“Sears will continue to operate these locations for a period of time that provides us with a suitable timeframe to evaluate the best adaptive reuse,” said Lou Conforti, CEO and director of Washington Prime.
In the event Sears decides to no longer operate these locations, the company will have the right to terminate the applicable lease upon thirty days’ prior written notice, Washington Prime officials explained.
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Washington Prime reported its financial and operating results for the fourth quarter and fiscal year 2017 last month. Lou Conforti, CEO of Washington Prime, said it is “overall melodramatic to describe our sector as frenetic and volatile. Most importantly, it’s evolving,” he said.
The Columbus, Ohio-based real estate investment trust said it had funds from operations of $96.6 million, or 44 cents per share, in the period. The company said it had net income of $50.2 million, or 27 cents per share.
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