Washington Prime Group Inc. (NYSE:WPG) today announced continued
progress on its anchor repositioning efforts.
Lou Conforti, CEO and Director stated: “Since
2015, WPG has completed, started or approved 15 anchor
repositioning projects at our enclosed assets. Anchor repositioning
is a testament to our hybrid model of combining enclosed and open
air formats within a single convenient location. When we say our
objective is to fortify our positioning as the dominant retail
asset in a secondary marketplace, we mean it. The best way to
accomplish this is to figure out what the demographic constituency
wants and give it to them. Whether it be ALDI, H&M, Party City,
PetSmart, Ross Dress for Less, Round 1 or The Room Place, these
recently announced new tenants, as well as many others, further
diversify our assets and make them destinations.”
Grand Central Mall An example
of the Company’s successful anchor repositioning efforts, a
20,000-square-foot H&M will replace a former Elder Beerman
department store at Grand Central Mall, located in Vienna, West
Virginia. This will be H&M’s first location in West Virginia,
and the store is set to open in the fall of 2018.
The dominant retail destination in the area,
Grand Central Mall is the only enclosed regional mall within a
77-mile radius. The center is conveniently located along Route 14,
among the most heavily traveled state routes in West Virginia.
Great Lakes Mall Construction
is well underway on the renovation of a former Dillard’s department
store at Great Lakes Mall, located in Mentor, Ohio. The anchor
repositioning project includes the addition of a 50,000-square-foot
Round 1, a state-of-the-art entertainment center, which is expected
to open during the second quarter of 2018, as well as additional
dining options, including Outback Steakhouse, and new
retailers.
Great Lakes Mall is the only enclosed regional
mall in Lake County and a major Northeast Ohio shopping
destination. Conveniently located along SR 20 between Route 2 and
I-90, the center serves a captive audience with the next closest
regional mall more than 25 minutes away.
Markland Mall The Company today
announced new anchors at Markland Mall, located in Kokomo, Indiana.
The new anchors - ALDI, Party City, PetSmart and Ross Dress for
Less - are replacing a former Sears department store space to bring
new grocery and retail options to the well-located property. The
anchor repositioning project at Markland Mall is representative of
the Company’s successful efforts to renovate traditional enclosed
retail centers into a hybrid format which incorporates both
enclosed and open air formats.
In addition to these new tenants, the Company
announced that Gravity will open at Markland Mall during the first
quarter of 2018. Gravity, an 18,000-square-foot family-friendly
fitness and entertainment center, is replacing a former MC Sports
store and will feature, a dodgeball and basketball area, five
climbing walls and extreme trampolines like the ones used in the
Olympics. Gravity will also feature a menu of popular food items,
further enhancing the center’s dining options.
Markland Mall is the only regional enclosed
center within a 40-mile radius, solidifying its position as the
dominant retail destination in the area.
Northwoods Mall Another example
of the Company’s successful anchor repositioning efforts, a
50,000-square-foot Round 1 opened during the fourth quarter of 2017
at Northwoods Mall, located in Peoria, Illinois, replacing a former
Macy’s department store. A new 62,000-square-foot Room Place, a
regional home furnishings retailer, as well as additional retail,
dining and entertainment uses are also part of the 2018
project.
Northwoods Mall sits at the confluence of two
interstates in Central Illinois, allowing it to serve the
Midwestern market of Peoria and surrounding areas. It serves a
large, local trade area that includes both sides of the Illinois
River and covers almost the entirety of the Peoria metro area.
About Washington Prime
GroupWashington 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. Washington Prime Group® is a registered
trademark of the Company. Learn more at
www.washingtonprime.com.
ContactsLisa A. Indest, CAO
& Senior VP, Finance, 614.887.5844 or
lisa.indest@washingtonprime.com Kimberly A. Green, VP, Investor
Relations & Corporate Communications, 614.887.5647 or
kim.green@washingtonprime.com
Forward-Looking StatementsThis
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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