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$WPG signed a definitive agreement to sell Colonial Park Mall, located in Pennsylvania, to an unaffiliated private real estate investor for $15MM. During the nine months ended September 30, 2017, the company expects to record a non-cash impairment charge of approx. $20.9MM related to the sale of Colonial Park Mall.
$WPG signed a definitive agreement to retain Southern Hills Mall in Iowa. The property, along with the $99.7MM mortgage loan secured by Southern Hills Mall, is expected to be transferred to the lender, followed by the anticipated sale of the property to a wholly-owned affiliate of Washington Prime Group for approx. $55MM.
Real Estate Investment Trust $WPG signed a definitive agreement to sell 41 restaurant outparcels to Four Corners Property Trust for $67.2MM. Washington Prime intends to invest proceeds of the transaction in other assets. The transaction will close in two tranches beginning in 2Q17, with the second tranche expected in the first half of 2018.
$WPG declared quarterly cash dividends of $0.4688 per Series H preferred share of beneficial interest, $0.4297 per Series I preferred share of beneficial interest, and $0.4563 per Series I-1 preferred unit of Preferred Limited Partnership Interest. All dividends are payable on October 16, 2017 to shareholders of record on September 29, 2017.
$WPG subsidiary Washington Prime Group has priced $750MM principal amount of its 5.95% notes due 2024 in a public offering. The notes are offered at a price of 98.467% with a yield to maturity of 6.222%. The offering is expected to close by August 4, 2017. The net proceeds from the offering will be used for repaying debt.
$WPG's stockholders elected all nominated directors at its Annual Meeting tp serve one-year terms, effective immediately. Separately, the BoD declared a quarterly cash dividend of $0.25 per common share and operating partnership unit, payable on June 15, 2017 to shareholders and operating partnership holders of record on June 1, 2017.
$WPG reported the successful completion of the formation of its second JV with O’Connor Mall Partners, L.P., an affiliate of O’Connor Capital Partners. As a result of the transaction, O’Connor has a 49% interest in the joint venture and Washington Prime Group retains a 51% interest. WPG received about $340MM in proceeds from the 2nd JV formation.
$WPG announced its most recent redevelopment effort, the next part of a significant expansion at Scottsdale Quarter located in Scottsdale, AZ. The first part of the expansion has been completed. The final component will be comprised of about 300 new luxury apartment homes and 35,000 square feet of new street-level retail.
$WPG's BoD also declared quarterly dividends of $0.4688 per Series H and $0.4297 per Series I preferred share of beneficial interest, and $0.4563 per Series I-1 preferred unit of preferred limited partnership interest. All dividends are payable Oct. 17 to shareholders and operating partnership unit holders of record on Sept. 30.
$WPG's BoD declared 3Q16 dividend of $0.25 per common share, RSU and operating partnership unit, payable Sept. 22 to common shareholders, RSU and operating partnership unit holders of record on Sept. 9. Common shareholders of $WPG have approved a proposal to change the corporate name to Washington Prime Group Inc. effective immediately.
Retail REIT $WPG said its Board has appointed Sheryl von Blucher as a director effective immediately, filling a vacancy on the Board created by the retirement of Marvin White at conclusion of company's Annual Shareholders Meeting held on Aug. 30. Ms. von Blucher will serve on the Audit Committee with a term expiring in 2017.
$WPG said that it changed the composition of its Board of Directors wherein on June 20, 2016, the Board appointed Robert Laikin, a current director of the Company, as non-executive Chairman of the Board. On the same day, Niles C. Overly resigned from the Board.
Real estate investment trust $WPG said that it made changes in the management team. On June 20, 2016, Michael Glimcher resigned from his positions as CEO and Vice Chairman of the Board and also resigned from the Board effective immediately, while Mr. Louis Conforti was appointed as Interim CEO.
$WPG said its BoD declared a quarterly cash dividend on its common shares and operating partnership units. A cash dividend of $0.25 per common share and operating partnership unit was declared. 2Q16 dividend is payable on June 15, 2016 to shareholders and operating partnership unit holders of record on June 3, 2016.
$WPG, a premier retail REIT, said its BoD declared a quarterly cash dividend of $0.25 per common share and operating partnership unit. The quarterly dividend is payable on March 15, 2016 to shareholders and operating partnership holders of record on March 7, 2016.
$WPG said its operating partnership, Washington Prime Group, recently closed on a new 7-year, $340MM unsecured term loan facility. $WPG borrowed $340MM under facility, which matures in Jan. 2023. Proceeds from financing were used to pay down outstanding amounts on its revolving credit facility, as well as for general corporate purposes.