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Comstock Holding Companies (Nasdaq: CHCI) has appointed Robert P. Demchak as its new General Counsel and Corporate Secretary, effective June 24, 2024. Demchak, a veteran in real estate and capital markets law, brings over 25 years of experience. He has managed over $10 billion in transactions and held key roles at Simon Property Group and Washington Prime Group. Demchak will oversee Comstock's legal department, corporate governance, and strategic initiatives, succeeding Jubal Thompson, who will transition to a consulting role after 26 years with the company.
Washington Prime Group Inc. (NYSE: WPG) announced its intention to voluntarily delist its common stock and preferred stock from the NYSE. The company plans to file a Notification of Removal from Listing on Form 25 around September 20, 2021, with expected last trading day on September 29, 2021. This decision follows the company's emergence from Chapter 11 proceedings, citing cost and governance justifications for the move. No alternative listing on another exchange or over-the-counter trading is planned.
Washington Prime Group (NYSE: WPG) has announced that Landmark Theatres will be the premier movie theater operator at Scottsdale Quarter, a lifestyle center in Scottsdale, Arizona. This partnership aims to enhance the community's entertainment options, providing a luxurious 8-screen venue. Landmark Theatres, known for independent films, will fill a market gap in the Phoenix area. The theater is expected to open in fall 2021, coinciding with the award season, promising a rich cinematic experience for local film enthusiasts.
Washington Prime Group reported Q2 2021 financial results, highlighting a net loss of $105.5 million or $(4.26) per diluted share, a significant increase from $82.1 million or $(3.88) per diluted share in Q2 2020. The company is undergoing voluntary Chapter 11 financial restructuring, supported by over 70% of its debt holders, leading to increased interest expenses. Despite these challenges, comparable net operating income rose by $30.1 million. Funds from operations were $(43.7) million, or $(1.74) per diluted share, compared to $(9.4) million or $(0.38) per diluted share last year.
Washington Prime Group (NYSE: WPG) has announced a partnership with Synergy & Mills Development to transform a former department store into The Meridian, a 150,000 SF office space at The Mall at Fairfield Commons in Beavercreek, Ohio. This redevelopment aims to cater to over 27,000 employees from the nearby Wright-Patterson Air Force Base, enhancing the mall's mixed-use offerings. Construction is set to begin in late 2021, with total investments in the area exceeding $50 million across three projects, emphasizing WPG's commitment to diversifying its tenant mix and boosting community engagement.
Washington Prime Group (NYSE: WPG) has filed for Chapter 11 bankruptcy in the Southern District of Texas, supported by a restructuring agreement with creditors holding 73% of secured corporate debt. The plan aims to reduce debt by nearly $950 million, including a $190 million paydown of revolving credit. A new $100 million financing will support operations during the process. The restructuring includes an equity rights offering, retaining business operations, and a commitment to meet financial obligations. CEO Lou Conforti emphasizes the plan’s potential to optimize the company's future.
Washington Prime Group (NYSE: WPG) announced the opening of FieldhouseUSA, a 90,000 SF multi-purpose sports facility at Polaris Fashion Place. This venue will host year-round activities, including basketball and volleyball, and is expected to attract around 1.5 million visitors annually. FieldhouseUSA will provide amenities such as cheer programs, an adventure park, and corporate event spaces, significantly benefiting local businesses and enhancing the existing tenant mix. This strategic addition underscores WPG's commitment to community engagement and diversifying its retail landscape.
Washington Prime Group (NYSE: WPG) has announced the opening of Burkes Outlet and Home Centric in Morgantown Mall, West Virginia, scheduled for Q4 2021. This new store will utilize over 30,000 square feet, enhancing the mall's tenant lineup. Burkes Outlet promises savings of up to 70% on apparel and home products. The mall's recent developments, including partnerships for logistics with WVU Medicine, reflect WPG's focus on adaptive reuse and tenant diversification. CEO Lou Conforti emphasizes the company's commitment to serving local demographics.
Washington Prime Group Inc. (NYSE: WPG) announced that PopStroke, co-owned by Tiger Woods, will open a new location in Orlando, Florida, at Waterford Lakes Town Center in late 2021. The facility will feature two 18-hole courses, a restaurant, outdoor games, and an event space. This marks a significant expansion for PopStroke, which currently operates in Port St. Lucie and Fort Myers, with additional locations planned statewide. The partnership with Washington Prime is poised to enhance entertainment options in a prominent tourist area.
Washington Prime Group reported a net loss of $55.4 million for Q1 2021, equating to $(2.52) per diluted share, down from a profit of $3.4 million a year earlier. The drop in income is largely due to tenant lease modifications and increased bad debt expenses amid the COVID-19 pandemic, resulting in a year-over-year revenue decline of $20.7 million. Funds from Operations (FFO) also decreased to $(3.7) million, significantly impacted by legal costs and a noncash interest charge. The company has engaged in debt restructuring negotiations and suspended dividends, raising concerns about its future viability.
