio (including seven non-core properties):
	Occupancy	91.5%	92.3%

	Base minimum rent PSF	$21.15	$20.87


	Note: Properties acquired from Glimcher in January 2015 are included in each period reported. Mall sales and occupancy costs for June 2015 including the seven non-core malls were $348 psf and 12.7%, respectively.

SUPPLEMENTAL INFORMATION | 10



LEASING RESULTS
WP Glimcher
Year-to-date through June 30, 2015


	Number	Square Feet			Base Rent PSF						Average Term			Tenant Allow.$(000)s				Tenant Allow. PSF
	of Leases	New	Renewal	Total	New		Renewal		Total		New	Renewal	Total	New		Renewal		New		Renewal
Core Malls	363	317,131	757,824	1,074,955	$	24.67	$	27.59	$	26.69	7.00	3.88	4.75	$	11,873	$	4,269	$	37.44	$	4.87
Community Centers	77	114,556	131,459	246,015	$	17.40	$	21.23	$	19.42	6.71	3.84	4.95	$	1,985	$	16	$	17.33	$	0.12
SubTotal	440	431,687	889,283	1,320,970	$	22.63	$	26.55	$	25.21	6.93	3.87	4.78	$	13,858	$	4,285	$	32.10	$ 4.17

Non-Core Properties	64	72,034	119,098	191,132	$	14.87	$	20.31	$	18.79	4.70	2.05	2.84	$	200	$	—	$	2.78	$	—

Total	504	503,721	1,008,381	1,512,102	$	21.93	$	25.83	$	24.52	6.65	3.64	4.54	$	14,058	$	4,285	$	27.91	$ 3.68


Note: The leasing results exclude anchor and office leases.

SUPPLEMENTAL INFORMATION | 11



RE-LEASING SPREADS
WP Glimcher
For the trailing 12 months ended June 30, 2015

	Square Footage of Openings	New Rate PSF		Prior Rate PSF		Re-leasing Spread
	Square Footage of Openings	New Rate PSF		Prior Rate PSF		$			%


Community Centers:

New	143,159	$	20.46	$	16.83	$	3.63		21.6	%
Renewal	197,641	$	22.27	$	21.24	$	1.03		4.8	%
All Deals	340,800	$	21.51	$	19.36	$	2.15		11.1	%

Malls:

New	350,538	$	32.93	$	33.46	$	(0.53	)	(1.6	)%
Renewal	1,238,403	$	36.03	$	35.31	$	0.72		2.0	%
All Deals	1,588,941	$	35.35	$	34.91	$	0.44		1.3	%

Total Portfolio:

New	493,697	$	29.31	$	28.50	$	0.81		2.8	%
Renewal	1,436,044	$	34.14	$	33.40	$	0.74		2.2	%
All Deals	1,929,741	$	32.90	$	32.16	$	0.74		2.3	%

Note: The Company's seven non-core malls are excluded from these metrics. Spreads including the non-core assets was 0.9%.

SUPPLEMENTAL INFORMATION | 12



TOP 10 TENANTS
WP Glimcher
As of June 30, 2015

	Non-Anchor Stores (Ranked by Percent of Total Minimum Rents)
	Tenant Name	Number of Stores	GLA of Stores	Percent of Total GLA in Portfolio	Percent of Total Base Minimum Rent (1)

	Signet Jewelers, Ltd.	180	238,702	0.4%	3.2%
	L Brands, Inc.	142	662,241	1.0%	2.7%
	Foot Locker, Inc.	124	509,444	0.8%	2.2%
	Ascena Retail Group Inc.	121	614,299	0.9%	1.6%
	Luxottica Group	103	278,939	0.4%	1.3%
	Genesco Inc.	132	210,820	0.3%	1.3%
	American Eagle Outfitters, Inc.	53	300,373	0.4%	1.2%
	The Gap, Inc.	41	481,501	0.7%	1.2%
	The Finish Line, Inc.	52	294,975	0.4%	1.2%
	Claire's Stores Inc.	88	112,937	0.2%	0.8%

	Anchor Stores (Ranked by Total GLA)
	Tenant Name	Number of Stores	GLA of Stores	Percent of Total GLA in Portfolio	Percent of Total Base Minimum Rent (1)

