OPERATIONS

Target interim CEO: Customers can shop with confidence

BY Marianne Wilson

New York — John Mulligan, the interim CEO of Target, said he wants customers to know they can shop with confidence at Target. Mulligan made his remarks during a TV interview with CNN’s Poppy Harlow (See video below).

Mulligan, CFO of Target, was named as the interim CEO on Monday. He replaced company veteran Gregg Steinhafel, who departed the chain as it deals with the ongoing aftermath of its data breach.

Mulligan made it clear during the interview that even though he is only a temporary chief executive, the company will move forward as it looks for a permanent CEO.

"Interim is not idle," he said.

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REAL ESTATE

Present Value Properties names new executive VP

BY Michael Fickes

Tustin, Calif. — Present Value Properties, a real estate brokerage and consultant, has appointed real estate veteran Bradley O. Whitaker executive VP. His responsibilities include expanding investment acquisitions and sales, develop partners and look for opportunities. In addition, he will open the firm’s first Utah office.

Prior to joining Present Value Properties, Whitaker served as the senior VP of real estate and station development for Transfuels LLC, a developer of liquid natural gas stations nationally. Previously he was president and CEO of the Whitaker Group, a regional shopping center developer.

During his career, Whitaker has procured more than 1,800 restaurants, 75 hotels, 50 shopping centers and other commercial real estate projects and ventures. Whitaker has developed in almost all the major markets in the United States and in many international markets.

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REAL ESTATE

Simon to spin off Washington Prime Group

BY Michael Fickes

IndianapolisSimon Property Group plans to distribute all of the common shares of Washington Prime Group Inc. to Simon stockholders. Following the distribution, Washington Prime will be an independent, publicly traded company listed on the New York Stock Exchange under the symbol “WPG.”

Washington Prime will own or have an interest in 54 strip centers and 44 smaller enclosed malls across the United States, comprising approximately 53 million sq. ft.

Washington Prime intends to elect and qualify to be taxed as a real estate investment trust for U.S. federal income tax purposes.

Plans call for the distribution of shares to occur on May 28 by way of a pro rata special dividend to Simon stockholders. Each Simon stockholder will be entitled to receive one Washington Prime common share for every two shares of Simon common stock held as of the close of business on May 16, 2014, the record date for the distribution.

Fractional shares of Washington Prime will not be distributed, and instead Simon stockholders will receive cash in lieu of any fractional shares they would otherwise be entitled to receive in the distribution.

Persons who hold common limited partnership interests in Simon’s subsidiary operating partnership, Simon Property Group, will be entitled to receive one unit of limited partnership interest in Washington Prime’s subsidiary operating partnership, Washington Prime Group, for every two units owned in Simon Property Group. Limited partners of Simon Property Group will receive cash in lieu of any fractional units of Washington Prime Group.

Washington Prime common shares will be distributed in book-entry form, which means that no physical share certificates will be issued.

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