Reinforces WPG Town Centers as the Community Hub for Retail, Dining, Entertainment and Mixed Use
COLUMBUS, Ohio, Oct. 22, 2019 (GLOBE NEWSWIRE) — Washington Prime Group Inc. (NYSE: WPG) today announced that FieldhouseUSA will anchor planned mixed use redevelopment efforts at two of its town centers – Polaris Fashion Place® and Town Center at Aurora. Both town centers are situated in prime locations in densely populated corridors within their respective catchment areas, and FieldhouseUSA is expected to draw a significant increase in annual visitors, benefitting existing tenants and generating strong future leasing demand for both retail and mixed uses.At Polaris Fashion Place, located in Columbus, Ohio, FieldhouseUSA will replace the former Sears department store location. In addition, Sears announced in August 2019 a plan to close its location at Town Center at Aurora, and FieldhouseUSA will replace the Sears location there. The Company proactively gained control of both Sears spaces for redevelopment efforts. New retail and complementary mixed uses are planned for both projects with additional details being announced in the future.Lou Conforti, CEO and Director of Washington Prime Group stated: “Having three Washington Prime Group assets recently selected as FieldhouseUSA locations is akin to proudly standing upon the highest podium with my teammates including Dan Scott, Don Massey, Tamra Bower and Charlie Kretzer to name a few, as an Olympic gold medal dangles tantalizingly around my muscular shoulders and chest while the national anthem majestically trumpets our victory.“I wave modestly to an adoring crowd numbering 423,531 (Mark Yale, our CFO, counted all those in attendance) and reflect upon the culminating epic battle with our arch rival, the Global Gym Purple Cobras, as we fought tooth and nail to represent our country.“Dodgeball speeds reached 186,000 miles per second during the championship and I can still picture Ben Stiller’s Fu Manchu mustache glistening with sweat. However, my focus remained steadfast upon the ‘Four Ds’ which are sacred to this noble endeavor: Dodge, duck, dip and dive.“Okay, so dodgeball isn’t even an Olympic sport, I’m actually standing on a step stool in my kitchen and I have about as much a chance of winning Olympic gold as do Steve Urkel or Pee Wee Herman. Doesn’t matter. FieldhouseUSA caters to the professional athlete as well as the recreational.“Let me take a few seconds to tell you about FieldhouseUSA. They own and operate premier athletic facilities within the nation providing tournaments and leagues for children, teenagers, adults and companies. In addition, FieldhouseUSA also offers individual performance training. In fact, according to a highly regimented physical training program, I’m actually writing this press release while performing jumping jacks and deep knee bends. Disclaimer: Do not, I repeat, do not attempt this without the supervision of a FieldhouseUSA professional.“I could go on for hours and hours about how much I love these guys. CEO Gary Oliver actually let me throw a football to him at least four or five times and…humble brag…I only dropped it 80% of the time.“Before I ice my knees…almost forgot…FieldhouseUSA draws 1.6M visitors per location annually. So in addition to our previously announced Seattle location, I’m ecstatic to have them as our partners in Denver and Columbus.“Just remember, in the words of the immortal Patches O’Houlihan, ‘if you can dodge a wrench you can dodge a ball’.”FieldhouseUSA is a community based facility specializing in sports leagues, events, tournaments and adventure. It serves area residents by offering year-round play in team sports such as basketball, volleyball, pickleball and futsal. FieldhouseUSA also offers programs for individuals such as performance training, fitness, adventure exhibits, all-sports camps, birthday parties, boot camps, cheerleading, club volleyball, corporate events, dodgeball, lock-ins, skills training, taekwondo, tumble, martial arts and more.Gary L. Oliver, Principal and CEO of FieldhouseUSA commented: “We are pleased to bring this incredible opportunity to both Polaris Fashion Place and Town Center at Aurora, as well as the neighboring communities. Residents will enjoy an exceptional multi-purpose indoor sports adventure EXPERIENCE and all of the amenities and privileges of a state-of the-art facility. We want to once again thank our partner Washington Prime Group and those involved in bringing both facilities to life, and on behalf of my partners, Terry Casey and John Vines, we look forward to serving the Columbus and Aurora communities for many years to come.”FieldhouseUSA hosts a wide range of events and tournaments, which cater to the select, club and recreational teams across the U.S. These tournament series generate significant sales tax dollars annually and are expected to have a major economic impact for the Columbus and Denver MSAs. A FieldhouseUSA facility averages over 1.6M visitors annually and is geared for both recreational and competitive athletes.The addition of FieldhouseUSA demonstrates the Company’s commitment to the Columbus and Aurora-Denver communities, while illustrating its mandate to diversify tenancy and further solidify its assets as dominant hybrid town centers offering a dynamic mix of retail, dining, entertainment and sports & wellness options.About FieldhouseUSA
FieldhouseUSA has developed and currently operates three facilities, with two more currently under construction. FieldhouseUSA is a multi-purpose indoor facility that offers a variety of sporting activities, and skill levels, where everyone has a place to play while creating an amazing EXPERIENCE for ALL that enter the FieldhouseUSA doors! Learn more at www.fieldhouseusa.com.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 an investment grade balance sheet, leveraging 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® and Polaris Fashion Place® are registered trademarks of the Company. Learn more at www.washingtonprime.com.Contacts
Lisa A. Indest, CAO & EVP, Finance, 614.887.5844 or lisa.indest@washingtonprime.com
Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or kim.green@washingtonprime.comForward-Looking Statements
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 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,” “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 mall store occupancy and same-mall operating income; risks associated with the acquisition, (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; failure 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 proceedings; the impact of future acquisitions and divestitures; assets that may be subject to impairment charges; significant costs related to environmental issues; 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 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.
Bay Street News