	Sears Holding Corporation (including Kmarts)	59	8,231,068	12.2%	1.1%
	JCPenney Company, Inc.	49	6,214,282	9.2%	1.3%
	Macy's, Inc.	36	6,027,126	8.9%	0.5%
	Dillard's, Inc.	28	3,902,495	5.8%	0.1%
	The Bon-Ton Stores, Inc.	19	1,856,405	2.7%	0.9%
	Target Corporation	12	1,625,339	2.4%	0.0%
	Kohl's Corporation	15	1,277,064	1.9%	0.9%
	Belk, Inc.	13	1,070,585	1.6%	0.4%
	Dick's Sporting Goods, Inc.	15	840,330	1.2%	1.3%
	Burlington Stores, Inc.	10	814,577	1.2%	0.8%

	(1) Total base minimum rent represents 2015 base rental revenues

SUPPLEMENTAL INFORMATION | 13



LEASE EXPIRATIONS
WP Glimcher
As of June 30, 2015

	In-line Stores and Freestanding
		Number of Leases Expiring	Square Feet	Average Base Minimum Rent PSF		Percentage of Gross Annual Rental Revenues
	Year
	Month To Month Leases	254	656,609	$	24.56	2.4	%
	2015	247	509,972	$	29.43	2.3	%
	2016	1,017	3,133,641	$	25.16	11.8	%
	2017	898	2,872,502	$	25.20	10.9	%
	2018	705	2,135,020	$	27.62	8.8	%
	2019	561	1,947,585	$	26.79	7.8	%
	2020	429	1,724,253	$	25.55	6.6	%
	2021	235	1,133,488	$	23.27	4.0	%
	2022	246	1,071,152	$	25.71	4.1	%
	2023	297	1,403,550	$	24.33	5.1	%
	2024	236	919,057	$	27.51	3.8	%
	2025	151	673,958	$	25.96	2.6	%
	2026 and Thereafter	90	489,358	$	22.53	1.7	%
	Specialty Leasing Agreements w/ terms in excess of 11 months	891	1,994,035	$	11.70	3.5	%

	Anchors
		Number of Leases Expiring	Square Feet	Average Base Minimum Rent PSF		Percentage of Gross Annual Rental Revenues
	Year
	Month To Month Leases	1	20,117	$	15.87	0.0	%
	2015	7	532,800	$	3.95	0.3	%
	2016	35	1,555,090	$	6.54	1.5	%
	2017	35	2,370,245	$	5.04	1.8	%
	2018	46	2,600,531	$	7.27	2.8	%
	2019	34	2,167,505	$	6.21	2.0	%
	2020	57	2,947,133	$	7.33	3.2	%
	2021	29	2,349,920	$	7.16	2.5	%
	2022	18	1,016,203	$	7.17	1.1	%
	2023	26	1,232,950	$	8.35	1.5	%
	2024	16	851,919	$	7.47	1.0	%
	2025	13	657,869	$	14.19	1.4	%
	2026 and Thereafter	40	4,470,381	$	7.81	5.2	%
	Specialty Leasing Agreements w/ terms in excess of 11 months	—	—	$	0.00	0.0	%

SUPPLEMENTAL INFORMATION | 14



CAPITAL EXPENDITURES
WP Glimcher
(dollars in thousands)


		Three Months Ended June 30, 2015		Three Months Ended June 30, 2014

	New Developments	$	384	$	185
	Redevelopments, Renovations, and Expansions	$	27,461	$	12,789

	Property Capital Expenditures:
	Non-anchor stores tenant improvements and allowances	$	10,276	$	11,251
	Operational capital expenditures	6,371		4,497
	Total Property Capital Expenditures	$	16,647	$	15,748


		Six Months Ended June 30, 2015		Six Months Ended June 30, 2014

	New Developments	$	1,128	$	974
	Redevelopments, Renovations, and Expansions	$	52,207	$	42,852

	Property Capital Expenditures:
	Non-anchor stores tenant improvements and allowances	$	18,039	$	20,653
	Operational capital expenditures	8,000		7,176
	Total Property Capital Expenditures	$	26,039	$	27,829

	Note: Properties acquired from Glimcher in January 2015 are included in all periods presented.

