Lou Conforti Named CEO of Washington Prime Group
October 06 2016 - 5:39PM
Business Wire
Washington Prime Group Inc. (NYSE: WPG) today announced the
appointment of Lou Conforti as Chief Executive Officer of the
Company effective immediately. Mr. Conforti, a current
Director of the Company, previously served as interim Chief
Executive Officer since June 2016. He will remain a member of the
Company’s Board of Directors.
Mr. Conforti brings to the Company a progressive and successful
career in the real estate industry, specifically in the REIT space.
Most recently, Mr. Conforti was the executive director and global
head of strategy at Colony Capital, a leading global real estate
and investment management firm. Prior to his work at Colony
Capital, Mr. Conforti served as the global head of real estate for
UBS O’Connor and also served as a managing director and head of
real estate investments at Stark Investments.
Robert Laikin, Chairman of the Board, stated, “Lou brings a
wealth of experience and has a strong track record in the REIT
industry. Since his appointment as interim CEO, he has
significantly improved the operating efficiency of the organization
and through his leadership has demonstrated the capacity to realize
new opportunities that are intended to drive long-term shareholder
value. The Board has found Lou to be a top-rate executive and we
are very confident that Lou has the retail real estate experience
to lead Washington Prime Group.”
Mr. Conforti commented, “My message remains the same: Lease
space through traditional and innovative tenancy, improve operating
efficacy and negotiate from a position of strength as it relates to
strategic alternatives. Every day my team and I are committed to
discovering innovative ways to improve the retail experience for
our guests while building shareholder value. By creating
interesting experiences for our guests, we aim to create not only a
shopping experience, but a gathering place where consumers want to
come to engage with their neighbors and participate in their
community.”
About Washington Prime Group
Washington Prime Group Inc. (formerly WP Glimcher Inc.) is a
retail REIT and a recognized leader in the ownership, management,
acquisition and development of retail properties. The Company
combines a national real estate portfolio with an investment grade
balance sheet, leveraging its expertise across the entire shopping
center sector to increase cash flow through rigorous management of
assets and provide new opportunities to retailers looking for
growth throughout the U.S. Learn more at
www.washingtonprime.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
which represent the current expectations and beliefs of management
of Washington Prime Inc. (“WPG”) concerning the proposed
transactions, the anticipated consequences and benefits of the
transactions and the targeted close date for the transactions, and
other future events and their potential effects on WPG, including,
but not limited to, statements relating to anticipated financial
and operating results, the company’s plans, objectives,
expectations and intentions, cost savings and other statements,
including words such as “anticipate,” “believe,” “plan,”
“estimate,” “expect,” “intend,” “will,” “should,” “may,” and other
similar expressions. Such statements are based upon the current
beliefs and expectations of WPG’s management, and involve known and
unknown risks, uncertainties, and other factors which may cause the
actual results, performance, or achievements of WPG to be
materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, without limitation: changes in
asset quality and credit risk; ability to sustain revenue and
earnings growth; changes in political, economic or market
conditions generally and the real estate and capital markets
specifically; the impact of increased competition; the availability
of capital and financing; tenant or joint venture partner(s)
bankruptcies; the failure to increase mall store occupancy and
same-mall operating income; risks associated with the acquisition,
development, expansion, leasing and management of properties;
changes in market rental rates; trends in the retail industry;
relationships with anchor tenants; risks relating to joint venture
properties; costs of common area maintenance; competitive market
forces; the level and volatility of interest rates; the rate of
revenue increases as compared to expense increases; the financial
stability of tenants within the retail industry; the restrictions
in current financing arrangements or the failure to comply with
such arrangements; the liquidity of real estate investments; the
impact of changes to tax legislation and WPG’s tax positions;
failure to qualify as a real estate investment trust; the failure
to refinance debt at favorable terms and conditions; loss of key
personnel; material changes in the dividend rates on securities or
the ability to pay dividends on common shares or other securities;
possible restrictions on the ability to operate or dispose of any
partially-owned properties; the failure to achieve earnings/funds
from operations targets or estimates; the failure to achieve
projected returns or yields on development and investment
properties (including joint ventures); expected gains on debt
extinguishment; changes in generally accepted accounting principles
or interpretations thereof; terrorist activities and international
hostilities; the unfavorable resolution of legal proceedings; the
impact of future acquisitions and divestitures; assets that may be
subject to impairment charges; significant costs related to
environmental issues; and other risks and uncertainties, including
those detailed from time to time in WPG’s statements and periodic
reports filed with the Securities and Exchange Commission,
including those described under “Risk Factors”. The forward-looking
statements in this communication are qualified by these risk
factors. Each statement speaks only as of the date of this press
release and WPG undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent events or
circumstances. Actual results may differ materially from current
projections, expectations, and plans, if any. Investors, potential
investors and others should give careful consideration to these
risks and uncertainties.
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version on businesswire.com: http://www.businesswire.com/news/home/20161006006503/en/
Washington Prime Group Inc.Lisa A. Indest, CAO & Senior VP,
Finance614-887-5844lisa.indest@washingtonprime.comorKimberly A.
Green, Director of Investor
Relations614-887-5647kim.green@washingtonprime.com
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