WASHINGTON PRIME GROUP INC. - FORM 8-K - EX-99.2 - SUPPLEMENTAL REPORT FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2016

Attached files

file	filename
8-K - CURRENT REPORT - WASHINGTON PRIME GROUP INC.	a8-kdatedaugust32016.htm
EX-99.1 - NEWS RELEASE DATED AUGUST 3, 2016 - WASHINGTON PRIME GROUP INC.	exhibit991-2q16.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 statements of operations (unaudited)	1
	Consolidated balance sheets (unaudited)	2
	Supplemental balance sheet detail	3
	Components of minimum rents and other income	4
	Calculation of funds from operations - including pro-rata share of unconsolidated properties	5
	Net operating income growth for comparable properties - including pro-rata share of unconsolidated properties	6
	Statements of operations - including proportionate share of unconsolidated properties (unaudited)	7
	Balance sheet - including proportionate share of unconsolidated properties (unaudited)	8

Debt Information
	Summary of debt	9
	EBITDA and key balance sheet metrics	10
	Key guidance assumptions	11

Operational Data
	Operating metrics	12
	Leasing results	13
	Releasing spreads	14
	Top 10 tenants	15
	Lease expirations	16

Development Activity
	Capital expenditures	17
	Redevelopment projects	18

Other
	Property information	19-21
	Glossary of terms	22



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

		Three Months Ended June 30,						Six Months Ended June 30,
		2016			2015			2016			2015

	Revenue:
	Minimum rent (see components on page 4)	$	141,257		$	161,695		$	284,362		$	322,601
	Overage rent	1,911			2,291			5,368			5,555
	Tenant reimbursements	59,410			67,437			117,366			136,682
	Other income (see components on page 4)	3,160			6,105			8,673			10,408
	Total revenues	205,738			237,528			415,769			475,246

	Expenses:
	Property operating	(39,525		)	(51,140		)	(83,459		)	(102,249		)
	Real estate taxes	(26,397		)	(27,737		)	(50,888		)	(58,262		)
	Advertising and promotion	(2,597		)	(2,646		)	(4,829		)	(5,321		)
	Total recoverable expenses	(68,519		)	(81,523		)	(139,176		)	(165,832		)
	Depreciation and amortization	(69,232		)	(91,453		)	(140,635		)	(183,637		)
	Provision for credit losses	(1,763		)	(883		)	(2,495		)	(1,581		)
	General and administrative	(9,432		)	(11,889		)	(20,236		)	(21,478		)
	Merger, restructuring and transaction costs	(29,914		)	(4,903		)	(29,914		)	(25,713		)
	Ground rent	(1,043		)	(2,071		)	(2,100		)	(4,444		)
	Total operating expenses	(179,903		)	(192,722		)	(334,556		)	(402,685		)

	Operating Income	25,835			44,806			81,213			72,561

	Interest expense, net	(34,466		)	(38,778		)	(71,814		)	(75,892		)
	Gain on extinguishment of debt, net	34,078			—			34,078			—
	Income and other taxes	(114		)	(528		)	(1,093		)	(973		)
	Loss from unconsolidated entities, net	(508		)	(1,703		)	(1,669		)	(1,487		)
	(Loss) gain on disposition of interests in properties, net	(88		)	5,147			(2,297		)	5,147

	Net income (loss)	24,737			8,944			38,418			(644		)
	Net income (loss) attributable to noncontrolling interests	3,422			1,048			5,081			(1,248		)
	Net income attributable to the Company	21,315			7,896			33,337			604
	Less: Preferred share dividends	(3,508		)	(3,995		)	(7,016		)	(8,973		)
	Net income (loss) attributable to common shareholders	$	17,807		$	3,901		$	26,321		$	(8,369	)

	Earnings (loss) per common share, basic and diluted	$	0.10		$	0.02		$	0.14		$	(0.05	)

SUPPLEMENTAL INFORMATION | 1



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

		June 30,			December 31,
		2016			2015
	Assets:
	Investment properties at cost	$	6,491,583		$	6,568,662
	Construction in progress	91,958			87,538
		6,583,541			6,656,200
	Less: accumulated depreciation	2,270,747			2,225,750
		4,312,794			4,430,450

	Cash and cash equivalents	63,445			116,253
	Tenant receivables and accrued revenue, net (see components on page 3)	83,207			91,603
	Real estate assets held-for-sale	—			30,000
	Investment in and advances to unconsolidated entities, at equity	468,798			488,071
	Deferred costs and other assets (see components on page 3)	288,622			303,232
	Total assets	$	5,216,866		$	5,459,609

	Liabilities:
	Mortgage notes payable	$	1,672,915		$	1,793,439
	Notes payable	247,274			246,728
	Unsecured term loans	1,333,920			1,332,812
	Revolving credit facility	256,267			275,622
	Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3)	361,252			379,112
	Distributions payable	2,992			2,992
	Cash distributions and losses in partnerships and joint ventures, at equity	15,389			15,399
	Total liabilities	3,890,009			4,046,104

	Redeemable noncontrolling interests	5,765			6,132

	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	1,234,277			1,225,926
	Accumulated deficit	(280,623		)	(214,243		)
	Accumulated other comprehensive (loss) income	(14,295		)	1,716
	Total stockholders' equity	1,141,954			1,215,994
	Noncontrolling interests	179,138			191,379
	Total equity	1,321,092			1,407,373
	Total liabilities, redeemable noncontrolling interests and equity	$	5,216,866		$	5,459,609

SUPPLEMENTAL INFORMATION | 2



SUPPLEMENTAL BALANCE SHEET DETAIL
WP Glimcher Inc.
(dollars in thousands)

	Consolidated			Pro-Rata			Total			Consolidated			Pro-Rata			Total
	Balances			Balances			Balances			Balances			Balances			Balances
	6/30/2016			6/30/2016			6/30/2016			12/31/2015			12/31/2015			12/31/2015

Tenant accounts receivable and accrued revenue, net:
Straight-line receivable	$	40,067		$	2,894		$	42,961		$	39,092		$	1,580		$	40,672
Tenant receivable	12,042			2,017			14,059			14,027			2,947			16,974
Allowance for doubtful accounts, net	(8,625		)	(996		)	(9,621		)	(4,513		)	(627		)	(5,140		)
Unbilled receivables and other	39,723			7,622			47,345			42,997			10,932			53,929
Total	$	83,207		$	11,537		$	94,744		$	91,603		$	14,832		$	106,435

Deferred costs and other assets:
Deferred leasing, net	$	97,866		$	13,810		$	111,676		$	100,837		$	14,955		$	115,792
In place lease intangibles, net	84,642			31,959			116,601			99,836			36,007			135,843
Acquired above market lease intangibles, net	40,393			20,536			60,929			47,285			22,042			69,327
Mortgage and other escrow deposits	33,702			5,949			39,651			38,906			5,223			44,129
Prepaids, notes receivable and other assets, net	32,019			1,162			33,181			16,368			886			17,254
Total	$	288,622		$	73,416		$	362,038		$	303,232		$	79,113		$	382,345

Accounts payable, accrued expenses, intangibles and deferred revenues:
Accounts payable and accrued expenses	$	207,498		$	15,492		$	222,990		$	196,800		$	19,125		$	215,925
Below market leases, net	119,839			39,059			158,898			134,315			44,158			178,473
Other	33,915			5,052			38,967			47,997			4,405			52,402
Total	$	361,252		$	59,603		$	420,855		$	379,112		$	67,688		$	446,800