SUPPLEMENTAL INFORMATION | 15

MAJOR REDEVELOPMENT PROJECTS

WP Glimcher

As of June 30, 2015

(dollars in thousands)

Property Name

City

Estimated
Total Costs (2)

Estimated
Project Yield (2)

Costs
Incurred
to Date (1)

Estimated
Completion (2)

Description

Current Projects:

Fairfield Town Center

Houston

$75,000 - $85,000

8% - 9%

3,200

2016/2017

Multi-phase retail development

Gateway Center

Austin

$7,000 - $9,000

8% - 9%

900

2016 2Q

Add Saks Fifth Avenue OFF 5TH

Jefferson Valley Mall

Yorktown Hts

$32,000 - $36,000

7% - 8%

3,500

2017 2Q

Redevelop center and add Dick's Sporting Goods

Mall at Fairfield Commons

Dayton

$18,000 - $20,000

7% - 8%

2,800

2015 4Q

Demolish former department store & replace with restaurants

Polaris Fashion Place (3)

Columbus

$24,000 - $28,000

8% - 9%

14,600

2015 4Q

New Dick's Sporting Goods and Field & Stream anchors

Rockaway Commons

Rockaway

$8,000 - $10,000

13% - 14%

1,600

2015 4Q

Addition of Nordstrom Rack & DSW

Scottsdale Quarter - Phase III (3)

Scottsdale

$115,000 - $125,000

7% - 8%

57,900

2015/2016

Multi-use addition to existing center

Town Center Plaza (3)

Leawood

$30,000 - $35,000

7% - 8%

7,500

2015/2016

New Arhaus, Restoration Hardware, and pedestrian walkway

Total major projects

$300,000 - $350,000

7% - 9%

92,000

(1) Project costs exclude the allocation of internal costs such as labor, interest, and taxes.

(2) Estimated total costs, project yield, and completion are subject to adjustment as a result of changes (some of which are not under the direct control of the company) that are inherent in the development process.

(3) Dollars shown are for full project amount.

Note that the project yield excludes any NOI benefit to the property that is indirectly related to the redevelopment, although each project does benefit other aspects of the mall.

SUPPLEMENTAL INFORMATION | 16



WP GLIMCHER PROPERTY INFORMATION
As of June 30, 2015

							Debt Information
										Indebtedness
Property Name	St	City	Financial Interest (1)	Total Center Square Feet	Total WPG Owned Square Feet	Total Tenant Owned Square Feet	Maturity Date (2)	Interest Rate	Type	Total	WP Glimcher Share
Malls
Anderson Mall	SC	Anderson	100%	671,028	315,839	355,189	12/1/2022	4.61%	Fixed	$19,730	$19,730
Arbor Hills	MI	Ann Arbor	93%	87,395	87,395	0	1/1/2026	4.27%	Fixed	$25,499	$23,620
Arboretum, The	TX	Austin	100%	194,956	194,956	0
Ashland Town Center	KY	Ashland	100%	434,310	330,920	103,390	7/6/2021	4.90%	Fixed	$39,543	$39,543
Bowie Town Center	MD	Bowie (Wash, D.C.)	100%	578,255	276,957	301,298
Boynton Beach Mall	FL	Boynton Beach (Miami)	100%	1,102,240	590,688	511,552
Brunswick Square	NJ	East Brunswick (New York)	100%	760,618	289,323	471,295	3/1/2024	4.80%	Fixed	$75,592	$75,592
Charlottesville Fashion Square	VA	Charlottesville	100%	576,977	353,274	223,703	4/1/2024	4.54%	Fixed	$49,100	$49,100
Chautauqua Mall	NY	Lakewood	100%	427,600	422,624	4,976
Chesapeake Square	VA	Chesapeake (VA Beach)	100%	759,935	560,426	199,509	2/1/2017	5.84%	Fixed	$63,315	$63,315
Clay Terrace	IN	Carmel (Indianapolis)	100%	501,730	482,854	18,876	10/1/2015	5.08%	Fixed	$115,000	$115,000
Colonial Park Mall	PA	Harrisburg	100%	739,121	371,675	367,446
Cottonwood Mall	NM	Albuquerque	100%	1,051,450	409,873	641,577	4/6/2024	4.82%	Fixed	$103,210	$103,210
Dayton Mall	OH	Dayton	100%	1,443,730	785,449	658,281	9/1/2022	4.57%	Fixed	$82,000	$82,000
Edison Mall	FL	Fort Myers	100%	1,054,368	572,076	482,292
Forest Mall (3)	WI	Fond Du Lac	100%	500,899	249,569	251,330
Grand Central Mall	WV	Parkersburg	100%	848,124	742,301	105,823	7/6/2020	6.05%	Fixed	$42,184	$42,184

SUPPLEMENTAL INFORMATION | 17



WP GLIMCHER PROPERTY INFORMATION
As of June 30, 2015

							Debt Information
										Indebtedness
Property Name	St	City	Financial Interest (1)	Total Center Square Feet	Total WPG Owned Square Feet	Total Tenant Owned Square Feet	Maturity Date (2)	Interest Rate	Type	Total	WP Glimcher Share
Malls
Great Lakes Mall	OH	Mentor (Cleveland)	100%	1,287,355	580,222	707,133
Gulf View Square (3)	FL	Port Richey (Tampa)	100%	754,763	400,117	354,646
Indian Mound Mall	OH	Newark	100%	556,817	464,156	92,661
Irving Mall	TX	Irving (Dallas)	100%	1,053,599	490,055	563,544
Jefferson Valley Mall	NY	Yorktown Heights (New York)	100%	554,747	389,055	165,692
Knoxville Center (3)	TN	Knoxville	100%	960,809	506,197	454,612
Lima Mall	OH	Lima	100%	743,186	543,364	199,822
Lincolnwood Town Center	IL	Lincolnwood (Chicago)	100%	421,990	421,990	0	4/1/2021	4.26%	Fixed	$51,994	$51,994
Lindale Mall	IA	Cedar Rapids	100%	712,916	462,163	250,753
Longview Mall	TX	Longview	100%	638,497	197,580	440,917
Malibu Lumber Yard	CA	Malibu	100%	31,479	31,479	0
Mall at Fairfield Commons, The	OH	Beavercreek	100%	1,007,108	857,696	149,412
Mall at Johnson City, The	TN	Johnson City	51%	570,995	495,587	75,408	5/6/2020	6.77%	Fixed	$51,901	$26,470
Maplewood Mall	MN	St. Paul (Minneapolis)	100%	908,001	325,522	582,479
Markland Mall	IN	Kokomo	100%	418,019	414,539	3,480
Melbourne Square	FL	Melbourne	100%	705,656	420,838	284,818
Merritt Square Mall	FL	Merritt Island	100%	810,972	475,299	335,673	9/1/2015	5.35%	Fixed	$53,070	$53,070

SUPPLEMENTAL INFORMATION | 18



WP GLIMCHER PROPERTY INFORMATION
As of June 30, 2015

							Debt Information
										Indebtedness
Property Name	St	City	Financial Interest (1)	Total Center Square Feet	Total WPG Owned Square Feet	Total Tenant Owned Square Feet	Maturity Date (2)	Interest Rate	Type	Total	WP Glimcher Share
Malls
Mesa Mall	CO	Grand Junction	100%	873,831	431,127	442,704	6/1/2016	5.79%	Fixed	$87,250	$87,250
Morgantown Mall	WV	Morgantown	100%	555,228	555,228	0
Muncie Mall	IN	Muncie	100%	636,565	386,765	249,800	4/1/2021	4.19%	Fixed	$36,289	$36,289
New Towne Mall	OH	New Philadelphia	100%	509,561	509,561	0
Northlake Mall (3)	GA	Atlanta	100%	962,949	576,549	386,400
Northtown Mall	MN	Blaine	100%	602,146	602,146	0
Northwoods Mall	IL	Peoria	100%	693,481	220,512	472,969
Oak Court Mall	TN	Memphis	100%	849,068	363,251	485,817	4/1/2021	4.76%	Fixed	$39,310	$39,310
Oklahoma City Properties	OK	Oklahoma City	99%	288,154	288,154	0
Orange Park Mall	FL	Orange Park (Jacksonville)	100%	959,525	556,345	403,180
Paddock Mall	FL	Ocala	100%	551,988	321,431	230,557
Pearlridge Center	HI	Aiea	51%	1,139,762	1,139,762	0	6/1/2025	3.53%	Fixed	$225,000	$114,750
Polaris Fashion Place	OH	Columbus	51%	1,437,831	685,612	752,219	3/1/2025	3.90%	Fixed	$225,000	$114,750
Port Charlotte Town Center	FL	Port Charlotte	100%	764,665	480,456	284,209	11/1/2020	5.30%	Fixed	$45,257	$45,257
Richmond Town Square (3)	OH	Richmond Heights (Cleveland)	100%	1,011,763	541,812	469,951
River Oaks Center (3)	IL	Calumet City (Chicago)	100%	1,192,571	688,312	504,259
River Valley Mall	OH	Lancaster	100%	521,578	521,578	0	1/11/2016	5.65%	Fixed	$45,365	$45,365

