Washington Prime Group Inc. (fka WPGGQ)

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Mall REIT Washington Prime Group To Temporarily Close Indoor Malls, Offers Others For Medical Supply Distribution -- MarketWatch
7:14 AM ET 3/23/20 | MarketWatch
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6:30 PM ET 3/27/20
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WPG
1.03 -6.36%
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Mall REIT Washington Prime Group To Temporarily Close Indoor Malls, Offers Others For Medical Supply Distribution -- MarketWatch

Washington Prime Group Inc. (WPG), a mall real estate investment trust, said Monday it is temporarily closing all malls that are enclosed with an indoor common area to address the spread of the coronavirus that causes COVID-19. The company said it expects the closures to last through March 29, or at a date in compliance with applicable federal, local or state mandates. Exterior facing restaurants that offer takeout or delivery may remain open as long as permitted by law, the company said. "In addition, the company anticipates a portion of its open air centers, which represent approximately 40% of total net operating income (NOI) to remain open to continue to offer essential goods and services to the extent permitted by law," the company said in a statment. "Importantly, the Company has offered to applicable governmental agencies all of its open air and enclosed assets to serve as potential distribution centers for emergency medical supplies, outdoor designated areas to perform COVID-19 testing, food depository stations and other complementary services that may be required by communities in need." Shares were not yet active premarket but have fallen 78% in the last 12 months, while the S&P 500 has fallen 18%.

-Ciara Linnane

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