Washington Prime Group Inc.
07/01/2021 | Press release | Distributed by Public on 06/30/2021 18:48
ICSC: Art Installations Bring Life to Shopping Centers during Pandemic
ICSC: Art Installations Bring Life to Shopping Centers during Pandemic
COLUMBUS, OH - July 1, 2021 - This past May, local artists across the country took part in creating murals as a way to express gratitude and lift spirits throughout their local communities.
Throughout the COVID-19 pandemic, many have sought ways to cope with various degrees of social distancing, quarantining, and isolation. As a result, some have opted to a creative outlet to express emotions. With this idea in mind, many artists were hired to create beautiful murals outside of shopping centers to transform empty spaces into masterpieces. Their purpose is to express gratitude toward essential workers and lift the spirits of community members. As an added comfort for safety, viewers could enjoy works of art at leisure without large crowds present.
With a record breaking 12,200 U.S. stores closing because of the pandemic hindering business, 159 million square feet was left vacant for retail use. Shopping centers took quick action in creating these spaces for something magical. Art pieces could also be used to showcase messages and values to provide glimpses of hope throughout the pandemic as well.
Some communities have since hired out these local artists to partake in other campaigns to beautify their towns. Many are taking to social media to share pictures of themselves in front of various art pieces to display the local beauty on a wider platform as well.
Read more here and here, or visit www.ICSC.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 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.
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Forward-Looking Statements
This press 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; the Company has determined that there is substantial doubt about its ability to continue as a going concern; there is no assurance that the Company will be able to reach an agreement in principle regarding a restructuring, comply with the terms of any such agreement or successfully complete a restructuring contemplated thereby, creating substantial doubt about WPG's ability to continue as a going concern; the Company may seek the protection of a bankruptcy court, which would subject it to the risks and uncertainties associated with bankruptcy and may harm the Company's business and place its equity holders at significant risk of losing all of their investment in the Company; the Company's limited liquidity could materially and adversely affect its business operations; 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.
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