Washington Prime Group

Washington Prime Group Inc. is an American real estate investment trust that invests in shopping centers. The company is organized in Indiana with its headquarters in Columbus, Ohio.[1] From January 2015 to September 2016, the company had the name WP Glimcher.

Washington Prime Group Inc.
TypePublic
NYSE: WPG
S&P 600 component
IndustryReal estate investment trust
FoundedMay 28, 2014 (2014-05-28)
Headquarters
Columbus, Ohio, US
Key people
 Robert J. Laikin, Chairman
Louis G. Conforti, CEO
Mark E. Yale, CFO
ProductsShopping centers
Revenue $661 million (2019)
-$9 million (2019)
Total assets $4.250 billion (2019)
Total equity $906 million (2019)
Number of employees
845 (2019)
Websitewashingtonprime.com
Footnotes / references
[1]

Investments

As of December 31, 2019, the company owned interests in 104 shopping centers containing 56 million square feet of leasable area.[1]

Notable properties owned by the company include the following:[1]

Property Name Location
Anderson Mall Anderson, South Carolina
Ashland Town Center Ashland, Kentucky
Bowie Town Center Bowie, Maryland
Boynton Beach Mall Boynton Beach, Florida
Brunswick Square East Brunswick, New Jersey
Charlottesville Fashion Square Charlottesville, Virginia
Chautauqua Mall Lakewood, New York
Clay Terrace Carmel, Indiana
Cottonwood Mall Albuquerque, New Mexico
Dayton Mall Montgomery County, Ohio
Edison Mall Fort Myers, Florida
Grand Central Mall Vienna, West Virginia
Great Lakes Mall Mentor, Ohio
Gulf View Square Port Richey, Florida
Indian Mound Mall Heath, Ohio
Irving Mall Irving, Texas
Jefferson Valley Mall Yorktown Heights, New York
Lima Mall Lima, Ohio
Lincolnwood Town Center Lincolnwood, Illinois
Lindale Mall Cedar Rapids, Iowa
Longview Mall Longview, Texas
The Mall at Fairfield Commons Beavercreek, Ohio
The Mall at Johnson City Johnson City, Tennessee
Maplewood Mall Maplewood, Minnesota
Markland Mall Kokomo, Indiana
Melbourne Square Melbourne, Florida
Mesa Mall Grand Junction, Colorado
Morgantown Mall Morgantown, West Virginia
Muncie Mall Muncie, Indiana
Northtown Mall Blaine, Minnesota
Northwoods Mall Peoria, Illinois
Oak Court Mall Memphis, Tennessee
Orange Park Mall Orange Park, Florida
The Outlet Collection Seattle Auburn, Washington
Paddock Mall Ocala, Florida
Pearlridge Center Aiea, Hawaii
Polaris Fashion Place Columbus, Ohio
Port Charlotte Town Center Port Charlotte, Florida
Rolling Oaks Mall San Antonio, Texas
Rushmore Mall Rapid City, South Dakota
Seminole Towne Center Sanford, Florida
Southern Hills Mall Sioux City, Iowa
Southern Park Mall Youngstown, Ohio
Southgate Mall Missoula, Montana
Sunland Park Mall El Paso, Texas
Town Center at Aurora Aurora, Colorado
Towne West Square Wichita, Kansas
Waterford Lakes Town Center Orlando, Florida
Weberstown Mall Stockton, California
West Ridge Mall Topeka, Kansas
Westminster Mall Westminster, California
WestShore Plaza Tampa, Florida
Whitehall Mall Whitehall, Pennsylvania

History

On May 28, 2014, the company, which at that time owned interests in 98 shopping centers, was spun off by Simon Property Group.[2]

In June 2014, the company acquired its partner's 50% interest in Clay Terrace for $22.9 million.[3]

In January 2015, the company acquired Glimcher Realty Trust in a $4.3 billion transaction and the company was renamed as WP Glimcher. As part of the transaction, Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, were sold to Simon Property Group, while WP Glimcher acquired Brunswick Square in East Brunswick, New Jersey and Jefferson Valley Mall in Yorktown Heights, New York from Simon.[4][5]

On June 20, 2016, CEO Michael P. Glimcher resigned from the company and Louis G. Conforti was named chief executive officer.[6][7]

In September 2016, the company changed its name back to Washington Prime Group.[8] The company also sold Knoxville Center for $10.15 million.[9]

In May 2017, the company sold a stake in six mall properties for $340 million.[10]

References
  1. "Washington Prime Group Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Simon Property Group Announces Completion Of Spin-Off Of Washington Prime Group" (Press release). PR Newswire. May 28, 2014.
  3. "Washington Prime Acquires Partner's Interest in Clay Terrace" (Press release). PR Newswire. June 16, 2014.
  4. "Washington Prime Group Inc. to Acquire Glimcher Realty Trust for $4.3 Billion in Stock and Cash Including the Assumption of Debt" (Press release). PR Newswire. September 16, 2014.
  5. "Washington Prime Group Completes Acquisition of Glimcher Realty Trust; Company to Be Known as WP GLIMCHER" (Press release). Business Wire. January 15, 2015.
  6. "WP Glimcher Announces Leadership Transition and Proposed Corporate Change of Name" (Press release). Business Wire. June 20, 2016.
  7. "WP Glimcher says CEO resigns, proposes name change". Reuters. June 20, 2016.
  8. Weese, Evan (September 1, 2016). "Glimcher name dropped as mall operator rebrands as 'Washington Prime Group'". American City Business Journals.
  9. "Knoxville Center Mall sold". Knoxville News Sentinel. August 19, 2016.
  10. Weese, Evan (May 16, 2017). "Washington Prime Group sells $340M stake in 6 mall properties". American City Business Journals.
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