SUPPLEMENTAL INFORMATION | 3



COMPONENTS OF MINIMUM RENTS AND OTHER INCOME
WP Glimcher Inc.
(unaudited, dollars in thousands)





		Three Months Ended June 30,				Six Months Ended June 30,
		2016		2015 (1)		2016			2015 (1)

	Components of Minimum Rents:

	Base rent	$	134,452	$	145,796	$	269,348		$	292,511
	Mark-to-market adjustment	2,119		6,364		4,002			11,003
	Straight-line rents	146		1,725		(100		)	3,320
	Temporary tenant rents	4,540		7,810		11,112			15,767
	Total Minimum Rents	$	141,257	$	161,695	$	284,362		$	322,601

	Components of Other Income:
	Sponsorship and other ancillary property income	$	1,025	$	3,932	$	3,984		$	7,426
	Fee income	1,765		876		3,213			972
	Lease termination income	86		701		436			1,324
	Other	284		596		1,040			686
	Total Other Income	$	3,160	$	6,105	$	8,673		$	10,408


	(1) Some reclassifications have been made for consistent presentation, primarily from temporary tenant rents to sponsorship and other ancillary property income.

SUPPLEMENTAL INFORMATION | 4



CALCULATION OF FUNDS FROM OPERATIONS
Including Pro-Rata Share of Unconsolidated Properties
WP Glimcher Inc.
(dollars in thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Funds from Operations ("FFO"):
Net income (loss)	$	24,737		$	8,944		$	38,418		$	(644	)
Less: Preferred dividends and distributions on preferred operating partnership units	(3,568		)	(4,055		)	(7,136		)	(9,083		)
Real estate depreciation and amortization, including joint venture impact	76,900			95,518			156,312			187,200
Noncontrolling interests portion of depreciation and amortization	(40		)	(41		)	(79		)	(74		)
Loss (gain) on sale of interests in properties	88			(5,147		)	2,297			(5,147		)
Net loss (income) attributable to noncontrolling interest holders in properties	8			(3		)	14			—
FFO	$	98,125		$	95,216		$	189,826		$	172,252

Adjusted Funds from Operations:
FFO	$	98,125		$	95,216		$	189,826		$	172,252
Add back: Merger, restructuring and transaction costs	29,914			4,903			29,914			25,713
Add back: Bridge loan fee amortization	—			6,307			—			10,428
Gain on extinguishment of debt, net	(34,078		)	—			(34,078		)	—
Adjusted FFO	$	93,961		$	106,426		$	185,662		$	208,393

Weighted average common shares outstanding - diluted	220,475			220,252			220,373			217,662

FFO per diluted share	$	0.45		$	0.43		$	0.86		$	0.79
Total adjustments	$	(0.02	)	$	0.05		$	(0.02	)	$	0.17
Adjusted FFO per diluted share	$	0.43		$	0.48		$	0.84		$	0.96

Non-cash items included in FFO:
Non-cash stock compensation expense - excluding expenses included in the merger, restructuring and transaction costs above	$	1,633		$	2,821		$	2,308		$	5,137
Straight-line adjustment as an increase to minimum rents (1)	$	819		$	1,852		$	1,132		$	3,451
Straight-line and fair market value adjustment recorded as an increase to ground lease expense (1)	$	342		$	539		$	685		$	1,210
Fair value of debt amortized as a decrease to interest expense (1)	$	1,762		$	6,445		$	3,750		$	9,169
Loan fee amortization - excluding bridge loan (1)	$	1,392		$	760		$	3,207		$	59
Mark-to-market/inducement adjustment as an increase to base rents (1)	$	3,713		$	6,683		$	6,888		$	11,322
Non-real estate depreciation (1)	$	2,054		$	1,476		$	3,828		$	2,779
Hedge ineffectiveness as an increase to interest expense	$	570		$	—		$	2,950		$	—

(1) includes the pro-rata share of the joint venture properties

SUPPLEMENTAL INFORMATION | 5



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

	Three Months Ended June 30,											Six Months Ended June 30,
	2016			2015			Variance $					2016			2015			Variance $

Reconciliation of Comp NOI to Operating Income
Operating income	$	25,835		$	44,806		$	(18,971	)			$	81,213		$	72,561		$	8,652

Depreciation and amortization	69,232			91,453			(22,221		)			140,635			183,637			(43,002		)
General and administrative	9,432			11,889			(2,457		)			20,236			21,478			(1,242		)
Merger, restructuring and transaction costs	29,914			4,903			25,011					29,914			25,713			4,201
Fee income	(1,765		)	(876		)	(889		)			(3,213		)	(972		)	(2,241		)
Management fee allocation	3,159			4,722			(1,563		)			6,769			8,630			(1,861		)
Adjustment to include Glimcher NOI from prior to merger (2)	—			—			—					—			4,186			(4,186		)
Pro-rata share of unconsolidated joint ventures in comp NOI	11,425			(2,568		)	13,993					22,591			(8,067		)	30,658
Property allocated corporate expense	3,427			1,732			1,695					6,773			3,102			3,671
Non-comparable properties and other (1)	100			(322		)	422					(239		)	(1,821		)	1,582
NOI from sold properties	(1,572		)	(3,678		)	2,106					(1,867		)	(4,986		)	3,119
Termination income and outparcel sales	(86		)	(1,158		)	1,072					(1,066		)	(1,791		)	725
Straight-line rents as an adjustment to minimum rents	(146		)	(1,725		)	1,579					100			(3,320		)	3,420
Ground lease adjustments for straight-line and fair market value	(5		)	449			(454		)			(10		)	1,120			(1,130		)
Fair market value adjustments to base rents	(2,119		)	(6,364		)	4,245					(4,002		)	(11,003		)	7,001
Less: non-core properties (3)	(3,991		)	(4,539		)	548					(8,800		)	(9,524		)	724

Comparable NOI - core portfolio	$	142,840		$	138,724		$	4,116				$	289,034		$	278,943		$	10,091
Comparable NOI percentage change - core portfolio							3.0		%									3.6		%

Comparable NOI - total portfolio (including non-core)	$	146,831		$	143,263		$	3,568				$	297,834		$	288,467		$	9,367
Comparable NOI percentage change - total portfolio							2.5		%									3.2		%

(1) Represents an adjustment to remove the NOI amounts from properties not owned and operated in all periods presented. The assets acquired as part of the Merger are included in comparable 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 the five non-core properties held in each period presented.

	Three Months Ended June 30,											Six Months Ended June 30,
	2016			2015			Variance $			Variance %		2016			2015			Variance $			Variance %
Comparable Core Property Net Operating Income (Comp NOI)
Revenue:
Minimum rent	$	143,577		$	139,947		$	3,630		2.6	%	$	290,553		$	283,752		$	6,801		2.4	%
Overage rent	2,368			2,302			66			2.9	%	5,698			5,179			519			10.0	%
Tenant reimbursements	61,564			60,849			715			1.2	%	122,342			126,120			(3,778		)	-3.0	%
Other	1,497			3,162			(1,665		)	-52.7	%	4,413			5,666			(1,253		)	-22.1	%
Total revenue	209,006			206,260			2,746			1.3	%	423,006			420,717			2,289			0.5	%

Expenses:
Recoverable expenses	(62,736		)	(65,274		)	2,538			-3.9	%	(127,987		)	(137,441		)	9,454			-6.9	%
Provision for credit losses	(1,876		)	(769		)	(1,107		)	144.0	%	(2,803		)	(1,374		)	(1,429		)	104.0	%
Ground rent	(1,554		)	(1,493		)	(61		)	4.1	%	(3,182		)	(2,959		)	(223		)	7.5	%
Total operating expenses	(66,166		)	(67,536		)	1,370			-2.0	%	(133,972		)	(141,774		)	7,802			-5.5	%

Comp NOI - Excluding non core properties	$	142,840		$	138,724		$	4,116		3.0	%	$	289,034		$	278,943		$	10,091		3.6	%

Comp NOI - Core enclosed retail properties	$	109,025		$	105,397		$	3,628		3.4	%	$	221,743		$	213,681		$	8,062		3.8	%
Comp NOI - Community centers	$	33,815		$	33,327		$	488		1.5	%	$	67,291		$	65,262		$	2,029		3.1	%

SUPPLEMENTAL INFORMATION | 6



STATEMENTS OF OPERATIONS
INCLUDING PROPORTIONATE SHARE OF UNCONSOLIDATED PROPERTIES
WP Glimcher Inc.
(Unaudited, dollars in thousands)

		Three Months Ended June 30, 2016									Six Months Ended June 30, 2016
		As Reported			WPG's Share of Unconsolidated Entities			Total			As Reported			WPG's Share of Unconsolidated Entities			Total

	Revenue:
	Minimum rent	$	141,257		$	14,296		$	155,553		$	284,362		$	28,276		$	312,638
	Overage rent	1,911			510			2,421			5,368			795			6,163
	Tenant reimbursements	59,410			5,312			64,722			117,366			10,518			127,884
	Other income	3,160			263			3,423			8,673			567			9,240
	Total revenues	205,738			20,381			226,119			415,769			40,156			455,925

	Expenses:
	Property operating	(39,525		)	(4,349		)	(43,874		)	(83,459		)	(8,754		)	(92,213		)
	Real estate taxes	(26,397		)	(1,943		)	(28,340		)	(50,888		)	(4,046		)	(54,934		)
	Advertising and promotion	(2,597		)	(356		)	(2,953		)	(4,829		)	(587		)	(5,416		)
	Total recoverable expenses	(68,519		)	(6,648		)	(75,167		)	(139,176		)	(13,387		)	(152,563		)
	Depreciation and amortization	(69,232		)	(9,429		)	(78,661		)	(140,635		)	(18,993		)	(159,628		)
	Provision for credit losses	(1,763		)	(204		)	(1,967		)	(2,495		)	(443		)	(2,938		)
	General and administrative	(9,432		)	—			(9,432		)	(20,236		)	31			(20,205		)
	Merger, restructuring and transaction costs	(29,914		)	—			(29,914		)	(29,914		)	—			(29,914		)
	Ground rent	(1,043		)	(928		)	(1,971		)	(2,100		)	(1,873		)	(3,973		)
	Total operating expenses	(179,903		)	(17,209		)	(197,112		)	(334,556		)	(34,665		)	(369,221		)

	Operating Income	25,835			3,172			29,007			81,213			5,491			86,704

	Interest expense, net	(34,466		)	(3,643		)	(38,109		)	(71,814		)	(7,121		)	(78,935		)
	Gain on extinguishment of debt, net	34,078			—			34,078			34,078			—			34,078
	Income and other taxes	(114		)	(37		)	(151		)	(1,093		)	(39		)	(1,132		)
	Loss from unconsolidated entities, net	(508		)	508			—			(1,669		)	1,669			—
	Loss on disposition of interests in properties, net	(88		)	—			(88		)	(2,297		)	—			(2,297		)

	Net income	24,737			—			24,737			38,418			—			38,418
	Net income attributable to noncontrolling interests	3,422			—			3,422			5,081			—			5,081
	Net income attributable to the Company	21,315			—			21,315			33,337			—			33,337
	Less: Preferred share dividends	(3,508		)	—			(3,508		)	(7,016		)	—			(7,016		)
	Net income attributable to common shareholders	$	17,807		$	—		$	17,807		$	26,321		$	—		$	26,321

SUPPLEMENTAL INFORMATION | 7



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

		June 30, 2016 As Reported			WPG's Share of Unconsolidated Entities		June 30, 2016 Total Share
	Assets:
	Investment properties at cost	$	6,491,583		$	879,989	$	7,371,572
	Construction in progress	91,958			14,545		106,503
		6,583,541			894,534		7,478,075
	Less: accumulated depreciation	2,270,747			57,806		2,328,553
		4,312,794			836,728		5,149,522

	Cash and cash equivalents	63,445			8,833		72,278
	Tenant receivables and accrued revenue, net (see components on page 3)	83,207			11,537		94,744
	Investment in and advances to unconsolidated entities, at equity	468,798			—		468,798
	Deferred costs and other assets (see components on page 3)	288,622			73,416		362,038
	Total assets	$	5,216,866		$	930,514	$	6,147,380

	Liabilities:
	Mortgage notes payable	$	1,672,915		$	429,807	$	2,102,722
	Notes payable	247,274			—		247,274
	Unsecured term loans	1,333,920			—		1,333,920
	Revolving credit facility	256,267			—		256,267
	Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3)	361,252			59,603		420,855
	Distributions payable	2,992			—		2,992
	Cash distributions and losses in partnerships and joint ventures, at equity	15,389			—		15,389
	Total liabilities	3,890,009			489,410		4,379,419

	Redeemable noncontrolling interests	5,765			—		5,765

	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	1,234,277			441,104		1,675,381
	Accumulated deficit	(280,623		)	—		(280,623		)
	Accumulated other comprehensive loss	(14,295		)	—		(14,295		)
	Total stockholders' equity	1,141,954			441,104		1,583,058
	Noncontrolling interests	179,138			—		179,138
	Total equity	1,321,092			441,104		1,762,196
	Total liabilities, redeemable noncontrolling interests and equity	$	5,216,866		$	930,514	$	6,147,380

SUPPLEMENTAL INFORMATION | 8



SUMMARY OF DEBT
WP Glimcher Inc.
(dollars in thousands)

		Total Debt as of 6/30/2016			Total Debt, Including WPG Share of Unconsolidated Entities as of 6/30/2016			Total Debt as of 12/31/2015			Total Debt, Including WPG Share of Unconsolidated Entities as of 12/31/2015			Schedule of Maturities by Year (2)	Mortgage Debt Maturities		Weighted Avg. Interest Rate	Unsecured Maturities			Weighted Avg. Interest Rate		Total Debt Maturities		Weighted Avg. Interest Rate



