Washington Prime Group Announces Senior Management Transition and Promotions
Washington Prime Group Inc. (NYSE: WPG) today announced senior management changes including the promotion of several key
positions, as well as the resignation of Butch Knerr, Executive Vice President and Chief Operating Officer.
Lou Conforti, CEO and Director stated: “We appreciate all of Butch’s previous and transitioning efforts especially as it relates
to his assistance in developing an infrastructure whereby we are able to seamlessly promote those who are ready, willing and able
to expand their leadership roles. As it is our continued objective to streamline the organization and improve corporate efficacy,
we will not be replacing the Chief Operating Officer position.
“I am pleased to announce the following promotions: Paul Ajdaharian to Executive Vice President, Head of Open Air Leasing; Greg
Zimmerman, Executive Vice President, Development, will continue to lead Development, with the addition of Construction and
Restaurant Leasing; Armand Mastropietro to Executive Vice President, Property Management; and Josh Lindimore to Senior Vice
President, Head of Leasing. In addition, Lauren Kelly and Amy Jonas have been promoted to Senior Vice Presidents within the leasing
team, as has Kurt Palmer who leads our sponsorship and specialty leasing efforts.
“These promotions and organizational streamlining illustrate our dedication to grinding it out via enhanced real-time decision
making, improved operating efficiencies and a commitment to new initiatives and innovation, all of which better serve our tenants
and guests.”
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. A trademark application has been filed with the U.S. Patent and
Trademark Office for the name “Washington Prime Group” and is currently pending. Learn more at www.washingtonprime.com.
Forward-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 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: 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,
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 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.
Washington Prime Group Inc.
Lisa A. Indest, CAO & Senior VP, Finance, 614-887-5844
lisa.indest@washingtonprime.com
or
Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614-887-5647
kim.green@washingtonprime.com
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