- The Company continues to execute its hybrid town center mandate to offer dynamic uses
COLUMBUS, Ohio, July 25, 2018 (GLOBE NEWSWIRE) -- 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."
At 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 Center
The 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 Commons
The 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 RoomPlace
For 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 Group
Washington 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.
Lisa A. Indest, CAO & Senior VP, Finance, 614.887.5844 or email@example.com
Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or firstname.lastname@example.org
This 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 Group