Consolidated debt:														Our Share of debt (1):
	Mortgage debt
	Fixed	$	1,412,810		$	1,412,810		$	1,596,003		$	1,596,003		2016	$	233,611	9.6%						$	233,611	9.6%
	Variable	251,100			251,100			186,100			186,100			2017	139,600		3.5%						139,600		3.5%
	Debt issuance costs	(5,602		)	(5,602		)	(6,347		)	(6,347		)	2018	86,889		2.9%						86,889		2.9%
	Fair value debt adjustments	14,607			14,607			17,683			17,683			2019	153,815		6.1%	$	758,750		1.8	%	912,565		2.6%
	Total mortgage debt	1,672,915			1,672,915			1,793,439			1,793,439			2020	198,541		4.2%	749,946			3.0	%	948,487		3.2%
														2021	355,217		4.9%						355,217		4.9%
	Unsecured debt													2022	137,049		4.4%						137,049		4.4%
	Credit facility	258,750			258,750			278,750			278,750			2023	21,431		5.0%	340,000			3.5	%	361,431		3.6%
	Term loans	1,340,000			1,340,000			1,340,000			1,340,000			2024	358,663		4.7%						358,663		4.7%
	Bonds payable	249,946			249,946			249,940			249,940			> 10 Years	401,732		3.8%						401,732		3.8%
	Debt issuance costs	(11,235		)	(11,235		)	(13,528		)	(13,528		)	Fair value and debt issuance cost adjustments	16,174			(11,235		)			4,939
	Total unsecured debt	1,837,461			1,837,461			1,855,162			1,855,162			Total debt	$	2,102,722	5.0%	$	1,837,461		2.6%		$	3,940,183	3.9%

	Total consolidated debt	$	3,510,376		$	3,510,376		$	3,648,601		$	3,648,601

Unconsolidated debt:														(1) Includes pro-rata share of unconsolidated debt
	Mortgage loans payable	$	910,077		$	422,637		$	893,303		$	416,494		(2) Includes extension options
	Debt issuance costs	(2,602		)	(1,222		)	(2,764		)	(1,410		)
	Fair value debt adjustments	16,455			8,392			15,012			9,066
	Total unconsolidated debt	$	923,930		$	429,807		$	905,551		$	424,150

Total debt:		$	4,434,306		$	3,940,183		$	4,554,152		$	4,072,751


		% of Total Debt as of 6/30/16			Our Share of Total Debt as of 6/30/16			Weighted Avg. Interest Rate			Weighted Avg. Years to Maturity


	Consolidated debt:
	Fixed	71%			$	2,509,089		4.6		%	4.6
	Variable	29%			1,001,287			2.0		%	2.5
	Total Consolidated	100%			$	3,510,376		3.9		%	4.0

	Unconsolidated debt:
	Fixed	100%			$	429,807		4.1		%	8.3
	Variable	0%			—
	Total Unconsolidated	100%			$	429,807		4.1		%	8.3

	Total debt:
	Fixed	75%			$	2,938,896		4.6		%	5.1
	Variable	25%			1,001,287			2.0		%	2.5
	Total debt	100%			$	3,940,183		3.9		%	4.4

SUPPLEMENTAL INFORMATION | 9



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

		Three Months Ended June 30,						Six Months Ended June 30,
		2016			2015			2016			2015
	Calculation of EBITDA:
	Net income (loss)	$	24,737		$	8,944		$	38,418		$	(644	)
	Interest expense, net	34,466			38,778			71,814			75,892
	Income and other taxes	114			528			1,093			973
	Depreciation and amortization	69,232			91,453			140,635			183,637
	EBITDA	128,549			139,703			251,960			259,858
	Adjustments related to pro-rata share of unconsolidated entities, net	13,109			5,532			26,153			5,676
	Merger, restructuring and transaction costs	29,914			4,903			29,914			25,713
	Loss (gain) on disposition of interests in properties, net	88			(5,147		)	2,297			(5,147		)
	Gain on extinguishment of debt, net	(34,078		)	—			(34,078		)	—
	Adjusted EBITDA	$	137,582		$	144,991		$	276,246		$	286,100

		Covenant Requirement			As of June 30, 2016
	Key Balance Sheet Metrics:	Covenant Requirement			Ratio
	Total indebtedness to Total assets	≤ 65%			47.5%
	Secured indebtedness to Total assets	≤ 40%			22.5%
	Consolidated EBITDA / Annual service charge	≥ 1.5x			3.64x
	Total unencumbered assets / Total unsecured indebtedness	> 150%			243%

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 | 10



KEY GUIDANCE ASSUMPTIONS
WP Glimcher Inc.
2016 Guidance

		Year 2016
		Guidance
	Earnings Expectations:
	FFO per share, as adjusted - diluted (1)	$1.76 to $1.82
	FFO per share - diluted - third quarter	$0.42 to $0.44

	Underlying Assumptions to 2016 Guidance (1):
	Comparable NOI growth for core properties- fiscal year 2016 (2) (3)	1.5% to 2.5%
	General and administrative expenses (including property allocated overhead)	$60-$62 million
	Fair value of debt amortized as a decrease to interest expense (3)	~$7 million
	Mark-to-market adjustment as an increase to base rents (3)	~$14 million
	Acquisitions	None
	Assumed property sales	2 to 3
	Assumed lender transitions	3 to 4
	Redevelopment spend (3)	$125 to $175 million
	Recurring capital expenditures (3)	$65 to $70 million


	(1) Guidance excludes non-cash gain in Q2 2016 of $34.1 million related to Chesapeake Square and Merritt Square lender transitions, and the merger, restructuring and transaction costs incurred in the second quarter of 2016.
	(2) Excludes lease termination fees
	(3) Includes pro-rata share of joint venture properties

SUPPLEMENTAL INFORMATION | 11

OPERATING METRICS

WP Glimcher Inc.

As of June 30, 2016

PORTFOLIO SUMMARY

Property Count

Leased Occupancy %

Store Sales
Per Square Foot for
12 Months Ended

Store
Occupancy Cost %

% of Total
Comp NOI
for 3 Months
Ended 6/30/16

NOI Growth
for 3 Months Ended 6/30/16

6/30/16

6/30/15³

6/30/16

6/30/15³

6/30/16

6/30/15³

Community Centers

96.6%

96.0%

23.0%

1.5%

Tier 1 Enclosed retail properties

92.7%

91.1%

411

394

12.3%

51.8%

4.1%

Tier 2 -Enclosed retail properties Encumbered ²

85.4%

86.3%

315

300

13.9%

13.5%

2.8%

Tier 2 -Enclosed retail properties Unencumbered

89.9%

90.8%

309

299

13.7%

13.5%

9.0%

1.0%

Core Enclosed Retail Properties Subtotal

90.6%

90.0%

376

359

12.7%

74.3%

3.4%

Total Core Properties

112

92.9%

92.4%

97.3%

3.0%

ENCLOSED RETAIL PROPERTY TIERS

TIER 1

TIER 2-ENCUMBERED

TIER 2-UNENCUMBERED

NON-CORE¹

Arbor Hills

Anderson Mall

Boynton Beach Mall

Gulf View Square

Arboretum, The

Charlottesville Fashion Square

Chautauqua Mall

Knoxville Center

Ashland Town Center

Lincolnwood Town Center

Colonial Park Mall

Richmond Town Square

Bowie Town Center

Mesa Mall

Indian Mound Mall

River Oaks Center

Brunswick Square

Muncie Mall

Irving Mall

Virginia Center Commons

Clay Terrace

Oak Court Mall

Maplewood Mall

Cottonwood Mall

Port Charlotte Town Center

New Towne Mall

Dayton Mall

River Valley Mall

Northwoods Mall

Edison Mall

Rushmore Mall

Rolling Oaks Mall

Grand Central Mall

Seminole Towne Center

Sunland Park Mall

Great Lakes Mall

Southern Hills Mall

Jefferson Valley Mall

Towne West Square

Lima Mall

Valle Vista Mall

Lindale Mall

West Ridge Mall

Longview Mall

Malibu Lumber Yard

Mall at Fairfield Commons, The

Mall at Johnson City, The

Markland Mall

Melbourne Square

Morgantown Mall

Northtown Mall

Oklahoma City Properties

Orange Park Mall

Paddock Mall

Pearlridge Center

Polaris Fashion Place

Scottsdale Quarter

Southern Park Mall

The Outlet Collection | Seattle

Town Center at Aurora

Town Center Crossing & Plaza

Waterford Lakes Town Center

Weberstown Mall

Westminster Mall

WestShore Plaza

¹Non-core assets represent 2.7% of total comp NOI as of 6/30/16. Enclosed retail property store sales, occupancy percent and occupancy cost at 6/30/16 including non-core are $371, 89.6% and 12.7%, respectively.

