Washington Prime Group Q2 Profit Rises- Quick Facts

(RTTNews) - Washington Prime Group Inc. (WPG) Friday reported second-quarter net income attributable to common stockholders of $69.8 million or $0.45 per share, up from $34.25 million or $0.22 per share in the previous year.

Net income for the recent quarter included additional gains of $91.3 million or $0.49 per share from acquisitions of controlling property interests and sales of property interests.

Funds from Operations, or FFO was $41.3 million or $0.22 per share, down from $87.5 million or $0.47 per share in the prior year.

Results for the second quarter of 2014 included $39.9 million or $0.21 per share of transaction expenses and costs related to the spin off from Simon on May 28 and increased interest expense of $8.9 million or $0.05 per share associated with the new capital structure.

Total revenue grew to $158.18 million from $151.57 million in the preceding year.

Washington Prime's board also declared a quarterly cash dividend of $0.25 per share, to shareholders of record on August 27, 2014, payable on September 15.

On May 28, 2014, Simon Property Group spun off 98 shopping centers to form Washington Prime Group.