Washington Prime Group Explained
| Washington Prime Group Inc. |
| Industry: | Real estate investment trust |
| Location City: | Columbus, Ohio, US |
| Products: | Shopping centers |
| Revenue: | $661 million (2019) |
| Net Income: | -$9 million (2019) |
| Assets: | $4.250 billion (2019) |
| Equity: | $906 million (2019) |
| Num Employees: | 845 (2019) |
| Footnotes: | [1] |
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]
Investments
As of, the company owned interests in 89 shopping centers.[1]
Properties owned by the company include the following:[1] [3]
| Property Name | Location |
|---|
| Ashland Town Center | Ashland, Kentucky |
| Arbor Hills | Ann Arbor, Michigan |
| Arboretum | Austin, Texas |
| Bloomingdale Court | Bloomingdale, Illinois |
| Bowie Town Center | Bowie, Maryland |
| Bowie Town Center Strip | Bowie, Maryland |
| Boynton Beach Mall | Boynton Beach, Florida |
| Canyon View Marketplace | Grand Junction, Colorado |
| Chesapeake Center | Chesapeake, Virginia |
| Classen Curve/Nichols Hills Plaza/The Triangle at Classen Curve | Nichols Hills, Oklahoma |
| Clay Terrace | Carmel, Indiana |
| Concord Marketplace | Concord, North Carolina |
| Countryside Plaza | Countryside, Illinois |
| Dare Centre | Kill Devil Hills, North Carolina |
| Edison Mall | Fort Myers, Florida |
| Empire East | Sioux Falls, South Dakota |
| Fairfax Court | Fairfax, Virginia |
| Fairfield Town Center | Cypress, Texas |
| Forest Plaza | Rockford, Illinois |
| Gaitway Plaza | Ocala, Florida |
| Gateway Mall | Lincoln, Nebraska |
| Gateway Shopping Centers | Austin, Texas |
| Grand Central Mall | Vienna, West Virginia |
| Great Lakes Mall | Mentor, Ohio |
| Greenwood Plus | Greenwood, Indiana |
| Henderson Square | King of Prussia, Pennsylvania |
| Indian Mound Mall | Heath, Ohio |
| Irving Mall | Irving, Texas |
| Jefferson Valley Mall | Yorktown Heights, New York |
| Keystone Shoppes | Indianapolis, Indiana |
| Lake Plaza | Waukegan, Illinois |
| Lakeline Plaza | Cedar Park, Texas |
| Lakeline Village | Cedar Park, Texas |
| Lakeview Plaza | Orland Park, Illinois |
| Lima Center | Lima, Ohio |
| Lincoln Crossing | O'Fallon, Illinois |
| Longview Mall | Longview, Texas |
| MacGregor Village | Cary, North Carolina |
| Malibu Lumber Yard | Malibu, California |
| The Mall at Fairfield Commons | Beavercreek, Ohio |
| The Mall at Johnson City | Johnson City, Tennessee |
| Mall of Georgia Crossing | Buford, Georgia |
| Markland Mall | Kokomo, Indiana |
| Markland Plaza | Kokomo, Indiana |
| Martinsville Plaza | Martinsville, Virginia |
| Melbourne Square | Melbourne, Florida |
| Mesa Mall | Grand Junction, Colorado |
| Morgantown Mall | Morgantown, West Virginia |
| Muncie Plaza | Muncie, Indiana |
| North Ridge Shopping Center | Raleigh, North Carolina |
| Northwood Plaza | Fort Wayne, Indiana |
| Orange Park Mall | Orange Park, Florida |
| The Outlet Collection Seattle | Auburn, Washington |
| Paddock Mall | Ocala, Florida |
| Palms Crossing | McAllen, Texas |
| Pearlridge Center | Aiea, Hawaii |
| The Plaza at Buckland Hills | Manchester, Connecticut |
| Polaris Fashion Place | Columbus, Ohio |
| Richardson Square | Richardson, Texas |
| Rockaway Centres | Rockaway, New Jersey |
| Royal Eagle Plaza | Coral Springs, Florida |
| Scottsdale Quarter | Scottsdale, Arizona |
| The Shops at Arbor Walk | Austin, Texas |
| The Shops at North East Mall | Hurst, Texas |
| Southern Park Mall | Youngstown, Ohio |
| Southgate Mall | Missoula, Montana |
| St. Charles Towne Plaza | Waldorf, Maryland |
| Tippecanoe Plaza | Lafayette, Indiana |
| Town Center at Aurora | Aurora, Colorado |
| Town Center Plaza and Town Center Crossing | Leawood, Kansas |
| University Center | Mishawaka, Indiana |
| University Town Plaza | Pensacola, Florida |
| Village Park Plaza | Carmel, Indiana |
| Washington Plaza | Indianapolis, Indiana |
| Waterford Lakes Town Center | Orlando, Florida |
| Weberstown Mall | Stockton, California |
| West Town Corners | Altamonte Springs, Florida |
| Westland Park Plaza | Jacksonville, Florida |
| Westminster Mall | Westminster, California |
| WestShore Plaza | Tampa, Florida |
| White Oaks Plaza and Convenience Center | Springfield, Illinois |
| Whitehall Mall | Whitehall, Pennsylvania |
| Wolf Ranch Town Center | Georgetown, Texas | |
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]
Notes and References
- Web site: Washington Prime Group Inc. 2019 Form 10-K Annual Report . U.S. Securities and Exchange Commission.
- News: Tyko . Kelly . June 14, 2021 . Mall owner Washington Prime Group files for Chapter 11 bankruptcy protection, citing COVID-19 . USA Today . McLean, Va. . June 14, 2021 .
- Web site: Washington Prime Group Inc. - Properties - Portfolio - All Properties . 2022-12-22 . wpgus.com.
- Simon Property Group Announces Completion Of Spin-Off Of Washington Prime Group . . May 28, 2014.
- Washington Prime Acquires Partner's Interest in Clay Terrace . . 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 . . September 16, 2014.
- Washington Prime Group Completes Acquisition of Glimcher Realty Trust; Company to Be Known as WP GLIMCHER . . January 15, 2015.
- WP Glimcher Announces Leadership Transition and Proposed Corporate Change of Name . . June 20, 2016.
- News: WP Glimcher says CEO resigns, proposes name change . . June 20, 2016.
- News: Glimcher name dropped as mall operator rebrands as 'Washington Prime Group' . Evan . Weese . . September 1, 2016.
- News: Knoxville Center Mall sold . . August 19, 2016.
- News: Washington Prime Group sells $340M stake in 6 mall properties . Evan . Weese . . May 16, 2017.