²Tier 2 encumbered properties had a total debt balance of $717.2 million at June 30, 2016 with an average debt yield of 11.2%.

³June 30, 2015 metrics only include properties owned as of June 30, 2016.

SUPPLEMENTAL INFORMATION | 12



LEASING RESULTS
WP Glimcher Inc.
Year-to-date through June 30, 2016


	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 Enclosed Retail Properties	355		229,787	750,203		979,990	$	33.02	$	31.70	$	32.00	8.1	4.5	5.3	$	12,017	$	5,983	$	52.30	$	7.98
Community Centers	78		258,610	136,259		394,869	$	15.10	$	18.17	$	16.15	7.8	4.7	6.3	$	9,208	$	359	$	35.61	$	2.63
SubTotal	433		488,397	886,462		1,374,859	$	23.20	$	29.57	$	27.29	7.9	4.5	5.5	$	21,225	$	6,342	$	43.46	$ 7.15

Non-Core Properties	19		23,871	43,891		67,762	$	17.73	$	19.70	$	19.14	4.0	3.0	3.3	$	106	$	—	$	4.44	$	—

Total	452		512,268	930,353		1,442,621	$	23.03	$	29.15	$	26.98	7.8	4.4	5.4	$	21,331	$	6,342	$	41.64	$ 6.82



	Base Minimum Rent PSF As of June 30,
	2016			2015
Core Enclosed Retail Properties	$	27.24		$	26.85
Community Centers	$	13.21		$	12.91
Total Core Properties	$	21.44		$	21.32

Total Portfolio (includes non-core properties)	$	21.33		$	21.15




Note: The leasing results exclude enclosed retail properties' anchor leases and office leases.

SUPPLEMENTAL INFORMATION | 13



RELEASING SPREADS
WP Glimcher Inc.
For the six months ended June 30, 2016

		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	72,790	$	21.25	$	21.50	$	(0.25	)	-1.2	%
	Renewal	108,630	$	21.03	$	19.46	$	1.57		8.1	%
	All Deals	181,420	$	21.12	$	20.28	$	0.84		4.1	%

	Core Enclosed Retail Properties:

	New	112,960	$	41.50	$	39.67	$	1.83		4.6	%
	Renewal	671,337	$	40.06	$	39.52	$	0.54		1.4	%
	All Deals	784,297	$	40.27	$	39.54	$	0.73		1.8	%

	Total Core Portfolio:

	New	185,750	$	33.57	$	32.55	$	1.02		3.1	%
	Renewal	779,967	$	37.41	$	36.72	$	0.69		1.9	%
	All Deals	965,717	$	36.67	$	35.92	$	0.75		2.1	%

	Note: The Company's five non-core properties are excluded from these metrics. Spread including the non-core assets was 1.32%.

SUPPLEMENTAL INFORMATION | 14



TOP 10 TENANTS
WP Glimcher Inc.
As of June 30, 2016

	Non-Anchor Stores (Ranked by Percent of Total Minimum Rents)
	National Tenant Name	Tenant DBA's in Portfolio	Number of Stores	GLA of Stores	Percent of Total GLA in Portfolio	Percent of Total Annualized Base Minimum Rent

	Signet Jewelers, Ltd.	Body by Pagoda, Gordon's Jewelers, Goodman Jewelers, Jared's, J.B. Robinson Jewelers, Kay Jewelers, Leroy's Jewelers, Mark's & Morgan, Osterman's Jewelry, Piercing Pagoda, Plumb Gold, Rogers Jewelers, Silver and Gold Connection, Totally Pagoda, Zales Jewelers	168	223,779	0.3%	3.3%
	L Brands, Inc.	Bath & Body Works, White Barn Candle, Pink, Victoria's Secret	133	640,402	1.0%	2.8%
	Footlocker, Inc.	Champs Sports, Foot Action USA, Footlocker, Kids Footlocker, Lady Footlocker, World Footlocker	115	477,186	0.7%	2.3%
	Ascena Retail Group Inc.	Ann Taylor, Catherine's, Dress Barn, Justice, Lane Bryant, Loft, Maurice's	131	666,737	1.0%	1.9%
	Genesco Inc.	Buckeye Corner, Buckeye Room, Cardboard Heroes, Hat World, Johnston & Murphy, Journeys, Journeys Kidz, Lids, Locker Room by Lids, Shi by Journeys, The Hat Shack, Underground by Journeys	127	211,516	0.3%	1.4%
	Luxottica Group	Apex, Lenscrafters, Oakley, Pearle Vision, Sunglass Hut, Watch Station	95	252,212	0.4%	1.3%
	American Eagle Outfitters, Inc.	aerie, American Eagle	49	276,814	0.4%	1.3%
	The Finish Line, Inc.	Finish Line, Jack Rabbit, Running Fit, Texas Running Company	49	269,769	0.4%	1.2%
	The Gap, Inc.	Athleta, Banana Republic, Banana Republic Outlet, Gap, Gap Kids, Gap Outlet, Intermix, Old Navy	36	417,857	0.6%	1.2%
	Golden Gate Capital	California Pizza Kitchen, Express, Express Men, Express Factory Outlet, Eddie Bauer, Eddie Bauer Outlet, Red Lobster	53	353,328	0.5%	1.1%

	Anchor Stores (Ranked by Total GLA)
	National Tenant Name	Tenant DBA's in Portfolio	Number of Stores	GLA of Stores	Percent of Total GLA in Portfolio	Percent of Total Annualized Base Minimum Rent	Number of WP Owned Stores

	Sears Holding Corporation *	K-Mart, Sears	53	7,589,555	11.5%	1.1%	19
	JCPenney Company, Inc.	JCPenney	45	5,690,455	8.6%	1.4%	24
	Macy's, Inc.	Macy's	33	5,624,726	8.5%	0.3%	6
	Dillard's, Inc.	Dilliards	27	3,806,822	5.8%	0.1%	2
	The Bon-Ton Stores, Inc.	Bon-Ton, Carson Pirie Scott, Elder Beerman, Herbergers, Younkers	17	1,666,524	2.5%	0.9%	15
	Target Corporation	Target, Super Target	11	1,520,830	2.3%	0.0%	1
	Kohl's Corporation	Kohl's	13	1,089,873	1.7%	0.8%	10
	Belk, Inc.	Belk, Belk for Her, Belk Home Store	13	1,070,585	1.6%	0.4%	8
	Dick's Sporting Goods, Inc.	Dick's Sporting Goods, Field & Stream, Golf Galaxy	16	974,803	1.5%	1.7%	13
	Wal-Mart Stores, Inc.	Wal-Mart, Sam's Club	5	772,215	1.2%	0.9%	1

	* Includes 11 stores owned by Seritage Growth Properties

SUPPLEMENTAL INFORMATION | 15



LEASE EXPIRATIONS (1)
WP Glimcher Inc.
As of June 30, 2016

	Enclosed Retail Properties
		Number of Leases Expiring	Anchor Square Feet of GLA Expiring	Store Square Feet of GLA Expiring	Total Square Feet of GLA Expiring	Anchor Annualized Base Rents PSF Expiring		Store Annualized Base Rents PSF Expiring		% of ERM Annualized Base Rents Represented by Expiring Leases
	Year
	Month To Month Leases	215	—	441,361	441,361	$	—	$	32.33	2.8	%
	2016	218	644,548	627,027	1,271,575	$	8.70	$	27.50	3.2	%
	2017	869	2,299,042	2,710,296	5,009,338	$	2.46	$	26.58	14.0	%
	2018	753	2,153,291	2,149,409	4,302,700	$	4.93	$	29.42	13.5	%
	2019	557	2,409,581	1,894,049	4,303,630	$	3.97	$	27.63	11.7	%
	2020	463	1,988,749	1,666,574	3,655,323	$	5.03	$	25.76	10.4	%
	2021	384	2,849,714	1,359,387	4,209,101	$	5.54	$	24.84	9.0	%
	2022	255	917,905	965,532	1,883,437	$	6.99	$	27.44	6.2	%
	2023	282	1,843,030	1,202,174	3,045,204	$	7.70	$	25.42	7.6	%
	2024	222	761,956	850,525	1,612,481	$	3.69	$	29.17	4.9	%
	2025	208	1,376,848	918,913	2,295,761	$	15.17	$	26.46	5.9	%
	2026 and Thereafter	282	13,393,132	1,143,935	14,537,067	$	6.41	$	24.72	6.8	%
	Specialty Leasing Agreements w/ terms in excess of 11 months	796	—	1,861,657	1,861,657	$	—	$	10.67	4.0	%

	Community Centers
		Number of Leases Expiring	Anchor Square Feet of GLA Expiring	Store Square Feet of GLA Expiring	Total Square Feet of GLA Expiring	Anchor Annualized Base Rents PSF Expiring		Store Annualized Base Rents PSF Expiring		% of CSC Annualized Base Rents Represented by Expiring Leases
	Year
	Month To Month Leases	26	—	86,806	86,806	$	—	$	17.82	0.7	%
	2016	51	109,774	131,732	241,506	$	7.58	$	19.61	2.3	%
	2017	155	701,969	465,462	1,167,431	$	6.78	$	18.83	9.6	%
	2018	153	952,894	441,587	1,394,481	$	10.88	$	17.26	13.1	%
	2019	152	717,567	488,622	1,206,189	$	10.39	$	19.78	12.5	%
	2020	174	1,274,155	538,523	1,812,678	$	11.50	$	21.91	19.3	%
	2021	118	1,333,524	373,369	1,706,893	$	9.03	$	18.41	13.8	%
	2022	50	559,270	223,354	782,624	$	9.59	$	15.96	6.1	%
	2023	53	440,356	220,816	661,172	$	9.98	$	19.31	6.3	%
	2024	42	459,153	198,008	657,161	$	8.82	$	18.73	5.7	%
	2025	39	158,355	108,132	266,487	$	12.41	$	24.30	3.4	%
	2026 and Thereafter	80	3,568,401	420,167	3,988,568	$	10.06	$	13.76	7.0	%
	Specialty Leasing Agreements w/ terms in excess of 11 months	11	—	42,854	42,854	$	—	$	2.97	0.1	%

	(1) Does not consider the impact of renewal options that may be contained in leases.

SUPPLEMENTAL INFORMATION | 16



CAPITAL EXPENDITURES
WP Glimcher Inc.
(dollars in thousands)


		Three Months Ended June 30, 2016		Unconsolidated Joint Venture Proportionate Share		Total Three Months Ended June 30, 2016		Three Months Ended June 30, 2015		Unconsolidated Joint Venture Proportionate Share		Total Three Months Ended June 30, 2015

	New Developments	$	10,311	$	—	$	10,311	$	384	$	—	$	384
	Redevelopments, Renovations, and Expansions	$	22,191	$	2,930	$	25,121	$	27,461	$	—	$	27,461
	Deferred Leasing Costs	$	4,019	$	697	$	4,716	$	3,773	$	53	$	3,826

	Property Capital Expenditures:
	Non-anchor stores tenant improvements and allowances	$	3,934	$	555	$	4,489	$	10,276	$	285	$	10,561
	Operational capital expenditures	3,122		142		3,264		6,371		20		6,391
	Total Property Capital Expenditures	$	7,056	$	697	$	7,753	$	16,647	$	305	$	16,952


		Six Months Ended June 30, 2016		Unconsolidated Joint Venture Proportionate Share		Total Six Months Ended June 30, 2016		Six Months Ended June 30, 2015		Unconsolidated Joint Venture Proportionate Share		Total Six Months Ended June 30, 2015

	New Developments	$	12,292	$	—	$	12,292	$	1,128	$	—	$	1,128
	Redevelopments, Renovations, and Expansions	$	27,682	$	8,017	$	35,699	$	52,207	$	—	$	52,207
	Deferred Leasing Costs	$	7,896	$	863	$	8,759	$	7,550	$	53	$	7,603

	Property Capital Expenditures:
	Non-anchor stores tenant improvements and allowances	$	10,014	$	1,957	$	11,971	$	18,039	$	285	$	18,324
	Operational capital expenditures	4,735		262		4,997		8,000		20		8,020
	Total Property Capital Expenditures	$	14,749	$	2,219	$	16,968	$	26,039	$	305	$	26,344

SUPPLEMENTAL INFORMATION | 17



REDEVELOPMENT PROJECTS
WP Glimcher Inc.
As of June 30, 2016
(dollars in thousands)

	Projects under construction or approved for construction with an estimated investment of $5 million or more
	Property Name	City	St	Opportunity	Ownership %		Estimated Total Costs (1)	Estimated Project Yield (1) (2)	WPG Costs Incurred to Date (3)			Estimated Completion (1)


	Fairfield Town Center	Houston	TX	Multi-phase retail development (approved phases)	100	%	$50,000 - $60,000	7% - 9%	$	23,090		2016/2017

	Jefferson Valley Mall	Yorktown Hts	NY	New Dick's Sporting Goods, Ulta Cosmetics, and interior/exterior renovation	100	%	$40,000 - $42,000	8% - 9%	$	13,124		2016 4Q

	Lincoln Crossing	O'Fallon	IL	Academy Sports expansion	100	%	$6,000 - $8,000	9% - 11%	$	5,642		2017 2Q

	Lindale Mall	Cedar Rapids	IA	New Kirkland's, Carter's, and OshKosh B'Gosh	100	%	$3,000 - $5,000	9% - 11%	$	967		2016 4Q

	Longview Mall	Longview	TX	New Dick's Sporting Goods, H&M and interior/exterior renovation	100	%	$14,000 - $16,000	8% - 10%	$	4,048		2016 4Q

	New Towne Mall	New Philadelphia	OH	Re-tenant Sears anchor space with Dick's Sporting Goods	100	%	$6,000 - $7,000	7% - 8%	$	689		2016 4Q

	Scottsdale Quarter - Phase III	Scottsdale	AZ	New ground-level retail in existing residential building; New retail and office tenants in new mixed-use building	51	%	$53,800 - $63,800	7% - 8%	$	43,494	(4)	2016 4Q

	Town Center Plaza	Leawood	KS	New building with Arhaus and Restoration Hardware	51	%	$18,000 - $22,000	7% - 8%	$	15,769	(5)	2016 3Q

	Westminster Mall	Westminster	CA	New Sky Zone, Luxe Buffet and additional restaurant	100	%	$6,000 - $7,000	11% - 13%	$	1,745		2017 4Q


	(1) 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. Project costs exclude the allocation of internal costs such as labor, interest, and taxes.
	(2) 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 property. The yield includes near-term renewals.
	(3) Project costs exclude the allocation of internal costs such as labor, interest, and taxes.
	(4) Amounts shown represent 51% of the project spend.
	(5) Amount shown is 100% of the project spend as these leases were executed prior to the O'Connor Joint Venture formation.

