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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number      001-36252 (Washington Prime Group Inc.)
                            333-205859 (Washington Prime Group, L.P.)

WASHINGTON PRIME GROUP INC.
Washington Prime Group, L.P.
(Exact name of Registrant as specified in its charter)

        Indiana (Both Registrants)         46-4323686 (Washington Prime Group Inc.)
        (State of incorporation or organization)            46-4674640 (Washington Prime Group, L.P.)
                                (I.R.S. Employer Identification No.)
180 East Broad Street
ColumbusOhio43215
(Address of principal executive offices)

(614621-9000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Washington Prime Group Inc.:
Title of each class Trading SymbolsName of each exchange on which registered
Common Stock, $0.0001 par value per shareWPGNew York Stock Exchange
7.5% Series H Cumulative Redeemable Preferred Stock, par value $0.0001 per shareWPGPRHNew York Stock Exchange
6.875% Series I Cumulative Redeemable Preferred Stock, par value $0.0001 per shareWPGPRINew York Stock Exchange

Washington Prime Group, L.P.: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Washington Prime Group Inc. Yes x  No o Washington Prime Group, L.P. Yes x  No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Washington Prime Group Inc. Yes x  No o Washington Prime Group, L.P. Yes x  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Washington Prime Group Inc.Large accelerated filerAccelerated filer Emerging growth company
Non-accelerated filer Smaller reporting company
Washington Prime Group, L.P.Large accelerated filerAccelerated filerEmerging growth company
Non-accelerated filerSmaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Washington Prime Group Inc. o Washington Prime Group, L.P. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Washington Prime Group Inc. Yes   No x Washington Prime Group, L.P. Yes   No x

As of May 7, 2021, Washington Prime Group Inc. had 24,459,701 shares of common stock outstanding. Washington Prime Group, L.P. has no publicly traded equity and no common stock outstanding.
1


EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2021 of Washington Prime Group® Inc. and Washington Prime Group®, L.P. Unless stated otherwise or the context requires otherwise, references to "WPG Inc." mean Washington Prime Group® Inc., an Indiana corporation, and references to "WPG L.P." mean Washington Prime Group®, L.P., an Indiana limited partnership, and its consolidated subsidiaries, in cases where it is important to distinguish between WPG Inc. and WPG L.P. We use the terms "WPG," the "Company," "we," "us," and "our" to refer to WPG Inc., WPG L.P., and entities in which WPG Inc. or WPG L.P. (or any affiliate) has a material interest on a consolidated basis, unless the context indicates otherwise.

WPG Inc. operates as a self-managed and self-administered real estate investment trust (“REIT”). WPG Inc. owns properties and conducts operations through WPG L.P., of which WPG Inc. is the sole general partner and of which it held approximately 98.3% of the partnership interests ("OP units") at March 31, 2021. The remaining OP units are owned by various limited partners. As the sole general partner of WPG L.P., WPG Inc. has the exclusive and complete responsibility for WPG L.P.’s day-to-day management and control. Management operates WPG Inc. and WPG L.P. as one enterprise. The management of WPG Inc. consists of the same persons who direct the management of WPG L.P. As general partner with control of WPG L.P., WPG Inc. consolidates WPG L.P. for financial reporting purposes, and WPG Inc. does not have significant assets other than its investment in WPG L.P. Therefore, the assets and liabilities of WPG Inc. and WPG L.P. are substantially the same on their respective consolidated financial statements and the disclosures of WPG Inc. and WPG L.P. are also substantially similar.
The Company believes, therefore, that the combination into a single report of the quarterly reports on Form 10-Q of WPG Inc. and WPG L.P. provides the following benefits:
enhances investors' understanding of the operations of WPG Inc. and WPG L.P. by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both WPG Inc. and WPG L.P.; and
creates time and cost efficiencies through the preparation of one set of disclosures instead of two separate sets of disclosures.
The substantive difference between WPG Inc.’s and WPG L.P.’s filings is the fact that WPG Inc. is a REIT with shares traded on a public stock exchange, while WPG L.P. is a limited partnership with no publicly traded equity. Moreover, the interests in WPG L.P. held by third parties are classified differently by the two entities (i.e., noncontrolling interests for WPG Inc. and partners' equity for WPG L.P.). In the consolidated financial statements, these differences are primarily reflected in the equity section of the consolidated balance sheets and in the consolidated statements of equity. Apart from the different equity presentation, the consolidated financial statements of WPG Inc. and WPG L.P. are nearly identical.
This combined Form 10-Q for WPG Inc. and WPG L.P. includes, for each entity, separate interim financial statements (but combined footnotes), separate reports on disclosure controls and procedures and internal control over financial reporting, and separate CEO/CFO certifications. In addition, if there were any material differences between WPG Inc. and WPG L.P. with respect to any other financial and non-financial disclosure items required by Form 10-Q, they would be discussed separately herein.
2


WASHINGTON PRIME GROUP INC. AND WASHINGTON PRIME GROUP, L.P.
FORM 10-Q

INDEX
PART I:FINANCIAL INFORMATIONPAGE
Item 1.Consolidated Financial Statements (unaudited) 
Financial Statements for Washington Prime Group Inc.:
 
Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020
 
Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2021 and 2020
 
Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020
 
Consolidated Statements of Equity for the three months ended March 31, 2021 and 2020
Financial Statements for Washington Prime Group, L.P.:
Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020
Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2021 and 2020
Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020
Consolidated Statements of Equity for the three months ended March 31, 2021 and 2020
 Condensed Notes to Consolidated Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
   
PART II:OTHER INFORMATION 
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
SIGNATURES
3


PART I
FINANCIAL INFORMATION

Item 1.Financial Statements
Washington Prime Group Inc.
Unaudited Consolidated Balance Sheets
(dollars in thousands, except share and par value amounts)
March 31, 2021December 31, 2020
ASSETS:
Investment properties at cost$5,891,872 $5,873,801 
Less: accumulated depreciation2,580,504 2,539,745 
3,311,368 3,334,056 
Cash and cash equivalents57,074 92,618 
Tenant receivables and accrued revenue, net102,561 132,610 
Investment in and advances to unconsolidated entities, at equity415,134 416,339 
Deferred costs and other assets142,779 129,724 
Total assets$4,028,916 $4,105,347 
LIABILITIES:
Mortgage notes payable$1,097,908 $1,101,653 
Notes payable711,174 710,476 
Term loans682,428 681,563 
Revolving credit facility640,742 639,976 
Other indebtedness89,588 87,807 
Accounts payable, accrued expenses, intangibles, and deferred revenues248,737 276,086 
Distributions payable331 3,323 
Total liabilities3,470,908 3,500,884 
Redeemable noncontrolling interests3,325 3,265 
EQUITY:
Stockholders' Equity:
Series H Cumulative Redeemable Preferred Stock, $0.0001 par value, 4,000,000 shares issued and outstanding as of March 31, 2021 and December 31, 2020
106,126 104,251 
Series I Cumulative Redeemable Preferred Stock, $0.0001 par value, 3,800,000 shares issued and outstanding as of March 31, 2021 and December 31, 2020
99,958 98,325 
Common stock, $0.0001 par value, 350,000,000 shares authorized;
24,408,413 and 20,999,596 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
2 2 
Capital in excess of par value1,310,220 1,262,524 
Accumulated deficit(968,505)(913,128)
Accumulated other comprehensive loss (12,124)
Total stockholders' equity547,801 539,850 
Noncontrolling interests6,882 61,348 
Total equity554,683 601,198 
Total liabilities, redeemable noncontrolling interests and equity$4,028,916 $4,105,347 

The accompanying notes are an integral part of these statements.
4


Washington Prime Group Inc.
Unaudited Consolidated Statements of Operations and Comprehensive Loss
(dollars in thousands, except per share amounts)
 For the Three Months Ended March 31,
20212020
REVENUE:
Rental income
$127,544 $147,233 
Other income
4,389 5,367 
Total revenues
131,933 152,600 
EXPENSES:
Property operating
39,450 37,280 
Depreciation and amortization
52,255 59,704 
Real estate taxes
18,817 20,252 
Advertising and promotion
1,649 1,804 
General and administrative
28,375 12,264 
Ground rent206 122 
Impairment loss 1,319 
Total operating expenses
140,752 132,745 
Interest expense, net
(51,551)(38,635)
Gain on disposition of interests in properties, net
2,462 26,755 
Income and other taxes
281 617 
Loss from unconsolidated entities, net
(2,207)(1,032)
NET (LOSS) INCOME(59,834)7,560 
Net (loss) income attributable to noncontrolling interests(7,965)677 
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY(51,869)6,883 
Less: Preferred share dividends declared (3,508)
Less: Preferred share dividends undeclared(3,508) 
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS$(55,377)$3,375 
(LOSS) INCOME PER COMMON SHARE, BASIC & DILUTED$(2.52)$0.16 
COMPREHENSIVE LOSS:
Net (loss) income$(59,834)$7,560 
Unrealized loss on interest rate derivative instruments, net (15,446)
Comprehensive loss
(59,834)(7,886)
Comprehensive loss attributable to noncontrolling interests
(7,965)(1,706)
Comprehensive loss attributable to common shareholders
$(51,869)$(6,180)

The accompanying notes are an integral part of these statements.
5


Washington Prime Group Inc.
Unaudited Consolidated Statements of Cash Flows
(dollars in thousands)
 For the Three Months Ended March 31,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income$(59,834)$7,560 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, including fair value rent, fair value debt, deferred financing costs and equity-based compensation53,960 60,753 
Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting12,124  
Gain on disposition of interests in properties and outparcels, net(2,462)(26,755)
Impairment loss 1,319 
Change in estimate of collectibility of rental income6,473 5,291 
Loss from unconsolidated entities, net2,207 1,032 
Distributions of income from unconsolidated entities59 772 
Changes in assets and liabilities:
Tenant receivables and accrued revenue, net25,112 (3,075)
Deferred costs and other assets(16,793)(4,466)
Accounts payable, accrued expenses, deferred revenues and other liabilities(17,512)(32,419)
Net cash provided by operating activities3,334 10,012 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net(33,350)(60,013)
Net proceeds from disposition of interests in properties and outparcels4,525 17,239 
Investments in unconsolidated entities(2,998)(3,225)
Distributions of capital from unconsolidated entities1,930 1,555 
Net cash used in investing activities(29,893)(44,444)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to noncontrolling interest holders in properties(47)(51)
Redemption of limited partner units (521)
Distributions on common and preferred shares/units(3,568)(31,628)
Proceeds from issuance of debt, net of transaction costs 350,973 
Repayments of debt(3,860)(285,000)
Other financing activities(529) 
Net cash (used in) provided by financing activities(8,004)33,773 
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(34,563)(659)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period130,232 75,475 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period$95,669 $74,816 

The accompanying notes are an integral part of these statements.
6


Washington Prime Group Inc.
Unaudited Consolidated Statements of Equity
(dollars in thousands, except per share/unit amounts)
For the Three Months Ended March 31, 2021
 Preferred Series HPreferred Series ICommon
Stock
Capital in
Excess of
Par Value
Accumulated DeficitAccumulated Other Comprehensive LossTotal
Stockholders'
Equity
Non-
Controlling
Interests
Total
Equity
Redeemable Non-Controlling Interests
Balance, December 31, 2020$104,251 $98,325 $2 $1,262,524 $(913,128)$(12,124)$539,850 $61,348 $601,198 $3,265 
Exchange of limited partner units— — — 53,582 — — 53,582 (53,582) — 
Other— — — (9)— — (9)— (9)— 
Equity-based compensation— — — 1,311 — — 1,311 — 1,311 — 
Adjustments to noncontrolling interests— — — (7,188)— — (7,188)7,188  — 
Distributions to noncontrolling interests— — — — — —  (47)(47)— 
Undeclared cumulative preferred distributions1,875 1,633 — — (3,508)—  —  60 
Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting— — — — — 12,124 12,124 — 12,124 — 
Net loss, excluding $60 of undeclared distributions to preferred unitholders
— — — — (51,869)— (51,869)(8,025)(59,894)— 
Balance, March 31, 2021$106,126 $99,958 $2 $1,310,220 $(968,505)$ $547,801 $6,882 $554,683 $3,325 
For the Three Months Ended March 31, 2020
 Preferred Series HPreferred Series ICommon
Stock
Capital in
Excess of
Par Value
Accumulated DeficitAccumulated Other Comprehensive LossTotal
Stockholders'
Equity
Non-
Controlling
Interests
Total
Equity
Redeemable Non-Controlling Interests
Balance, December 31, 2019$104,251 $98,325 $2 $1,254,788 $(655,492)$(5,525)$796,349 $110,226 $906,575 $3,265 
Redemption of limited partner units— — — — — —  (521)(521)— 
Other— — — (9)— — (9)— (9)— 
Equity-based compensation— — — 1,866 — — 1,866 — 1,866 — 
Adjustments to noncontrolling interests— — — 412 — — 412 (412) — 
Distributions on common shares/units ($1.125 per common share/unit)
— — — — (23,818)— (23,818)(4,364)(28,182)— 
Distributions declared on preferred shares— — — — (3,508)— (3,508)— (3,508)— 
Other comprehensive loss— — — — — (13,063)(13,063)(2,383)(15,446)— 
Net income, excluding $60 of distributions to preferred unitholders
— — — — 6,883 — 6,883 617 7,500 — 
Balance, March 31, 2020$104,251 $98,325 $2 $1,257,057 $(675,935)$(18,588)$765,112 $103,163 $868,275 $3,265 