SUPPLEMENTAL INFORMATION | 19



WP GLIMCHER PROPERTY INFORMATION
As of June 30, 2015

							Debt Information
										Indebtedness
Property Name	St	City	Financial Interest (1)	Total Center Square Feet	Total WPG Owned Square Feet	Total Tenant Owned Square Feet	Maturity Date (2)	Interest Rate	Type	Total	WP Glimcher Share
Malls
Rolling Oaks Mall	TX	San Antonio	100%	882,347	286,039	596,308
Rushmore Mall	SD	Rapid City	100%	829,230	752,754	76,476	2/1/2019	5.79%	Fixed	$94,000	$94,000
Scottsdale Quarter	AZ	Scottsdale	51%	542,653	542,653	0	6/1/2025	3.53%	Fixed	$165,000	$84,150
Seminole Towne Center	FL	Sanford (Orlando)	12%	1,104,689	591,399	513,290	5/6/2021	5.97%	Fixed	$56,920	$6,836
Southern Hills Mall	IA	Sioux City	100%	794,371	550,424	243,947	6/1/2016	5.79%	Fixed	$101,500	$101,500
Southern Park Mall	OH	Youngstown	100%	1,204,654	1,009,090	195,564
Sunland Park Mall	TX	El Paso	100%	922,167	327,230	594,937
Outlet Collection \| Seattle, The	WA	Seattle	100%	921,384	921,384	0	1/12/2018	1.69%	Variable	$86,500	$86,500
Town Center at Aurora	CO	Aurora (Denver)	100%	1,082,834	342,893	739,941	4/1/2021	4.19%	Fixed	$55,000	$55,000
Town Center Crossing & Plaza	KS	Leawood	51%	621,195	499,962	121,233	2/1/2027	4.25%	Fixed	$36,288	$18,507
							2/1/2027	5.00%	Fixed	$72,982	$37,221
Towne West Square	KS	Wichita	100%	936,978	440,445	496,533	6/1/2021	5.61%	Fixed	$48,247	$48,247
Valle Vista Mall	TX	Harlingen	100%	650,504	492,104	158,400	5/10/2017	5.35%	Fixed	$40,000	$40,000
Virginia Center Commons (3)	VA	Glen Allen	100%	785,049	444,141	340,908
Waterford Lakes Town Center	FL	Orlando	100%	966,099	691,599	274,500
Weberstown Mall	CA	Stockton	100%	856,817	283,493	573,324	6/8/2016	5.90%	Fixed	$60,000	$60,000
West Ridge Mall	KS	Topeka	100%	995,609	391,498	604,111	3/6/2024	4.84%	Fixed	$42,416	$42,416

SUPPLEMENTAL INFORMATION | 20



WP GLIMCHER PROPERTY INFORMATION
As of June 30, 2015

							Debt Information
										Indebtedness
Property Name	St	City	Financial Interest (1)	Total Center Square Feet	Total WPG Owned Square Feet	Total Tenant Owned Square Feet	Maturity Date (2)	Interest Rate	Type	Total	WP Glimcher Share
Malls
Westminster Mall	CA	Westminster (Los Angeles)	100%	1,203,727	431,036	772,691	4/1/2024	4.65%	Fixed	$83,503	$83,503
WestShore Plaza	FL	Tampa	100%	1,076,275	847,813	228,462	10/1/2017	2.80%	Variable	$99,600	$99,600

Community Centers
Bloomingdale Court	IL	Bloomingdale (Chicago)	100%	686,640	375,095	311,545	11/1/2015	8.15%	Fixed	$24,499	$24,499
Bowie Town Center Strip	MD	Bowie (Wash, D.C.)	100%	106,589	40,927	65,662
Canyon View	CO	Grand Junction	100%	43,054	43,054	0	11/6/2023	5.47%	Fixed	$5,509	$5,509
Charles Towne Square	SC	Charleston	100%	71,794	71,794	0
Chesapeake Center	VA	Chesapeake (Virginia Beach)	100%	305,853	128,972	176,881
Concord Mills Marketplace	NC	Concord (Charlotte)	100%	230,683	216,870	13,813	11/1/2023	4.82%	Fixed	$16,000	$16,000
Countryside Plaza	IL	Countryside (Chicago)	100%	403,756	204,295	199,461
Dare Centre	NC	Kill Devil Hills	100%	168,673	109,154	59,519
DeKalb Plaza	PA	King of Prussia (Philadelphia)	100%	101,911	44,091	57,820
Empire East	SD	Sioux Falls	100%	301,438	167,616	133,822
Fairfax Court	VA	Fairfax (Wash, D.C.)	100%	249,488	245,999	3,489
Fairfield Town Center	TX	Houston	100%	108,000	0	108,000
Forest Plaza	IL	Rockford	100%	434,838	414,542	20,296	10/10/2019	7.50%	Fixed	$17,172	$17,172