SUPPLEMENTAL INFORMATION | 18



PROPERTY INFORMATION
WP Glimcher Inc.
As of June 30, 2016

							Debt Information
										Indebtedness
Property Name	St	City (Major Metropolitan Area)	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
Enclosed Retail Properties
Anderson Mall	SC	Anderson	100%	670,031	314,842	355,189	12/1/2022	4.61%	Fixed	$19,237	$19,237
Arbor Hills	MI	Ann Arbor	93%	87,395	87,395	0	1/1/2026	4.27%	Fixed	$25,498	$23,739
Arboretum, The	TX	Austin	100%	195,302	195,302	0
Ashland Town Center	KY	Ashland	100%	433,819	330,429	103,390	7/6/2021	4.90%	Fixed	$38,817	$38,817
Bowie Town Center	MD	Bowie (Wash, D.C.)	100%	578,044	276,746	301,298
Boynton Beach Mall	FL	Boynton Beach (Miami)	100%	1,102,251	590,697	511,554
Brunswick Square	NJ	East Brunswick (New York)	100%	759,999	288,703	471,296	3/1/2024	4.80%	Fixed	$74,406	$74,406
Charlottesville Fashion Square	VA	Charlottesville	100%	577,943	354,239	223,704	4/1/2024	4.54%	Fixed	$48,295	$48,295
Chautauqua Mall	NY	Lakewood	100%	427,826	422,850	4,976
Chesapeake Square Theater	VA	Chesapeake (VA Beach)	100%	42,248	42,248	0
Clay Terrace	IN	Carmel (Indianapolis)	100%	575,877	557,001	18,876
Colonial Park Mall	PA	Harrisburg	100%	738,966	363,298	375,668
Cottonwood Mall	NM	Albuquerque	100%	1,051,468	409,891	641,577	4/6/2024	4.82%	Fixed	$101,605	$101,605
Dayton Mall	OH	Dayton	100%	1,443,180	771,399	671,781	9/1/2022	4.57%	Fixed	$82,000	$82,000
Edison Mall	FL	Fort Myers	100%	1,055,073	572,780	482,293
Grand Central Mall	WV	Parkersburg	100%	848,378	737,897	110,481	7/6/2020	6.05%	Fixed	$41,505	$41,505
Great Lakes Mall	OH	Mentor (Cleveland)	100%	1,287,748	580,614	707,134
Gulf View Square (3)	FL	Port Richey (Tampa)	100%	756,098	401,451	354,647
Indian Mound Mall	OH	Newark	100%	556,573	463,912	92,661
Irving Mall	TX	Irving (Dallas)	100%	1,053,618	490,073	563,545
Jefferson Valley Mall	NY	Yorktown Heights (New York)	100%	508,361	342,669	165,692
Knoxville Center (3)	TN	Knoxville	100%	970,028	515,416	454,612
Lima Mall	OH	Lima	100%	742,877	543,055	199,822
Lincolnwood Town Center	IL	Lincolnwood (Chicago)	100%	422,994	422,993	1	4/1/2021	4.26%	Fixed	$51,096	$51,096
Lindale Mall	IA	Cedar Rapids	100%	713,069	462,316	250,753
Longview Mall	TX	Longview	100%	641,472	193,255	448,217
Malibu Lumber Yard	CA	Malibu	100%	31,479	31,479	0
Mall at Fairfield Commons, The	OH	Beavercreek	100%	1,028,461	853,641	174,820
Mall at Johnson City, The	TN	Johnson City	51%	571,852	496,444	75,408	5/6/2020	6.76%	Fixed	$51,160	$26,092
Maplewood Mall	MN	St. Paul (Minneapolis)	100%	906,262	323,782	582,480
Markland Mall	IN	Kokomo	100%	417,669	414,189	3,480
Melbourne Square	FL	Melbourne	100%	723,765	419,855	303,910
Mesa Mall	CO	Grand Junction	100%	873,826	431,122	442,704	6/1/2016	9.79%	Fixed	$87,250	$87,250
Morgantown Mall	WV	Morgantown	100%	556,173	556,173	0
Muncie Mall	IN	Muncie	100%	641,804	387,978	253,826	4/1/2021	4.19%	Fixed	$35,654	$35,654
New Towne Mall	OH	New Philadelphia	100%	509,536	509,536	0
Northtown Mall	MN	Blaine	100%	606,093	606,093	0
Northwoods Mall	IL	Peoria	100%	692,260	219,291	472,969
Oak Court Mall	TN	Memphis	100%	846,570	360,753	485,817	4/1/2021	4.76%	Fixed	$38,692	$38,692
Oklahoma City Properties	OK	Oklahoma City	99%	288,088	288,088	0
Orange Park Mall	FL	Orange Park (Jacksonville)	100%	959,432	556,252	403,180
Paddock Mall	FL	Ocala	100%	549,009	318,452	230,557
Pearlridge Center	HI	Aiea	51%	1,139,329	1,086,052	53,277	6/1/2025	3.53%	Fixed	$225,000	$114,750
Polaris Fashion Place	OH	Columbus	51%	1,571,400	734,929	836,471	3/1/2025	3.90%	Fixed	$225,000	$114,750
							3/1/2025	4.46%	Fixed	$15,500	$7,905
Port Charlotte Town Center (4)	FL	Port Charlotte	100%	770,745	486,536	284,209	11/1/2020	5.30%	Fixed	$44,444	$44,444
Richmond Town Square (3)	OH	Richmond Heights (Cleveland)	100%	1,011,473	541,522	469,951
River Oaks Center (3)	IL	Calumet City (Chicago)	100%	1,178,510	674,246	504,264

