Southern Park Mall Owner Reports 2Q Loss of $105M
COLUMBUS, Ohio – Washington Prime Group, the company that owns the Southern Park Mall, reports a second-quarter loss of $105.5 million.
The loss is greater than what was posted in the second quarter of 2020 – $82.1 million – which Washington Prime attributed to “the impact of the company’s Chapter 11 financial restructuring process.”
That process includes $38.1 million in prepetition charges and $24.4 million in reorganizations items, costs that Washington Prime did not have in the same period last year.
In its quarterly earnings report, the company pointed to $30.1 million in growth from “Tier One and Open Air properties,” as well as lower impairment charges of $35 million.
Occupancy as of June 30 was 92.4%, almost even with the 92.4% reported a year ago, while inline store sales at Tier One sites rose 2.1% to $433 per square foot for the 12 months ended June 30, up from $424 per square foot in the 2019 fiscal year.
One June 13, Washington Prime filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court’s Southern District of Texas after executing a restructuring support agreements with creditors holding 73% of the outstanding principal corporate debt and 67% of the principal unsecured notes.
Because of the bankruptcy proceedings, Washington Prime will not provide 2021 guidance or host an earnings conference call this quarter.
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