Washington Prime reports 4Q, full-year earnings increase

Staff report

BOARDMAN

Washington Prime Group Inc. reported earnings of $53.1 million in 2016 on revenue of $921.3 million.

To compare, Washington Prime, which owns and operates Southern Park Mall in Boardman, reported a loss of $101.3 million in 2015 on revenue of $843.4 million.

During the fourth quarter, the developer reported income of $25.4 million on revenue of $217.7 million.

This compares with a loss of $97 million reported in the fourth quarter of 2015 on revenue of $229.3 million.

The company said the increase in net income for the fourth quarter and year relates to a year-over-year decrease in impairment charges, a decrease in general and administrative costs, and no merger, restructuring and transaction costs.

Ending occupancy for the core properties was 94 percent as compared with 93.5 percent in 2015.

In November, the company entered into a definitive agreement for a second joint venture with O’Connor Mall Partners LP, dealing with the ownership and operation of seven retail properties, which are valued about $608 million.

In November, the company completed the sale of Richmond Town Square, in Cleveland to a private real-estate investor for $7.3 million.

In January, the company completed the sale of Virginia Center Commons, in Glen Allen, Va., to a private real-estate investor for $9 million.

In February, the company completed the sale of Gulf View Square, in Port Richey, Fla., and River Oaks Center, in Chicago, to a private real-estate investor for $42 million.