SUPPLEMENTAL INFORMATION | 19



PROPERTY INFORMATION
WP Glimcher Inc.
As of June 30, 2016

							Debt Information
										Indebtedness
Property Name	St	City (Major Metropolitan Area)	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
Enclosed Retail Properties
River Valley Mall	OH	Lancaster	100%	521,678	521,678	0	1/11/2016	8.65%	Fixed	$44,861	$44,861
Rolling Oaks Mall	TX	San Antonio	100%	881,747	285,439	596,308
Rushmore Mall	SD	Rapid City	100%	829,277	752,801	76,476	2/1/2019	5.79%	Fixed	$94,000	$94,000
Scottsdale Quarter	AZ	Scottsdale	51%	708,679	708,679	0	6/1/2025	3.53%	Fixed	$165,000	$84,150
Seminole Towne Center	FL	Sanford (Orlando)	22%	1,111,105	597,814	513,291	5/6/2021	5.97%	Fixed	$56,048	$12,544
Southern Hills Mall	IA	Sioux City	100%	793,918	549,786	244,132	6/1/2016	9.79%	Fixed	$101,500	$101,500
Southern Park Mall	OH	Youngstown	100%	1,206,429	1,010,865	195,564
Sunland Park Mall	TX	El Paso	100%	927,511	332,574	594,937
Outlet Collection \| Seattle, The	WA	Seattle	100%	920,854	920,854	0	1/14/2020	1.97%	Variable	$86,500	$86,500
Town Center at Aurora	CO	Aurora (Denver)	100%	1,080,935	340,993	739,942	4/1/2021	4.19%	Fixed	$54,750	$54,750
Town Center Crossing & Plaza	KS	Leawood	51%	620,828	484,267	136,561	2/1/2027	4.25%	Fixed	$35,573	$18,142
							2/1/2027	5.00%	Fixed	$71,640	$36,536
Towne West Square	KS	Wichita	100%	943,715	447,181	496,534	6/1/2021	5.61%	Fixed	$47,461	$47,461
Valle Vista Mall	TX	Harlingen	100%	650,633	492,232	158,401	5/10/2017	5.35%	Fixed	$40,000	$40,000
Virginia Center Commons (3)	VA	Glen Allen	100%	774,469	433,560	340,909
Waterford Lakes Town Center	FL	Orlando	100%	966,090	691,590	274,500
Weberstown Mall	CA	Stockton	100%	856,827	262,007	594,820	6/8/2018	2.22%	Variable	$65,000	$65,000
West Ridge Mall	KS	Topeka	100%	996,014	391,903	604,111	3/6/2024	4.84%	Fixed	$41,756	$41,756
Westminster Mall	CA	Westminster (Los Angeles)	100%	1,214,370	441,678	772,692	4/1/2024	4.65%	Fixed	$82,163	$82,163
WestShore Plaza	FL	Tampa	100%	1,076,400	847,938	228,462	10/1/2017	2.80%	Variable	$99,600	$99,600
Enclosed Retail Properties Total				51,195,853	31,541,723	19,654,130				$2,291,011	$1,859,199

Community Centers
Bloomingdale Court	IL	Bloomingdale (Chicago)	100%	696,641	385,096	311,545
Bowie Town Center Strip	MD	Bowie (Wash, D.C.)	100%	106,589	40,927	65,662
Canyon View Marketplace	CO	Grand Junction	100%	43,053	43,053	0	11/6/2023	5.47%	Fixed	$5,431	$5,431
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%	251,983	216,870	35,113	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%	434,839	414,542	20,297	10/10/2019	7.50%	Fixed	$16,761	$16,761
Gaitway Plaza (4)	FL	Ocala	99%	208,039	207,239	800
Gateway Centers	TX	Austin	100%	512,339	403,336	109,003
Greenwood Plus	IN	Greenwood (Indianapolis)	100%	155,355	146,127	9,228
Henderson Square	PA	King of Prussia (Philadelphia)	100%	107,371	53,615	53,756	1/1/2018	3.17%	Fixed	$12,378	$12,378
Keystone Shoppes	IN	Indianapolis	100%	29,126	29,126	0
Lake Plaza	IL	Waukegan (Chicago)	100%	215,568	124,939	90,629
Lake View Plaza	IL	Orland Park (Chicago)	100%	367,369	311,960	55,409
Lakeline Plaza	TX	Cedar Park (Austin)	100%	386,854	356,417	30,437	10/10/2019	7.50%	Fixed	$15,702	$15,702
Lima Center	OH	Lima	100%	233,878	173,878	60,000
Lincoln Crossing	IL	O'Fallon (St. Louis)	100%	245,123	39,658	205,465
MacGregor Village	NC	Cary	100%	146,774	146,774	0
Mall of Georgia Crossing	GA	Buford (Atlanta)	100%	440,774	317,639	123,135	10/6/2022	4.28%	Fixed	$23,430	$23,430

SUPPLEMENTAL INFORMATION | 20



PROPERTY INFORMATION
WP Glimcher Inc.
As of June 30, 2016

							Debt Information
										Indebtedness
Property Name	St	City (Major Metropolitan Area)	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
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%	273,836	182,436	91,400
Morgantown Commons	WV	Morgantown	100%	230,843	230,843	0
Muncie Towne Plaza	IN	Muncie	100%	171,621	171,621	0	10/10/2019	7.50%	Fixed	$6,528	$6,528
North Ridge Shopping Center	NC	Raleigh	100%	169,796	164,396	5,400	12/1/2022	3.41%	Fixed	$12,383	$12,383
Northwood Plaza	IN	Fort Wayne	100%	204,956	76,727	128,229
Palms Crossing	TX	McAllen	100%	405,925	372,088	33,837	8/1/2021	5.49%	Fixed	$35,773	$35,773
Plaza at Buckland Hills, The	CT	Manchester	100%	327,785	216,886	110,899
Richardson Square	TX	Richardson (Dallas)	100%	517,267	41,354	475,913
Rockaway Commons	NJ	Rockaway (New York)	100%	239,050	229,162	9,888
Rockaway Town Plaza	NJ	Rockaway (New York)	100%	374,430	73,154	301,276
Royal Eagle Plaza	FL	Coral Springs (Miami)	100%	202,952	191,999	10,953
Shops at Arbor Walk, The	TX	Austin	100%	458,469	280,315	178,154	8/1/2021	5.49%	Fixed	$40,431	$40,431
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%	391,653	329,811	61,842
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%	575,548	290,009	285,539
Washington Plaza	IN	Indianapolis	100%	50,107	50,107	0
West Ridge Plaza	KS	Topeka	100%	253,086	98,593	154,493	3/6/2024	4.84%	Fixed	$10,439	$10,439
West Town Corners (4)	FL	Altamonte Springs (Orlando)	100%	382,423	233,805	148,618
Westland Park Plaza (4)	FL	Orange Park (Jacksonville)	100%	163,259	163,259	0
White Oaks Plaza	IL	Springfield	100%	404,879	248,533	156,346	10/10/2019	7.50%	Fixed	$13,056	$13,056
Whitehall Mall	PA	Whitehall	100%	613,731	598,857	14,874	11/1/2018	7.00%	Fixed	$9,511	$9,511
Wolf Ranch	TX	Georgetown (Austin)	100%	629,729	417,543	212,186
Community Centers Total				14,698,105	9,987,837	4,710,268				$217,823	$217,823

Total				65,893,958	41,529,560	24,364,398				$2,508,834	$2,077,022

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.
(4) WPG receives substantially all economic benefit of property due to performance or advance, although legal ownership is less than 100%. Legal ownership is as follows: Port Charlotte Town Center (80%); Gaitway Plaza (88.2%); West Town Corners (88.2%); and Westland Park Plaza (88.2%).

SUPPLEMENTAL INFORMATION | 21



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.
	- Funds from operations, as adjusted (AFFO)	AFFO is calculated by adjusting FFO as defined above for non-recurring items such as merger costs, non-recurring debt fee amortization charges and similar items.
	- 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 enclosed retail properties, all company owned space except for anchors, majors, office and 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 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 enclosed retail properties, 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 current quarter and year-to-date 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 stores of 10,000 SF or less. Excludes freestanding stores and specialty tenants.

SUPPLEMENTAL INFORMATION | 22

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