Shares of Washington Prime Group Inc., the Simon Property Group Inc. spinoff of strip shopping centers and smaller enclosed malls, will begin trading Thursday on the New York Stock Exchange.
The new company, listed under the “WPG” ticker symbol, will be added to the S&P MidCap 400 and the S&P SmallCap 600 indexes.
Simon announced the spinoff in December, for which its shareholders will receive one share of Washington Prime stock for every two shares of Simon stock. The transaction is expected to be completed after the close of trading Wednesday.
The new Indianapolis-based real estate investment trust will own 98 retail properties, including 13 in Indiana, and is expected to generate net operating income of more than $400 million in its first year, Simon said.
Simon has named Mark Ordan its CEO. Ordan was most recently CEO of McLean, Va.-based Sunrise Senior Living Inc., which was sold last year to Health Care REIT Inc. and private-equity firm KKR & Co. Simon has plucked several internal executives to help fill out Washington Prime's C-suite.
Simon CEO David Simon will be a director of the new REIT, and Richard Sokolov, Simon’s president and chief operating officer, will become chairman.
Correction: A previous version of this story incorrectly said that NYSE trading of Washington Prime shares would begin Wednesday.