COLUMBUS, Ohio--(BUSINESS WIRE)--Washington Prime Group Inc. (NYSE: WPG) today announced that the Company has signed a letter of intent with WVU Medicine to repurpose the former Sears location at Morgantown Mall, in Morgantown, West Virginia, as a logistics, distribution and fulfillment center serving the broader WVU Medicine network. This project and use are consistent with Washington Prime Group’s recently launched Fulventory initiative, through which the Company is focused on providing innovative logistics and warehouse solutions at its venues centrally located in key markets across the US.
Lou Conforti, CEO and Director of Washington Prime Group stated: “I am truly humbled to announce our affiliation with WVU Medicine at Morgantown Mall for a variety of reasons. First and foremost, their vision of transforming lives and eliminating health disparities is a charter we admire and have taken very seriously as illustrated by our ~500 community service projects via our WPG Cares charitable endeavors. Second, the logistics and warehouse utilization of the Morgantown Mall space by WVU Medicine further exhibits the viability of Fulventory, our recently initiated last mile fulfillment program. Last, but not least, I am officially submitting my name for consideration as the 68th Mountaineer mascot…with the understanding as a beardless flatlander hailing from Illinois, I am a longshot at best. We welcome our friends from West Virginia University and look forward to establishing a longstanding relationship.”
Washington Prime Group launched Fulventory during the first half of 2020, an initiative which allows tenants to utilize space within the Company’s assets for last mile fulfillment, including customized logistics and warehouse solutions, BOPIS (buy online and pickup in store), and inventory clearance. The Fulventory collateral material with additional information and conceptual renderings is available here.
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.
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.