Washington Prime Group Celebrates another Leasing Milestone with the Addition of Shake Shack at Arbor Hills Town Center
April 23 2019 - 7:00AM
Washington Prime Group Inc. (NYSE: WPG) today announced that Shake
Shack will join the dynamic tenant lineup at its Arbor Hills town
center, located in Ann Arbor, Michigan. The addition of Shake Shack
will not only further attract guests to the shops at Arbor Hills,
but also drive revenue at the property. Arbor Hills is
well-positioned to gain market share and lead the way for a
redefined retail experience in the Ann Arbor MSA.
Food and beverage options continue to take
center stage across Washington Prime Group’s portfolio of town
centers. Along with in-demand fast casual restaurants such as Shake
Shack, Washington Prime Group continues to diversify tenancy with
interesting national, regional and local restaurant offerings which
drive guest traffic, increase frequency of visits, and extend the
duration of stay.
Opened in 2013 in a high-trafficked prime
location, Arbor Hills is an 87,395 SF lifestyle center. Consisting
of retail and restaurant space, Arbor Hills invokes a design
emphasis on street appeal and a locally award-winning architectural
style. It has attracted a mix of sought after retailers including
Arhaus, Anthropologie, lululemon, Madewell and Sur la Table, as
well as local dining options Bigalora and Zola Bistro. Shake Shack
will complement the dynamic lineup of food and beverage options at
Arbor Hills.
About Shake ShackShake Shack is
a modern day “roadside” burger stand known for its 100% all-natural
Angus beef burgers, chicken sandwiches and flat-top Vienna beef
dogs (no hormones or antibiotics – ever), spun-fresh frozen
custard, crinkle cut fries, craft beer and wine and more. A fun and
lively community gathering place with widespread appeal, Shake
Shack has earned a cult-like following around the world. Learn more
at www.shakeshack.com.
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
& EVP, 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.
Washington Prime (NYSE:WPG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Washington Prime (NYSE:WPG)
Historical Stock Chart
From Apr 2023 to Apr 2024