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Washington Prime Group (WPG) reported significant financial losses for Q4 and fiscal year 2020, with a net loss of $111.4 million or $(5.24) per diluted share compared to a profit of $17.1 million in Q4 2019. Funds from Operations (FFO) fell to $42.3 million, or $1.69 per diluted share, down from $93.2 million in the previous year. The company faces substantial doubt regarding its ability to continue as a going concern due to non-payment of a $23.2 million interest payment, leading to potential defaults. As a result, WPG suspended dividends and provided no 2021 guidance.
Washington Prime Group (NYSE: WPG) is expanding its Shelby’s Sugar Shop brand by adding new locations in Columbus, Auburn, and Dayton, Ohio, as well as reinventing an existing location in Tampa, Florida. This expansion aims to enhance experiential retail offerings by providing a unique, nostalgic candy shop environment that promotes inclusivity and diversity. The new retail units will feature a curated selection of classic and novelty candies, encouraging guests to embrace the joys of childhood while sharing messages of friendship and acceptance.
Washington Prime Group (NYSE: WPG) announced the commencement of adaptive reuse initiatives at Mesa Mall in Grand Junction, Colorado. Dick's Sporting Goods will occupy the space previously held by Herberger's, with construction underway. These efforts aim to enhance Mesa Mall as a key retail destination in the Grand Valley, supported by the addition of unique retailers. The mall, featuring major anchors like Best Buy and Target, is strategically located in a growth area for retail and dining, making it a vital commercial hub in western Colorado.
Washington Prime Group Inc. (WPG) has released its 2020 tax reporting information related to distributions for its common and preferred shares. The common stock distribution totals $0.125 per share, while the Series H and Series I preferred shares have total distributions of $1.8752 and $1.7188 per share, respectively. The press release serves as the written notice required under the Internal Revenue Code, indicating that specified amounts are categorized as Capital Gains Dividends. Investors are advised to consult tax advisors regarding additional disclosures related to capital gain dividends.
Washington Prime Group Inc. (WPG) demonstrated resilience during 2020 by supporting small businesses through initiatives like the Open for Small Business, providing $7 million in rent subsidies, including substantial aid to minority-owned enterprises. The company also innovated with Fulventory for logistics and Retail To-Go to enhance shopping convenience. Community engagement efforts included over 1,000 goodwill initiatives and partnerships with organizations like Nationwide Children’s Hospital. Notably, WPG received multiple awards for its marketing and community stewardship efforts, while welcoming various new tenants across its town centers.
Washington Prime Group Inc. (NYSE: WPG) announced that Conn’s HomePlus will open at Longview Mall in Longview, Texas, on January 22, 2021. This addition reinforces Longview Mall's position as the only hybrid shopping center in the area, benefiting from a robust economic base and a large trade area. The store will occupy the former Sears space, enhancing the mall's diverse retail offerings. Further discussions are underway with another national retailer to complement Conn’s HomePlus, indicating ongoing growth for Washington Prime Group in Texas.
Washington Prime Group Inc. (NYSE: WPG) has announced it regained compliance with NYSE continued listing standards as of January 4, 2021. This follows a reverse stock split effective December 22, 2020, which brought the company's average stock price above the required $1.00 threshold. Previously, the company faced non-compliance due to its stock price falling below this mark for 30 consecutive trading days. Washington Prime Group is recognized in the retail REIT sector, focusing on managing and developing retail properties.
Washington Prime Group (NYSE: WPG) has completed a 1-for-9 reverse stock split effective December 22, 2020. This means every nine shares of common stock have been converted into one share. The trading symbol remains 'WPG,' and the new CUSIP number is 93964W 405. The reverse split applies to shares underlying limited partnership interests and certain derivative securities. Stockholders will receive instructions for exchanging their shares, with fractional units rounded to the nearest whole share. The company's financial outlook may be affected, with potential risks detailed in the release.
Washington Prime Group (NYSE: WPG) announced the addition of seven new brands to its Tangible Collective concept, which merges online retail with physical shopping experiences. These brands, including WICK SPORTS and Barnes Cards, aim to support small businesses affected by the pandemic. Located in three malls across Ohio, Washington, and Florida, Tangible Collective offers a platform for unique products while maintaining rigorous health protocols. The initiative seeks to enhance community engagement and provide consumers with innovative shopping experiences, especially during the holiday season.
Washington Prime Group Inc. (NYSE: WPG) announced a webcast on December 9, 2020, at 2:00 p.m. ET, featuring CEO Lou Conforti and the leadership team. The session will discuss innovations and new initiatives at its town centers, coinciding with the launch of their new Innovation website. Registration is available through their investor relations site. Attendees can enter a sweepstake for a chance to win prizes. Conditions apply, and participants must be 18 or older. The event emphasizes the company’s commitment to enhancing customer experience and operational effectiveness.
