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Washington Prime Group
Washington Prime Group
from Wikipedia

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]

Key Information

Investments

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As of 2025, the company owned interests in 89 shopping centers.[1]

Properties owned by the company include the following:[1][3]

Property Name Location


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 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
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
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

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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, and has been slowly selling their properties since.[2]

References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia
from Grokipedia
Washington Prime Group Inc. (WPG) was an American (REIT) focused on owning, operating, and developing retail properties, including shopping centers and malls across the . Founded in May 2014 as a spin-off from Inc., which divested its smaller enclosed malls and strip centers, WPG initially operated as a publicly traded company on the under the ticker WPG. The company underwent a merger with Glimcher Realty Trust in 2015, briefly adopting the name WP Glimcher before reverting to Washington Prime Group in 2016, and was headquartered in , with incorporation in . At its peak following the merger, WPG managed a diversified national portfolio of 119 retail properties spanning 35 states, encompassing approximately 68 million square feet of gross leasable area and serving more than 300 million annual shoppers through a mix of enclosed malls and open-air centers. The REIT emphasized suburban growth markets, partnering with retailers to provide strategic leasing, infrastructure, and adaptive spaces amid evolving retail trends. Key assets included prominent locations like in and properties in high-traffic areas, with a focus on mixed-use redevelopments such as the addition of residential, office, and experiential elements to traditional retail formats. By 2021, however, the severely impacted operations, leading WPG to file for Chapter 11 bankruptcy protection in June after closing many properties and facing mounting debt. Emerging from in October 2021 as a private entity majority-owned by SVPGlobal—a creditor-led investment firm—WPG reduced its debt by nearly $1 billion through and equity contributions, transitioning to a more streamlined structure. Under this ownership, the company maintained a portfolio of around 73 totaling over 39 million square feet, with high occupancy rates near 92% and tenants including major brands like Nike and . By 2025, facing maturing loans and market pressures, WPG accelerated a nationwide sell-off of its remaining assets, including sales of enclosed malls to entities like for $178.9 million and individual centers in and , resulting in layoffs of over 130 employees and a planned exit from the retail sector. This wind-down marked the conclusion of WPG's operations as an active REIT, with its redistributed to new owners focused on redevelopment and preservation.

History

Formation and Spin-Off

Washington Prime Group Inc. (WPG) was established as a (REIT) through a spin-off from Inc. (SPG) on May 28, 2014, via a tax-free distribution of 100% of WPG's common shares to SPG shareholders on a pro-rata basis. This separation allowed WPG to operate independently as a publicly traded company, with shares beginning regular-way trading on the under the "WPG" starting May 29, 2014. The spin-off was approved by SPG's board on May 6, 2014, and positioned WPG to focus exclusively on a segment of SPG's portfolio comprising smaller-format retail properties. At inception, WPG's portfolio consisted of interests in 98 shopping centers across 23 states, encompassing approximately 53 million square feet of gross leasable area, including community centers, lifestyle centers, and smaller regional malls. The initial total assets of the company were valued at approximately $3.5 billion as of June 30, 2014, reflecting the transferred properties and related liabilities from SPG. These assets were strategically selected to emphasize open-air and strip-center formats in suburban and urban markets, providing a diversified base for targeted leasing and redevelopment opportunities. WPG established its initial headquarters in , to leverage regional expertise in retail real estate management and operations. The company's early strategic focus centered on owning, operating, managing, and selectively developing community shopping centers and lifestyle centers, with an emphasis on enhancing tenant diversity, occupancy rates, and property performance through value-add initiatives. This approach aimed to capitalize on the resilience of neighborhood-oriented retail environments amid evolving consumer shopping habits. In the months following the spin-off, WPG pursued complementary growth, such as the subsequent acquisition of Glimcher Realty Trust in early 2015.

Mergers, Acquisitions, and Rebranding

In January 2015, Washington Prime Group completed its acquisition of Glimcher Realty Trust for approximately $4.3 billion in a stock-and-cash transaction, which included the assumption of debt and added 23 shopping centers to its portfolio, expanding its total holdings to 121 properties with about 69 million square feet of gross leasable area. Following the merger, the company was temporarily renamed WP Glimcher Inc. in May 2015 to reflect the integration, while maintaining operations from Glimcher's headquarters in . This period of consolidation set the stage for leadership transitions in June 2016, when Michael P. Glimcher, who had served as CEO since the acquisition and whose family founded Glimcher Realty Trust, resigned from his roles as , vice chairman, and director amid a strategic review. The board appointed Louis G. Conforti, a longtime executive and board member, as interim CEO to lead the company through ongoing efforts. Conforti's appointment was later made permanent, signaling a shift toward stabilizing the enlarged portfolio post-merger. By September 2016, WP Glimcher reverted to its original name, Washington Prime Group Inc., following shareholder approval, as part of a broader effort to streamline its and focus on core retail operations. This coincided with asset optimization moves, including the August 2016 sale of the underperforming in to private investors for approximately $10.1 million, which helped reduce non-core holdings and generate modest proceeds. In May 2017, Washington Prime Group further expanded its partnership with O'Connor Capital Partners through a second , selling a 49 percent interest in six open-air retail centers for about $340 million in proceeds, which were used to address debt maturities and support redevelopment initiatives. Washington Prime retained a controlling 51 percent stake and operational management of the properties, including centers like Arbor Hills Crossing in , and Classen Curve in . This transaction built on a prior 2015 with O'Connor, enhancing liquidity while preserving strategic oversight of high-quality lifestyle assets.

Pre-Bankruptcy Operations

Following its in , Washington Prime Group expanded its portfolio through targeted acquisitions, reaching a total of 104 shopping centers across 27 states by the end of 2019. This included 55 enclosed malls and 49 open-air centers, encompassing approximately 56 million square feet of gross leasable area. Notable additions during this period included the 2018 acquisition of Southgate Mall in , and four former store parcels, which helped diversify the company's holdings in secondary and tertiary markets while emphasizing resilient formats like open-air properties that proved more adaptable to shifting consumer preferences. The company implemented strategies to optimize tenant mixes by balancing traditional anchors such as and with experiential retail elements, including venues, fitness centers, and dining options to drive foot traffic and longer dwell times. For instance, like Scottsdale Quarter and WestShore Plaza incorporated mixed-use developments with and residential components, enhancing overall value through non-retail revenue streams. These efforts also involved re-merchandising underperforming spaces, such as converting 18 former locations via new leases or letters of intent, and monetizing common areas with seasonal events and media partnerships to foster . In , Washington Prime Group reported of $661 million, primarily from rental of $634 million, supported by a diversified tenant base where no single retailer exceeded 2.7% of base rents. Total assets stood at $4.25 billion, reflecting investments in improvements totaling $179 million, while the company employed 845 . These figures underscored the scale of operations amid a focus on operational and initiatives, such as LED lighting upgrades across multiple centers. The onset of the in early 2020 introduced significant challenges, with mandatory closures affecting all enclosed malls during the second quarter and capacity restrictions persisting through year-end, leading to temporary halts in operations across the portfolio. Occupancy rates declined due to heightened retailer bankruptcies, including eight high-risk tenants operating 59 stores that represented about 4% of total rents, prompting rent abatements of $24 million and adjustments for collectibility totaling $52 million. These disruptions exacerbated co-tenancy issues and reduced lease renewals, though open-air centers generally fared better with fewer closures.

Bankruptcy and Restructuring

On June 13, 2021, Washington Prime Group Inc. and 88 affiliated entities filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. The filing was primarily driven by the severe financial strain caused by the , which led to widespread store closures across its retail properties and significantly reduced rent collections from tenants. At the time, the company reported assets of approximately $4.03 billion and liabilities of about $3.47 billion. Prior to the filing, Washington Prime Group had entered into a support agreement (RSA) on June 13, 2021, with key creditors led by SVPGlobal, representing over 70% of the holders of the company's secured corporate and approximately 67% of the unsecured notes. The RSA outlined a comprehensive financial plan, including $100 million in to support operations during the proceedings and a of the balance sheet by nearly $950 million through the equitization of unsecured notes, a $150 million paydown of secured facilities, and related transactions. This agreement allowed the company to continue as a debtor-in-possession, maintaining normal business operations while negotiating the terms of its reorganization. The debtors filed their joint plan of reorganization and disclosure statement on June 23, 2021, which received broad support from creditors and equity holders. The Bankruptcy Court confirmed the second amended joint Chapter 11 plan on September 3, 2021, paving the way for the company's emergence from bankruptcy. The plan became effective on October 21, 2021, resulting in the elimination of nearly $1 billion in existing debt and a substantial improvement in . Upon emergence, Washington Prime Group transitioned to private ownership, with SVPGlobal holding a majority stake through its recovery on unsecured notes and backstopping a $325 million equity rights offering. The reorganized company shifted its focus toward stabilizing operations, optimizing its retail portfolio, and enhancing financial flexibility in the post-pandemic environment.

Post-Emergence Developments and Wind-Down

Following its emergence from Chapter 11 bankruptcy in October 2021 as a majority-owned by SVPGlobal, Washington Prime Group focused on stabilizing and optimizing its retail portfolio. As of November 2023, the portfolio consisted of approximately 89 retail properties, comprising 60 open-air centers and 29 enclosed malls across 27 states. In November 2023, the company secured $1 billion in commercial mortgage-backed securities (CMBS) financing backed by 38 of its open-air centers, enabling operational support, leasing initiatives, and efforts to reposition itself as a leading retail amid recovering for in-person . By April 2025, facing a maturity wall of nearly $1.1 billion in CMBS debt due between May and November 2025, Washington Prime Group announced plans to sell its remaining approximately 50 properties, which represented about half of its portfolio after prior divestitures totaling nearly $1 billion. This decision marked the company's complete exit from the retail real estate sector, concluding a multi-year wind-down process. To facilitate the liquidation, Washington Prime Group initiated layoffs affecting 139 employees at its headquarters in , with reductions phased from June 2, 2025, through March 31, 2026, including several key executives. Throughout 2025, the company accelerated sales, including the July transfer of four enclosed malls to for $178.9 million and other individual property dispositions. By November 2025, Washington Prime Group had effectively concluded operations as an active retail real estate entity, with its assets redistributed and the company listed as .

Properties and Investments

Portfolio Composition

Washington Prime Group's portfolio primarily comprised community shopping centers, lifestyle centers, and enclosed malls, reflecting a focus on tailored to regional consumer needs. Following the 2015 merger with Glimcher Realty Trust, the portfolio peaked at approximately 119 properties across 27 states, contracting to 103 shopping centers by the end of 2019. The portfolio emphasized the Midwest and Southeast regions of the , with properties distributed across up to 27 states by the late , providing broad geographic diversification. Gross leasable area stood at approximately 59 million square feet as of December 2017, contracting to 56.4 million square feet as of December 2019, underscoring the scale of operations prior to financial challenges. Tenant composition featured national anchor retailers such as JCPenney and , alongside experiential and specialty retailers that enhanced foot traffic and lease stability. Pre-COVID occupancy rates averaged around 92%, supported by a diverse mix of national chains and local businesses that maintained high utilization across the portfolio. Following its 2021 and emergence, Washington Prime Group shifted emphasis toward open-air formats, recognizing their resilience amid growth and changing consumer preferences; by 2023, the portfolio included 73 properties across 27 states totaling over 39 million square feet, with a higher proportion of open-air centers.

Notable Properties

Washington Prime Group's portfolio included several standout properties that highlighted its focus on regional retail centers across the . One exemplary asset was , an enclosed flagship mall located in . This premier shopping destination featured over 160 national and local retailers, including anchors such as , , Macy's, and JCPenney, along with specialty stores like lululemon and . It attracted more than 10 million annual visitors, underscoring its role as a major draw in the Central market. Another key property was Edison Mall, a regional in Fort Myers, Florida, spanning approximately 1.05 million square feet. Anchored by major retailers like , JCPenney, and , it served a trade area encompassing Fort Myers, North Fort Myers, Cape Coral, and surrounding Gulf Coast communities, drawing about 3.3 million total visits annually. Acquired as part of Washington Prime Group's $4.3 billion merger with Glimcher Realty Trust in 2015, Edison exemplified the company's expansion into high-growth markets with strong highway access and proximity to tourist attractions like Sanibel and Captiva Islands. Properties like the Knoxville Center in , illustrated the evolution of Washington Prime Group's holdings from traditional enclosed malls to more adaptive assets. Originally acquired in as part of the spin-off from , this 964,000-square-foot center featured multiple anchors and served as a historical benchmark for the company's portfolio diversification efforts amid shifting retail trends.

Asset Sales and Divestitures

Washington Prime Group engaged in several divestitures prior to its bankruptcy proceedings, including the sale of the in August 2016 to Knoxville Partners LLC for approximately $10.1 million. In 2017, the company formed a second with O'Connor Capital Partners, transferring interests in six open-air shopping centers and receiving about $340 million in proceeds from the transaction and associated mortgage debt. Following its emergence from bankruptcy in 2021, Washington Prime Group accelerated asset sales as part of its wind-down strategy, achieving cumulative dispositions valued at roughly $1 billion across 2023 to 2025. Notable transactions included the November 2024 sale of The Outlet Collection Seattle in , to Lightstone Group for $82 million. In December 2024, the company sold four grocery-anchored shopping centers to Brixmor Property Group for $211.8 million. By early 2025, Washington Prime Group had divested about half of its remaining portfolio and placed the rest on the market to address maturing debt obligations, with ongoing sales continuing through the year. For instance, in July 2025, it transferred four enclosed regional malls to for $178.9 million. Subsequent sales in 2025 included to O'Connor Capital Partners in July and Orange Park Mall in August. By late 2025, the majority of the portfolio had been divested as part of the . These efforts supported the company's broader liquidation process.

Corporate Structure and Leadership

Ownership and Governance

Washington Prime Group was established as a publicly traded (REIT) following its spin-off from on May 28, 2014, with shares distributed to Simon shareholders and listed on the (NYSE) under the "WPG." The company maintained this public status until September 2021, when it voluntarily delisted its common and preferred stock from the NYSE in connection with its Chapter 11 bankruptcy proceedings, marking the end of its obligations under reporting and governance standards. Following its emergence from on October 21, 2021, Washington Prime Group transitioned to private ownership, with SVPGlobal becoming the majority owner through a $325 million equity offering that backstopped the restructuring plan. This shift eliminated public shareholder reporting requirements, allowing for more streamlined, non-public governance focused on operational efficiency under oversight. The company's board of directors was chaired by Robert J. Laikin from the 2014 spin-off until the 2021 restructuring; he brought extensive REIT expertise from his prior positions as founder, chairman, and of Realty Group Trust, a NYSE-listed REIT. Post-restructuring, the board was reconstituted with members including Sujan Patel, Jeff Johnson, and Martin Reid, all affiliated with SVPGlobal and possessing backgrounds in investment and distressed to support the company's recovery and strategy. As a REIT, Washington Prime Group must comply with (IRS) rules under Section 856 of the to maintain its tax-advantaged status, which allows it to avoid corporate-level federal income taxation by distributing at least 90% of its annually to shareholders as dividends. This distribution requirement, along with limits on non-qualifying income (no more than 25% from unrelated business sources) and asset composition (at least 75% in ), forms the core of its structure, ensuring alignment with REIT operational mandates even in its private form.

Executive Leadership

Louis G. Conforti served as of Washington Prime Group from October 2016 until October 2021, during which he oversaw day-to-day operations and led the company through its Chapter 11 filing in June 2021. Prior to his CEO role, Conforti had been with the company since 2014 as Executive Vice President and , bringing extensive experience in retail real estate management and capital markets. His tenure included navigating the impacts of the on mall operations, which contributed to the restructuring efforts that reduced the company's debt by nearly $1 billion upon emergence from . Mark E. Yale held the position of Executive Vice President and at Washington Prime Group from 2018 until his departure in early 2023, where he managed financial strategy, including during and after the 2021 . Following Conforti's exit, Yale briefly served as interim co-CEO alongside Lindimore in late 2021 to stabilize post- operations. His financial oversight extended to post-emergence initiatives, such as asset management and liquidity preservation amid ongoing retail sector challenges. Robert J. Laikin served as Chairman of the Board from May 2014 until the 2021 restructuring, providing strategic guidance through the company's early evolution, including the spin-off and pre-bankruptcy operations. As a non-executive chairman, Laikin focused on board-level decisions, leveraging his background in and . As of 2025, Christopher Conlon serves as Chief Executive Officer, leading the wind-down of operations through asset sales. Significant executive turnover marked key phases of Washington Prime Group's history, including the 2016 appointment of Conforti as CEO following the merger and rebranding from WP Glimcher, which replaced interim leadership. The 2021 bankruptcy emergence prompted Conforti's departure and the interim co-CEO arrangement, while the 2025 wind-down involved layoffs affecting 139 employees, including multiple senior vice presidents and vice presidents, as the company exited the retail real estate sector. These transitions reflected the company's adaptation to financial pressures and strategic shifts over its lifecycle.

Financial Overview

Washington Prime Group reached a peak in operational performance in , reporting total revenue of $661 million, a net loss attributable to common shareholders of $9 million, and total equity of $906 million. These figures reflected the company's position as a major owner of centers amid a challenging retail environment marked by shifting consumer habits and pressures. The company's debt burden escalated leading into its 2021 bankruptcy, with total funded debt reaching approximately $3.9 billion prior to the filing. Through its Chapter 11 restructuring, Washington Prime reduced its debt by nearly $1 billion, emerging with consolidated debt of around $2.9 billion and improved liquidity under private ownership by Strategic Value Partners. This effort aimed to stabilize operations but was followed by ongoing asset to manage maturities. In 2023, Washington Prime secured $1.005 billion in non-recourse securitized financing to refinance its portfolio of 38 retail properties across 15 states, eliminating remaining corporate-level and extending maturities. By 2025, however, the company faced significant pressures from nearly $1.1 billion in commercial mortgage-backed securities (CMBS) maturities due between May and November, prompting accelerated asset sales of its remaining malls and shopping centers. These developments signal a wind-down of operations, with no ongoing projected after of the portfolio and associated staff reductions.

References

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