SUPPLEMENTAL INFORMATION | 21



WP GLIMCHER PROPERTY INFORMATION
As of June 30, 2015

							Debt Information
										Indebtedness
Property Name	St	City	Financial Interest (1)	Total Center Square Feet	Total WPG Owned Square Feet	Total Tenant Owned Square Feet	Maturity Date (2)	Interest Rate	Type	Total	WP Glimcher Share
Community Centers
Gaitway Plaza	FL	Ocala	99%	208,051	207,251	800
Gateway Centers	TX	Austin	100%	512,320	403,317	109,003
Greenwood Plus	IN	Greenwood (Indianapolis)	100%	155,319	146,091	9,228
Henderson Square	PA	King of Prussia (Philadelphia)	100%	107,371	53,615	53,756	4/1/2016	4.43%	Fixed	$12,774	$12,774
Keystone Shoppes	IN	Indianapolis	100%	29,080	29,080	0
Lake Plaza	IL	Waukegan (Chicago)	100%	215,568	124,939	90,629
Lake View Plaza	IL	Orland Park (Chicago)	100%	367,370	311,961	55,409
Lakeline Plaza	TX	Cedar Park (Austin)	100%	387,240	356,803	30,437	10/10/2019	7.50%	Fixed	$16,087	$16,087
Lima Center	OH	Lima	100%	233,878	173,878	60,000
Lincoln Crossing	IL	O'Fallon (St. Louis)	100%	243,326	37,861	205,465
MacGregor Village	NC	Cary	100%	144,301	144,301	0
Mall of Georgia Crossing	GA	Buford (Atlanta)	100%	440,670	317,535	123,135	10/6/2022	4.28%	Fixed	$23,881	$23,881
Markland Plaza	IN	Kokomo	100%	90,527	80,977	9,550
Martinsville Plaza	VA	Martinsville	100%	102,105	94,760	7,345
Matteson Plaza	IL	Matteson (Chicago)	100%	272,336	180,936	91,400
Morgantown Commons	WV	Morgantown	100%	230,843	230,843	0
Muncie Towne Plaza	IN	Muncie	100%	172,617	172,617	0	10/10/2019	7.50%	Fixed	$6,688	$6,688

SUPPLEMENTAL INFORMATION | 22



WP GLIMCHER PROPERTY INFORMATION
As of June 30, 2015

							Debt Information
										Indebtedness
Property Name	St	City	Financial Interest (1)	Total Center Square Feet	Total WPG Owned Square Feet	Total Tenant Owned Square Feet	Maturity Date (2)	Interest Rate	Type	Total	WP Glimcher Share
Community Centers
North Ridge Shopping Center	NC	Raleigh	100%	169,640	164,240	5,400	12/1/2022	3.41%	Fixed	$12,500	$12,500
Northwood Plaza	IN	Fort Wayne	100%	208,076	79,877	128,199
Palms Crossing	TX	McAllen	100%	405,925	372,088	33,837	8/1/2021	5.49%	Fixed	$36,372	$36,372
Plaza at Buckland Hills, The	CT	Manchester	100%	329,885	218,986	110,899
Richardson Square	TX	Richardson (Dallas)	100%	517,265	41,354	475,911
Rockaway Commons	NJ	Rockaway (New York)	100%	238,253	229,145	9,108
Rockaway Town Plaza	NJ	Rockaway (New York)	100%	374,408	73,132	301,276
Royal Eagle Plaza	FL	Coral Springs (Miami)	100%	202,952	191,999	10,953
Shops at Arbor Walk, The	TX	Austin	100%	458,468	280,314	178,154	8/1/2021	5.49%	Fixed	$41,108	$41,108
Shops at North East Mall, The	TX	Hurst (Dallas)	100%	365,039	365,039	0
St. Charles Towne Plaza	MD	Waldorf (Wash, D.C.)	100%	391,597	330,047	61,550
Tippecanoe Plaza	IN	Lafayette	100%	90,522	85,811	4,711
University Center	IN	Mishawaka	100%	150,441	100,441	50,000
University Town Plaza	FL	Pensacola	100%	565,538	216,194	349,344
Village Park Plaza	IN	Carmel (Indianapolis)	100%	575,547	290,008	285,539
Washington Plaza	IN	Indianapolis	100%	50,107	50,107	0
West Ridge Plaza	KS	Topeka	100%	254,480	99,987	154,493	3/6/2024	4.84%	Fixed	$10,604	$10,604

