WP Glimcher (WPG) Tops Q4 EPS by 3c; Updates on Merger

WP Glimcher (NYSE: WPG) reported Q4 EPS of $0.22, $0.03 better than the analyst estimate of $0.19. Revenue for the quarter came in at $177.3 million versus the consensus estimate of $170 million.

Merger Update

On January 15, 2015, Washington Prime Group Inc. acquired Glimcher. The company will be known as WP Glimcher and continue to trade on the New York Stock Exchange under the ticker WPG. Under the terms of the merger agreement, Glimcher shareholders received, for each Glimcher share, $10.40 in cash and 0.1989 of a share in WPG common stock. Additionally, in connection with the close of the transaction, Simon completed its acquisition of Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, properties previously owned by Glimcher, for an aggregate purchase price of $1.09 billion, including the assumption of existing mortgage debt.

Washington Prime Group, L.P. entered into a 364-day bridge term loan agreement with certain lenders and drew down an aggregate $1.19 billion to finance a portion of the transaction.

WP Glimcher sees FY2015 EPS of $0.23-$0.33, versus the consensus of $0.34.

For earnings history and earnings-related data on WP Glimcher (WPG) click here.

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