Washington Prime Group to Temporarily Shutter Enclosed Retail Assets

by Alex Tostado

Columbus, Ohio — Washington Prime Group Inc. (NYSE: WPG) has temporarily closed its enclosed retail assets that feature an indoor common area in order to help contain the spread of coronavirus. The measure took effect Monday and will end March 29 or at a date in compliance with applicable federal, local or state mandates.

Exceptions for enclosed centers include exterior-facing restaurants with carryout and delivery services and other tenants that have exterior-facing entrances and may remain open for offering essential goods. In addition, Washington Prime anticipates that a portion of its open-air centers, which represent approximately 40 percent of total net operating income, will remain open to continue offering essential goods and services to the extent permitted by law. The company has also offered to applicable governmental agencies all of its open-air and enclosed assets to serve as potential distribution centers for emergency medical supplies. Other potential uses for the centers include outdoor designated areas to perform COVID-19 testing, food depository stations and other complementary services that may be required by communities in need.

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