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.
Copyright 2021 The Business Journal, Youngstown, Ohio.