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. On June 13, 2021, Washington Prime filed for Chapter 11 bankruptcy.[2]
 | |
| Industry | Real estate investment trust |
|---|---|
| Founded | May 28, 2014 |
| Headquarters | Columbus, Ohio, US |
Key people | Robert J. Laikin, Chairman Louis G. Conforti, CEO Mark E. Yale, CFO |
| Products | Shopping centers |
| Revenue |  $661 million (2019) |
| -$9 million (2019) | |
| Total assets | $4.250 billion (2019) |
| Total equity | $906 million (2019) |
Number of employees | 845 (2019) |
| Website | washingtonprime |
| Footnotes / references [1] | |
Investments
As of 2023, the company owned interests in 89 shopping centers.[1]
Properties owned by the company include the following:[1][3]
History
On May 28, 2014, the company, which at that time owned interests in 98 shopping centers, was spun off by Simon Property Group.[4]
In June 2014, the company acquired its partner's 50% interest in Clay Terrace for $22.9 million.[5]
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.[6][7]
On June 20, 2016, CEO Michael P. Glimcher resigned from the company and Louis G. Conforti was named chief executive officer.[8][9]
In September 2016, the company changed its name back to Washington Prime Group.[10] The company also sold Knoxville Center for $10.15 million.[11]
In May 2017, the company sold a stake in six mall properties for $340 million.[12]
In June 2021, Washington Prime Group filed for bankruptcy.[2]
References
- "Washington Prime Group Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- Tyko, Kelly (June 14, 2021). "Mall owner Washington Prime Group files for Chapter 11 bankruptcy protection, citing COVID-19". USA Today. McLean, Va. Retrieved June 14, 2021.
- "Washington Prime Group Inc. - Properties - Portfolio - All Properties". wpgus.com. Retrieved 2022-12-22.
- "Simon Property Group Announces Completion Of Spin-Off Of Washington Prime Group" (Press release). PR Newswire. May 28, 2014.
- "Washington Prime Acquires Partner's Interest in Clay Terrace" (Press release). PR Newswire. June 16, 2014.
- "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.
- "Washington Prime Group Completes Acquisition of Glimcher Realty Trust; Company to Be Known as WP GLIMCHER" (Press release). Business Wire. January 15, 2015.
- "WP Glimcher Announces Leadership Transition and Proposed Corporate Change of Name" (Press release). Business Wire. June 20, 2016.
- "WP Glimcher says CEO resigns, proposes name change". Reuters. June 20, 2016.
- Weese, Evan (September 1, 2016). "Glimcher name dropped as mall operator rebrands as 'Washington Prime Group'". American City Business Journals.
- "Knoxville Center Mall sold". Knoxville News Sentinel. August 19, 2016.
- Weese, Evan (May 16, 2017). "Washington Prime Group sells $340M stake in 6 mall properties". American City Business Journals.
External links
- Official website
- Business data for Washington Prime Group Inc.: