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Washington Prime Group Launches #ScholarSpree to Celebrate the Class of 2020

05.12.20

COLUMBUS, Ohio--(BUSINESS WIRE)-- Washington Prime Group Inc. (NYSE: WPG) today announced that it has launched #ScholarSpree, a celebration of high school seniors nationwide. During the next few months the Company will be honoring the Class of 2020’s accomplishments with outdoor and digital activities with a focus on everyone’s safety during the coronavirus (COVID-19) pandemic.

The Company has teamed up with Vervantis, Inc. and Lewis Sign in order to host #ScholarSpree, a digital Class of 2020 graduation cap (mortar board) design contest with several cash prizes totaling $10,000. All of the entries will be posted on a landing page where friends and family can vote for their favorite design. Other activities hosted by Washington Prime Group properties include car parades and parking space decorating.

Lou Conforti, CEO and Director of Washington Prime Group, stated: “Not having a graduation ceremony, senior prom and all the other activities which serve as the highlight and culmination of the high school senior year is disappointing to the graduates as well as friends and family. As the father of a high school senior, I’ve certainly witnessed this disappointment, albeit Caroline and her friends have also exhibited compassion for those even more so impacted by the COVID-19 pandemic.

“Washington Prime Group has been proactive in serving as a community resource by undertaking nearly 200 service projects, its Open for Small Business initiative as well as other numerous other actions assisting guests, tenants and sponsors during this national crisis. #ScholarSpree is yet another measure by which we are able to provide comfort during this difficult time.”

Winners will be determined by the designs with the most votes on the website. The #ScholarSpree contest will run from May 8 until June 12. Winners will be announced June 19. All of the entries will be pulled together to create a unique work of art – a digital mosaic posted across WPG town center websites. Learn more about the contest at https://washingtonprime.wishpondpages.com/scholarspree/.

Follow #ScholarSpree and @washingtonprimegroup on Instagram.

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 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.

Forward-Looking Statements

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 Group 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,” “confident,” “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 store occupancy and same-store operating income; risks associated with the acquisition, disposition, (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; losses associated with closures, failures and stoppages associated with the spread and proliferation of the coronavirus (COVID-19) pandemic; 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 or regulatory proceedings; the impact of future acquisitions and divestitures; assets that may be subject to impairment charges; significant costs related to environmental issues; changes in LIBOR reporting practices or the method in which LIBOR is determined; 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 new information, 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.

Investors: Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or kim.green@washingtonprime.com

Media: Kimberly Flaherty, Senior Director of Public Relations, 614.887.5715 or kimberly.flaherty@washingtonprime.com

Source: Washington Prime Group Inc.

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