The accompanying notes are an integral part of this statement.
7


Washington Prime Group, L.P.
Unaudited Consolidated Balance Sheets
(dollars in thousands, except unit amounts)
March 31, 2021December 31, 2020
ASSETS:
Investment properties at cost$5,891,872 $5,873,801 
Less: accumulated depreciation2,580,504 2,539,745 
3,311,368 3,334,056 
Cash and cash equivalents57,074 92,618 
Tenant receivables and accrued revenue, net102,561 132,610 
Investment in and advances to unconsolidated entities, at equity415,134 416,339 
Deferred costs and other assets142,779 129,724 
Total assets$4,028,916 $4,105,347 
LIABILITIES:
Mortgage notes payable$1,097,908 $1,101,653 
Notes payable711,174 710,476 
Term loans682,428 681,563 
Revolving credit facility640,742 639,976 
Other indebtedness89,588 87,807 
Accounts payable, accrued expenses, intangibles, and deferred revenues248,737 276,086 
Distributions payable331 3,323 
Total liabilities3,470,908 3,500,884 
Redeemable noncontrolling interests3,325 3,265 
EQUITY:
Partners' Equity:
General partner
Preferred equity, 7,800,000 units issued and outstanding as of March 31, 2021 and December 31, 2020
206,084 202,576 
Common equity, 24,408,413 and 20,999,596 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
341,717 337,274 
Total general partners' equity547,801 539,850 
Limited partners, 339,941 and 3,739,106 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
5,932 60,351 
Total partners' equity553,733 600,201 
Noncontrolling interests950 997 
Total equity554,683 601,198 
Total liabilities, redeemable noncontrolling interests and equity$4,028,916 $4,105,347 

The accompanying notes are an integral part of these statements.

8


Washington Prime Group, L.P.
Unaudited Consolidated Statements of Operations and Comprehensive Loss
(dollars in thousands, except per unit amounts)
 For the Three Months Ended March 31,
20212020
REVENUE:
Rental income
$127,544 $147,233 
Other income
4,389 5,367 
Total revenues
131,933 152,600 
EXPENSES:
Property operating
39,450 37,280 
Depreciation and amortization
52,255 59,704 
Real estate taxes
18,817 20,252 
Advertising and promotion
1,649 1,804 
General and administrative
28,375 12,264 
Ground rent206 122 
Impairment loss 1,319 
Total operating expenses
140,752 132,745 
Interest expense, net
(51,551)(38,635)
Gain on disposition of interests in properties, net
2,462 26,755 
Income and other taxes
281 617 
Loss from unconsolidated entities, net
(2,207)(1,032)
NET (LOSS) INCOME ATTRIBUTABLE TO UNITHOLDERS(59,834)7,560 
Less: Preferred unit distributions declared (3,568)
Less: Preferred unit distributions undeclared(3,568) 
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS$(63,402)$3,992 
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS:
General partner$(55,377)$3,375 
Limited partners(8,025)617 
Net (loss) income attributable to common unitholders$(63,402)$3,992 
(LOSS) INCOME PER COMMON UNIT, BASIC & DILUTED$(2.52)$0.16 
COMPREHENSIVE LOSS:
Net (loss) income$(59,834)$7,560 
Unrealized loss on interest rate derivative instruments, net (15,446)
Comprehensive loss
$(59,834)$(7,886)

