Washington Prime Group (WPG) is a retail real estate company that owns open-air retail properties ("Open Air Properties") and enclosed malls ("Enclosed Retail Properties"). The Open Air Properties are performing well, withstanding the so-called "retail apocalypse", with consistently high occupancy rates, resilient average rent per square foot, etc. Arguably, many Open Air Properties are akin to strip malls and lifestyle community centers. On the other hand, several Enclosed Retail Properties got hit by anchor tenant vacancies (predominantly department store chains like Sears) and are now in transition mode. The strategy is to transform