SUPPLEMENTAL INFORMATION | 23



WP GLIMCHER PROPERTY INFORMATION
As of June 30, 2015

							Debt Information
										Indebtedness
Property Name	St	City	Financial Interest (1)	Total Center Square Feet	Total WPG Owned Square Feet	Total Tenant Owned Square Feet	Maturity Date (2)	Interest Rate	Type	Total	WP Glimcher Share
Community Centers
West Town Corners	FL	Altamonte Springs (Orlando)	100%	385,403	236,785	148,618
Westland Park Plaza	FL	Orange Park (Jacksonville)	100%	163,259	163,259	0
White Oaks Plaza	IL	Springfield	100%	387,911	235,128	152,783	10/10/2019	7.50%	Fixed	$13,376	$13,376
Whitehall Mall	PA	Whitehall	100%	613,417	598,543	14,874	11/1/2018	7.00%	Fixed	$9,976	$9,976
Wolf Ranch	TX	Georgetown (Austin)	100%	627,284	415,098	212,186
Total				68,447,949	43,193,372	25,254,577				$2,764,111	$2,331,824

Footnotes:
(1) Direct and indirect interests in some joint venture properties are subject to preferences on distributions and/or capital allocation in favor of other partners.
(2) Assumes full exercise of extension options.
(3) Non-core property

SUPPLEMENTAL INFORMATION | 24



GLOSSARY OF TERMS


	- Average rent PSF	Average base minimum rent charge in effect for the reporting period for all tenants that qualify to be included in the occupancy as defined below.
	- EBITDA	Net income/(loss) attributable to the company before interest, depreciation and amortization, gains/losses on sale of operating properties, impairment charges, income taxes and unrealized remeasurement adjustment of derivative instrument.
	- Funds from operations (FFO)	Funds From Operations ("FFO") is a supplemental non-GAAP measure utilized to evaluate the operating performance of real estate companies. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income/(loss) attributable to common shareholders computed in accordance with generally accepted accounting principles ("GAAP"), excluding (i) gains or losses from sales of operating real estate assets and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties and (iv) impairment of depreciable real estate and in substance real estate equity investments and (v) after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis.
	- Gross leasable area (GLA)	Measure of the total amount of leasable space in a property.
	- Net operating income (NOI)	Revenues from all rental property less operating and maintenance expenses, real estate taxes and rent expense including the company's pro-rata share of real estate joint ventures. Excludes non-recurring items such as termination income and sales from outparcels.
	- Occupancy	Occupancy is the percentage of total owned square footage (GLA) which is leased as of the last day of the reporting period. For malls, all company owned space except for mall anchors, mall majors, office and mall outlots are included in the calculation. For community lifestyle centers, all owned GLA other than office are included in the calculation.
	- Occupancy cost	Percent of tenant's total occupancy cost (rent and reimbursement of CAM, tax and insurance) to tenant sales for mall stores of 10,000 sf or less.
	- Re-leasing spread	Re-leasing Spread is a ‘‘same space’’ measure that compares initial rent for new deals on individual spaces to expiring rents for prior tenants. For Malls, majors, freestanding and office tenants are excluded. For Community Centers, office tenants are excluded. The new rent is the weighted average of the initial cash Total Rent PSF for spaces leased during the trailing 12-month period, and includes new leases and existing tenant renewals and relocations (including expansions and downsizings). The prior rent is the weighted average of the final cash Total Rent PSF as of the month the tenant terminates or closes. Total Rent PSF includes Base Minimum Rent, common area maintenance (CAM) and base percentage rent. It includes leasing activity on all spaces occupied by tenants as long as the opening and closing dates are within 24 months of one another.
	- Sales PSF	Trailing twelve-month sales for in-line mall stores of 10,000 SF or less. Excludes freestanding stores and specialty tenants.

SUPPLEMENTAL INFORMATION | 25

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