Washington Prime Group Inc. (NYSE:WPG) today announced transactions
with The RoomPlace at three of its enclosed assets, further
evidencing its anchor repositioning objective and its focus on
diversifying tenancy.
The Company has finalized leases with The
RoomPlace, a dynamic home furnishings retailer, at the following
locations: Dayton Mall, located in Dayton, Ohio; Lincolnwood Town
Center, located in Lincolnwood, Illinois; and The Mall at Fairfield
Commons, located in Dayton, Ohio.
Lou Conforti, CEO and Director of Washington
Prime Group stated: “If I haven’t mentioned tenant diversification
at least one hundred times, I haven’t mentioned it once. One of the
categories which we and, most importantly our guests, have
identified as a driver of demand is home furnishings. When an
outstanding furniture retailer with a venerable 100 year history
takes vacated department store space, let’s just say if I were an
emoji kind of person, there’d be a smiley face or two illustrating
our happiness. I am more than pleased to announce our fourth
RoomPlace store within three months. Along with The RoomPlace at
Northwoods Mall, situated in Peoria, Illinois, which is performing
above the Company’s expectations, the four locations will comprise
over 250,000 total square feet within WPG’s portfolio.”
Conforti added: “On a final note, and one which
I believe illustrates our innovative approach when it comes to
tenant and landlord relationships, we continue to work closely with
The RoomPlace to deliver differentiated events and activities
designed to attract customers to their locations. Paul Adams, CEO
of The RoomPlace, as well as his senior management team, have been
extraordinarily collaborative and we appreciate the reciprocal
benefit as we strive to ensure the success of their stores.”
Dayton MallAt the Dayton Mall,
The RoomPlace will occupy newly created inline space. Dayton Mall
is the largest retail venue within the catchment capturing the
cities of Dayton and Springfield. The asset exemplifies the
hybrid town center approach with a dynamic mix of retail, dining
and entertainment options combining enclosed and open air
formats.
With over 1.4 million square feet, Dayton Mall
enjoys a prime location at the intersection of State Routes 725 and
741, which is bordered by I-75 and I-675, making it a convenient
destination from local and regional markets.
Lincolnwood Town CenterThe
RoomPlace will replace Carson Pirie Scott at Lincolnwood Town
Center. Located in Chicago’s affluent North Shore at the borders of
Chicago, Lincolnwood, Skokie, and Evanston, Lincolnwood Town Center
sits within one of the most densely populated catchments within the
Chicago MSA.
Lincolnwood Town Center is located just 2.5
miles from Lake Michigan and three miles from Northwestern
University with nearly 20,000 students.
The Mall at Fairfield
CommonsThe RoomPlace marks another milestone in the robust
tenanting efforts at The Mall at Fairfield Commons, where
Washington Prime Group has undertaken a multimillion dollar
reinvestment to reimagine the guest experience over the past
several years. The first-to-market RoomPlace will complement the
hybrid town center format which offers dynamic retail, dining and
entertainment options.
The Mall at Fairfield Commons is fortunate to
have many of the area’s top employers located within 15 miles,
providing a tremendous population base from which to draw for
lunchtime and after-work shopping. One of the largest
employers is Wright Patterson Air Force Base. A leader in military
research and development, the base is also home to the United
States Air Force Museum, the world’s oldest and largest military
aviation museum.
About The RoomPlaceFor over a
century, The RoomPlace has been helping metropolitan Chicago
residents design the homes of their dreams. The RoomPlace date back
to 1912, when Sam Berman founded Harlem Furniture, bringing
furniture directly to customers’ doors within Chicago. Today,
with over 25 locations across Illinois, Indiana and Ohio, The
RoomPlace serves a much wider base of furniture shoppers with the
same commitment to meet personalized tastes. The RoomPlace has
always remained a family owned and community oriented business with
a focus on providing customers exquisite furniture at affordable
prices. Apart from offering great value and service, The RoomPlace
has set itself apart by bringing a total room concept to furniture
shopping e.g. providing fully coordinated room sets curated by a
team of experienced designers.
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,
(re)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 (re)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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