The accompanying notes are an integral part of these statements.
9


Washington Prime Group, L.P.
Unaudited Consolidated Statements of Cash Flows
(dollars in thousands)
 For the Three Months Ended March 31,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income$(59,834)$7,560 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, including fair value rent, fair value debt, deferred financing costs and equity-based compensation53,960 60,753 
Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting12,124  
Gain on disposition of interests in properties and outparcels, net(2,462)(26,755)
Impairment loss 1,319 
Change in estimate of collectibility of rental income6,473 5,291 
Loss from unconsolidated entities, net2,207 1,032 
Distributions of income from unconsolidated entities59 772 
Changes in assets and liabilities:
Tenant receivables and accrued revenue, net25,112 (3,075)
Deferred costs and other assets(16,793)(4,466)
Accounts payable, accrued expenses, deferred revenues and other liabilities(17,512)(32,419)
Net cash provided by operating activities3,334 10,012 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures, net(33,350)(60,013)
Net proceeds from disposition of interests in properties and outparcels4,525 17,239 
Investments in unconsolidated entities(2,998)(3,225)
Distributions of capital from unconsolidated entities1,930 1,555 
Net cash used in investing activities(29,893)(44,444)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to noncontrolling interest holders in properties(47)(51)
Redemption of limited partner units (521)
Distributions to unitholders(3,568)(31,628)
Proceeds from issuance of debt, net of transaction costs 350,973 
Repayments of debt(3,860)(285,000)
Other financing activities(529) 
Net cash (used in) provided by financing activities(8,004)33,773 
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(34,563)(659)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period130,232 75,475 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period$95,669 $74,816 

The accompanying notes are an integral part of these statements.
10


Washington Prime Group, L.P.
Unaudited Consolidated Statements of Equity
(dollars in thousands, except per unit amounts)
For the Three Months Ended March 31, 2021
General Partner
 PreferredCommonTotalLimited PartnersTotal
Partners'
Equity
Non-
Controlling
Interests
Total
Equity
Redeemable Non-Controlling Interests
Balance, December 31, 2020$202,576 $337,274 $539,850 $60,351 $600,201 $997 $601,198 $3,265 
Exchange of limited partner units— 53,582 53,582 (53,582) —  — 
Other— (9)(9)— (9)— (9)— 
Equity-based compensation— 1,311 1,311 — 1,311 — 1,311 — 
Adjustments to limited partners' interests— (7,188)(7,188)7,188  —  — 
Distributions to noncontrolling interests— — — —  (47)(47)— 
Undeclared cumulative preferred distributions3,508 (3,508)— —  —  60 
Reclassification of accumulated other comprehensive loss upon discontinuation of hedge accounting— 12,124 12,124 — 12,124 — 12,124 — 
Net loss— (51,869)(51,869)(8,025)(59,894)— (59,894)— 
Balance, March 31, 2021$206,084 $341,717 $547,801 $5,932 $553,733 $950 $554,683 $3,325 
For the Three Months Ended March 31, 2020
General Partner
 PreferredCommonTotalLimited PartnersTotal
Partners'
Equity
Non-
Controlling
Interests
Total
Equity
Redeemable Non-Controlling Interests
Balance, December 31, 2019$202,576 $593,773 $796,349 $109,193 $905,542 $1,033 $906,575 $3,265 
Redemption of limited partner units— — — (521)(521)— (521)— 
Other— (9)(9)— (9)— (9)— 
Equity-based compensation— 1,866 1,866 — 1,866 — 1,866 — 
Adjustments to limited partners' interests— 412 412 (412) —  — 
Distributions on common units ($1.125 per common unit)
— (23,818)(23,818)(4,313)(28,131)(51)(28,182)— 
Distributions declared on preferred units(3,508)— (3,508)— (3,508)— (3,508)(60)
Other comprehensive loss— (13,063)(13,063)(2,383)(15,446)— (15,446)— 
Net income3,508 3,375 6,883 617 7,500 — 7,500 60 
Balance, March 31, 2020$202,576 $562,536 $765,112 $102,181 $867,293 $