Washington Prime Group Board of Directors Forms a Sustainability Committee
August 14 2017 - 04:05PM
Business Wire
Washington Prime Group Inc. (NYSE: WPG) today announced that the
Company’s Board of Directors formed a Sustainability Committee to
further establish sustainability as a key business driver as it
relates to how the Company redevelops and operates its retail
properties, conducts business with its guests, engages with its
communities and creates a productive and positive work environment
for its associates.
Lou Conforti, CEO and Director, stated: “We believe that
reducing the Company’s carbon footprint is plain and simple the
right thing to do from an environmental standpoint. It is our
objective to incorporate such practices while making certain the
financial base case provides for a suitable ROIC. Several of my
Board members and colleagues have focused upon the efficient use of
energy, and I thank them for getting me up to speed regarding this
important mandate."
The Sustainability Committee will review, assess, monitor and
evaluate the Company’s sustainability efforts. Sheryl von
Blucher will chair this new standing committee, with J. Taggart
(Tag) Birge and John Dillon III also appointed to serve as
members.
Sheryl von Blucher, Director, stated: “The formation of the
Sustainability Committee will allow Washington Prime Group to
innovate even more so in the future. Some examples of the Company’s
focus on sustainable investments in its retail properties include
energy efficient LED lighting projects, charging stations for
electric cars, exploring potential opportunities for solar energy
and many more innovations. We know sustainability is important to
our stakeholders, and it is important to Washington Prime
Group.”
As it relates to new projects, the Company will initially be
focused on the area of energy reduction. The Company is currently
working with local and state municipalities to expand the Property
Assessed Clean Energy (PACE) model promulgated by the U.S.
Department of Energy to help finance energy efficiency projects at
its retail properties.
The Company continues to install efficient LED lighting at
approximately 27 of its retail properties in 2017 and intends to
expand the installations across other properties in the future.
In addition, the Company is currently working with a third party
to implement operational and technology improvements at the
property level. This initiative includes technical communications,
Wi-Fi design and implementation, as well as analytics and reporting
in order to make informed future energy management decisions.
About Washington Prime Group
Washington Prime Group 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. A
trademark application has been filed with the U.S. Patent and
Trademark Office for the name “Washington Prime Group”. 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 Group Inc. (“WPG”) concerning the proposed
offering of the notes, the anticipated consequences and benefits of
the offering of the notes and the targeted close date for the
offering of the notes, and other future events and their potential
effects on WPG, including, but not limited to, statements relating
to anticipated financial and operating results, WPG’s plans,
objectives, expectations and intentions, cost savings and other
statements, including words such as “anticipate,” “believe,”
“confident,” “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 enclosed retail
store occupancy and same-store operating income; risks associated
with acquisitions, dispositions, 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 or regulatory 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/20170814005865/en/
Washington Prime Group Inc.Kimberly A. Green, VP, Investor
Relations & Corporate Communications,
614-887-5647kim.green@washingtonprime.com
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